Freeport-McMoRan (FCX) 10-K 16 Feb 21 2020 FY Annual report Financial data

COVER PAGE

COVER PAGE - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Jan. 29, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 14.9
Entity Common Stock, Shares Outstanding		1,458,480,446
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s proxy statement for its 2021 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 14,198	$ 14,402	$ 18,628
Cost of sales:
Production and delivery	10,031	11,534	11,708
Cost, Depreciation, Amortization and Depletion	1,528	1,412	1,754
Total cost of sales	11,655	13,125	13,466
Selling, general and administrative expenses	370	394	422
Exploration Expense	50	104	105
Environmental obligations and shutdown costs	159	105	89
Net gain on sales of assets	(473)	(417)	(208)
Total costs and expenses	11,761	13,311	13,874
Operating income	2,437	1,091	4,754
Interest expense, net	(598)	(620)	(945)
Net (loss) gain on early extinguishment of debt	(101)	(27)	7
Other income (expense), net	59	(138)	76
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	1,797	306	3,892
Provision for (benefit from) income taxes	(944)	(510)	(991)
Equity in affiliated companies’ net earnings	12	12	8
Net income (loss) from continuing operations	865	(192)	2,909
Net income (loss) from discontinued operations	0	3	(15)
Net income (loss)	865	(189)	2,894
Net income from continuing operations attributable to noncontrolling interests	(266)	(50)	(292)
Net income (loss) attributable to common stockholders	$ 599	$ (239)	$ 2,602
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.41	$ (0.17)	$ 1.80
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0	(0.01)
Earnings per share, basic (in dollars per share)	0.41	(0.17)	1.79
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	0.41	(0.17)	1.79
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share			(0.01)
Earnings Per Share, Diluted	$ 0.41	$ (0.17)	$ 1.78
Weighted Average Number of Shares Outstanding, Basic	1,453	1,451	1,449
Weighted Average Number of Shares Outstanding, Diluted	1,461	1,451	1,458
Dividends declared per share of common stock (in dollars per share)	$ 0	$ 0.20	$ 0.20
Direct Operating Costs	$ 10,031	$ 11,534	$ 11,708
Inventory Adjustment	$ 96	$ 179	$ 4
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share	$ 0	$ 0	$ (0.01)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 865	$ (189)	$ 2,894
Defined benefit plans:
Actuarial gains (losses) arising during the period, net of taxes	46	(116)	(77)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	0	4
Amortization or curtailment of unrecognized amounts included in net periodic benefit costs	45	47	48
Foreign exchange (losses) gains	(1)	1	(1)
Other comprehensive income (loss)	90	(68)	(34)
Total comprehensive income (loss)	955	(257)	2,860
Total comprehensive income attributable to noncontrolling interests	(263)	(53)	(291)
Total comprehensive income (loss) attributable to common stockholders	$ 692	$ (310)	$ 2,569

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Proceeds from (Payments to) Noncontrolling Interests	$ 156	$ 165	$ 0
Cash flow from operating activities:
Net income (loss)	865	(189)	2,894
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	1,528	1,412	1,754
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)	0	0	(123)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	0
Payments for Legal Settlements	(139)	(187)	(56)
Net gain on sales of assets	(473)	(417)	(208)
Stock-based compensation	99	63	76
Net charges for environmental and asset retirement obligations, including accretion	181	221	262
Payments for environmental and asset retirement obligations	216	244	239
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash	65	108	81
Payment for Pension and Other Postretirement Benefits	(121)	(75)	(75)
Net loss (gain) on early extinguishment of debt	101	27	(7)
Deferred income taxes	181	29	100
Proceeds from Dividends Received		40	0
PT-FI Surface Water Tax, Withholding Tax and Environmental Matters, Expense	(19)	30	162
PT-FI Surface Water Tax, Withholding Tax and Environmental Matters, Payments	(14)	(67)	0
Cerro Verde royalty dispute, charges	32	65	371
Other Operating Activities, Cash Flow Statement	53	138	27
Changes in working capital and other:
Accounts receivable	132	119	649
Inventories	42	259	(537)
Other current assets	(27)	60	(28)
Accounts payable and accrued liabilities	115	(60)	(106)
Accrued income taxes and timing of other tax payments	403	(29)	(634)
Net cash provided by operating activities	3,017	1,482	3,863
Cash flow from investing activities:
Capital expenditures	(1,961)	(2,652)	(1,971)
Acquisition of PT Rio Tinto Indonesia	0	0	(3,500)
Proceeds from sales of:
Proceeds from sales	0
Other, net	(7)	(12)	(97)
Net cash used in investing activities	(1,264)	(2,103)	(5,018)
Cash flow from financing activities:
Proceeds from debt	3,531	1,879	632
Repayments of debt	(3,724)	(3,197)	(2,717)
Proceeds from sale of PT-FI shares	0	0	3,500
Cash dividends and distributions paid:
Common stock	(73)	(291)	(218)
Noncontrolling interests	0	(82)	(278)
Other, net	(18)	(30)	(19)
Net cash (used in) provided by financing activities	(128)	(1,556)	900
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1,625	(2,177)	(255)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3,903	2,278	4,455
Inventory Adjustment	96	179	4
PT Indonesia Papua Metal dan Mineral
Proceeds from sales of:
Proceeds from sales		0	457
Timok and a portion of Freeport Cobalt [Member]
Proceeds from sales of:
Proceeds from sales	0	452	0
Kisanfu Exploration Project
Proceeds from sales of:
Proceeds from sales	550	0	0
Other Assets
Proceeds from sales of:
Proceeds from sales	154	109	93
North America copper mines
Cash flow from investing activities:
Capital expenditures	(428)	(877)	(601)
South America
Cash flow from investing activities:
Capital expenditures	(183)	(256)	(237)
Indonesia
Cash flow from investing activities:
Capital expenditures	(1,266)	(1,369)	(1,001)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(19)	(19)	(9)
Other
Cash flow from investing activities:
Capital expenditures	(65)	(131)	(123)
PT-FI
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	0	(504)
Asbestos Contamination in Talc-Based Personal Care Products [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Settlement expense	(130)	$ 0	$ 0
PT Smelting
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Proceeds from Dividends Received	$ 3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 3,657	$ 2,020
Trade accounts receivable	892	741
Income and other tax receivables	520	426
Inventories:
Total materials and supplies, net	1,594	1,649
Mill and leach stockpiles	1,014	1,143
Product	1,285	1,281
Other current assets	341	655
Total current assets	9,303	7,915
Property, plant, equipment and mine development costs, net	29,818	29,584
Long-term mill and leach stockpiles	1,463	1,425
Other assets	1,560	1,885
Total assets	42,144	40,809
Current liabilities:
Accounts payable and accrued liabilities	2,708	2,576
Accrued income taxes	324	119
Current portion of environmental and asset retirement obligations	351	436
Current portion of debt	34	5
Dividends payable	0	73
Total current liabilities	3,417	3,209
Long-term debt, less current portion	9,677	9,821
Deferred Income Tax Liabilities, Net	4,408	4,210
Environmental and asset retirement obligations, less current portion	3,705	3,630
Other liabilities	2,269	2,491
Total liabilities	23,476	23,361
Stockholders’ equity:
Common stock, par value $0.10, 1,590 shares and 1,582 shares issued, respectively	159	158
Capital in excess of par value	26,037	25,830
Accumulated deficit	(11,681)	(12,280)
Accumulated other comprehensive loss	(583)	(676)
Common stock held in treasury – 132 shares and 131 shares, respectively, at cost	(3,758)	(3,734)
Total stockholders’ equity	10,174	9,298
Noncontrolling interests	8,494	8,150
Total equity	18,668	17,448
Total liabilities and equity	$ 42,144	$ 40,809

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2020	Dec. 31, 2019
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,590	1,582
Common stock hold in treasury (in shares)	132	131

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury	Total Stockholders’ Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017		1,578				130
Balance at Dec. 31, 2017	$ 11,296	$ 158	$ 26,751	$ (14,722)	$ (487)	$ (3,723)	$ 7,977	$ 3,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		1
Exercised and issued stock-based awards	8		8				8
Stock-based compensation, including tax benefit and the tender of shares	66		70			$ (4)	66	0
Dividends	(569)		(291)	0			(291)	(278)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect				79	(79)
Net loss attributable to common stockholders	2,602			2,602			2,602
Net income attributable to noncontrolling interests, including discontinued operations	292							292
Other comprehensive (loss) income	(34)				(33)		(33)	(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	2,860
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]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	4,231		(525)		(6)		(531)	4,762
Exercised and issued stock-based awards (in shares)		3
Exercised and issued stock-based awards	1		1				1
Stock-based compensation, including tax benefit and the tender of shares	44		50			$ (7)	43	1
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Dividends	(364)		(291)				(291)	(73)
Changes in noncontrolling interests	(12)		(1)				(1)	(11)
Net loss attributable to common stockholders	(239)			(239)			(239)
Net income attributable to noncontrolling interests, including discontinued operations	50							50
Other comprehensive (loss) income	(68)				(71)		(71)	3
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(257)
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]
Adjustments to Additional Paid in Capital, Other	(22)		(22)				(22)
Proceeds from (Payments to) Noncontrolling Interests	166		80				80	86
Exercised and issued stock-based awards (in shares)		8
Exercised and issued stock-based awards	58	$ 1	57				58
Stock-based compensation, including tax benefit and the tender of shares	50		74			$ (24)	50
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Changes in noncontrolling interests	1						0	1
Net loss attributable to common stockholders	599			599			599
Net income attributable to noncontrolling interests, including discontinued operations	266							266
Other comprehensive (loss) income	90				93		93	(3)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	955
Balance (in shares) at Dec. 31, 2020		1,590				132
Balance at Dec. 31, 2020	18,668	$ 159	26,037	$ (11,681)	$ (583)	$ (3,758)	10,174	8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	$ 156		$ 76				$ 76	$ 80

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50 percent of the voting rights and/or has control over the subsidiary. As of December 31, 2020, the most significant entities that FCX consolidates include its 48.76 percent-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Notes 2 and 3 for further discussion, including FCX’s conclusion to consolidate PT-FI. FCX’s unincorporated joint ventures are reflected using the proportionate consolidation method (refer to Note 3 for further discussion). Investments in unconsolidated companies owned 20 percent or more are recorded using the equity method. Investments in unconsolidated companies owned less than 20 percent, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts. 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. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 for further discussion. Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates. Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical rates. Gains and losses resulting from translation of such account balances are included in other (expense) income, net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $34 million in 2020, $24 million in 2019 and $14 million in 2018. Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents. Restricted Cash and Restricted Cash Equivalents. FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for the development of a new smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. Restricted cash and restricted cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Restricted cash and restricted cash equivalents are comprised of bank deposits and money market funds. Inventories. Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities ( i.e., solution extraction and electrowinning (SX/EW)). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recovery rates for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 90 percent depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80 percent of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. Product. Product inventories include raw materials, work-in-process and finished goods. Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations. Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs. Finished goods for mining operations represent salable products ( e.g. , copper and molybdenum concentrate, copper anode, copper cathode, copper rod, copper wire, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process ( i.e. , not raw materials) inventories include labor and benefits, supplies, energy, depreciation, depletion, amortization, site overhead costs and other necessary costs associated with the extraction and processing of ore, such as mining, milling, smelting, leaching, SX/EW, refining, roasting and chemical processing. Corporate general and administrative costs are not included in inventory costs. Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance ( i.e. , turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on total estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. Depreciation, depletion and amortization using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of cost of goods sold. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC in 2007. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) mineralized material, which includes measured and indicated amounts, that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 5 for further discussion. Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows ( i.e. , Level 3 measurement). Deferred Mining Costs. Stripping costs ( i.e. , the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory. Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 12 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation. Environmental obligations assumed in the acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur. FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly. Asset Retirement Obligations. FCX records the fair value of estimated asset retirement obligations (AROs) associated with tangible long-lived assets in the period incurred. Retirement obligations associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to cost of sales. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s respective useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For oil and gas properties, the fair value of the legal obligation is recognized as an ARO and as a related ARC in the period in which the well is drilled or acquired and is amortized on a UOP basis together with other capitalized costs. Substantially all of FCX’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores; remove platforms, tanks, production equipment and flow lines; and restore the wellsite. For non-operating properties without reserves, changes to the ARO are recorded in earnings. At least annually, FCX reviews its ARO estimates for changes in the projected timing of certain reclamation and closure/restoration costs, changes in cost estimates and additional AROs incurred during the period. Refer to Note 12 for further discussion. Revenue Recognition. FCX recognizes revenue for all of its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 14 for further discussion). For provisionally priced sales, 90 percent to 100 percent of the provisional payment is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 16 for a summary of revenue by product type. Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment. The majority of FCX’s molybdenum sales are priced based on the average published Metals Week price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs on the graded-vesting method over the vesting period. Refer to Note 10 for further discussion. Earnings Per Share. FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the year. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow: 2020 2019 2018 Net income (loss) from continuing operations $ 865 $ (192) $ 2,909 Net income from continuing operations attributable to noncontrolling interests (266) (50) (292) Accumulated dividends and undistributed earnings allocated to participating securities (3) (3) (4) Net income (loss) from continuing operations attributable to common stockholders 596 (245) 2,613 Net income (loss) from discontinued operations — 3 (15) Net income (loss) attributable to common stockholders $ 596 $ (242) $ 2,598 Basic weighted-average shares of common stock outstanding (millions) 1,453 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions) 8 — a 9 a Diluted weighted-average shares of common stock outstanding (millions) 1,461 1,451 1,458 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.80 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.79 Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.79 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.78 a. Excludes approximately 11 million shares of common stock in 2019 and 1 million in 2018 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 year are excluded from the computation of diluted net income (loss) per share of common stock. Stock options for 31 million shares of common stock in 2020, 42 million shares in 2019 and 37 million shares in 2018 were excluded. New Accounting Standards. In June 2016, the Financial Accounting Standards Board issued an Accounting Standards Update (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. Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to conform with the current year presentation. The reclassifications relate to a revision to FCX’s presentation of business segments to remove a business segment that no longer qualifies as a reportable segment (refer to Note 16), as well as, reclassification of certain costs from selling, general and administrative expenses to production and delivery in the consolidated statements of operations in 2019 ($20 million) and 2018 ($21 million). Subsequent Events. FCX evaluated events after December 31, 2020, and through the date the 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 financial statements.

DISPOSITIONS AND ACQUISITIONS D

DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS	12 Months Ended
	Dec. 31, 2020
Dispositions And Acquisitions [Abstract]
DISPOSITIONS AND ACQUISITIONS	DISPOSITIONS PT-FI Divestment. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership. Pursuant to the previously announced divestment agreement and related documents, PT Indonesia Asahan Aluminium (Persero) (PT Inalum, also known as MIND ID), an Indonesia state-owned enterprise, acquired for cash consideration of $3.85 billion all of Rio Tinto plc's (Rio Tinto) interests associated with its joint venture with PT-FI (the former Rio Tinto Joint Venture) and 100 percent of FCX's interests in PT Indonesia Papua Metal Dan Mineral (PTI - formerly known as PT Indocopper Investama), which at the time owned 9.36 percent of PT-FI. Of the $3.85 billion in cash consideration, Rio Tinto received $3.5 billion and FCX received $350 million. In addition, Rio Tinto paid FCX $107 million for its share of the 2018 joint venture cash flows. In connection with the transaction, an aggregate 40 percent share ownership in PT-FI was issued to PT Inalum and PTI (which is expected to be owned by PT Inalum and the provincial/regional government in Papua). Based on a subscription of PT Inalum’s rights to acquire for cash consideration of $3.5 billion all of Rio Tinto’s interests in the former Rio Tinto Joint Venture, PT-FI acquired all of the common stock of the entity (PT Rio Tinto Indonesia) that held Rio Tinto’s interest. After the transaction, PT Inalum’s (26.24 percent) and PTI’s (25.00 percent) collective share ownership of PT-FI totals 51.24 percent and FCX's share ownership totals 48.76 percent. The arrangements provide for FCX and the other pre-transaction PT-FI shareholders ( i.e. , PT Inalum and PTI) to retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture. As a result, FCX’s economic interest in PT-FI is expected to approximate 81 percent from 2019 through 2022. The divestment agreement provides that FCX will indemnify PT Inalum and PTI from any losses (reduced by receipts) arising from any tax disputes of PT-FI disclosed to PT Inalum in a Jakarta, Indonesia tax court letter limited to PTI’s respective percentage share at the time the loss is finally incurred. Any net obligations arising from any tax settlement would be paid on December 21, 2025. As of December 31, 2020, FCX had accrued $42 million (included in other liabilities in the consolidated balance sheet at December 31, 2020) related to this indemnification. FCX, PT-FI, PTI and PT Inalum entered into a shareholders agreement (the PT-FI Shareholders Agreement), which includes provisions related to the governance and management of PT-FI. FCX considered the terms of the PT-FI Shareholders Agreement and related governance structure, including whether PT Inalum has substantive participating rights, and concluded that it has retained control and would continue to consolidate PT-FI in its financial statements following the transaction. Among other terms, the governance arrangements under the PT-FI Shareholders Agreement transfers control over the management of PT-FI’s mining operations to an operating committee, which is controlled by FCX. Additionally, as discussed above, the existing PT-FI shareholders will retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture, so that FCX’s economic interest in the project through 2041 will not be significantly affected by the transaction. FCX believes its conclusion to continue to consolidate PT-FI in its financial statements is in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-X, Rule 3A-02 (a), which provides for situations in which consolidation of an entity, notwithstanding the lack of majority ownership, is necessary to present fairly the financial position and results of operations of the registrant, because of the existence of a parent-subsidiary relationship by means other than record ownership of voting stock. Attribution of PT-FI Net Income or Loss. FCX has concluded that the attribution of PT-FI’s net income or loss from December 21, 2018 (the date of the divestment transaction), through December 31, 2022 (the Initial Period), should be based on the economics replacement agreement, as previously discussed. The economics replacement agreement entitles FCX to approximately 81 percent of PT-FI dividends paid during the Initial Period, with the remaining 19 percent paid to the noncontrolling interests. PT-FI’s net income for 2020 totaled $765 million, of which $621 million was attributed to FCX. PT-FI’s net loss for 2019 totaled $203 million, of which $165 million was attributed to FCX. PT-FI’s cumulative net income since December 21, 2018, through December 31, 2020, totaled $425 million, of which $346 million was attributed to FCX. PT-FI has not paid dividends during the Initial Period. The above-described attribution of PT-FI’s net income or loss applies only through the Initial Period. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss will be based on equity ownership percentages (48.76 percent for FCX, 26.24 percent for PT Inalum and 25.00 percent for PTI). For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages. Kisanfu Transaction. In December 2020, FCX completed the sale of its interests in the Kisanfu undeveloped project to a wholly owned subsidiary of China Molybdenum Co., Ltd. (CMOC) for $550 million, with after-tax net cash proceeds totaling $415 million. The Kisanfu project, located in the Democratic Republic of Congo, is an undeveloped cobalt and copper resource. As of December 31, 2019, FCX did not have any proven and probable reserves associated with the Kisanfu project. FCX recorded a gain of $486 million in 2020 associated with this transaction. Cobalt Business. In fourth-quarter 2019, FCX completed the sale of its cobalt refinery in Kokkola, Finland, and related cobalt cathode precursor business (consisting of approximately $271 million of assets and $63 million of liabilities at the time of closing) to Umicore for total cash consideration of approximately $200 million, including approximately $50 million of working capital. Under the terms of the agreement, FCX separated its cobalt business, and Umicore acquired the refinery and cathode precursor business. FCX and the current noncontrolling interest partners in Freeport Cobalt retained the remaining cobalt business, which is a producer of cobalt fine powders, chemicals, catalysts, ceramics and pigments. Lundin Mining Corporation, one of the noncontrolling interest partners, received 30 percent of the proceeds from this transaction. FCX recorded a gain of $59 million in 2019 associated with this transaction. Timok Transaction. In 2016, FCX sold an interest in the upper zone of the Timok exploration project in Serbia (the 2016 Transaction). In December 2019, FCX completed the sale of its interest in the lower zone of the Timok exploration project to an affiliate of the purchaser in the 2016 Transaction, for cash consideration of $240 million at closing plus the right to future contingent payments of up to $150 million. These future contingent payments will be based on the future sale of products (as defined in the agreement) from the Timok lower zone. For a period of 12 months after the third anniversary of the initial sale of products from the Timok lower zone, the purchaser can settle, or FCX can demand payment of, such deferred payment obligation, in each case, for a total of $60 million. As these deferred payments are contingent upon future production (the Timok project is still in the exploration phase) and would result in gain recognition, no amounts were recorded upon the closing of the transaction. Subsequent recognition will be based on the gain contingency model, in which the consideration would be recorded in the period in which all contingencies are resolved and the gain is realized. This is expected to be when FCX (i) is provided periodic product sales information by the purchaser or (ii) gives notice to the purchaser or receives notice from the purchaser regarding the settlement of the deferred payments for $60 million. In addition, in lieu of such payment upon achievement of defined development milestones, the purchaser agreed to pay the $107 million contingent consideration provided for in the 2016 Transaction in three installment payments of $45 million by July 31, 2020 (which was collected in 2020), $50 million by December 31, 2021, and $12 million by March 31, 2022. As a result of this transaction, FCX recorded a gain of $343 million, consisting of the cash consideration ($240 million) and the aggregate discounted amount of the three installment payments ($103 million). Oil and Gas Operations. In 2016, FCX sold the majority of its oil and gas assets held by its wholly owned subsidiary, FCX Oil & Gas LLC (FM O&G). In 2019, FM O&G sold certain property interests for cash consideration of $36 million (before closing adjustments), which resulted in the recognition of a gain of $20 million. In 2018, FM O&G disposed of certain property interests that resulted in the recognition of a gain of $27 million, primarily associated with the abandonment obligations that were assumed by the acquirer. TF Holdings Limited - Discontinued Operations. In 2016, FCX completed the sale of its 70 percent interest in TF Holdings Limited (TFHL) to COMC for $2.65 billion in cash (before closing adjustments) and contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeded $3.50 per pound and $60 million if the average cobalt price exceeded $20 per pound, both during the 24-month period ending December 31, 2019. The contingent consideration was considered a derivative, and the fair value was adjusted through December 31, 2019. FCX realized and collected in January 2020 contingent consideration of $60 million because the average cobalt price exceeded $20 per pound during the 24-month period ending December 31, 2019 (no amount was realized associated with the copper price), and was included in other current assets in the consolidated balance sheet at December 31, 2019. Gains (losses) resulting from changes in the fair value of the contingent consideration derivative totaling $3 million in 2019 and $(17) million in 2018 were included in net income (loss) from discontinued operations and primarily resulted from fluctuations in cobalt and copper prices.

OWNERSHIP IN SUBSIDIARIES AND J

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Ownership In Subsidiaries And Joint Ventures	OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES Ownership in Subsidiaries. FMC produces copper and molybdenum, with mines in North America and South America. At December 31, 2020, FMC’s operating mines in North America were Morenci, Bagdad, Safford, Sierrita and Miami located in Arizona; Tyrone and Chino located in New Mexico; and Henderson and Climax located in Colorado. FCX has a 72 percent interest in Morenci (refer to “Joint Ventures – Sumitomo and SMM Morenci, Inc.”) and owns 100 percent of the other North America mines. At December 31, 2020, operating mines in South America were Cerro Verde (53.56 percent owned) located in Peru and El Abra (51 percent owned) located in Chile. At December 31, 2020, FMC’s net assets totaled $15.0 billion and its accumulated deficit totaled $15.7 billion. FCX had no loans outstanding to FMC at December 31, 2020. FCX’s direct share ownership in PT-FI totaled 81.28 percent through December 21, 2018, and 48.76 percent thereafter. PTI owned 9.36 percent of PT-FI and FCX owned 100 percent of PTI through December 21, 2018. Refer to Note 2 for a discussion of the PT-FI divestment. Refer to “Joint Ventures - Former Rio Tinto Joint Venture” for discussion of PT-FI’s unincorporated joint venture. At December 31, 2020, PT-FI’s net assets totaled $11.4 billion and its retained earnings totaled $7.2 billion. FCX had $539 million in intercompany loans to PT-FI outstanding at December 31, 2020. FCX owns 100 percent of the outstanding Atlantic Copper common stock. At December 31, 2020, Atlantic Copper’s net assets totaled $145 million and its accumulated deficit totaled $406 million. FCX had $56 million in intercompany loans to Atlantic Copper outstanding at December 31, 2020. Joint Ventures. FCX has the following unincorporated joint ventures. Sumitomo and SMM Morenci, Inc. FMC owns a 72 percent undivided interest in Morenci via an unincorporated joint venture. The remaining 28 percent is owned by Sumitomo (15 percent) and SMM Morenci, Inc. (13 percent). Each partner takes in kind its share of Morenci’s production. FMC purchased 146 million pounds of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $409 million during 2020. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $15 million at December 31, 2020, and $19 million at December 31, 2019. Former Rio Tinto Joint Venture. On December 21, 2018, PT-FI acquired Rio Tinto’s interest in the joint venture and is consolidating 100 percent of the Indonesia operations (refer to Note 2 for discussion of the PT-FI divestment). Pursuant to Rio Tinto’s previous joint venture agreement with PT-FI, Rio Tinto had a 40 percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver through 2022 in Block A of PT-FI’s former Contract of Work (COW), and, after 2022, a 40 percent interest in all production from Block A.

INVENTORIES, INCLUDING LONG-TER

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES	12 Months Ended
	Dec. 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: December 31, 2020 2019 Current inventories: Total materials and supplies, net a $ 1,594 $ 1,649 Mill stockpiles $ 205 $ 220 Leach stockpiles 809 923 Total current mill and leach stockpiles $ 1,014 $ 1,143 Raw materials (primarily concentrate) $ 366 $ 318 Work-in-process 174 124 Finished goods 745 839 Total product $ 1,285 $ 1,281 Long-term inventories: Mill stockpiles $ 223 $ 181 Leach stockpiles 1,240 1,244 Total long-term mill and leach stockpiles b $ 1,463 $ 1,425 a. Materials and supplies inventory was net of obsolescence reserves totaling $32 million at December 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 NRV inventory adjustments to decrease metals inventory carrying values totaling $96 million in 2020, associated with lower market prices for copper ($58 million) and molybdenum ($38 million); $179 million in 2019, associated with lower market prices for molybdenum ($84 million), cobalt ($58 million) and copper ($37 million); and $4 million in 2018. Refer to Note 16 for metals inventory adjustments by business segment.

PROPERTY, PLANT, EQUIPMENT AND

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Property, Plant, Equipment and Mining Development Costs, Net	PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET The components of net property, plant, equipment and mine development costs follow: December 31, 2020 2019 Proven and probable mineral reserves $ 7,142 $ 7,087 VBPP 376 465 Mine development and other 10,686 8,180 Buildings and infrastructure 9,214 8,435 Machinery and equipment 14,235 13,312 Mobile equipment 4,495 4,320 Construction in progress 1,454 4,265 Oil and gas properties 27,281 27,293 Total 74,883 73,357 Accumulated depreciation, depletion, and amortization a (45,065) (43,773) Property, plant, equipment and mine development costs, net $ 29,818 $ 29,584 a. Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2020 and 2019. FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition in 2007 (excluding $634 million associated with mining operations that were subsequently sold) and transferred $811 million to proven and probable mineral reserves through 2020 (less than $0.1 million in 2020 and none in 2019). Cumulative impairments of and adjustments to VBPP total $497 million, which were primarily recorded in 2008. Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, totaled $147 million in 2020, $149 million in 2019 and $96 million in 2018. During 2020 and 2019, no material impairments of FCX’s long-lived mining assets were recorded.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Other Assets Disclosure	OTHER ASSETS The components of other assets follow: December 31, 2020 2019 Disputed tax assessments: a PT-FI $ 143 $ 178 Cerro Verde 190 187 Long-term receivable for taxes b 106 290 Intangible assets c 401 402 Investments: Assurance bond d 148 157 PT Smelting e 77 80 Fixed income, equity securities and other 70 66 Legally restricted funds f 213 196 Contingent consideration associated with sales of assets g 96 115 Long-term employee receivables 19 22 Timok transaction receivable (refer to Note 2) 12 58 Other 85 134 Total other assets $ 1,560 $ 1,885 a. Refer to Note 12 for further discussion. b. Includes tax overpayments and refunds not expected to be realized within the next 12 months (refer to Note 11). c. Indefinite-lived intangible assets totaled $215 million at both December 31, 2020, and December 31, 2019. Accumulated amortization of definite-lived intangible assets totaled $32 million at December 31, 2020, and $54 million at December 31, 2019. d. Relates to PT-FI’s commitment for the development of a new smelter in Indonesia (refer to Note 13 for further discussion). e. PT-FI’s 25 percent ownership in PT Smelting (smelter and refinery in Gresik, Indonesia) is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $39 million at December 31, 2020, and $29 million at December 31, 2019. Trade accounts receivable from PT Smelting totaled $265 million at December 31, 2020, and $261 million at December 31, 2019. f. Includes $212 million at December 31, 2020, and $196 million at December 31, 2019, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion). g. Refer to Note 15 for further discussion.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The components of accounts payable and accrued liabilities follow: December 31, 2020 2019 Accounts payable $ 1,473 $ 1,654 Salaries, wages and other compensation 312 249 Accrued interest a 243 178 PT-FI contingencies b 196 115 Pension, postretirement, postemployment and other employee benefits c 91 69 Legal matters 86 88 Accrued taxes, other than income taxes 76 79 Deferred revenue 65 12 Leases d 38 44 Other 128 88 Total accounts payable and accrued liabilities $ 2,708 $ 2,576 a. Third-party interest paid, net of capitalized interest, was $472 million in 2020, $591 million in 2019 and $500 million in 2018. b. Refer to Note 12 for further discussion. c. Refer to Note 9 for long-term portion. d. Refer to Note 13 for further discussion.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	DEBT FCX’s debt at December 31, 2020, included additions of $10 million ($11 million at December 31, 2019) for unamortized fair value adjustments, and is net of reductions of $85 million ($66 million at December 31, 2019) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow: December 31, 2020 2019 Revolving credit facility $ — $ — Cerro Verde Term Loan 523 826 Senior notes and debentures: Issued by FCX: 4.00% Senior Notes due 2021 — 194 3.55% Senior Notes due 2022 523 1,876 3.875% Senior Notes due 2023 994 1,917 4.55% Senior Notes due 2024 728 846 5.00% Senior Notes due 2027 593 592 4.125% Senior Notes due 2028 691 — 4.375% Senior Notes due 2028 642 — 5.25% Senior Notes due 2029 593 592 4.25% Senior Notes due 2030 592 — 4.625% Senior Notes due 2030 840 — 5.40% Senior Notes due 2034 742 741 5.450% Senior Notes due 2043 1,845 1,844 Issued by FMC: 7 1 / 8 % Debentures due 2027 115 115 9½% Senior Notes due 2031 124 125 6 1 / 8 % Senior Notes due 2034 117 117 Other 49 41 Total debt 9,711 9,826 Less current portion of debt (34) (5) Long-term debt $ 9,677 $ 9,821 Revolving Credit Facility. At December 31, 2020, FCX had no borrowings outstanding and $10 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. For PT-FI, $500 million of the revolving credit facility is available. FCX’s revolving credit facility contains customary affirmative covenants and representations, and also contains a number of negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX’s or its subsidiaries’ abilities to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. FCX’s revolving credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage. In June 2020, FCX, PT-FI and Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) amended the $3.5 billion, unsecured revolving credit facility. The key changes under the amendment include (i) suspension of the total leverage ratio (ratio of total debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), as defined in the credit agreement) through June 30, 2021, followed by a limit of 5.25x beginning with the quarter ended September 30, 2021, and stepping down to 3.75x beginning January 1, 2022; and (ii) a reduction in the interest expense coverage ratio (ratio of consolidated EBITDA to consolidated cash interest expense, as defined in the credit agreement) to a minimum of 2.00x through December 31, 2021, reverting to 2.25x beginning January 1, 2022. FCX also agreed to a minimum liquidity covenant of $1 billion (consisting of consolidated unrestricted cash and availability under the revolving credit facility) applicable to each quarter through June 30, 2021, and additional restrictions on priority debt and liens, and the payment of common stock dividends through December 31, 2021. At December 31, 2020, FCX was in compliance with all of its covenants. As further discussed in Note 10, in February 2021, the FCX Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. Prior to the Board’s declaration of the initial quarterly dividend, FCX will deliver a covenant reversion notice, at which time the financial covenants and other restrictions, including the dividend restriction, will revert to the limits applicable prior to the June 2020 amendment. Interest on loans made under the revolving credit facility is, at the option of FCX, determined based on the adjusted London Interbank Offered rate (LIBOR) or the alternate base rate (each as defined in the revolving credit facility) plus a spread to be determined by reference to FCX’s credit ratings. Certain of FCX’s debt agreements, including our revolving credit facility, reference LIBOR and other interbank offered rates, which are being phased out and replaced with alternative reference rates. FCX does not expect the transition from LIBOR and other interbank offered rates to have a material impact on its consolidated financial results. Cerro Verde Term Loan. Repayments of the Cerro Verde Term Loan totaled $305 million in 2020, $200 million in 2019 and $470 million in 2018, with the remaining balance of $525 million due on the maturity date of June 19, 2022. Interest under the Term Loan is based on LIBOR plus a spread based on Cerro Verde’s total net debt to EBITDA ratio as defined in the agreement. The interest rate on Cerro Verde’s Term Loan was 2.05 percent at December 31, 2020. FCX recorded net losses of $1 million in 2020, $1 million in 2019 and $3 million in 2018, associated with Cerro Verde’s prepayments on its Term Loan. Cerro Verde Shareholder Loans. In December 2014, Cerro Verde entered into loan agreements with three of its shareholders for borrowings up to $800 million. No amounts were outstanding at December 31, 2020 and 2019, and availability under these agreements totals $200 million at December 31, 2020. Senior Notes. In July 2020, FCX completed the sale of $650 million of 4.375% Senior Notes due 2028 and $850 million of 4.625% Senior Notes due 2030 for proceeds, net of underwriting fees, totaling $1.485 billion. Interest on these senior notes is payable semiannually on February 1 and August 1 of each year. FCX used $1.4 billion of the net proceeds from this offering to purchase a portion of its outstanding 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. The remaining net proceeds from this offering were used for general corporate purposes. In March 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 proceeds, net of underwriting fees, totaling $1.285 billion. Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. 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. In April 2020, FCX used the remaining net proceeds to fund the make-whole redemption of all of its remaining 4.00% Senior Notes due 2021 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with the transaction. In August 2019, FCX sold $600 million of 5.00% Senior Notes due 2027 and $600 million of 5.25% Senior Notes due 2029 for total net proceeds of $1.187 billion. Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. FCX used the net proceeds from this offering to fund the make-whole redemption of all of its outstanding 6.875% Senior Notes due 2023, and the concurrent tender offers 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. During 2020, 2019 and 2018, FCX redeemed in full or purchased a portion of the following senior notes. Principal Amount Net Adjustments Book Value Redemption/Tender Value Loss/(Gain) Year Ended December 31, 2020 FCX 4.00% Senior Notes due 2021 $ 195 $ (1) $ 194 $ 205 $ 11 FCX 3.55% Senior Notes due 2022 1,356 (6) 1,350 1,391 41 FCX 3.875% Senior Notes due 2023 927 (4) 923 964 41 FCX 4.55% Senior Notes due 2024 120 (1) 119 126 7 Total $ 2,598 $ (12) $ 2,586 $ 2,686 $ 100 Year Ended December 31, 2019 FCX 3.100% Senior Notes due 2020 $ 1,000 $ (2) $ 998 $ 1,003 $ 5 FCX 6.875% Senior Notes due 2023 728 34 762 768 6 FCX 4.00% Senior Notes due 2021 405 (2) 403 418 15 FCX 3.55% Senior Notes due 2022 12 — 12 12 — Total $ 2,145 $ 30 $ 2,175 $ 2,201 $ 26 Year Ended December 31, 2018 FCX 6.75% Senior Notes due 2022 $ 404 $ 22 $ 426 $ 418 $ (8) FM O&G LLC 6 7 / 8 % Senior Notes due 2023 50 4 54 52 (2) Total $ 454 $ 26 $ 480 $ 470 $ (10) The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below and at 100 percent of principal two years before maturity. Debt Instrument Date 5.00% Senior Notes due 2027 September 1, 2022 4.125% Senior Notes due 2028 March 1, 2023 4.375% Senior Notes due 2028 August 1, 2023 5.25% Senior Notes due 2029 September 1, 2024 4.25% Senior Notes due 2030 March 1, 2025 4.625% Senior Notes due 2030 August 1, 2025 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, and beginning on the dates stated below at 100 percent of principal. Debt Instrument Date 3.55% Senior Notes due 2022 December 1, 2021 3.875% Senior Notes due 2023 December 15, 2022 4.55% Senior Notes due 2024 August 14, 2024 5.40% Senior Notes due 2034 May 14, 2034 5.450% Senior Notes due 2043 September 15, 2042 FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. Guarantees. All of the senior notes issued by FCX are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100-percent-owned subsidiary of FM O&G and FCX. Maturities. Maturities of debt instruments based on the principal amounts and terms outstanding at December 31, 2020, total $36 million in 2021, $1.05 billion in 2022, $1.0 billion in 2023, $730 million in 2024, none in 2025 and 2026 and $7.0 billion thereafter.

OTHER LIABILITIES, INCLUDING EM

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Including Employee Benefits [Abstract]
Other Liabilities	OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2020 2019 Pension, postretirement, postemployment and other employment benefits a $ 1,213 $ 1,318 Cerro Verde royalty dispute 376 502 Provision for tax positions 261 255 Leases b 190 204 Other 229 212 Total other liabilities $ 2,269 $ 2,491 a. Refer to Note 7 for current portion. b. Refer to Note 13 for further discussion. Pension Plans. Following is a discussion of FCX’s pension plans. FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. See below for discussion of a 2020 plan amendment. FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time. FCX’s policy for determining asset-mix targets for the FMC plan assets held in a master trust (Master Trust) includes the periodic development of asset allocation studies and review of the liabilities to determine expected long-term rates of return and expected risk for various investment portfolios. FCX’s retirement plan administration and investment committee considers these studies in the formal establishment of asset-mix targets defined in the investment policy. FCX’s investment objective emphasizes diversification through both the allocation of the Master Trust assets among various asset classes and the selection of investment managers whose various styles are fundamentally complementary to one another and serve to achieve satisfactory rates of return. Diversification, by asset class and by investment manager, is FCX’s principal means of reducing volatility and exercising prudent investment judgment. FCX’s present target asset allocation approximates 40 percent equity investments (primarily developed market equities), 52 percent fixed income (primarily long-term treasury STRIPS or “separate trading or registered interest and principal securities”; long-term U.S. treasury/agency bonds; global fixed income securities; long-term, high-credit quality corporate bonds; high-yield and emerging markets fixed income securities; and fixed income debt securities) and 8 percent alternative investments (private real estate, real estate investment trusts and private equity). The expected rate of return on plan assets is evaluated at least annually, taking into consideration asset allocation, historical and expected future performance on the types of assets held in the Master Trust, and the current economic environment. Based on these factors, FCX expects the pension assets will earn an average of 5.25 percent per annum beginning January 1, 2021, which was based on the target asset allocation and long-term capital market return expectations. For estimation purposes, FCX assumes the long-term asset mix for these plans generally will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension costs, the funded status of the plans and the need for future cash contributions. A lower-than-expected return on assets also would decrease plan assets and increase the amount of recorded pension costs in future years. When calculating the expected return on plan assets, FCX uses the market value of assets. Among the assumptions used to estimate the pension benefit obligation is a discount rate used to calculate the present value of expected future benefit payments for service to date. The discount rate assumption for FCX’s U.S. plans is designed to reflect yields on high-quality, fixed-income investments for a given duration. The determination of the discount rate for these plans is based on expected future benefit payments for service to date together with the Mercer Yield Curve - Above Mean. The Mercer Yield Curve - Above Mean is constructed from the bonds in the Mercer Pension Discount Curve that have a yield higher than the regression mean yield curve. The Mercer Yield Curve - Above Mean consists of spot ( i.e. , zero coupon) interest rates at one-half-year increments for each of the next 30 years and is developed based on pricing and yield information for high-quality corporate bonds. Changes in the discount rate are reflected in FCX’s benefit obligation and, therefore, in future pension costs. SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its chief executive officer. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum, which is determined on January 1 of the year in which the participant completed 25 years of credited service. The annuity will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay. PT-FI Plan. PT-FI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PT-FI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 14,034 rupiah to one U.S. dollar on December 31, 2020, and 13,832 rupiah to one U.S. dollar on December 31, 2019. Indonesia labor laws require that companies provide a minimum level of benefits to employees upon employment termination based on the reason for termination and the employee’s years of service. PT-FI’s pension benefit obligation includes benefits determined in accordance with this law. PT-FI’s expected rate of return on plan assets is evaluated at least annually, taking into consideration its long-range estimated return for the plan based on the asset mix. Based on these factors, PT-FI expects its pension assets will earn an average of 7.75 percent per annum beginning January 1, 2021. The discount rate assumption for PT-FI’s plan is based on the Indonesia Government Security Yield Curve. Changes in the discount rate are reflected in PT-FI’s benefit obligation and, therefore, in future pension costs. Plan Information. FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2020 2019 Projected benefit obligation $ 2,666 $ 2,522 Accumulated benefit obligation 2,664 2,361 Fair value of plan assets 1,884 1,615 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 2,576 $ 2,230 $ 217 $ 220 Service cost 37 42 11 12 Interest cost 77 95 14 17 Actuarial losses (gains) 308 328 12 (27) Foreign exchange losses (gains) 1 1 (2) 8 Curtailment (154) — — — Benefits and administrative expenses paid (123) (120) (14) (13) Benefit obligation at end of year 2,722 2,576 238 217 Change in plan assets: Fair value of plan assets at beginning of year 1,677 1,433 254 238 Actual return on plan assets 272 289 13 19 Employer contributions a 119 74 2 — Foreign exchange gains (losses) 1 1 (4) 10 Benefits and administrative expenses paid (123) (120) (14) (13) Fair value of plan assets at end of year 1,946 1,677 251 254 Funded status $ (776) $ (899) $ 13 $ 37 Accumulated benefit obligation $ 2,719 $ 2,414 $ 194 $ 175 Weighted-average assumptions used to determine benefit obligations: Discount rate 2.50 % 3.40 % 6.25 % 7.25 % Rate of compensation increase — % 3.25 % 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 7 $ 8 $ 13 $ 37 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (779) (903) — — Total $ (776) $ (899) $ 13 $ 37 a. Employer contributions for 2021 are expected to approximate $64 million for the FCX plans and $2 million for the PT-FI plan (based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar). In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, participants no longer accrue any additional benefits under the FMC Retirement Plan. As a result, FCX remeasured its pension assets and benefit obligation as of July 31, 2020. The discount rate and expected long-term rate of return on the plan assets used for the July 31, 2020, remeasurement were 2.40 percent and 6.25 percent, respectively. The rate of compensation increase was unchanged (3.25 percent). The remeasurement and curtailment resulted in the projected benefit obligation increasing by $184 million and plan assets increasing by $103 million. In addition, FCX recognized a curtailment loss of $4 million in third-quarter 2020. During 2020, the actuarial loss of $308 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 3.40 percent to 2.50 percent, offset by the FMC Retirement Plan amendment to discontinue additional benefits . During 2019, the actuarial loss of $328 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 4.40 percent to 3.40 percent. During 2020, the actuarial loss of $12 million for the PT-FI pension plan primarily resulted from the decrease in the discount rate from 7.25 percent to 6.25 percent. During 2019, the actuarial gain of $27 million for the PT-FI pension plan primarily resulted from a change in the estimated plan administration costs, partially offset by a decrease in the discount rate from 8.25 percent to 7.25 percent. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: a Discount rate 2.98 % 4.40 % 3.70 % Expected return on plan assets 6.25 % 6.50 % 6.50 % Rate of compensation increase 3.25 % 3.25 % 3.25 % Service cost $ 37 $ 42 $ 44 Interest cost 77 95 84 Expected return on plan assets (105) (90) (101) Amortization of net actuarial losses 45 48 49 Curtailment loss 4 — — Net periodic benefit cost $ 58 $ 95 $ 76 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: Discount rate 7.25 % 8.25 % 6.75 % Expected return on plan assets 7.75 % 8.25 % 6.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 17 14 Expected return on plan assets (19) (17) (19) Amortization of prior service cost 2 1 2 Amortization of net actuarial gains (3) (1) (1) Net periodic benefit cost $ 5 $ 12 $ 9 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income (expense), net in the consolidated statements of operations. Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2020 2019 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 673 $ 558 $ 710 $ 604 Prior service costs 6 1 11 6 $ 679 $ 559 $ 721 $ 610 Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3). A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2020 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 527 $ 527 $ — $ — $ — Fixed income securities 404 404 — — — International small-cap equity 76 76 — — — Real estate property 59 59 — — — U.S. real estate securities 51 51 — — — Short-term investments 51 51 — — — U.S. small-cap equity 25 25 — — — Fixed income: Corporate bonds 381 — — 381 — Government bonds 181 — — 181 — Global large-cap equity securities 109 — 109 — — Private equity investments 10 10 — — — Other investments 55 — 1 54 — Total investments 1,929 $ 1,203 $ 110 $ 616 $ — Cash and receivables 100 Payables (83) Total pension plan net assets $ 1,946 Fair Value at December 31, 2019 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 425 $ 425 $ — $ — $ — Fixed income securities 239 239 — — — U.S. small-cap equity 67 67 — — — Real estate property 58 58 — — — International small-cap equity 55 55 — — — U.S. real estate securities 53 53 — — — Short-term investments 16 16 — — — Fixed income: Government bonds 279 — — 279 — Corporate bonds 256 — — 256 — Global large-cap equity securities 107 — 107 — — Private equity investments 11 11 — — — Other investments 64 — 14 50 — Total investments 1,630 $ 924 $ 121 $ 585 $ — Cash and receivables 86 Payables (39) Total pension plan net assets $ 1,677 Following is a description of the pension plan asset categories and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds (except the real estate property fund) require up to a 15-calendar-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. Redemptions of the real estate property fund are allowed once per quarter, subject to available cash. Fixed income investments include government and corporate bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Common stocks included in global large-cap equity securities and preferred stocks included in other investments 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. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2020 Total Level 1 Level 2 Level 3 Government bonds $ 117 $ 117 $ — $ — Common stocks 77 77 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 41 Payables (2) Total pension plan net assets $ 251 Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Government bonds $ 93 $ 93 $ — $ — Common stocks 80 80 — — Mutual funds 17 17 — — Total investments 190 $ 190 $ — $ — Cash and receivables a 65 Payables (1) Total pension plan net assets $ 254 a. Cash consists primarily of short-term time deposits. Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PT-FI plan. There have been no changes to the techniques used to measure fair value. Government bonds, common stocks and mutual funds 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. The techniques described above may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2021 $ 127 $ 16 2022 174 21 2023 129 29 2024 131 31 2025 132 28 2026 through 2030 655 154 a. Based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $69 million (included in other liabilities) at December 31, 2020, and a current portion of $13 million and a long-term portion of $112 million at December 31, 2019. The decrease in the benefit obligation from December 31, 2019, to December 31, 2020, is primarily a result of a plan amendment that modified the benefit for most medicare eligible retirees effective January 1, 2021. The discount rate used to determine the benefit obligation for these plans, which was determined on the same basis as FCX’s pension plans, was 2.21 percent at December 31, 2020, and 3.00 percent at December 31, 2019. Expected benefit payments for these plans total $8 million for 2021, $7 million for 2022, $7 million for 2023, $6 million for 2024, $6 million for 2025 and $23 million for 2026 through 2030 . The net periodic benefit cost charged to operations for FCX’s postretirement benefits (primarily for interest costs) totaled $3 million in 2020, $4 million in 2019 and $5 million in 2018. The discount rate used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s postretirement benefits was 3.00 percent in 2020, 4.20 percent in 2019 and 3.50 percent in 2018. The medical-care trend rates assumed the first year trend rate was 7.50 percent at December 31, 2020, which declines over the next 15 years with an ultimate trend rate of 4.25 percent. FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $42 million (included in other liabilities) at December 31, 2020, and a current portion of $7 million and a long-term portion of $44 million at December 31, 2019. FCX also sponsors savings plans for the majority of its U.S. employees. The plans allow employees to contribute a portion of their income in accordance with specified guidelines. These savings plans are principally qualified 401(k) plans for all U.S. salaried and non-bargained hourly employees. In these plans, participants exercise control and direct the investment of their contributions and account balances among various investment options. FCX contributes to these plans at varying rates and matches a percentage of employee contributions up to certain limits, which vary by plan. For employees whose eligible compensation exceeds certain levels, FCX provides an unfunded defined contribution plan, which had a liability balance of $49 million at December 31, 2020, and $46 million at December 31, 2019, all of which was included in other liabilities. The costs charged to operations for employee savings plans totaled $40 million in 2020, $85 million in 2019 and $75 million in 2018. The decrease in costs for 2020, compared with 2019, resulted from a temporary suspension of FCX contributions to certain plans implemented as part of its April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.
Employee Benefits	OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2020 2019 Pension, postretirement, postemployment and other employment benefits a $ 1,213 $ 1,318 Cerro Verde royalty dispute 376 502 Provision for tax positions 261 255 Leases b 190 204 Other 229 212 Total other liabilities $ 2,269 $ 2,491 a. Refer to Note 7 for current portion. b. Refer to Note 13 for further discussion. Pension Plans. Following is a discussion of FCX’s pension plans. FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. See below for discussion of a 2020 plan amendment. FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time. FCX’s policy for determining asset-mix targets for the FMC plan assets held in a master trust (Master Trust) includes the periodic development of asset allocation studies and review of the liabilities to determine expected long-term rates of return and expected risk for various investment portfolios. FCX’s retirement plan administration and investment committee considers these studies in the formal establishment of asset-mix targets defined in the investment policy. FCX’s investment objective emphasizes diversification through both the allocation of the Master Trust assets among various asset classes and the selection of investment managers whose various styles are fundamentally complementary to one another and serve to achieve satisfactory rates of return. Diversification, by asset class and by investment manager, is FCX’s principal means of reducing volatility and exercising prudent investment judgment. FCX’s present target asset allocation approximates 40 percent equity investments (primarily developed market equities), 52 percent fixed income (primarily long-term treasury STRIPS or “separate trading or registered interest and principal securities”; long-term U.S. treasury/agency bonds; global fixed income securities; long-term, high-credit quality corporate bonds; high-yield and emerging markets fixed income securities; and fixed income debt securities) and 8 percent alternative investments (private real estate, real estate investment trusts and private equity). The expected rate of return on plan assets is evaluated at least annually, taking into consideration asset allocation, historical and expected future performance on the types of assets held in the Master Trust, and the current economic environment. Based on these factors, FCX expects the pension assets will earn an average of 5.25 percent per annum beginning January 1, 2021, which was based on the target asset allocation and long-term capital market return expectations. For estimation purposes, FCX assumes the long-term asset mix for these plans generally will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension costs, the funded status of the plans and the need for future cash contributions. A lower-than-expected return on assets also would decrease plan assets and increase the amount of recorded pension costs in future years. When calculating the expected return on plan assets, FCX uses the market value of assets. Among the assumptions used to estimate the pension benefit obligation is a discount rate used to calculate the present value of expected future benefit payments for service to date. The discount rate assumption for FCX’s U.S. plans is designed to reflect yields on high-quality, fixed-income investments for a given duration. The determination of the discount rate for these plans is based on expected future benefit payments for service to date together with the Mercer Yield Curve - Above Mean. The Mercer Yield Curve - Above Mean is constructed from the bonds in the Mercer Pension Discount Curve that have a yield higher than the regression mean yield curve. The Mercer Yield Curve - Above Mean consists of spot ( i.e. , zero coupon) interest rates at one-half-year increments for each of the next 30 years and is developed based on pricing and yield information for high-quality corporate bonds. Changes in the discount rate are reflected in FCX’s benefit obligation and, therefore, in future pension costs. SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its chief executive officer. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum, which is determined on January 1 of the year in which the participant completed 25 years of credited service. The annuity will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay. PT-FI Plan. PT-FI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PT-FI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 14,034 rupiah to one U.S. dollar on December 31, 2020, and 13,832 rupiah to one U.S. dollar on December 31, 2019. Indonesia labor laws require that companies provide a minimum level of benefits to employees upon employment termination based on the reason for termination and the employee’s years of service. PT-FI’s pension benefit obligation includes benefits determined in accordance with this law. PT-FI’s expected rate of return on plan assets is evaluated at least annually, taking into consideration its long-range estimated return for the plan based on the asset mix. Based on these factors, PT-FI expects its pension assets will earn an average of 7.75 percent per annum beginning January 1, 2021. The discount rate assumption for PT-FI’s plan is based on the Indonesia Government Security Yield Curve. Changes in the discount rate are reflected in PT-FI’s benefit obligation and, therefore, in future pension costs. Plan Information. FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2020 2019 Projected benefit obligation $ 2,666 $ 2,522 Accumulated benefit obligation 2,664 2,361 Fair value of plan assets 1,884 1,615 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 2,576 $ 2,230 $ 217 $ 220 Service cost 37 42 11 12 Interest cost 77 95 14 17 Actuarial losses (gains) 308 328 12 (27) Foreign exchange losses (gains) 1 1 (2) 8 Curtailment (154) — — — Benefits and administrative expenses paid (123) (120) (14) (13) Benefit obligation at end of year 2,722 2,576 238 217 Change in plan assets: Fair value of plan assets at beginning of year 1,677 1,433 254 238 Actual return on plan assets 272 289 13 19 Employer contributions a 119 74 2 — Foreign exchange gains (losses) 1 1 (4) 10 Benefits and administrative expenses paid (123) (120) (14) (13) Fair value of plan assets at end of year 1,946 1,677 251 254 Funded status $ (776) $ (899) $ 13 $ 37 Accumulated benefit obligation $ 2,719 $ 2,414 $ 194 $ 175 Weighted-average assumptions used to determine benefit obligations: Discount rate 2.50 % 3.40 % 6.25 % 7.25 % Rate of compensation increase — % 3.25 % 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 7 $ 8 $ 13 $ 37 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (779) (903) — — Total $ (776) $ (899) $ 13 $ 37 a. Employer contributions for 2021 are expected to approximate $64 million for the FCX plans and $2 million for the PT-FI plan (based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar). In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, participants no longer accrue any additional benefits under the FMC Retirement Plan. As a result, FCX remeasured its pension assets and benefit obligation as of July 31, 2020. The discount rate and expected long-term rate of return on the plan assets used for the July 31, 2020, remeasurement were 2.40 percent and 6.25 percent, respectively. The rate of compensation increase was unchanged (3.25 percent). The remeasurement and curtailment resulted in the projected benefit obligation increasing by $184 million and plan assets increasing by $103 million. In addition, FCX recognized a curtailment loss of $4 million in third-quarter 2020. During 2020, the actuarial loss of $308 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 3.40 percent to 2.50 percent, offset by the FMC Retirement Plan amendment to discontinue additional benefits . During 2019, the actuarial loss of $328 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 4.40 percent to 3.40 percent. During 2020, the actuarial loss of $12 million for the PT-FI pension plan primarily resulted from the decrease in the discount rate from 7.25 percent to 6.25 percent. During 2019, the actuarial gain of $27 million for the PT-FI pension plan primarily resulted from a change in the estimated plan administration costs, partially offset by a decrease in the discount rate from 8.25 percent to 7.25 percent. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: a Discount rate 2.98 % 4.40 % 3.70 % Expected return on plan assets 6.25 % 6.50 % 6.50 % Rate of compensation increase 3.25 % 3.25 % 3.25 % Service cost $ 37 $ 42 $ 44 Interest cost 77 95 84 Expected return on plan assets (105) (90) (101) Amortization of net actuarial losses 45 48 49 Curtailment loss 4 — — Net periodic benefit cost $ 58 $ 95 $ 76 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: Discount rate 7.25 % 8.25 % 6.75 % Expected return on plan assets 7.75 % 8.25 % 6.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 17 14 Expected return on plan assets (19) (17) (19) Amortization of prior service cost 2 1 2 Amortization of net actuarial gains (3) (1) (1) Net periodic benefit cost $ 5 $ 12 $ 9 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income (expense), net in the consolidated statements of operations. Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2020 2019 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 673 $ 558 $ 710 $ 604 Prior service costs 6 1 11 6 $ 679 $ 559 $ 721 $ 610 Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3). A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2020 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 527 $ 527 $ — $ — $ — Fixed income securities 404 404 — — — International small-cap equity 76 76 — — — Real estate property 59 59 — — — U.S. real estate securities 51 51 — — — Short-term investments 51 51 — — — U.S. small-cap equity 25 25 — — — Fixed income: Corporate bonds 381 — — 381 — Government bonds 181 — — 181 — Global large-cap equity securities 109 — 109 — — Private equity investments 10 10 — — — Other investments 55 — 1 54 — Total investments 1,929 $ 1,203 $ 110 $ 616 $ — Cash and receivables 100 Payables (83) Total pension plan net assets $ 1,946 Fair Value at December 31, 2019 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 425 $ 425 $ — $ — $ — Fixed income securities 239 239 — — — U.S. small-cap equity 67 67 — — — Real estate property 58 58 — — — International small-cap equity 55 55 — — — U.S. real estate securities 53 53 — — — Short-term investments 16 16 — — — Fixed income: Government bonds 279 — — 279 — Corporate bonds 256 — — 256 — Global large-cap equity securities 107 — 107 — — Private equity investments 11 11 — — — Other investments 64 — 14 50 — Total investments 1,630 $ 924 $ 121 $ 585 $ — Cash and receivables 86 Payables (39) Total pension plan net assets $ 1,677 Following is a description of the pension plan asset categories and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds (except the real estate property fund) require up to a 15-calendar-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. Redemptions of the real estate property fund are allowed once per quarter, subject to available cash. Fixed income investments include government and corporate bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Common stocks included in global large-cap equity securities and preferred stocks included in other investments 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. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2020 Total Level 1 Level 2 Level 3 Government bonds $ 117 $ 117 $ — $ — Common stocks 77 77 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 41 Payables (2) Total pension plan net assets $ 251 Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Government bonds $ 93 $ 93 $ — $ — Common stocks 80 80 — — Mutual funds 17 17 — — Total investments 190 $ 190 $ — $ — Cash and receivables a 65 Payables (1) Total pension plan net assets $ 254 a. Cash consists primarily of short-term time deposits. Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PT-FI plan. There have been no changes to the techniques used to measure fair value. Government bonds, common stocks and mutual funds 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. The techniques described above may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2021 $ 127 $ 16 2022 174 21 2023 129 29 2024 131 31 2025 132 28 2026 through 2030 655 154 a. Based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $69 million (included in other liabilities) at December 31, 2020, and a current portion of $13 million and a long-term portion of $112 million at December 31, 2019. The decrease in the benefit obligation from December 31, 2019, to December 31, 2020, is primarily a result of a plan amendment that modified the benefit for most medicare eligible retirees effective January 1, 2021. The discount rate used to determine the benefit obligation for these plans, which was determined on the same basis as FCX’s pension plans, was 2.21 percent at December 31, 2020, and 3.00 percent at December 31, 2019. Expected benefit payments for these plans total $8 million for 2021, $7 million for 2022, $7 million for 2023, $6 million for 2024, $6 million for 2025 and $23 million for 2026 through 2030 . The net periodic benefit cost charged to operations for FCX’s postretirement benefits (primarily for interest costs) totaled $3 million in 2020, $4 million in 2019 and $5 million in 2018. The discount rate used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s postretirement benefits was 3.00 percent in 2020, 4.20 percent in 2019 and 3.50 percent in 2018. The medical-care trend rates assumed the first year trend rate was 7.50 percent at December 31, 2020, which declines over the next 15 years with an ultimate trend rate of 4.25 percent. FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $42 million (included in other liabilities) at December 31, 2020, and a current portion of $7 million and a long-term portion of $44 million at December 31, 2019. FCX also sponsors savings plans for the majority of its U.S. employees. The plans allow employees to contribute a portion of their income in accordance with specified guidelines. These savings plans are principally qualified 401(k) plans for all U.S. salaried and non-bargained hourly employees. In these plans, participants exercise control and direct the investment of their contributions and account balances among various investment options. FCX contributes to these plans at varying rates and matches a percentage of employee contributions up to certain limits, which vary by plan. For employees whose eligible compensation exceeds certain levels, FCX provides an unfunded defined contribution plan, which had a liability balance of $49 million at December 31, 2020, and $46 million at December 31, 2019, all of which was included in other liabilities. The costs charged to operations for employee savings plans totaled $40 million in 2020, $85 million in 2019 and $75 million in 2018. The decrease in costs for 2020, compared with 2019, resulted from a temporary suspension of FCX contributions to certain plans implemented as part of its April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.

STOCKHOLDERS' EQUITY AND STOCK-

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Notes)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Stock-Based Compensation	STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION FCX’s authorized shares of capital stock total 3.05 billion shares, consisting of 3.0 billion shares of common stock and 50 million shares of preferred stock. Common Stock. In March 2020, in response to the COVID-19 pandemic and resulting global economic uncertainties, the Board suspended FCX’s quarterly cash dividend of $0.05 per share. In February 2021, the Board reinstated a cash dividend on FCX’s common stock at an annual rate of $0.30 per share. The Board also adopted a new financial policy for the allocation of cash flows aligned with our strategic objectives of maintaining a strong balance sheet, increasing cash returns to shareholders and advancing opportunities for future growth. Under the new policy, up to 50 percent of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects. The new payout policy will be implemented following achievement of a net debt (total consolidated debt less total consolidated cash and cash equivalents) target in the range of $3 billion to $4 billion, excluding project debt for additional smelter capacity in Indonesia. 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. Accumulated Other Comprehensive Loss. A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows: Defined Benefit Plans Unrealized Losses on Securities Translation Adjustment Total Balance at January 1, 2018 $ (494) $ (3) $ 10 $ (487) Adoption of accounting standard for reclassification of income taxes (79) — — (79) Amounts arising during the period a,b (84) — — (84) Amounts reclassified c 48 3 — 51 Sale of interest in PT-FI (refer to Note 2) (6) — — (6) Balance at December 31, 2018 (615) — 10 (605) Amounts arising during the period a,b (118) — — (118) Amounts reclassified c 47 — — 47 Balance at December 31, 2019 (686) — 10 (676) Amounts arising during the period a,b 47 — — 47 Amounts reclassified c 46 — — 46 Balance at December 31, 2020 $ (593) $ — $ 10 $ (583) a. Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(87) million for 2018, $(111) million for 2019 and $40 million for 2020. b. Includes tax provision (benefit) totaling $4 million for 2018, $(8) million for 2019 and $7 million for 2020. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2018, 2019 and 2020. Stock Award Plans. FCX currently has awards outstanding under various stock-based compensation plans. The stockholder-approved 2016 Stock Incentive Plan (the 2016 Plan) provides for the issuance of stock options, stock appreciation rights, restricted stock, RSUs, PSUs and other stock-based awards for up to 72 million common shares. As of December 31, 2020, 39.7 million shares were available for grant under the 2016 Plan, and no shares were available under other plans. Stock-Based Compensation Cost. Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2020 2019 2018 Selling, general and administrative expenses $ 70 $ 48 $ 62 Production and delivery 29 15 12 Total stock-based compensation 99 63 74 Tax benefit and noncontrolling interests’ share a (5) (4) (4) Impact on net income (loss) $ 94 $ 59 $ 70 a. Charges in the U.S. are not expected to generate a future tax benefit. Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant. Stock options granted prior to 2018 generally vest in 25 percent annual increments; beginning in 2018, awards granted vest in 33 percent annual increments beginning one year from the date of grant. The award agreements provide that participants will receive the following year’s vesting upon retirement. Therefore, on the date of grant, FCX accelerates one year of amortization for retirement-eligible employees. Stock options provide for accelerated vesting only upon certain qualifying terminations of employment within one year following a change of control. A summary of stock options outstanding as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 48,312,053 $ 26.16 Granted 3,803,000 12.04 Exercised (6,240,340) 9.09 Expired/Forfeited (8,774,615) 34.62 Balance at December 31 37,100,098 25.58 4.6 $ 259 Vested and exercisable at December 31 30,045,828 28.71 3.7 $ 162 The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option valuation model. Expected volatility is based on implied volatilities from traded options on FCX’s common stock and historical volatility of FCX’s common stock. FCX uses historical data to estimate future option exercises, forfeitures and expected life. When appropriate, separate groups of employees who have similar historical exercise behavior are considered separately for valuation purposes. The expected dividend rate is calculated using the annual dividend at the date of grant. The risk-free interest rate is based on Federal Reserve rates in effect for bonds with maturity dates equal to the expected term of the option. Information related to stock options during the years ended December 31 follows: 2020 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 47.7 % 47.8 % 46.1 % Expected life of options (in years) 5.83 6.10 5.92 Expected dividend rate 1.7 % 1.8 % 1.2 % Risk-free interest rate 1.5 % 2.5 % 2.6 % Weighted-average grant-date fair value (per option) $ 4.72 $ 4.87 $ 7.84 Intrinsic value of options exercised $ 82 $ 3 $ 7 Fair value of options vested $ 28 $ 26 $ 24 As of December 31, 2020, FCX had $14 million of total unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted-average period of approximately 1.2 years. Stock-Settled PSUs and RSUs. Beginning in 2014, FCX’s executive officers received annual grants of PSUs that vest after three years. The total grant date target shares related to the PSU grants were 0.5 million for 2018, 0.7 million for 2019 and 0.8 million for 2020, of which the executive officers will earn (i) between 0 percent and 200 percent of the target shares based on achievement of financial metrics and (ii) +/- up to 25 percent of the target shares based on FCX’s total shareholder return compared to the total shareholder return of a peer group. All of FCX’s executive officers are retirement eligible, and their PSU awards are therefore non-forfeitable. As such, FCX charges the estimated fair value of the PSU awards to expense at the time the financial and operational, if applicable, metrics are established. FCX grants RSUs that vest over a period of three years or at the end of three years to certain employees. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. FCX also grants RSUs to its directors, which vest on the first anniversary of the date of grant. The fair value of the RSUs is amortized over the vesting period or the period until the director becomes retirement eligible, whichever is shorter. Upon a director’s retirement, all of their unvested RSUs immediately vest. For retirement-eligible directors, the fair value of RSUs is recognized in earnings on the date of grant. The award agreements provide for accelerated vesting of all RSUs held by directors if there is a change of control (as defined in the award agreements) and for accelerated vesting of all RSUs held by employees if they experience a qualifying termination within one year following a change of control. Dividends attributable to RSUs and PSUs accrue and are paid if the award vests. A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 5,590,685 $ 18.61 Granted 3,548,497 13.15 Vested (1,475,892) 14.95 Forfeited (140,268) 14.85 Balance at December 31 7,523,022 16.79 $ 196 The total fair value of stock-settled RSUs and PSUs granted was $47 million during 2020, $24 million during 2019 and $41 million during 2018. The total intrinsic value of stock-settled RSUs and PSUs vested was $18 million during 2020, $26 million during 2019 and $14 million during 2018. As of December 31, 2020, FCX had $10 million of total unrecognized compensation cost related to unvested stock-settled RSUs expected to be recognized over approximately 1.6 years. Cash-Settled RSUs. Cash-settled RSUs are similar to stock-settled RSUs, but are settled in cash rather than in shares of common stock. These cash-settled RSUs generally vest over three years of service. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these cash-settled RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. The cash-settled RSUs are classified as liability awards, and the fair value of these awards is remeasured each reporting period until the vesting dates. The award agreements for cash-settled RSUs provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control. Dividends attributable to cash-settled RSUs accrue and are paid if the award vests. A summary of outstanding cash-settled RSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 1,582,887 $ 14.54 Granted 879,500 11.96 Vested (911,459) 14.79 Forfeited (29,831) 13.44 Balance at December 31 1,521,097 12.92 $ 40 The total grant-date fair value of cash-settled RSUs was $11 million during 2020, $10 million during 2019 and $16 million during 2018. The intrinsic value of cash-settled RSUs vested was $11 million during 2020, $8 million during 2019 and $11 million during 2018. The accrued liability associated with cash-settled RSUs consisted of a current portion of $22 million (included in accounts payable and accrued liabilities) and a long-term portion of $6 million (included in other liabilities) at December 31, 2020, and a current portion of $11 million and a long-term portion of $3 million at December 31, 2019. Other Information. The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31: 2020 2019 2018 FCX shares tendered to pay the exercise price and/or the minimum required taxes a 1,193,183 670,508 195,322 Cash received from stock option exercises $ 51 $ 2 $ 8 Actual tax benefit realized for tax deductions $ 2 $ 1 $ 3 Amounts FCX paid for employee taxes $ 17 $ 8 $ 4 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required taxes.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2020 2019 2018 U.S. $ (40) $ (287) $ 390 Foreign 1,837 593 3,502 Total $ 1,797 $ 306 $ 3,892 Income taxes are provided on the earnings of FCX’s material foreign subsidiaries under the assumption that these earnings will be distributed. FCX has not provided deferred income taxes for other differences between the book and tax carrying amounts of its investments in material foreign subsidiaries as FCX considers its ownership positions to be permanent in duration, and quantification of the related deferred tax liability is not practicable. FCX’s provision for income taxes for the years ended December 31 consist of the following: 2020 2019 2018 Current income taxes: Federal $ 53 a $ (23) c,d $ 46 c,e State (1) 3 1 Foreign (816) b (462) (1,445) e Total current (764) (482) (1,398) Deferred income taxes: Federal 3 48 (106) State 5 8 (8) Foreign (306) (101) (102) Total deferred (298) (45) (216) Adjustments 37 12 504 f Operating loss carryforwards 81 5 119 Provision for income taxes $ (944) $ (510) $ (991) a. Includes a tax credit of $53 million associated with the reversal of the tax charge discussed in footnote d below. b. Includes a tax charge of $135 million associated with the gain on sale of Kisanfu. c. As a result of the 2017 Tax Cuts and Jobs Act (the Act) guidance regarding a transition tax issued in 2018, FCX recognized a $29 million tax charge in 2018. Additional guidance released in 2019 resulted in a $29 million tax credit in 2019. d. Includes a tax charge of $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia. e. In 2018, FCX completed its analysis of the Act and recognized benefits totaling $123 million ($76 million to the U.S. tax provision and $47 million to PT-FI’s tax provision) associated with alternative minimum tax (AMT) credit refunds. f. Represents net tax credits resulting from the reduction in PT-FI's statutory tax rates in accordance with its new special mining license (IUPK). A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows: 2020 2019 2018 Amount Percent Amount Percent Amount Percent U.S. federal statutory tax rate $ (377) (21) % $ (64) (21) % $ (817) (21) % Valuation allowance a (210) (12) (149) (49) 129 3 PT-FI historical tax disputes (8) — (145) (47) — — Percentage depletion 104 6 118 39 141 4 Effect of foreign rates different than the U.S. federal statutory rate (109) (6) (64) (21) (494) (13) Withholding and other impacts on foreign earnings (193) (11) (55) (18) (232) (6) Adjustment to deferred taxes — — (49) b (16) — — Non-deductible permanent differences — — (47) (15) (25) (1) Uncertain tax positions (15) (1) (47) (15) (7) — U.S. tax reform — — 29 c 9 94 c,d 2 Foreign tax credit limitation 28 2 (16) (5) (195) (5) State income taxes (2) — 16 6 7 1 Cerro Verde historical tax disputes e (39) (2) 2 1 (55) (1) Change in PT-FI tax rates — — — — 504 13 Timok exploration project sale 53 3 (15) (5) — — Sale of Kisanfu (135) (8) — — — — Other items, net (41) (3) (24) (9) (41) (1) Provision for income taxes $ (944) (53) % $ (510) (166) % $ (991) (25) % a. Refer to “Valuation Allowance” below for discussion of changes. b. Represents net tax charges primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles. c. As a result of the Act guidance regarding a transition tax issued in 2018, FCX recognized a $29 million tax charge in 2018. Additional guidance released in 2019 resulted in a $29 million tax credit in 2019. d. In 2018, FCX completed its analysis of the Act and recognized benefits totaling $123 million ($76 million to the U.S. tax provisions and $47 million to PT-FI’s tax provision) associated with AMT credit refunds. e. Refer to Note 12 for further discussion. FCX paid federal, state and foreign income taxes totaling $397 million in 2020, $610 million in 2019 and $2.0 billion in 2018. FCX received refunds of federal, state and foreign income taxes of $265 million in 2020, $306 million in 2019 and $108 million in 2018. The components of deferred taxes follow: December 31, 2020 2019 Deferred tax assets: Foreign tax credits $ 1,641 $ 1,716 Accrued expenses 1,194 1,108 Net operating losses 2,443 2,249 Employee benefit plans 171 198 Other 238 267 Deferred tax assets 5,687 5,538 Valuation allowances (4,732) (4,576) Net deferred tax assets 955 962 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,500) (4,372) Undistributed earnings (694) (639) Other (169) (157) Total deferred tax liabilities (5,363) (5,168) Net deferred tax liabilities $ (4,408) $ (4,206) Tax Attributes. At December 31, 2020, FCX had (i) U.S. foreign tax credits of $1.6 billion that will expire between 2021 and 2027, (ii) U.S. federal net operating losses of $7.0 billion that primarily expire between 2036 and 2037, of that balance approximately $305 million can be carried forward indefinitely, (iii) U.S. state net operating losses of $10.8 billion that primarily expire between 2021 and 2040, (iv) Spanish net operating losses of $559 million that can be carried forward indefinitely and (v) Indonesia net operating losses of $910 million that expire between 2021 and 2025. Valuation Allowance. On the basis of available information at December 31, 2020, including positive and negative evidence, FCX has provided valuation allowances for certain of its deferred tax assets where it believes it is more- likely-than-not that some portion or all of such assets will not be realized. Valuation allowances totaled $4.7 billion at December 31, 2020, and $4.6 billion at December 31, 2019, and covered all of FCX’s U.S. foreign tax credits, U.S. federal net operating losses, foreign net operating losses and substantially all of its U.S. state net operating losses. The valuation allowance related to FCX’s U.S. foreign tax credits totaled $1.6 billion at December 31, 2020. FCX has operations in tax jurisdictions where statutory income taxes and withholding taxes are in excess of the U.S. federal income tax rate. Valuation allowances are recognized on foreign tax credits for which no benefit is expected to be realized. The valuation allowance related to FCX’s U.S. federal, state and foreign net operating losses totaled $2.4 billion and other deferred tax assets totaled $647 million at December 31, 2020. Net operating losses and deferred tax assets represent future deductions for which a benefit will only be realized to the extent these deductions offset future income. FCX develops an estimate of which future tax deductions will be realized and recognizes a valuation allowance to the extent these deductions are not expected to be realized in future periods. Valuation allowances will continue to be carried on U.S. foreign tax credits, U.S. federal, state and foreign net operating losses and U.S. federal, state and foreign deferred tax assets, until such time that (i) FCX generates taxable income against which any of the assets, credits or net operating losses can be used, (ii) forecasts of future income provide sufficient positive evidence to support reversal of the valuation allowances or (iii) FCX identifies a prudent and feasible means of securing the benefit of the assets, credits or net operating losses that can be implemented. The $156 million net increase in the valuation allowances during 2020 primarily related to increases totaling $250 million in U.S. federal net operating loss carryforwards, partly offset by an $11 million decrease in U.S. deferred tax assets for which no benefit is expected to be realized, and a $75 million decrease in U.S foreign tax credits associated with expirations. Other Events. 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 resulted in material impacts to FCX’s provision for income taxes for the year ended December 31, 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. AMT. FCX collected U.S. AMT credit refunds of $244 million in 2020. FCX expects to collect an additional $24 million within the next 12 months. FCX continues to evaluate income tax accounting considerations of COVID-19 measures as they develop, including any impact on its 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. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership. Concurrent with closing the transaction, the Indonesia government granted PT-FI an IUPK to replace its former COW. Under the terms of the IUPK, PT-FI is subject to a 25 percent corporate income tax rate and a 10 percent profits tax on net income beginning in 2019. As a result of the change in statutory tax rate applicable to deferred income tax liabilities, during fourth-quarter 2018, FCX recognized a tax credit of $504 million. In 2018, PT-FI received unfavorable Indonesia Tax Court decisions with respect to its appeal of capitalized mine development costs on its 2012 and 2014 corporate income tax returns. PT-FI appealed those decisions to the Indonesia Supreme Court. On October 31, 2019, the Indonesia Supreme Court communicated an unfavorable ruling regarding the treatment of mine development costs on PT-FI’s 2014 tax return. During the fourth quarter of 2019, PT-FI met with the Indonesia Tax Office and developed a framework for resolution of the disputed matters. On December 30, 2019, PT-FI made a payment of $250 million based on its understanding of the framework for resolution of disputes arising from the audits of the tax years 2012 through 2016, as well as tax years 2017 (for which a tax audit is not complete), 2018 (for which a tax audit has not begun) and 2019 (for which an audit has just begun). Additional administrative steps will need to be completed by both PT-FI and the Indonesia Tax Office in order to implement the resolution. In 2019, in conjunction with the framework for resolution above, PT-FI recorded total net charges in 2019 of $304 million, including $123 million for non-deductible penalties recorded to other income (expense), net, $78 million for non-deductible interest recorded to interest expense and $103 million to provision for income tax expense, primarily for the impact of a reduction in the statutory rate on PT-FI’s deferred tax assets. During fourth-quarter 2020, in connection with progress of the framework for resolution, PT-FI recorded additional net charges of $42 million, including $9 million for non-deductible penalties recorded to other income (expense), net and $35 million for non-deductible interest recorded to interest expense, partly offset by a benefit of $2 million to provision for income tax expense. SUNAT (National Superintendency of Customs and Administration), the Peru national tax authority, has assessed mining royalties on ore processed by the Cerro Verde concentrator for the period December 2006 to December 2013, which Cerro Verde has contested on the basis that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concessions, irrespective of the method used for processing those minerals. Refer to Note 12 for further discussion of the Cerro Verde royalty dispute and net charges recorded in 2017 through 2019. In December 2016, the Peru parliament passed tax legislation that, in part, modified the applicable tax rates established in its December 2014 tax legislation, which progressively decreased the corporate income tax rate from 30 percent in 2014 to 26 percent in 2019 and thereafter, and also increased the dividend tax rate on distributions from 4.1 percent in 2014 to 9.3 percent in 2019 and thereafter. Under the tax legislation, which was effective January 1, 2017, the corporate income tax rate was 29.5 percent, and the dividend tax rate on distributions of earnings was 5 percent. Cerro Verde’s current mining stability agreement subjects FCX to a stable income tax rate of 32 percent through the expiration of the agreement on December 31, 2028. The tax rate on dividend distributions is not stabilized by the agreement. In September 2014, the Chile legislature approved a tax reform package that implemented a dual tax system, which was amended in January 2016. Under previous rules, FCX’s share of income from Chile operations was subject to an effective 35 percent tax rate allocated between income taxes and dividend withholding taxes. Under the amended tax reform package, FCX’s Chile operation is subject to the “Partially-Integrated System,” resulting in FCX’s share of income from El Abra being subject to progressively increasing effective tax rates of 35 percent through 2019 and 44.5 percent in 2020 and thereafter. In November 2017, the progression of increasing tax rates was delayed by the Chile legislature so that the 35 percent rate continues through 2021 increasing to 44.5 percent in 2022 and thereafter. In January 2020, the Chile legislature approved a tax reform package that would further delay the 44.5 percent rate until 2027 and thereafter. In 2010, the Chile legislature approved an increase in mining royalty taxes to help fund earthquake reconstruction activities, education and health programs. Mining royalty taxes at FCX’s El Abra mine were 4 percent for the years 2013 through 2017. Beginning in 2018, and through 2023, rates moved to a sliding scale of 5 to 14 percent (depending on a defined operational margin). Uncertain Tax Positions. FCX accounts for uncertain income tax positions using a threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FCX’s policy associated with uncertain tax positions is to record accrued interest in interest expense and accrued penalties in other income (expense), net rather than in the provision for income taxes. A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 376 $ 404 $ 390 Additions: Prior year tax positions 48 73 100 Current year tax positions 10 11 14 Decreases: Prior year tax positions (60) (75) (86) Settlements with taxing authorities (79) (37) (9) Lapse of statute of limitations — — (5) Balance at end of year $ 295 $ 376 $ 404 The total amount of accrued interest and penalties associated with unrecognized tax benefits included in the consolidated balance sheets was $163 million at December 31, 2020, primarily relating to unrecognized tax benefits associated with royalties and other related mining taxes, and $231 million at December 31, 2019, and $186 million at December 31, 2018. The reserve for unrecognized tax benefits of $295 million at December 31, 2020, included $254 million ($168 million net of income tax benefits and valuation allowances) that, if recognized, would reduce FCX’s provision for income taxes. Changes in the reserve for unrecognized tax benefits associated with prior year tax positions were primarily related to uncertainties associated with non-deductible service costs, royalties and other related mining taxes and cost recovery methods. Changes to the reserve for unrecognized tax benefits associated with current year tax positions were primarily related to uncertainties associated with FCX’s tax treatment of social welfare payments and cost recovery methods. There continues to be uncertainty related to the timing of settlements with taxing authorities, but if additional settlements are agreed upon during the year 2021, FCX could experience a change in its reserve for unrecognized tax benefits. FCX or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal 2017-2018 2014-2016, 2019-2020 Indonesia 2011-2017, 2019 2018, 2020 Peru 2014-2016 2017-2020 Chile 2018-2019 2020

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Environmental. FCX subsidiaries are subject to various national, state and local environmental laws and regulations that govern emissions of air pollutants; discharges of water pollutants; generation, handling, storage and disposal of hazardous substances, hazardous wastes and other toxic materials; and remediation, restoration and reclamation of environmental contamination. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC in 2007, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is also subject to claims where the release of hazardous substances is alleged to have damaged natural resources (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2020, FCX had more than 100 active remediation projects, including NRD claims, in 24 U.S. states. A summary of changes in estimated environmental obligations for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 1,561 $ 1,511 $ 1,439 Accretion expense a 102 102 100 Additions b 38 23 56 Reductions b (58) (1) — Spending (59) (74) (84) Balance at end of year 1,584 1,561 1,511 Less current portion (83) (106) (132) Long-term portion $ 1,501 $ 1,455 $ 1,379 a. Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis. b. Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Reductions primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments. Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $83 million in 2021, $95 million in 2022, $100 million in 2023, $100 million in 2024, $100 million in 2025 and $3.2 billion thereafter. The amount and timing of these estimated payments will change as a result of changes in regulatory requirements, changes in scope and timing of remediation activities, the settlement of environmental matters and as actual spending occurs. At December 31, 2020, FCX’s environmental obligations totaled $1.6 billion, including $1.5 billion recorded on a discounted basis for those obligations assumed in the FMC acquisition at fair value. On an undiscounted and de-escalated basis, these obligations totaled $3.7 billion. FCX estimates it is reasonably possible that these obligations could range between $3.3 billion and $4.2 billion on an undiscounted and unescalated basis. At December 31, 2020, the most significant environmental obligations were associated with the Pinal Creek site in Arizona; the Newtown Creek site in New York City; historical smelter sites principally located in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania; and uranium mining sites in the western U.S. The recorded environmental obligations for these sites totaled $1.4 billion at December 31, 2020. FCX may also be subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows. Pinal Creek. The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping is expected to continue for many years. Newtown Creek. From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, EPA notified PDRC, four other companies and the City of New York that EPA considers them to be PRPs under CERCLA. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and five other parties (the Newtown Creek Group, NCG) entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify potential remedial options. The parties ’ RI/FS work under the AOC and their efforts to identify other PRPs are ongoing. The NCG submitted the initial draft RI to EPA in 2016 and currently expects the report to be finalized in 2021. The NCG currently anticipates a draft FS to be submitted to EPA for review and approval in 2024. EPA is not expected to propose a final creek-wide remedy until after the RI/FS is completed, with the actual remediation construction starting several years later. In July 2019, the NCG entered into an AOC to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an interim remedy for that section of the creek (Early Action). A draft FFS was submitted to EPA in December 2019, and an EPA decision on the Early Action is currently expected in late 2021. The actual costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the Early Action, the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. The overall cost and the portion ultimately allocated to PDRC could be material to FCX. Historical Smelter Sites . FCX subsidiaries and their predecessors at various times owned or operated copper, zinc and lead smelters or refineries in states including Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. For some of these former processing sites, certain FCX subsidiaries have been advised by EPA or state agencies that they may be liable for costs of investigating and, if appropriate, remediating environmental conditions associated with these former processing facilities. At other sites, certain FCX subsidiaries have entered into state voluntary remediation programs to investigate and, if appropriate, remediate on-site and off-site conditions associated with the facilities. The historical processing sites are in various stages of assessment and remediation. At some of these sites, disputes with local residents and elected officials regarding alleged health effects or the effectiveness of remediation efforts have resulted in litigation of various types, and similar litigation at other sites is possible. From 1920 until 1986, United States Metals Refining Company (USMR), an indirect wholly owned subsidiary of FCX, owned and operated a copper smelter and refinery in the Borough of Carteret, New Jersey. Since the early 1980s, the site has been the subject of environmental investigation and remediation, under the direction and supervision of the New Jersey Department of Environmental Protection (NJDEP). On-site contamination is in the later stages of remediation. In 2012, after receiving a request from NJDEP, USMR also began investigating and remediating off-site properties, which is ongoing. As a result of off-site soil sampling in public and private areas near the former Carteret smelter, FCX established an environmental obligation for known and potential off-site environmental remediation. Additional sampling and analysis is ongoing and could result in additional adjustments to the related environmental remediation obligation in future periods. The extent of contamination and potential remedial actions are uncertain and may take several years to evaluate. On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc. , Docket No. 734-17, was filed in the Superior Court of New Jersey against USMR, FCX, and Amax Realty Development, Inc. The defendants removed this litigation to the U.S. District Court for the District of New Jersey, where it remains pending, and FMC was added as a defendant. The suit alleges that USMR generated and disposed of smelter waste at the site and allegedly released contaminants on-site and off-site through discharges to surface water and air emissions over a period of decades and seeks unspecified compensatory and punitive damages for economic losses, including diminished property values, additional soil investigation and remediation and other damages. In January 2020, the parties completed briefing on the plaintiffs’ motion for class certification and are awaiting a decision by the court. FCX continues to vigorously defend this matter. Uranium Mining Sites. During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation. In 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. Government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for 94 former uranium mining sites on tribal lands. Under the terms of the Consent Decree executed on May 22, 2017, and approved by the U.S. District Court for the District of Arizona, the U.S. contributed $335 million into a trust fund to cover the government’s initial share of the costs, and FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the 94 sites. The program is expected to take more than 20 years to complete. In 2020, FCX reduced its associated obligation and recorded a $47 million credit to operating income to reflect the discounting effect of the recent and expected pace of project work under post-COVID-19 pandemic conditions. FCX is also conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on approximately 15,000 mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. BLM may request additional assessment or reclamation activities for other claims with mining features. FCX will update this obligation when it has a sufficient number of remedy decisions from the BLM to support a reasonably certain range of outcomes. FCX expects it will take several years to complete this work. AROs. FCX’s ARO estimates are reflected on a third-party cost basis and are based on FCX’s legal obligation to retire tangible, long-lived assets. A summary of changes in FCX’s AROs for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 2,505 $ 2,547 $ 2,583 Liabilities incurred 7 20 1 Settlements and revisions to cash flow estimates, net (13) (5) 50 Accretion expense 131 118 110 Dispositions (2) (5) (37) Spending (156) (170) (160) Balance at end of year 2,472 2,505 2,547 Less current portion (268) (330) (317) Long-term portion $ 2,204 $ 2,175 $ 2,230 ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if determined to be economically beneficial. The methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time. Financial Assurance. New Mexico, Arizona, Colorado and other states, as well as federal regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. FCX has satisfied financial assurance requirements by using a variety of mechanisms, primarily involving parent company performance guarantees and financial capability demonstrations, but also including trust funds, surety bonds, letters of credit and other collateral. The applicable regulations specify financial strength tests that are designed to confirm a company’s or guarantor’s financial capability to fund estimated reclamation and closure costs. The amount of financial assurance FCX subsidiaries are required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At December 31, 2020, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $1.5 billion, of which $860 million was in the form of guarantees issued by FCX and FMC. At December 31, 2020, FCX had trust assets totaling $212 million (included in other assets), which are legally restricted to be used to satisfy its financial assurance obligations for its mining properties in New Mexico. In addition, FCX subsidiaries have financial assurance obligations for its oil and gas properties associated with plugging and abandoning wells and facilities totaling $469 million. Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure. New Mexico Environmental and Reclamation Programs. FCX’s New Mexico operations are regulated under the New Mexico Water Quality Act and regulations adopted by the Water Quality Control Commission. In connection with discharge permits, the New Mexico Environment Department (NMED) has required each of these operations to submit closure plans for NMED’s approval. The closure plans must include measures to assure meeting applicable groundwater quality standards following the closure of discharging facilities and to abate groundwater or surface water contamination to meet applicable standards. FCX’s New Mexico operations also are subject to regulation under the 1993 New Mexico Mining Act (the Mining Act) and the related rules that are administered by the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. Under the Mining Act, mines are required to obtain approval of reclamation plans. In 2020, the agencies approved updates to the closure plan and financial assurance instruments and completed a permit renewal for Chino. FCX expects permit renewals and updated financial assurance instruments for Tyrone to be finalized during in 2021. At December 31, 2020, FCX had accrued reclamation and closure costs of $477 million for its New Mexico operations. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material. Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the ADEQ. ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated every six years and financial assurance mechanisms are required to be updated every two years. Morenci’s APP requires updated stockpile reclamation plans by 2022, which will result in increased closure costs. Bagdad’s APP also requires an updated cost estimate for its closure plan in 2022. FCX will continue updating its closure strategy and closure cost estimates at other Arizona sites and intends to submit an updated tailings dam system closure cost for Bagdad according to a schedule to be determined by ADEQ. Portions of Arizona mining facilities that operated after January 1, 1986, also are subject to the Arizona Mined Land Reclamation Act (AMLRA). AMLRA requires reclamation to achieve stability and safety consistent with post-mining land use objectives specified in a reclamation plan. Reclamation plans must be approved by the State Mine Inspector and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. FCX will continue to evaluate options for future reclamation and closure activities at its operating and non-operating sites, which are likely to result in adjustments to FCX’s AROs, and those adjustments could be material. At December 31, 2020, FCX had accrued reclamation and closure costs of $362 million for its Arizona operations. Colorado Reclamation Programs. FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder. Under the Reclamation Act, mines are required to obtain approval of plans for reclamation of lands affected by mining operations to be performed during mining or upon cessation of mining operations. In December 2019, Henderson submitted an updated closure plan, which resulted in increased closure costs. In March 2020, the Division of Reclamation, Mining, and Safety (DRMS) approved Henderson’s proposed update to its closure plan and closure cost estimate. As of December 31, 2020, FCX had accrued reclamation and closure costs of $138 million for its Colorado operations. In 2019, Colorado enacted legislation that requires proof of an end date for water treatment as a condition of permit authorizations for new mining operations and expansions beyond current permit authorizations. While this requirement does not apply to existing operations, it may lead to changes in long-term water management requirements at Climax and Henderson operations and AROs. In accordance with its permit from DRMS, Climax will submit an updated reclamation plan and cost estimate in 2024. Chile Reclamation and Closure Programs. El Abra is subject to regulation under the Mine Closure Law administered by the Chile Mining and Geology Agency. In compliance with the requirement for five-year updates, in November 2018, El Abra submitted an updated plan with closure cost estimates based on the existing approved closure plan. Approval of the updated closure plan and cost estimates was received on August 12, 2020, and did not result in a material increase to closure costs. At December 31, 2020, FCX had accrued reclamation and closure costs of $81 million for its El Abra operation. Peru Reclamation and Closure Programs . Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines. Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the five-year closure plan and cost update required by the Mine Closure Law, the latest closure plan and cost estimate for the Cerro Verde mine expansion were submitted in 2017 and approved in February 2018. At December 31, 2020, FCX had accrued reclamation and closure costs of $138 million for its Cerro Verde operation. Indonesia Reclamation and Closure Programs. The ultimate amount of reclamation and closure costs to be incurred at PT-FI’s operations will be determined based on applicable laws and regulations and PT-FI’s assessment of appropriate remedial activities under the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred at the end of mining activities, which are currently estimated to continue through 2041. At December 31, 2020, FCX had accrued reclamation and closure costs of $827 million for its PT-FI operations. Indonesia government regulations issued in 2010 require a company to provide a mine closure guarantee in the form of a time deposit placed in a state-owned bank in Indonesia. In December 2018, PT-FI, in conjunction with the issuance of the IUPK, submitted a revised mine closure plan to Indonesia’s Department of Energy and Mineral Resources to reflect the extension of operations to 2041. At December 31, 2020, PT-FI had restricted time deposits for mine closure guarantees ($94 million) and reclamation guarantees ($2 million). In October 2017, Indonesia’s Ministry of Environment and Forestry (the MOEF) notified PT-FI of administrative sanctions related to certain activities the MOEF indicated were not reflected in PT-FI’s environmental permit. The MOEF also notified PT-FI that certain operational activities were inconsistent with factors set forth in its environmental permitting studies and that additional monitoring and improvements need to be undertaken related to air quality, water drainage, treatment and handling of certain wastes, and tailings management. In December 2018, the MOEF issued a revised environmental permit to PT-FI to address many of the operational activities that it alleged were inconsistent with earlier studies. The remaining administrative sanctions are being resolved through adoption of revised practices and, in a few situations, PT-FI has agreed with the MOEF on an appropriate multi-year work plan, including the closure of an overburden stockpile. In addition, PT-FI continues to work with MOEF to finalize environmental permitting related to the rail facilities and certain of the underground mining production operations as well as permitting for the extension of levees to contain the lateral flow of tailings in the lowlands. In December 2018, PT-FI and the MOEF also established a new framework for continuous improvement in environmental practices in PT-FI’s operations, including initiatives that PT-FI will pursue to increase tailings retention and to evaluate large-scale beneficial uses of tailings within Indonesia. The MOEF issued a new decree that incorporates various initiatives and studies to be completed by PT-FI that would target continuous improvement in a manner that would not impose new technical risks or significant long-term costs to PT-FI’s operations. The new framework enables PT-FI to maintain compliance with site-specific standards and provides for ongoing monitoring by the MOEF. In 2018, PT-FI recorded a $32 million charge for MOEF assessments of prior period permit fees. In 2020, the final settlement for these permit fees totaled $13 million and PT-FI recorded a credit of $19 million. Oil and Gas Properties. Substantially all of FM O&G’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove equipment and facilities from leased acreage, and restore land in accordance with applicable local, state and federal laws. Following several sales transactions, FM O&G’s remaining operating areas primarily include offshore California and the Gulf of Mexico (GOM). As of December 31, 2020, FM O&G AROs cover approximately 165 wells and 120 platforms and other structures and it had accrued reclamation and closure costs of $410 million. Litigation. In addition to the material pending legal proceedings discussed below and above under “Environmental”, we are involved periodically in ordinary routine litigation incidental to our business and not required to be disclosed, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. SEC regulations require us to disclose environmental proceedings involving a governmental authority if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. Management does not believe, based on currently available information, that the outcome of any current pending legal proceeding will have a material adverse effect on FCX’s financial condition, although individual or cumulative outcomes could be material to FCX’s operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulphur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The state of Louisiana, through the Attorney General and separately through the Louisiana Department of Natural Resources, intervened in the litigation in support of the parishes’ claims. Specifically, the cases alleged the defendants failed to obtain and/or comply with required coastal use permits in violation of the Louisiana State and Local Coastal Resources Management Act of 1978, and sought unspecified damages for the alleged statutory violations, and restoration of the properties at issue to their original condition. Certain FCX affiliates were named as defendants in two of the five cases that had been set for trial, both originally filed on November 8, 2013: Parish of Plaquemines v. ConocoPhillips Company et al. , 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-982, Div. B and Parish of Plaquemines v. Hilcorp Energy Company et al. , 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-999, Div. B. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases. The maximum out-of-pocket settlement payment will be $23.5 million with the initial payment of $15 million to be paid upon execution of the settlement agreement. The initial payment will be held in trust and later deposited into a newly formed Coastal Zone Recovery Fund (the Fund) once the state of Louisiana passes enabling legislation to establish the Fund. The settlement agreement will also require the FCX affiliates to pay into the Fund twenty annual installments of $4.25 million beginning in 2023 provided the state of Louisiana passes the enabling legislation. The first two of those annual installments are conditioned only on the enactment of the enabling legislation within three years of execution of the settlement agreement, but all subsequent installments are also conditioned on the FCX affiliates receiving simultaneous reimbursement on a dollar-for-dollar basis from the proceeds of environmental credit sales generated by the Fund, resulting in the $23.5 million maximum total payment obligation. The settlement agreement must be executed by all parties, including authorized representatives of the six south Louisiana parishes originally plaintiffs in the suit and certain other non-plaintiff Louisiana parishes and the state of Louisiana. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in 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, fall 2020 elections and changes to the administrative structure developed by the Louisiana parishes. 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 . Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes there is a reasonable possibility that losses may have been incurred related to these matters; however, FCX also believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion. There has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and 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
Commitments Disclosure	COMMITMENTS AND GUARANTEES Leases. Effective January 1, 2019, FCX adopted the new ASU for lease accounting. FCX leases various types of properties, including offices and equipment under non-cancelable leases. Nearly all of FCX’s leases were considered operating leases under the new ASU. The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow: December 31, 2020 2019 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 207 $ 232 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 38 $ 44 Long-term lease liabilities (included in other liabilities) 190 204 Total lease liabilities $ 228 $ 248 Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, for the two years ended December 31 follow: 2020 2019 Operating leases $ 42 $ 55 Variable and short-term leases 74 $ 79 Total operating lease costs $ 116 $ 134 Prior to the adoption of the new ASU, lease costs totaled $80 million in 2018 (FCX elected the practical expedient not to adjust that year). FCX paid $40 million during 2020 and $43 million in 2019 for lease liabilities recorded in the consolidated balance sheet (primarily included in operating cash flows in the consolidated statements of cash flows). As of December 31, 2020, the weighted-average discount rate used to determine the lease liabilities was 5.4 percent (5.5 percent as of December 31, 2019) and the weighted-average remaining lease term was 7.7 years (8.2 years as of December 31, 2019). The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2020, follow: 2021 $ 50 2022 41 2023 36 2024 34 2025 29 Thereafter 97 Total payments 287 Less amount representing interest (59) Present value of net minimum lease payments 228 Less current portion (38) Long-term portion $ 190 Contractual Obligations. At December 31, 2020, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.2 billion, primarily comprising the procurement of copper concentrate ($2.9 billion), cobalt ($516 million), electricity ($301 million) and transportation services ($209 million). Some of FCX’s unconditional purchase obligations are settled based on the prevailing market rate for the service or commodity purchased. In some cases, the amount of the actual obligation may change over time because of market conditions. Obligations for copper concentrate provide for deliveries of specified volumes to Atlantic Copper at market-based prices. Obligations for cobalt hydroxide intermediate provide for deliveries of specified volumes to Freeport Cobalt at market-based prices. Electricity obligations are primarily for long-term power purchase agreements in North America and contractual minimum demand at the South America mines. Transportation obligations are primarily for South America contracted ocean freight. FCX’s unconditional purchase obligations by year total $1.8 billion in 2021, $1.2 billion in 2022, $539 million in 2023, $334 million in 2024, $119 million in 2025 and $253 million thereafter. During the three-year period ended December 31, 2020, FCX fulfilled its minimum contractual purchase obligations. Special Mining License (IUPK) - Indonesia. As discussed in Note 2, on December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership. Concurrent with the closing of the transaction, the Indonesia government granted PT-FI an IUPK to replace its former COW, enabling PT-FI to conduct operations in the Grasberg minerals district through 2041. Under the terms of the IUPK, PT-FI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PT-FI completing the construction of a new smelter in Indonesia within five years of closing the transaction and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041. In addition, FCX, as a foreign investor, has rights to resolve investment disputes with the Indonesia government through international arbitration. The key fiscal terms set forth in the IUPK include a 25 percent corporate income tax rate, a 10 percent profits tax on net income, and royalty rates of 4 percent for copper, 3.75 percent for gold and 3.25 percent for silver. PT-FI’s royalties totaled $160 million in 2020, $106 million in 2019 and $238 million in 2018. Dividend distributions from PT-FI to FCX are subject to a 10 percent withholding tax. The IUPK requires PT-FI to pay export duties of 5 percent, declining to 2.5 percent when smelter development progress exceeds 30 percent and eliminated when smelter progress exceeds 50 percent. PT-FI had previously agreed to and has been paying export duties since July 2014 (refer to Note 12 for further discussion of disputed export duties for the period April 2017 to December 21, 2018). PT-FI’s export duties charged against revenues totaled $92 million in 2020, $66 million in 2019 (excluding $155 million associated with the historical export duty matter as discussed in Note 12), and $180 million in 2018. The IUPK also requires PT-FI to pay surface water taxes of $15 million annually, beginning in 2019, which are recognized in production and delivery costs as incurred. In connection with a memorandum of understanding previously entered into with the Indonesia government in July 2014, PT-FI provided an assurance bond at that time to support its commitment to construct a new smelter in Indonesia ($148 million based on exchange rate as of December 31, 2020). In March 2020, PT-FI received a one-year extension of its export license through March 15, 2021. Community Development Programs. FCX has adopted policies that govern its working relationships with the communities where it operates. These policies are designed to guide its practices and programs in a manner that respects and promotes basic human rights and the culture of the local people impacted by FCX’s operations. FCX continues to make significant expenditures on community development, education, training and cultural programs. In 1996, PT-FI established the Freeport Partnership Fund for Community Development (Partnership Fund) through which PT-FI has made available funding and technical assistance to support community development initiatives in the areas of health, education, economic development and local infrastructure of the area. Throughout 2019, PT-FI consulted with key stakeholders to restructure the management of the Partnership Fund in compliance with PT-FI’s IUPK. Throughout the restructuring process, PT-FI continued its contributions to ensure no disruptions in implementation of approved projects. Beginning in February 2020, the Partnership Fund is managed by a legally-recognized Indonesian foundation ( Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK). PT-FI charged $36 million in 2020, $28 million in 2019 and $55 million in 2018 to cost of sales for this commitment. Guarantees. FCX provides certain financial guarantees (including indirect guarantees of the indebtedness of others) and indemnities. Prior to its acquisition by FCX, FMC and its subsidiaries have, as part of merger, acquisition, divestiture and other transactions, from time to time, indemnified certain sellers, buyers or other parties related to the transaction from and against certain liabilities associated with conditions in existence (or claims associated with actions taken) prior to the closing date of the transaction. As part of these transactions, FMC indemnified the counterparty from and against certain excluded or retained liabilities existing at the time of sale that would otherwise have been transferred to the party at closing. These indemnity provisions generally now require FCX to indemnify the party against certain liabilities that may arise in the future from the pre-closing activities of FMC for assets sold or purchased. The indemnity classifications include environmental, tax and certain operating liabilities, claims or litigation existing at closing and various excluded liabilities or obligations. Most of these indemnity obligations arise from transactions that closed many years ago, and given the nature of these indemnity obligations, it is not possible to estimate the maximum potential exposure. Except as described in the following sentence, FCX does not consider any of such obligations as having a probable likelihood of payment that is reasonably estimable, and accordingly, has not recorded any obligations associated with these indemnities. With respect to FCX’s environmental indemnity obligations, any expected costs from these guarantees are accrued when potential environmental obligations are considered by management to be probable and the costs can be reasonably estimated.

FINANCIAL INSTRUMENTS (Notes)

FINANCIAL INSTRUMENTS (Notes)	12 Months Ended
	Dec. 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 provided for fixed pricing of $2.34 per pound of copper on approximately 60 percent of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses totaling $24 million for the year ended December 31, 2020. There were no remaining forward sales contracts after June 30, 2020 . A discussion of FCX’s other derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the 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 during the three years ended December 31, 2020, resulting from hedge ineffectiveness. At December 31, 2020, FCX held copper futures and swap contracts that qualified for hedge accounting for 50 million pounds at an average contract price of $3.21 per pound, with maturities through December 2022. A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item for the years ended December 31 follows: 2020 2019 2018 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 9 $ 15 $ (20) Hedged item – firm sales commitments (9) (15) 20 Realized gains (losses): Matured derivative financial instruments 22 (8) (22) 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 LME copper price or the COMEX copper price and the London 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 London 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 London 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 London gold price, until the date of final pricing. Similarly, FCX purchases copper and cobalt under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at December 31, 2020, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 520 $ 3.21 $ 3.52 May 2021 Gold (thousands of ounces) 142 1,850 1,893 February 2021 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 53 3.15 3.52 April 2021 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 production and delivery costs. At December 31, 2020, Atlantic Copper held net copper forward purchase contracts for 6 million pounds at an average contract price of $3.56 per pound, with maturities through February 2021. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2020 2019 2018 Embedded derivatives in provisional sales contracts a : Copper $ 259 $ 34 $ (310) Gold and other 45 20 (7) Copper forward contracts b 3 (7) 18 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: December 31, 2020 2019 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 15 $ 6 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 169 68 Total derivative assets $ 184 $ 74 Commodity Derivative Liabilities: Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts $ 21 $ 20 Copper forward contracts — 1 Total derivative liabilities $ 21 $ 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 sheet follows: Assets at December 31, Liabilities at December 31, 2020 2019 2020 2019 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 169 $ 68 $ 21 $ 20 Copper derivatives 15 6 — 1 184 74 21 21 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — 1 — 1 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 168 68 20 20 Copper derivatives 15 6 — 1 $ 183 $ 74 $ 20 $ 21 Balance sheet classification: Trade accounts receivable $ 168 $ 66 $ — $ — Other current assets 15 6 — — Accounts payable and accrued liabilities — 2 20 21 $ 183 $ 74 $ 20 $ 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 December 31, 2020, the maximum amount of credit exposure associated with derivative transactions was $186 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 $0.3 billion at December 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 15 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, as of December 31, 2020, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 15 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 to the components presented in the consolidated balance sheets: December 31, 2020 2019 Balance sheet components: Cash and cash equivalents $ 3,657 $ 2,020 Restricted cash and restricted cash equivalents included in: Other current assets 97 100 Other assets 149 158 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,903 $ 2,278

FAIR VALUE MEASUREMENT (Notes)

FAIR VALUE MEASUREMENT (Notes)	12 Months Ended
	Dec. 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 for 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 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 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 14) follows: At December 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 $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 7 7 — 7 — — Total 36 36 29 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government bonds and notes 49 49 — — 49 — Corporate bonds 43 43 — — 43 — Government mortgage-backed securities 30 30 — — 30 — Asset-backed securities 16 16 — — 16 — Money market funds 5 5 — 5 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 213 213 65 5 143 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 169 169 — — 169 — Copper futures and swap contracts c 15 15 — 13 2 — Total 184 184 — 13 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 108 88 — — — 88 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 21 21 — — 21 — Long-term debt, including current portion d 9,711 10,994 — — 10,994 — 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 $97 million at December 31, 2020, and $100 million at December 31, 2019, and (ii) other assets of $148 million at December 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 (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion). c. Refer to Note 14 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 only quoted monthly LME or COMEX copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 14 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 14 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. No contingent consideration was realized in 2020 or 2019 because the average Brent crude oil price did not exceeded $70 per barrel for either year. Contingent consideration of $50 million was realized in 2018 and collected in first-quarter 2019 (included in proceeds from sales of assets in the consolidated statements of cash flows) because the average Brent crude oil price exceeded $70 per barrel for 2018. The fair value of the contingent consideration derivative was $11 million (included in other assets in the consolidated balance sheets) at December 31, 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 in connection 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 $12 million at December 31, 2020, and $18 million at December 31, 2019, and (ii) other assets totaled $96 million at December 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 NRV 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 December 31, 2020, as compared to 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, for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 108 $ 127 $ 134 Net unrealized (losses) gains related to assets still held at the end of the year (6) 2 — Settlements (14) (21) (7) Balance at end of year $ 88 $ 108 $ 127

BUSINESS SEGMENTS INFORMATION

BUSINESS SEGMENTS INFORMATION	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segment Information	BUSINESS SEGMENT INFORMATION Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2020 2019 2018 Copper: Concentrate $ 4,294 $ 4,566 $ 6,180 Cathode 4,204 3,656 4,366 Rod and other refined copper products 2,052 2,110 2,396 Purchased copper a 821 1,060 1,053 Gold 1,702 1,620 3,231 Molybdenum 848 1,169 1,190 Other b 592 905 1,490 Adjustments to revenues: Treatment charges (362) (404) (535) Royalty expense c (165) (113) (246) Export duties d (92) (221) (180) Revenues from contracts with customers 13,894 14,348 18,945 Embedded derivatives e 304 54 (317) Total consolidated revenues $ 14,198 $ 14,402 $ 18,628 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. The year 2019 includes charges totaling $155 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed export duties (refer to Note 12). e. Refer to Note 14 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts. Geographic Area. Information concerning financial data by geographic area follows: December 31, 2020 2019 Long-lived assets: a Indonesia $ 15,567 $ 14,971 U.S. 8,420 8,834 Peru 6,989 7,215 Chile 1,172 1,084 Other 290 384 Total $ 32,438 $ 32,488 a. Excludes deferred tax assets and intangible assets. Years Ended December 31, 2020 2019 2018 Revenues: a U.S. $ 5,248 $ 5,107 $ 5,790 Switzerland 2,032 2,223 2,941 Indonesia 1,760 1,894 2,226 Japan 1,205 1,181 1,946 Spain 785 884 1,070 China 692 531 873 United Kingdom 491 233 296 Germany 248 311 256 Chile 221 242 294 France 153 198 255 India 152 107 389 Korea 89 140 269 Belgium 36 160 278 Philippines 34 73 221 Bermuda — 38 207 Other 1,052 1,080 1,317 Total $ 14,198 $ 14,402 $ 18,628 a. Revenues are attributed to countries based on the location of the customer. Major Customers and Affiliated Companies. Copper concentrate sales to PT Smelting totaled 12 percent of FCX’s consolidated revenues for the year ended December 31, 2020, 13 percent for the year ended December 31, 2019 and 12 percent for the year ended December 31, 2018, which is the only customer that accounted for 10 percent or more of FCX’s consolidated revenues during the three years ended December 31, 2020. Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations totaling $0.9 billion in 2020, $1.0 billion in 2019 and $1.2 billion in 2018, and PT-FI’s sales to PT Smelting totaling $1.8 billion in 2020, $1.9 billion in 2019 and $2.2 billion in 2018. Labor Matters . As of December 31, 2020, approximately 38 percent of FCX’s global labor force was covered by collective bargaining agreements, and approximately 16 percent was covered by agreements that expired and are currently being negotiated or will expire within one year. In December 2020, PT-FI signed a new agreement with one union effective April 2020 through March 2022, giving all employees the option to reject the new stipulations, but no employees have rejected the agreement. Another union filed a lawsuit in November 2020 regarding the new agreement, and the pending decision could modify the agreement. Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. At year-end 2020, FCX’s Bagdad mine did not meet the quantitative thresholds of a reportable segment. As a result, FCX revised its segment disclosure for the years ended December 31, 2019 and 2018, 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. North America Copper Mines. FCX operates seven open-pit copper mines in North America – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide ore concentrating, leaching and SX/EW operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining segment. In addition to copper, certain of FCX’s North America copper mines also produce molybdenum concentrate, gold and silver. The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. The Morenci mine produced 50 percent of FCX’s North America copper during 2020. South America Mining. South America mining includes two operating copper mines – Cerro Verde in Peru and El Abra in Chile. These operations include open-pit mining, sulfide ore concentrating, leaching and SX/EW operations. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. The Cerro Verde mine produced 84 percent of FCX’s South America copper during 2020. Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. Molybdenum Mines. Molybdenum mines include the wholly owned Henderson underground mine and Climax open-pit mine, both in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. Rod & Refining. The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery and two rod mills, which are combined in accordance with segment reporting aggregation guidance. These operations process copper produced at FCX’s North America copper mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. Atlantic Copper Smelting & Refining. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2020, Atlantic Copper purchased 10 percent of its concentrate requirements from FCX’s North America copper mines, 7 percent from FCX’s South America mining operations and 4 percent from FCX’s Indonesia mining operations, with the remainder purchased from unaffiliated third parties. Corporate, Other & Eliminations. Corporate, Other & Eliminations consists of FCX’s other mining, oil and gas operations and other corporate and elimination items. Other mining includes the Miami smelter (a smelter at FCX’s Miami, Arizona, mining operation), Freeport Cobalt, molybdenum conversion facilities in the U.S. and Europe, five non-operating copper mines in North America (Ajo, Bisbee, Tohono, Twin Buttes and Christmas in Arizona) and other mining support entities. Financial Information by Business Segment North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2020 Revenues: Unaffiliated customers $ 29 $ 48 $ 77 $ 2,282 $ 431 $ 2,713 $ 3,534 $ — $ 4,781 $ 2,020 $ 1,073 a $ 14,198 Intersegment 2,015 2,272 4,287 242 — 242 80 222 33 17 (4,881) — Production and delivery 1,269 1,831 3,100 1,599 379 1,978 1,606 230 4,819 1,962 (3,664) 10,031 Depreciation, depletion and amortization 166 189 355 367 54 421 580 57 16 29 70 1,528 Metals inventory adjustments 4 48 52 — 3 3 — 10 3 — 28 96 Selling, general and administrative expenses 2 2 4 6 — 6 108 — — 21 231 370 Mining exploration and research expenses — 2 2 — — — — — — — 48 50 Environmental obligations and shutdown costs — (1) (1) — — — — — 1 — 159 b 159 Net gain on sales of assets — — — — — — — — — — (473) c (473) Operating income (loss) 603 249 852 552 d (5) 547 1,320 (75) (25) d 25 (207) d 2,437 d Interest expense, net 2 — 2 139 — 139 39 e — — 6 412 598 Provision for income taxes — — — 238 1 239 606 — — 2 97 f 944 Total assets at December 31, 2020 2,574 5,163 7,737 8,474 1,678 10,152 17,169 1,760 211 877 4,238 42,144 Capital expenditures 102 326 428 141 42 183 1,266 19 6 29 30 1,961 a. 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. b. Includes charges totaling $130 million associated with a framework for the resolution of all current and future potential talc-related litigation. c. Includes a $486 million gain associated with the sale of FCX’s interests in the Kisanfu undeveloped project. Refer to Note 2 for further discussion. d. Includes charges totaling $258 million associated with (i) idle facility costs (Cerro Verde), contract cancellation and other charges directly related to the COVID-19 pandemic and (ii) the April 2020 revised operating plans (including employee separation costs). These charges were primarily recorded in the Cerro Verde segment ($89 million), Corporate, Other & Eliminations ($57 million) and the Rod & Refining segment ($30 million). e. Includes charges totaling $35 million associated with PT-FI's historical contested tax audits. f. Includes tax charges totaling $135 million associated with the sale of the Kisanfu undeveloped project, partly offset by tax credits of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia. North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2019 Revenues: Unaffiliated customers $ 143 $ 224 $ 367 $ 2,576 $ 499 $ 3,075 $ 2,713 a $ — $ 4,457 $ 2,063 $ 1,727 b $ 14,402 Intersegment 1,864 2,155 4,019 313 — 313 58 344 26 5 (4,765) — Production and delivery 1,376 1,943 3,319 1,852 474 2,326 2,055 c 299 4,475 1,971 (2,911) 11,534 Depreciation, depletion and amortization 171 178 349 406 68 474 406 62 9 28 84 1,412 Metals inventory adjustments 1 29 30 2 — 2 5 50 — — 92 179 Selling, general and administrative expenses 2 2 4 8 — 8 125 — — 20 237 394 Mining exploration and research expenses — 2 2 — — — — — — — 102 104 Environmental obligations and shutdown costs 1 — 1 — — — — — — — 104 105 Net gain on sales of assets — — — — — — — — — — (417) d (417) Operating income (loss) 456 225 681 621 (43) 578 180 (67) (1) 49 (329) 1,091 Interest expense, net 3 1 4 114 — 114 82 c — — 22 398 620 Provision for (benefit from) income taxes — — — 250 (11) 239 167 c — — 5 99 e 510 Total assets at December 31, 2019 2,880 5,109 7,989 8,612 1,676 10,288 16,485 1,798 193 761 3,295 40,809 Capital expenditures 231 646 877 232 24 256 1,369 19 5 34 92 2,652 a. Includes charges totaling $155 million associated with an unfavorable Indonesia Supreme Court ruling related to PT-FI export duties. Refer to Note 12 for further discussion. 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. c. Includes net charges totaling $28 million in production and delivery costs for an adjustment to the settlement of the historical surface water tax matters with the local regional tax authority in Papua, Indonesia, and $78 million in interest expense and $103 million of tax charges in provision for income taxes associated with PT-FI’s historical contested tax disputes. d. Includes net gains totaling $343 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project and $59 million for the sale of a portion of Freeport Cobalt. Refer to Note 2 for further discussion. e. Includes tax charges totaling $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project and $49 million primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles. North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2018 Revenues: Unaffiliated customers $ 90 $ 54 $ 144 $ 2,709 $ 594 $ 3,303 $ 5,446 $ — $ 5,103 $ 2,299 $ 2,333 a $ 18,628 Intersegment 2,051 2,499 4,550 352 — 352 113 410 31 3 (5,459) — Production and delivery 1,183 1,941 3,124 1,887 b,c 478 2,365 1,864 d 289 5,117 2,218 (3,269) 11,708 Depreciation, depletion and amortization 176 184 360 456 90 546 606 79 11 27 125 e 1,754 Metals inventory adjustments — 4 4 — — — — — — — — 4 Selling, general and administrative expenses 3 3 6 9 — 9 123 — — 21 263 422 Mining exploration and research expenses — 3 3 — — — — — — — 102 105 Environmental obligations and shutdown costs — 2 2 — — — — — — — 87 89 Net gain on sales of assets — — — — — — — — — — (208) f (208) Operating income (loss) 779 416 1,195 709 26 735 2,966 42 6 36 (226) 4,754 Interest expense, net 3 1 4 429 b — 429 1 — — 25 486 945 Provision for (benefit from) income taxes — — — 253 b 15 268 755 g — — 1 (33) h 991 Total assets at December 31, 2018 2,922 4,608 7,530 8,524 1,707 10,231 15,646 1,796 233 773 6,007 42,216 Capital expenditures 216 385 601 220 17 237 1,001 9 5 16 102 1,971 a. 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. b. Includes net charges totaling $14 million in production and delivery costs, $370 million in interest expense and $35 million of net tax benefits in provision for income taxes associated with disputed royalties for prior years. c. Includes charges totaling $69 million associated with Cerro Verde’s three-year collective labor agreement. d. Includes net charges of $223 million, primarily associated with surface water tax disputes with the local regional tax authority in Papua, Indonesia, assessments for prior period permit fees with Indonesia’s MOEF, disputed payroll withholding taxes for prior years and other tax settlements, and to write-off certain previously capitalized project costs for the new smelter in Indonesia, partially offset by inventory adjustments. e. Includes $31 million of depreciation expense at Freeport Cobalt from December 2016 through December 2017 that was suspended while it was classified as held for sale. f. Includes net gains totaling $97 million associated with a favorable adjustment to the estimated fair value less costs to sell for Freeport Cobalt and fair value adjustments of $31 million associated with potential contingent consideration related to the 2016 sale of onshore California oil and gas properties. g. Includes tax credits totaling $549 million related to the change in PT-FI’s tax rates in accordance with its IUPK ($482 million), U.S. tax reform ($47 million) and adjustments to PT-FI’s historical tax positions ($20 million). h. Includes net tax credits totaling $76 million, primarily related to the Act and $22 million related to the change in PT-FI’s tax rates in accordance with its IUPK. Refer to Note 11 for further discussion.

SUPPLEMENTARY MINERAL RESERVE I

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION	12 Months Ended
	Dec. 31, 2020
Supplementary Mineral Reserve Information [Abstract]
Estimated Recoverable Proven and Probable Reserves by Location	SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) Recoverable proven and probable reserves have been estimated as of December 31, 2020, in accordance with Industry Guide 7 as required by the Securities Exchange Act of 1934. FCX’s proven and probable reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry, as more fully discussed below. The term “reserve,” as used in the reserve data presented here, means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “proven reserves” means reserves for which (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (ii) grade and/or quality are computed from the results of detailed sampling; and (iii) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves but the sites for sampling are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. FCX’s reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to optimize economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies. Estimated recoverable proven and probable reserves at December 31, 2020, were determined using metals price assumptions of $2.50 per pound for copper, $1,200 per ounce for gold and $10 per pound for molybdenum. For the three-year period ended December 31, 2020, LME copper settlement prices averaged $2.83 per pound, London PM gold prices averaged $1,477 per ounce and the weekly average price for molybdenum quoted by Metals Week averaged $10.65 per pound. The recoverable proven and probable reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable. Recoverable reserves are that part of a mineral deposit that FCX estimates can be economically and legally extracted or produced at the time of the reserve determination. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2020 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 47.1 0.6 3.01 South America 32.7 — 0.70 Indonesia b 33.4 28.3 — Consolidated c 113.2 28.9 3.71 Net equity interest d 81.8 15.5 3.39 a. Estimated consolidated recoverable copper reserves included 1.7 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles. b. Reflects estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK. c. Consolidated reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 362 million ounces of silver, which were determined using $15 per ounce. d. Net equity interest reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX's net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent from 2021 through 2022 and 48.76 percent from 2023 through 2041. Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 247 million ounces of silver. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2020 Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Reserves b Ore a (million metric tons) Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Developed and producing: Morenci 4,300 0.23 — — c 14.3 — 0.20 Sierrita 3,240 0.22 — c 0.02 13.2 0.2 1.28 Bagdad 2,591 0.31 — c 0.02 15.2 0.2 0.92 Safford, including 777 0.45 — — 5.7 — — Chino, including Cobre 313 0.44 0.03 — 2.5 0.2 — Climax 156 — — 0.15 — — 0.48 Henderson 60 — — 0.17 — — 0.20 Tyrone 33 0.27 — — 0.2 — — Miami — — — — 0.1 — — South America Developed and producing: Cerro Verde 4,077 0.36 — 0.01 28.6 — 0.70 El Abra 779 0.41 — — 4.2 — — Indonesia d Developed and producing: Grasberg Block Cave 874 1.08 0.73 — 17.5 13.1 — Deep Mill Level Zone 439 0.89 0.72 — 7.4 8.1 — Big Gossan 53 2.30 0.98 — 2.5 1.1 — Deep Ore Zone 8 0.55 0.47 — 0.1 0.1 — Undeveloped: Kucing Liar 351 0.92 0.90 — 6.0 6.0 — Total 100% basis 18,052 e 117.2 e 28.9 e 3.77 e Consolidated f 113.2 28.9 3.71 FCX’s equity share g 81.8 15.5 3.39 a. Excludes material contained in stockpiles. b. Includes estimated recoverable metals contained in stockpiles. c. Amounts not shown because of rounding. d. Estimated recoverable proven and probable reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK. e. Does not foot because of rounding. f. Consolidated reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America. Refer to Note 3 for further discussion. g. Net equity interest reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership. FCX's net equity interest for estimated metal quantities in Indonesia reflects an approximate 81 percent from 2021 through 2022 and 48.76 percent from 2023 through 2041. Refer to Note 3 for further discussion of FCX’s ownership in subsidiaries.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Additions (Deductions) Balance at Charged to Charged to Other Balance at Beginning of Costs and Other Additions End of Year Expense Accounts (Deductions) Year Reserves and allowances deducted from asset accounts: Valuation allowance for deferred tax assets Year Ended December 31, 2020 $ 4,576 $ 200 a $ (16) b $ (28) c $ 4,732 Year Ended December 31, 2019 4,507 50 d 19 b — 4,576 Year Ended December 31, 2018 4,575 (345) e 8 b 269 f 4,507 Reserves for non-income taxes: Year Ended December 31, 2020 $ 58 $ 21 $ (1) $ 4 g $ 82 Year Ended December 31, 2019 62 — — (4) g 58 Year Ended December 31, 2018 58 7 (1) (2) g 62 a. Primarily relates to a $250 million increase in United States (U.S.) federal net operating loss (NOL) carryforwards, partly offset by a $75 million decrease in U.S foreign tax credits associated with expirations, and an $11 million decrease in U.S. deferred tax assets for which no benefit is expected to be realized. b. Relates to a valuation allowance for tax benefits primarily associated with actuarial losses for U.S. defined benefit plans included in other comprehensive income (loss). c. Relates to sale of interest in Kisanfu. d. Primarily relates to a $208 million increase in U.S. federal deferred tax assets for which no benefit is expected to be realized, partly offset by a $98 million decrease in U.S. foreign tax credits associated with expirations and prior year adjustments, and a $44 million decrease in U.S. federal and state NOL carryforwards. e. Primarily relates to a $315 million decrease in U.S. foreign tax credits associated with expirations and 2017 U.S. tax reform adjustments, and a decrease of $45 million in U.S. federal NOLs associated with 2018 usage and 2017 U.S. tax reform. f. Primarily relates to a $244 million increase in foreign NOLs for which no benefit is expected to be realized resulting from PT Freeport Indonesia’s acquisition of PT Rio Tinto Indonesia. g. Represents amounts paid or adjustments to reserves based on revised estimates.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50 percent of the voting rights and/or has control over the subsidiary. As of December 31, 2020, the most significant entities that FCX consolidates include its 48.76 percent-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Notes 2 and 3 for further discussion, including FCX’s conclusion to consolidate PT-FI. FCX’s unincorporated joint ventures are reflected using the proportionate consolidation method (refer to Note 3 for further discussion). Investments in unconsolidated companies owned 20 percent or more are recorded using the equity method. Investments in unconsolidated companies owned less than 20 percent, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts.
Business Segments	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. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 for further discussion.
Use of Estimates	Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates.
Functional Currency	Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical rates. Gains and losses resulting from translation of such account balances are included in other (expense) income, net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $34 million in 2020, $24 million in 2019 and $14 million in 2018.
Cash Equivalents	Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash and Restricted Cash Equivalents. FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for the development of a new smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. Restricted cash and restricted cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Restricted cash and restricted cash equivalents are comprised of bank deposits and money market funds.
Inventories	Inventories. Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities ( i.e., solution extraction and electrowinning (SX/EW)). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recovery rates for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 90 percent depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80 percent of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. Product. Product inventories include raw materials, work-in-process and finished goods. Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations. Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs. Finished goods for mining operations represent salable products ( e.g. , copper and molybdenum concentrate, copper anode, copper cathode, copper rod, copper wire, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process ( i.e.
Property, Plant, Equipment and Mine Development Costs	Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance ( i.e. , turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on total estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. Depreciation, depletion and amortization using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of cost of goods sold. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC in 2007. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) mineralized material, which includes measured and indicated amounts, that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 5 for further discussion.
Impairment of Long-Lived Mining Assets	Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows ( i.e. , Level 3 measurement).
Deferred Mining Costs	Deferred Mining Costs. Stripping costs ( i.e. , the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.
Environmental Expenditures	Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 12 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation. Environmental obligations assumed in the acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur. FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly.
Asset Retirement Obligations	Asset Retirement Obligations. FCX records the fair value of estimated asset retirement obligations (AROs) associated with tangible long-lived assets in the period incurred. Retirement obligations associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to cost of sales. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s respective useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For oil and gas properties, the fair value of the legal obligation is recognized as an ARO and as a related ARC in the period in which the well is drilled or acquired and is amortized on a UOP basis together with other capitalized costs. Substantially all of FCX’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores; remove platforms, tanks, production equipment and flow lines; and restore the wellsite. For non-operating properties without reserves, changes to the ARO are recorded in earnings.
Revenue Recognition	Revenue Recognition. FCX recognizes revenue for all of its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 14 for further discussion). For provisionally priced sales, 90 percent to 100 percent of the provisional payment is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 16 for a summary of revenue by product type. Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment. The majority of FCX’s molybdenum sales are priced based on the average published Metals Week price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment.
Stock-Based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs on the graded-vesting method over the vesting period. Refer to Note 10 for further discussion.
Earnings Per Share	Earnings Per Share. FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the year. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow: 2020 2019 2018 Net income (loss) from continuing operations $ 865 $ (192) $ 2,909 Net income from continuing operations attributable to noncontrolling interests (266) (50) (292) Accumulated dividends and undistributed earnings allocated to participating securities (3) (3) (4) Net income (loss) from continuing operations attributable to common stockholders 596 (245) 2,613 Net income (loss) from discontinued operations — 3 (15) Net income (loss) attributable to common stockholders $ 596 $ (242) $ 2,598 Basic weighted-average shares of common stock outstanding (millions) 1,453 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions) 8 — a 9 a Diluted weighted-average shares of common stock outstanding (millions) 1,461 1,451 1,458 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.80 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.79 Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.79 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.78 a. Excludes approximately 11 million shares of common stock in 2019 and 1 million in 2018 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 year are excluded from the computation of diluted net income (loss) per share of common stock. Stock options for 31 million shares of common stock in 2020, 42 million shares in 2019 and 37 million shares in 2018 were excluded.
New Accounting Standards	New Accounting Standards. In June 2016, the Financial Accounting Standards Board issued an Accounting Standards Update (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. Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to conform with the current year presentation. The reclassifications relate to a revision to FCX’s presentation of business segments to remove a business segment that no longer qualifies as a reportable segment (refer to Note 16), as well as, reclassification of certain costs from selling, general and administrative expenses to production and delivery in the consolidated statements of operations in 2019 ($20 million) and 2018 ($21 million). Subsequent Events. FCX evaluated events after December 31, 2020, and through the date the 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 financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of diluted earnings per share	Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow: 2020 2019 2018 Net income (loss) from continuing operations $ 865 $ (192) $ 2,909 Net income from continuing operations attributable to noncontrolling interests (266) (50) (292) Accumulated dividends and undistributed earnings allocated to participating securities (3) (3) (4) Net income (loss) from continuing operations attributable to common stockholders 596 (245) 2,613 Net income (loss) from discontinued operations — 3 (15) Net income (loss) attributable to common stockholders $ 596 $ (242) $ 2,598 Basic weighted-average shares of common stock outstanding (millions) 1,453 1,451 1,449 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions) 8 — a 9 a Diluted weighted-average shares of common stock outstanding (millions) 1,461 1,451 1,458 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.80 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.79 Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.41 $ (0.17) $ 1.79 Discontinued operations — — (0.01) $ 0.41 $ (0.17) $ 1.78 a. Excludes approximately 11 million shares of common stock in 2019 and 1 million in 2018 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 (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories follow: December 31, 2020 2019 Current inventories: Total materials and supplies, net a $ 1,594 $ 1,649 Mill stockpiles $ 205 $ 220 Leach stockpiles 809 923 Total current mill and leach stockpiles $ 1,014 $ 1,143 Raw materials (primarily concentrate) $ 366 $ 318 Work-in-process 174 124 Finished goods 745 839 Total product $ 1,285 $ 1,281 Long-term inventories: Mill stockpiles $ 223 $ 181 Leach stockpiles 1,240 1,244 Total long-term mill and leach stockpiles b $ 1,463 $ 1,425 a. Materials and supplies inventory was net of obsolescence reserves totaling $32 million at December 31, 2020, and $24 million at December 31, 2019.

PROPERTY, PLANT, EQUIPMENT AN_2

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Property, Plant, Equipment and Mining Development Costs, Net	The components of net property, plant, equipment and mine development costs follow: December 31, 2020 2019 Proven and probable mineral reserves $ 7,142 $ 7,087 VBPP 376 465 Mine development and other 10,686 8,180 Buildings and infrastructure 9,214 8,435 Machinery and equipment 14,235 13,312 Mobile equipment 4,495 4,320 Construction in progress 1,454 4,265 Oil and gas properties 27,281 27,293 Total 74,883 73,357 Accumulated depreciation, depletion, and amortization a (45,065) (43,773) Property, plant, equipment and mine development costs, net $ 29,818 $ 29,584

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets follow: December 31, 2020 2019 Disputed tax assessments: a PT-FI $ 143 $ 178 Cerro Verde 190 187 Long-term receivable for taxes b 106 290 Intangible assets c 401 402 Investments: Assurance bond d 148 157 PT Smelting e 77 80 Fixed income, equity securities and other 70 66 Legally restricted funds f 213 196 Contingent consideration associated with sales of assets g 96 115 Long-term employee receivables 19 22 Timok transaction receivable (refer to Note 2) 12 58 Other 85 134 Total other assets $ 1,560 $ 1,885 a. Refer to Note 12 for further discussion. b. Includes tax overpayments and refunds not expected to be realized within the next 12 months (refer to Note 11). c. Indefinite-lived intangible assets totaled $215 million at both December 31, 2020, and December 31, 2019. Accumulated amortization of definite-lived intangible assets totaled $32 million at December 31, 2020, and $54 million at December 31, 2019. d. Relates to PT-FI’s commitment for the development of a new smelter in Indonesia (refer to Note 13 for further discussion). e. PT-FI’s 25 percent ownership in PT Smelting (smelter and refinery in Gresik, Indonesia) is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $39 million at December 31, 2020, and $29 million at December 31, 2019. Trade accounts receivable from PT Smelting totaled $265 million at December 31, 2020, and $261 million at December 31, 2019. f. Includes $212 million at December 31, 2020, and $196 million at December 31, 2019, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion). g. Refer to Note 15 for further discussion.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Additional information regarding accounts payable and accrued liabilities	The components of accounts payable and accrued liabilities follow: December 31, 2020 2019 Accounts payable $ 1,473 $ 1,654 Salaries, wages and other compensation 312 249 Accrued interest a 243 178 PT-FI contingencies b 196 115 Pension, postretirement, postemployment and other employee benefits c 91 69 Legal matters 86 88 Accrued taxes, other than income taxes 76 79 Deferred revenue 65 12 Leases d 38 44 Other 128 88 Total accounts payable and accrued liabilities $ 2,708 $ 2,576 a. Third-party interest paid, net of capitalized interest, was $472 million in 2020, $591 million in 2019 and $500 million in 2018. b. Refer to Note 12 for further discussion. c. Refer to Note 9 for long-term portion. d. Refer to Note 13 for further discussion.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt Components	The components of debt follow: December 31, 2020 2019 Revolving credit facility $ — $ — Cerro Verde Term Loan 523 826 Senior notes and debentures: Issued by FCX: 4.00% Senior Notes due 2021 — 194 3.55% Senior Notes due 2022 523 1,876 3.875% Senior Notes due 2023 994 1,917 4.55% Senior Notes due 2024 728 846 5.00% Senior Notes due 2027 593 592 4.125% Senior Notes due 2028 691 — 4.375% Senior Notes due 2028 642 — 5.25% Senior Notes due 2029 593 592 4.25% Senior Notes due 2030 592 — 4.625% Senior Notes due 2030 840 — 5.40% Senior Notes due 2034 742 741 5.450% Senior Notes due 2043 1,845 1,844 Issued by FMC: 7 1 / 8 % Debentures due 2027 115 115 9½% Senior Notes due 2031 124 125 6 1 / 8 % Senior Notes due 2034 117 117 Other 49 41 Total debt 9,711 9,826 Less current portion of debt (34) (5) Long-term debt $ 9,677 $ 9,821
Schedule of Extinguishment of Debt	During 2020, 2019 and 2018, FCX redeemed in full or purchased a portion of the following senior notes. Principal Amount Net Adjustments Book Value Redemption/Tender Value Loss/(Gain) Year Ended December 31, 2020 FCX 4.00% Senior Notes due 2021 $ 195 $ (1) $ 194 $ 205 $ 11 FCX 3.55% Senior Notes due 2022 1,356 (6) 1,350 1,391 41 FCX 3.875% Senior Notes due 2023 927 (4) 923 964 41 FCX 4.55% Senior Notes due 2024 120 (1) 119 126 7 Total $ 2,598 $ (12) $ 2,586 $ 2,686 $ 100 Year Ended December 31, 2019 FCX 3.100% Senior Notes due 2020 $ 1,000 $ (2) $ 998 $ 1,003 $ 5 FCX 6.875% Senior Notes due 2023 728 34 762 768 6 FCX 4.00% Senior Notes due 2021 405 (2) 403 418 15 FCX 3.55% Senior Notes due 2022 12 — 12 12 — Total $ 2,145 $ 30 $ 2,175 $ 2,201 $ 26 Year Ended December 31, 2018 FCX 6.75% Senior Notes due 2022 $ 404 $ 22 $ 426 $ 418 $ (8) FM O&G LLC 6 7 / 8 % Senior Notes due 2023 50 4 54 52 (2) Total $ 454 $ 26 $ 480 $ 470 $ (10)
Debt Instrument Redemption	The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below and at 100 percent of principal two years before maturity. Debt Instrument Date 5.00% Senior Notes due 2027 September 1, 2022 4.125% Senior Notes due 2028 March 1, 2023 4.375% Senior Notes due 2028 August 1, 2023 5.25% Senior Notes due 2029 September 1, 2024 4.25% Senior Notes due 2030 March 1, 2025 4.625% Senior Notes due 2030 August 1, 2025 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, and beginning on the dates stated below at 100 percent of principal. Debt Instrument Date 3.55% Senior Notes due 2022 December 1, 2021 3.875% Senior Notes due 2023 December 15, 2022 4.55% Senior Notes due 2024 August 14, 2024 5.40% Senior Notes due 2034 May 14, 2034 5.450% Senior Notes due 2043 September 15, 2042

OTHER LIABILITIES, INCLUDING _2

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities, Including Employee Benefits [Abstract]
Components of Other Liabilities	The components of other liabilities follow: December 31, 2020 2019 Pension, postretirement, postemployment and other employment benefits a $ 1,213 $ 1,318 Cerro Verde royalty dispute 376 502 Provision for tax positions 261 255 Leases b 190 204 Other 229 212 Total other liabilities $ 2,269 $ 2,491 a. Refer to Note 7 for current portion.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2020 2019 Projected benefit obligation $ 2,666 $ 2,522 Accumulated benefit obligation 2,664 2,361 Fair value of plan assets 1,884 1,615
Schedule of Changes Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan	Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 2,576 $ 2,230 $ 217 $ 220 Service cost 37 42 11 12 Interest cost 77 95 14 17 Actuarial losses (gains) 308 328 12 (27) Foreign exchange losses (gains) 1 1 (2) 8 Curtailment (154) — — — Benefits and administrative expenses paid (123) (120) (14) (13) Benefit obligation at end of year 2,722 2,576 238 217 Change in plan assets: Fair value of plan assets at beginning of year 1,677 1,433 254 238 Actual return on plan assets 272 289 13 19 Employer contributions a 119 74 2 — Foreign exchange gains (losses) 1 1 (4) 10 Benefits and administrative expenses paid (123) (120) (14) (13) Fair value of plan assets at end of year 1,946 1,677 251 254 Funded status $ (776) $ (899) $ 13 $ 37 Accumulated benefit obligation $ 2,719 $ 2,414 $ 194 $ 175 Weighted-average assumptions used to determine benefit obligations: Discount rate 2.50 % 3.40 % 6.25 % 7.25 % Rate of compensation increase — % 3.25 % 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 7 $ 8 $ 13 $ 37 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (779) (903) — — Total $ (776) $ (899) $ 13 $ 37 a. Employer contributions for 2021 are expected to approximate $64 million for the FCX plans and $2 million for the PT-FI plan (based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar).
Schedule of Assumptions Used	The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: a Discount rate 2.98 % 4.40 % 3.70 % Expected return on plan assets 6.25 % 6.50 % 6.50 % Rate of compensation increase 3.25 % 3.25 % 3.25 % Service cost $ 37 $ 42 $ 44 Interest cost 77 95 84 Expected return on plan assets (105) (90) (101) Amortization of net actuarial losses 45 48 49 Curtailment loss 4 — — Net periodic benefit cost $ 58 $ 95 $ 76 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2020 2019 2018 Weighted-average assumptions: Discount rate 7.25 % 8.25 % 6.75 % Expected return on plan assets 7.75 % 8.25 % 6.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 17 14 Expected return on plan assets (19) (17) (19) Amortization of prior service cost 2 1 2 Amortization of net actuarial gains (3) (1) (1) Net periodic benefit cost $ 5 $ 12 $ 9
Schedule of Net Periodic Benefit Cost Not yet Recognized	Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2020 2019 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 673 $ 558 $ 710 $ 604 Prior service costs 6 1 11 6 $ 679 $ 559 $ 721 $ 610
Schedule of Allocation of Plan Assets	A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2020 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 527 $ 527 $ — $ — $ — Fixed income securities 404 404 — — — International small-cap equity 76 76 — — — Real estate property 59 59 — — — U.S. real estate securities 51 51 — — — Short-term investments 51 51 — — — U.S. small-cap equity 25 25 — — — Fixed income: Corporate bonds 381 — — 381 — Government bonds 181 — — 181 — Global large-cap equity securities 109 — 109 — — Private equity investments 10 10 — — — Other investments 55 — 1 54 — Total investments 1,929 $ 1,203 $ 110 $ 616 $ — Cash and receivables 100 Payables (83) Total pension plan net assets $ 1,946 Fair Value at December 31, 2019 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Global equity $ 425 $ 425 $ — $ — $ — Fixed income securities 239 239 — — — U.S. small-cap equity 67 67 — — — Real estate property 58 58 — — — International small-cap equity 55 55 — — — U.S. real estate securities 53 53 — — — Short-term investments 16 16 — — — Fixed income: Government bonds 279 — — 279 — Corporate bonds 256 — — 256 — Global large-cap equity securities 107 — 107 — — Private equity investments 11 11 — — — Other investments 64 — 14 50 — Total investments 1,630 $ 924 $ 121 $ 585 $ — Cash and receivables 86 Payables (39) Total pension plan net assets $ 1,677 A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2020 Total Level 1 Level 2 Level 3 Government bonds $ 117 $ 117 $ — $ — Common stocks 77 77 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 41 Payables (2) Total pension plan net assets $ 251 Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Government bonds $ 93 $ 93 $ — $ — Common stocks 80 80 — — Mutual funds 17 17 — — Total investments 190 $ 190 $ — $ — Cash and receivables a 65 Payables (1) Total pension plan net assets $ 254 a. Cash consists primarily of short-term time deposits.
Schedule of Expected Benefit Payments	The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2021 $ 127 $ 16 2022 174 21 2023 129 29 2024 131 31 2025 132 28 2026 through 2030 655 154 a. Based on a December 31, 2020, exchange rate of 14,034 Indonesia rupiah to one U.S. dollar.

STOCKHOLDERS' EQUITY AND STOC_2

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows: Defined Benefit Plans Unrealized Losses on Securities Translation Adjustment Total Balance at January 1, 2018 $ (494) $ (3) $ 10 $ (487) Adoption of accounting standard for reclassification of income taxes (79) — — (79) Amounts arising during the period a,b (84) — — (84) Amounts reclassified c 48 3 — 51 Sale of interest in PT-FI (refer to Note 2) (6) — — (6) Balance at December 31, 2018 (615) — 10 (605) Amounts arising during the period a,b (118) — — (118) Amounts reclassified c 47 — — 47 Balance at December 31, 2019 (686) — 10 (676) Amounts arising during the period a,b 47 — — 47 Amounts reclassified c 46 — — 46 Balance at December 31, 2020 $ (593) $ — $ 10 $ (583) a. Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(87) million for 2018, $(111) million for 2019 and $40 million for 2020. b. Includes tax provision (benefit) totaling $4 million for 2018, $(8) million for 2019 and $7 million for 2020. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2018, 2019 and 2020.
Compensation costs charged against earnings	Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2020 2019 2018 Selling, general and administrative expenses $ 70 $ 48 $ 62 Production and delivery 29 15 12 Total stock-based compensation 99 63 74 Tax benefit and noncontrolling interests’ share a (5) (4) (4) Impact on net income (loss) $ 94 $ 59 $ 70
Summary of stock options and SARs outstanding and changes during the period	A summary of stock options outstanding as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 48,312,053 $ 26.16 Granted 3,803,000 12.04 Exercised (6,240,340) 9.09 Expired/Forfeited (8,774,615) 34.62 Balance at December 31 37,100,098 25.58 4.6 $ 259 Vested and exercisable at December 31 30,045,828 28.71 3.7 $ 162
Weighted average assumptions used to value stock option awards	Information related to stock options during the years ended December 31 follows: 2020 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 47.7 % 47.8 % 46.1 % Expected life of options (in years) 5.83 6.10 5.92 Expected dividend rate 1.7 % 1.8 % 1.2 % Risk-free interest rate 1.5 % 2.5 % 2.6 % Weighted-average grant-date fair value (per option) $ 4.72 $ 4.87 $ 7.84 Intrinsic value of options exercised $ 82 $ 3 $ 7 Fair value of options vested $ 28 $ 26 $ 24
Summary Of Outstanding Stock-settled RSUs and PSUs	A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 5,590,685 $ 18.61 Granted 3,548,497 13.15 Vested (1,475,892) 14.95 Forfeited (140,268) 14.85 Balance at December 31 7,523,022 16.79 $ 196
Summary of Outstanding Cash-Settled RSUs and PSUs	A summary of outstanding cash-settled RSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 1,582,887 $ 14.54 Granted 879,500 11.96 Vested (911,459) 14.79 Forfeited (29,831) 13.44 Balance at December 31 1,521,097 12.92 $ 40
Schedule of amounts related to exercises of stock options and stock appreciation rights and the vesting of restricted stock units and restricted stock awards	The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31: 2020 2019 2018 FCX shares tendered to pay the exercise price and/or the minimum required taxes a 1,193,183 670,508 195,322 Cash received from stock option exercises $ 51 $ 2 $ 8 Actual tax benefit realized for tax deductions $ 2 $ 1 $ 3 Amounts FCX paid for employee taxes $ 17 $ 8 $ 4 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required taxes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes and equity in affiliated companies' net earnings	Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2020 2019 2018 U.S. $ (40) $ (287) $ 390 Foreign 1,837 593 3,502 Total $ 1,797 $ 306 $ 3,892
Schedule of Benefit from (Provision for) income taxes	FCX’s provision for income taxes for the years ended December 31 consist of the following: 2020 2019 2018 Current income taxes: Federal $ 53 a $ (23) c,d $ 46 c,e State (1) 3 1 Foreign (816) b (462) (1,445) e Total current (764) (482) (1,398) Deferred income taxes: Federal 3 48 (106) State 5 8 (8) Foreign (306) (101) (102) Total deferred (298) (45) (216) Adjustments 37 12 504 f Operating loss carryforwards 81 5 119 Provision for income taxes $ (944) $ (510) $ (991) a. Includes a tax credit of $53 million associated with the reversal of the tax charge discussed in footnote d below. b. Includes a tax charge of $135 million associated with the gain on sale of Kisanfu. c. As a result of the 2017 Tax Cuts and Jobs Act (the Act) guidance regarding a transition tax issued in 2018, FCX recognized a $29 million tax charge in 2018. Additional guidance released in 2019 resulted in a $29 million tax credit in 2019. d. Includes a tax charge of $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia. e. In 2018, FCX completed its analysis of the Act and recognized benefits totaling $123 million ($76 million to the U.S. tax provision and $47 million to PT-FI’s tax provision) associated with alternative minimum tax (AMT) credit refunds. f. Represents net tax credits resulting from the reduction in PT-FI's statutory tax rates in accordance with its new special mining license (IUPK).
Reconciliation of the U.S. federal statutory tax rate to effective income tax rate	A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows: 2020 2019 2018 Amount Percent Amount Percent Amount Percent U.S. federal statutory tax rate $ (377) (21) % $ (64) (21) % $ (817) (21) % Valuation allowance a (210) (12) (149) (49) 129 3 PT-FI historical tax disputes (8) — (145) (47) — — Percentage depletion 104 6 118 39 141 4 Effect of foreign rates different than the U.S. federal statutory rate (109) (6) (64) (21) (494) (13) Withholding and other impacts on foreign earnings (193) (11) (55) (18) (232) (6) Adjustment to deferred taxes — — (49) b (16) — — Non-deductible permanent differences — — (47) (15) (25) (1) Uncertain tax positions (15) (1) (47) (15) (7) — U.S. tax reform — — 29 c 9 94 c,d 2 Foreign tax credit limitation 28 2 (16) (5) (195) (5) State income taxes (2) — 16 6 7 1 Cerro Verde historical tax disputes e (39) (2) 2 1 (55) (1) Change in PT-FI tax rates — — — — 504 13 Timok exploration project sale 53 3 (15) (5) — — Sale of Kisanfu (135) (8) — — — — Other items, net (41) (3) (24) (9) (41) (1) Provision for income taxes $ (944) (53) % $ (510) (166) % $ (991) (25) % a. Refer to “Valuation Allowance” below for discussion of changes. b. Represents net tax charges primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles. c. As a result of the Act guidance regarding a transition tax issued in 2018, FCX recognized a $29 million tax charge in 2018. Additional guidance released in 2019 resulted in a $29 million tax credit in 2019. d. In 2018, FCX completed its analysis of the Act and recognized benefits totaling $123 million ($76 million to the U.S. tax provisions and $47 million to PT-FI’s tax provision) associated with AMT credit refunds.
Components of deferred tax assets and liabilities	The components of deferred taxes follow: December 31, 2020 2019 Deferred tax assets: Foreign tax credits $ 1,641 $ 1,716 Accrued expenses 1,194 1,108 Net operating losses 2,443 2,249 Employee benefit plans 171 198 Other 238 267 Deferred tax assets 5,687 5,538 Valuation allowances (4,732) (4,576) Net deferred tax assets 955 962 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,500) (4,372) Undistributed earnings (694) (639) Other (169) (157) Total deferred tax liabilities (5,363) (5,168) Net deferred tax liabilities $ (4,408) $ (4,206)
Reserve for unrecognized tax benefits, interest and penalties	A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 376 $ 404 $ 390 Additions: Prior year tax positions 48 73 100 Current year tax positions 10 11 14 Decreases: Prior year tax positions (60) (75) (86) Settlements with taxing authorities (79) (37) (9) Lapse of statute of limitations — — (5) Balance at end of year $ 295 $ 376 $ 404
Summary of income tax examinations	The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal 2017-2018 2014-2016, 2019-2020 Indonesia 2011-2017, 2019 2018, 2020 Peru 2014-2016 2017-2020 Chile 2018-2019 2020 Tax Year Tax Assessment Penalty and Interest Assessment Total 2003 to 2008 $ 50 $ 129 $ 179 2009 56 52 108 2010 54 118 172 2011 and 2012 42 78 120 2013 48 66 114 2014 to 2020 45 — 45 $ 295 $ 443 $ 738 Tax Year Tax Assessment Interest Assessment Total 2005 $ 62 $ 30 $ 92 2007 48 23 71 2008, 2010 to 2011 31 8 39 2012 97 — 97 2013 152 76 228 2014 123 — 123 2015 159 — 159 2016 257 113 370 2017 40 19 59 $ 969 $ 269 $ 1,238

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Obligations	A summary of changes in estimated environmental obligations for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 1,561 $ 1,511 $ 1,439 Accretion expense a 102 102 100 Additions b 38 23 56 Reductions b (58) (1) — Spending (59) (74) (84) Balance at end of year 1,584 1,561 1,511 Less current portion (83) (106) (132) Long-term portion $ 1,501 $ 1,455 $ 1,379 a. Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis. b. Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Reductions primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.
Schedule of Asset Retirement Obligations	A summary of changes in FCX’s AROs for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 2,505 $ 2,547 $ 2,583 Liabilities incurred 7 20 1 Settlements and revisions to cash flow estimates, net (13) (5) 50 Accretion expense 131 118 110 Dispositions (2) (5) (37) Spending (156) (170) (160) Balance at end of year 2,472 2,505 2,547 Less current portion (268) (330) (317) Long-term portion $ 2,204 $ 2,175 $ 2,230
Summary of income tax examinations	The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal 2017-2018 2014-2016, 2019-2020 Indonesia 2011-2017, 2019 2018, 2020 Peru 2014-2016 2017-2020 Chile 2018-2019 2020 Tax Year Tax Assessment Penalty and Interest Assessment Total 2003 to 2008 $ 50 $ 129 $ 179 2009 56 52 108 2010 54 118 172 2011 and 2012 42 78 120 2013 48 66 114 2014 to 2020 45 — 45 $ 295 $ 443 $ 738 Tax Year Tax Assessment Interest Assessment Total 2005 $ 62 $ 30 $ 92 2007 48 23 71 2008, 2010 to 2011 31 8 39 2012 97 — 97 2013 152 76 228 2014 123 — 123 2015 159 — 159 2016 257 113 370 2017 40 19 59 $ 969 $ 269 $ 1,238
Schedule of Charges for the Cerro Verde Royalty Dispute	A summary of the charges recorded for the three-years ended December 31, 2019, related to the Cerro Verde royalty dispute follows: Royalty and related assessment charges: 2019 2018 a 2017 Total Production and delivery $ 6 $ 14 $ 203 b $ 223 Interest expense, net 10 370 145 525 Other expense — 22 — 22 (Benefit from) provision for income taxes (2) (35) 7 c (30) Net loss attributable to noncontrolling interests (7) (176) (169) (352) $ 7 $ 195 $ 186 $ 388 a. Amounts are net of gains of $16 million (consisting of pre-tax gains of $14 million and net tax benefits of $17 million, net of $15 million in noncontrolling interests) for refunds received for the overpayment of special (voluntary) levies for the period October 2012 through the year 2013. b. Includes $175 million related to disputed royalty assessments for the period from December 2006 to September 2011 (when royalties were determined based on revenues). c. Includes tax charges of $136 million for disputed royalties ($69 million) and other related mining taxes ($67 million) for the period October 2011 through the year 2013 when royalties were determined based on operating income, mostly offset by a tax benefit of $129 million associated with disputed royalties and other related mining taxes for the period December 2006 through December 2013.

COMMITMENTS AND GUARANTEES Leas

COMMITMENTS AND GUARANTEES Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2020, follow: 2021 $ 50 2022 41 2023 36 2024 34 2025 29 Thereafter 97 Total payments 287 Less amount representing interest (59) Present value of net minimum lease payments 228 Less current portion (38) Long-term portion $ 190
Assets And Liabilities, Lessee [Table Text Block]	The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow: December 31, 2020 2019 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 207 $ 232 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 38 $ 44 Long-term lease liabilities (included in other liabilities) 190 204 Total lease liabilities $ 228 $ 248
Lease, Cost [Table Text Block]	Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, for the two years ended December 31 follow: 2020 2019 Operating leases $ 42 $ 55 Variable and short-term leases 74 $ 79 Total operating lease costs $ 116 $ 134

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets: December 31, 2020 2019 Balance sheet components: Cash and cash equivalents $ 3,657 $ 2,020 Restricted cash and restricted cash equivalents included in: Other current assets 97 100 Other assets 149 158 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 3,903 $ 2,278
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item for the years ended December 31 follows: 2020 2019 2018 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 9 $ 15 $ (20) Hedged item – firm sales commitments (9) (15) 20 Realized gains (losses): Matured derivative financial instruments 22 (8) (22)
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at December 31, 2020, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 520 $ 3.21 $ 3.52 May 2021 Gold (thousands of ounces) 142 1,850 1,893 February 2021 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 53 3.15 3.52 April 2021
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2020 2019 2018 Embedded derivatives in provisional sales contracts a : Copper $ 259 $ 34 $ (310) Gold and other 45 20 (7) Copper forward contracts b 3 (7) 18 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Fair Values of Unsettled Derivative Financial Instruments	A summary of the fair values of unsettled commodity derivative financial instruments follows: December 31, 2020 2019 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 15 $ 6 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 169 68 Total derivative assets $ 184 $ 74 Commodity Derivative Liabilities: Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts $ 21 $ 20 Copper forward contracts — 1 Total derivative liabilities $ 21 $ 21
Offsetting Liabilities [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheet follows: Assets at December 31, Liabilities at December 31, 2020 2019 2020 2019 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 169 $ 68 $ 21 $ 20 Copper derivatives 15 6 — 1 184 74 21 21 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — 1 — 1 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 168 68 20 20 Copper derivatives 15 6 — 1 $ 183 $ 74 $ 20 $ 21 Balance sheet classification: Trade accounts receivable $ 168 $ 66 $ — $ — Other current assets 15 6 — — Accounts payable and accrued liabilities — 2 20 21 $ 183 $ 74 $ 20 $ 21
Offsetting Assets [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheet follows: Assets at December 31, Liabilities at December 31, 2020 2019 2020 2019 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 169 $ 68 $ 21 $ 20 Copper derivatives 15 6 — 1 184 74 21 21 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 1 — 1 — 1 — 1 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 168 68 20 20 Copper derivatives 15 6 — 1 $ 183 $ 74 $ 20 $ 21 Balance sheet classification: Trade accounts receivable $ 168 $ 66 $ — $ — Other current assets 15 6 — — Accounts payable and accrued liabilities — 2 20 21 $ 183 $ 74 $ 20 $ 21

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 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 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 14) follows: At December 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 $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 7 7 — 7 — — Total 36 36 29 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government bonds and notes 49 49 — — 49 — Corporate bonds 43 43 — — 43 — Government mortgage-backed securities 30 30 — — 30 — Asset-backed securities 16 16 — — 16 — Money market funds 5 5 — 5 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 213 213 65 5 143 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 169 169 — — 169 — Copper futures and swap contracts c 15 15 — 13 2 — Total 184 184 — 13 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 108 88 — — — 88 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 21 21 — — 21 — Long-term debt, including current portion d 9,711 10,994 — — 10,994 — 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 $97 million at December 31, 2020, and $100 million at December 31, 2019, and (ii) other assets of $148 million at December 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 (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion). c. Refer to Note 14 for further discussion and balance sheet classifications.
Fair Value, Assets Measured on Recurring Basis, 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, for the years ended December 31 follows: 2020 2019 2018 Balance at beginning of year $ 108 $ 127 $ 134 Net unrealized (losses) gains related to assets still held at the end of the year (6) 2 — Settlements (14) (21) (7) Balance at end of year $ 88 $ 108 $ 127

BUSINESS SEGMENTS INFORMATION (

BUSINESS SEGMENTS INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenues by product	FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2020 2019 2018 Copper: Concentrate $ 4,294 $ 4,566 $ 6,180 Cathode 4,204 3,656 4,366 Rod and other refined copper products 2,052 2,110 2,396 Purchased copper a 821 1,060 1,053 Gold 1,702 1,620 3,231 Molybdenum 848 1,169 1,190 Other b 592 905 1,490 Adjustments to revenues: Treatment charges (362) (404) (535) Royalty expense c (165) (113) (246) Export duties d (92) (221) (180) Revenues from contracts with customers 13,894 14,348 18,945 Embedded derivatives e 304 54 (317) Total consolidated revenues $ 14,198 $ 14,402 $ 18,628 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. The year 2019 includes charges totaling $155 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed export duties (refer to Note 12). e. Refer to Note 14 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Long-lived assets by geographic area	Information concerning financial data by geographic area follows: December 31, 2020 2019 Long-lived assets: a Indonesia $ 15,567 $ 14,971 U.S. 8,420 8,834 Peru 6,989 7,215 Chile 1,172 1,084 Other 290 384 Total $ 32,438 $ 32,488
Revenues by geographic area of customer	Years Ended December 31, 2020 2019 2018 Revenues: a U.S. $ 5,248 $ 5,107 $ 5,790 Switzerland 2,032 2,223 2,941 Indonesia 1,760 1,894 2,226 Japan 1,205 1,181 1,946 Spain 785 884 1,070 China 692 531 873 United Kingdom 491 233 296 Germany 248 311 256 Chile 221 242 294 France 153 198 255 India 152 107 389 Korea 89 140 269 Belgium 36 160 278 Philippines 34 73 221 Bermuda — 38 207 Other 1,052 1,080 1,317 Total $ 14,198 $ 14,402 $ 18,628 a. Revenues are attributed to countries based on the location of the customer.
Schedule of financial information by business segment	Financial Information by Business Segment North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2020 Revenues: Unaffiliated customers $ 29 $ 48 $ 77 $ 2,282 $ 431 $ 2,713 $ 3,534 $ — $ 4,781 $ 2,020 $ 1,073 a $ 14,198 Intersegment 2,015 2,272 4,287 242 — 242 80 222 33 17 (4,881) — Production and delivery 1,269 1,831 3,100 1,599 379 1,978 1,606 230 4,819 1,962 (3,664) 10,031 Depreciation, depletion and amortization 166 189 355 367 54 421 580 57 16 29 70 1,528 Metals inventory adjustments 4 48 52 — 3 3 — 10 3 — 28 96 Selling, general and administrative expenses 2 2 4 6 — 6 108 — — 21 231 370 Mining exploration and research expenses — 2 2 — — — — — — — 48 50 Environmental obligations and shutdown costs — (1) (1) — — — — — 1 — 159 b 159 Net gain on sales of assets — — — — — — — — — — (473) c (473) Operating income (loss) 603 249 852 552 d (5) 547 1,320 (75) (25) d 25 (207) d 2,437 d Interest expense, net 2 — 2 139 — 139 39 e — — 6 412 598 Provision for income taxes — — — 238 1 239 606 — — 2 97 f 944 Total assets at December 31, 2020 2,574 5,163 7,737 8,474 1,678 10,152 17,169 1,760 211 877 4,238 42,144 Capital expenditures 102 326 428 141 42 183 1,266 19 6 29 30 1,961 a. 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. b. Includes charges totaling $130 million associated with a framework for the resolution of all current and future potential talc-related litigation. c. Includes a $486 million gain associated with the sale of FCX’s interests in the Kisanfu undeveloped project. Refer to Note 2 for further discussion. d. Includes charges totaling $258 million associated with (i) idle facility costs (Cerro Verde), contract cancellation and other charges directly related to the COVID-19 pandemic and (ii) the April 2020 revised operating plans (including employee separation costs). These charges were primarily recorded in the Cerro Verde segment ($89 million), Corporate, Other & Eliminations ($57 million) and the Rod & Refining segment ($30 million). e. Includes charges totaling $35 million associated with PT-FI's historical contested tax audits. f. Includes tax charges totaling $135 million associated with the sale of the Kisanfu undeveloped project, partly offset by tax credits of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia.

SUPPLEMENTARY MINERAL RESERVE_2

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2020
Mineral Industries Disclosures [Abstract]
Schedule Of Estimated Recoverable Proven And Probable Reserves By Location [Text Block]	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2020 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 47.1 0.6 3.01 South America 32.7 — 0.70 Indonesia b 33.4 28.3 — Consolidated c 113.2 28.9 3.71 Net equity interest d 81.8 15.5 3.39 a. Estimated consolidated recoverable copper reserves included 1.7 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles. b. Reflects estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK. c. Consolidated reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 362 million ounces of silver, which were determined using $15 per ounce. d. Net equity interest reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX's net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent from 2021 through 2022 and 48.76 percent from 2023 through 2041. Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 247 million ounces of silver.
Supplementary Reserve Information at 100% Basis by Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2020 Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Reserves b Ore a (million metric tons) Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Developed and producing: Morenci 4,300 0.23 — — c 14.3 — 0.20 Sierrita 3,240 0.22 — c 0.02 13.2 0.2 1.28 Bagdad 2,591 0.31 — c 0.02 15.2 0.2 0.92 Safford, including 777 0.45 — — 5.7 — — Chino, including Cobre 313 0.44 0.03 — 2.5 0.2 — Climax 156 — — 0.15 — — 0.48 Henderson 60 — — 0.17 — — 0.20 Tyrone 33 0.27 — — 0.2 — — Miami — — — — 0.1 — — South America Developed and producing: Cerro Verde 4,077 0.36 — 0.01 28.6 — 0.70 El Abra 779 0.41 — — 4.2 — — Indonesia d Developed and producing: Grasberg Block Cave 874 1.08 0.73 — 17.5 13.1 — Deep Mill Level Zone 439 0.89 0.72 — 7.4 8.1 — Big Gossan 53 2.30 0.98 — 2.5 1.1 — Deep Ore Zone 8 0.55 0.47 — 0.1 0.1 — Undeveloped: Kucing Liar 351 0.92 0.90 — 6.0 6.0 — Total 100% basis 18,052 e 117.2 e 28.9 e 3.77 e Consolidated f 113.2 28.9 3.71 FCX’s equity share g 81.8 15.5 3.39 a. Excludes material contained in stockpiles. b. Includes estimated recoverable metals contained in stockpiles. c. Amounts not shown because of rounding. d. Estimated recoverable proven and probable reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK. e. Does not foot because of rounding. f. Consolidated reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America. Refer to Note 3 for further discussion. g. Net equity interest reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership. FCX's net equity interest for estimated metal quantities in Indonesia reflects an approximate 81 percent from 2021 through 2022 and 48.76 percent from 2023 through 2041. Refer to Note 3 for further discussion of FCX’s ownership in subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 21, 2018
Schedule of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	$ 207	$ 232
Total cost of sales	11,655	13,125	$ 13,466
Selling, general and administrative expenses	370	394	422
Exploration Expense	50	104	105
Environmental obligations and shutdown costs	159	105	89
Costs and Expenses	11,761	13,311	13,874
Operating income (loss)	2,437	1,091	4,754
Accrued income taxes and timing of other tax payments	403	(29)	(634)
Net cash provided by (used in) operating activities	3,017	1,482	3,863
Foreign currency transaction gains (losses), before tax	34	24	14
Payments for (Proceeds from) Other Investing Activities	(7)	(12)	(97)
Net cash provided by (used in) investing activities	(1,264)	(2,103)	(5,018)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1,625	(2,177)	(255)
Other income (expense), net	$ 59	(138)	76
PT Freeport Indonesia [Member]
Schedule of Significant Accounting Policies [Line Items]
Ownership percentage of subsidiary				48.76%
Production and Delivery Costs [Member]
Schedule of Significant Accounting Policies [Line Items]
Prior Period Reclassification Adjustment		$ 20	$ 21
Copper
Schedule of Significant Accounting Policies [Line Items]
Percentage of ultimate copper recovery from leach stockpiles	90.00%
Percentage of copper ultimately recoverable from newly placed material on active stockpiles extracted during the first year	80.00%
PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member]
Schedule of Significant Accounting Policies [Line Items]
Ownership percentage of subsidiary	48.76%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2020
Building
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mine development, useful life	50 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mine development, useful life	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mine development, useful life	50 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Net income (loss) from continuing operations	$ 865	$ (192)	$ 2,909
Net income from continuing operations attributable to noncontrolling interests	(266)	(50)	(292)
Accumulated dividends and undistributed earnings allocated to participating securities	(3)	(3)	(4)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	596	(245)	2,613
Net income (loss) from discontinued operations	0	3	(15)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 596	$ (242)	$ 2,598
Weighted Average Number of Shares Outstanding, Basic	1,453	1,451	1,449
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	8	0	9
Weighted Average Number of Shares Outstanding, Diluted	1,461	1,451	1,458
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.41	$ (0.17)	$ 1.80
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0	(0.01)
Earnings per share, basic (in dollars per share)	0.41	(0.17)	1.79
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	0.41	(0.17)	1.79
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share			(0.01)
Earnings Per Share, Diluted	$ 0.41	$ (0.17)	$ 1.78
Potential anti-dilutive securities		11	1
Outstanding options with exercise prices greater than market price of common stock	31	42	37

DISPOSITIONS AND ACQUISITIONS (

DISPOSITIONS AND ACQUISITIONS (PT-FI Divestment) (Details) - USD ($) $ in Millions	Dec. 21, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Jan. 01, 2023	Jan. 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 350
Accounts payable and accrued liabilities		$ 2,269	$ 2,491		$ 2,269
Net income (loss)		865	(189)	$ 2,894
Other current assets		341	655		341
Property, plant, equipment and mine development costs, net		29,818	29,584		29,818
Deferred Income Tax Liabilities, Net		4,408	4,210		4,408
Noncontrolling interests		8,494	8,150		8,494
Capital in excess of par value		$ 26,037	25,830		$ 26,037
Rio Tinto Share In Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 107
PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	81.28%	48.76%			48.76%
Net income (loss)		$ 765	203		$ 425
Net Income (Loss) Attributable to Parent		$ 621	$ 165		$ 346
PT-FI | Scenario, forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						48.76%
PT Freeport Indonesia, Subsidiary | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	19.00%
PT Indonesia Papua Metal dan Mineral | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest by parent subsequent to business acquisition	25.00%
PT Indonesia Papua Metal dan Mineral | PT-FI | Scenario, forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						25.00%
Rio Tinto | Rio Tinto Share In Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 3,500
PT Indonesia Asahan Aluminium (Persero) (Inalum) | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 3,850
PT Indonesia Asahan Aluminium (Persero) (Inalum) | Interest In PT Indocopper Investama
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of voting interest	100.00%
PT Indonesia Asahan Aluminium (Persero) (Inalum) | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of voting interest	40.00%
Ownership interest by parent subsequent to business acquisition	26.24%
PT Indonesia Asahan Aluminium (Persero) (Inalum) | PT-FI | Scenario, forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						26.24%
PT-FI | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest by parent subsequent to business acquisition	51.24%
PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of subsidiary	48.76%
PT-FI | Scenario, forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of subsidiary						48.76%	81.00%
PT-FI | PT-FI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of subsidiary		48.76%			48.76%
PT-FI | PT Indonesia Papua Metal dan Mineral
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	9.36%
Indemnification Agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts payable and accrued liabilities		$ 42			$ 42

DISPOSITIONS AND ACQUISITIONS_2

DISPOSITIONS AND ACQUISITIONS (TF Holdings Limited) (Details) $ in Millions	Dec. 21, 2018USD ($)	Nov. 16, 2016USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 31, 2020USD ($)	Nov. 30, 2016USD ($)$ / lb	Nov. 15, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 350
Other assets			$ 1,560	$ 1,885
Net income (loss) from discontinued operations			$ 0	3	$ (15)
Disposed of by Sale, Discontinued Operations | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net		$ 2,650
Contingent receivable							$ 120
Chainge in fair value of contingent consideration				3	(17)
Net income (loss) from discontinued operations				$ 3	$ (15)
TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage								70.00%
Copper | Disposed of by Sale, Discontinued Operations | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable							60
Cobalt | Disposed of by Sale, Discontinued Operations | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable						$ 60	$ 60
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb							20
Maximum | Copper | Disposed of by Sale, Discontinued Operations | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb							3.50

DISPOSITIONS AND ACQUISITIONS -

DISPOSITIONS AND ACQUISITIONS - Kisanfu Transaction (Details) - Kisanfu [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Interest in Projects, Pretax	$ 550
Proceeds from Sale of Investment Projects	$ 415
Gain (Loss) on Sale of Interest in Projects		$ 486

DISPOSITIONS AND ACQUISITIONS_3

DISPOSITIONS AND ACQUISITIONS (Assets Held for Sale - Freeport Cobalt) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018	Dec. 21, 2018
Assets
Cash and cash equivalents	$ 2,020	$ 3,657
Trade accounts receivable	741	892
Property, plant, equipment and mine development costs, net	29,584	29,818
Other assets	1,885	1,560
Total previously included in current assets held for sale	40,809	42,144	$ 42,216
Liabilities
Accounts payable and accrued liabilities	2,576	2,708
Accrued income taxes	119	324
Deferred income taxes and asset retirement obligations	4,206	4,408
Total previously included in current liabilities held for sale	23,361	$ 23,476
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Freeport Cobalt
Long Lived Assets Held-for-sale [Line Items]
Disposal Group, Including Discontinued Operation, Cash	59
Disposal Group, Including Discontinued Operation, Assets	271
Liabilities
Disposal Group, Including Discontinued Operation, Liabilities	63
Disposal Group, Including Discontinued Operation, Consideration	200
Disposal Group, Including Discontinued Operation, Consideration, Working Capital	$ 50
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Lundin Mining Corporation [Member] | Freeport Cobalt
Long Lived Assets Held-for-sale [Line Items]
Disposal Group, Including Discontinued Operation, Proceeds On Sale, Percent	30.00%
PT Freeport Indonesia [Member]
Long Lived Assets Held-for-sale [Line Items]
Ownership percentage		48.76%		81.28%

DISPOSITIONS AND ACQUISITIONS_4

DISPOSITIONS AND ACQUISITIONS (Timok) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2020	Dec. 21, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Nov. 01, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net				$ 350
Proceeds from sales						$ 0
Disposed of by Sale, Discontinued Operations | Timok, Lower Zone [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net					$ 240
Divestiture of Businesses, Deferred Payments Receivable							$ 150
Divestiture of Businesses, Deferred Payments Receivable, Demand Amount							60
Disposed of by Sale, Discontinued Operations | Timok, Upper Zone [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of Businesses, Contingent Consideration								$ 107
Proceeds from sales			$ 45
Disposed of by Sale, Discontinued Operations | Timok
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net						240
Divestiture of Businesses, Contingent Consideration					$ 103	$ 103
Gain (Loss) on Disposition of Business							$ 343
Forecast [Member] | Disposed of by Sale, Discontinued Operations | Timok, Upper Zone [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales	$ 12	$ 50

DISPOSITIONS AND ACQUISITIONS_5

DISPOSITIONS AND ACQUISITIONS (Oil and Gas Operations) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / bbl	Dec. 31, 2019USD ($)$ / bbl	Dec. 31, 2018USD ($)$ / bbl	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales	$ 0
Net gain on sales of assets	473	$ 417	$ 208
Other current assets	(341)	(655)
Other assets	(1,560)	(1,885)
Freeport-McMoRan Oil & Gas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales		36
Net gain (loss) on sales of assets			27
Freeport-McMoRan Oil & Gas | Onshore California
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable	50			$ 150
Contingent consideration asset, per year	$ 50	50	$ 50
Other assets		$ (11)
Freeport-McMoRan Oil & Gas | Onshore California | Crude Oil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / bbl	70	70	70
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable				$ 150
Other current assets	$ (12)	$ (18)
Other assets	(96)	(104)
Corporate And Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets	$ 473	417	$ 208
Corporate And Eliminations [Member] | Gulf of Mexico Shelf and Madden properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets		$ 20

OWNERSHIP IN SUBSIDIARIES AND_2

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES (Details) oz in Millions, lb in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020USD ($)lboz	Jan. 01, 2023	Dec. 31, 2019USD ($)	Dec. 21, 2018	May 31, 2016
Summary of investment holdings [Line Items]
Retained Earnings (accumulated deficit)		$ (11,681,000,000)		$ (12,280,000,000)
Rio Tinto
Summary of investment holdings [Line Items]
Ownership percentage					100.00%
Freeport-McMoRan Corporation [Member]
Summary of investment holdings [Line Items]
Number of pounds of copper purchased from Sumitomo (in pounds) | lb		146
Sumitomo Metal Mining, Ltd. and SMM Morenci Inc. [Member]
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo		$ 409,000,000
Due from Joint Ventures, Current		15,000,000
PT-FI
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary		11,400,000,000
Retained Earnings (accumulated deficit)		$ 7,200,000,000
Rio Tinto Share In Joint Venture
Summary of investment holdings [Line Items]
Percent interest in certain assets and future production per terms of the joint venture agreement		40.00%
Sumitomo Metal Mining Co., Ltd. [Member]
Summary of investment holdings [Line Items]
Due from Joint Ventures, Current				$ 19,000,000
Copper
Summary of investment holdings [Line Items]
Estimated Recoverable Proven And Probable Reserves (in pounds) | lb		117,200
Gold
Summary of investment holdings [Line Items]
Estimated Recoverable Proven And Probable Reserves (in pounds) | oz		28.9
Morenci
Summary of investment holdings [Line Items]
Ownership percentage		72.00%
Ownership percentage		28.00%
Morenci | SMM Morenci Inc.
Summary of investment holdings [Line Items]
Ownership percentage						13.00%
Morenci | Sumitomo Metal Mining Co., Ltd. [Member]
Summary of investment holdings [Line Items]
Ownership percentage		15.00%
Cerro Verde [Member]
Summary of investment holdings [Line Items]
Ownership percentage		53.56%
Other North America Mines [Member]
Summary of investment holdings [Line Items]
Ownership percentage		100.00%
El Abra [Member]
Summary of investment holdings [Line Items]
Ownership percentage		51.00%
PT Indocopper Investama [Member]
Summary of investment holdings [Line Items]
Ownership percentage					100.00%
Freeport Minerals Corporation [Member]
Summary of investment holdings [Line Items]
Loans outstanding		$ 0
Freeport Minerals Corporation [Member] | Subsidiaries [Member]
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary		15,000,000,000
Retained Earnings (accumulated deficit)		$ (15,700,000,000)
PT-FI
Summary of investment holdings [Line Items]
Ownership percentage		48.76%			81.28%
Loans outstanding		$ 539,000,000
PT-FI | PT Indocopper Investama [Member]
Summary of investment holdings [Line Items]
Ownership percentage					9.36%
PT-FI | PT Freeport Indonesia, Subsidiary
Summary of investment holdings [Line Items]
Ownership percentage					19.00%
Atlantic Copper [Member]
Summary of investment holdings [Line Items]
Ownership percentage		100.00%
Net assets (liabilities) in subsidiary		$ 145,000,000
Retained Earnings (accumulated deficit)		(406,000,000)
Loans outstanding		$ 56,000,000
Forecast [Member] | Rio Tinto Share In Joint Venture
Summary of investment holdings [Line Items]
Percent interest in certain assets and future production per terms of the joint venture agreement	40.00%
Forecast [Member] | PT-FI
Summary of investment holdings [Line Items]
Ownership percentage			48.76%

INVENTORIES, INCLUDING LONG-T_3

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Components of Inventories) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,594	$ 1,649
Mill stockpiles	205	220
Inventory, Ore Stockpiles on Leach Pads, Gross	809	923
Total current mill and leach stockpiles	1,014	1,143
Raw materials (primarily concentrate)	366	318
Work-in-process	174	124
Finished goods	745	839
Total product	1,285	1,281
Mill stockpiles	223	181
Leach stockpiles	1,240	1,244
Total long-term inventories	1,463	1,425
Inventory obsolescence reserves	32	24
Inventory Adjustment	96	179	$ 4
Molybdenum
Components of Inventories [Line Items]
Inventory Adjustment	(38)	(84)
Cobalt
Components of Inventories [Line Items]
Inventory Adjustment		(58)
Copper
Components of Inventories [Line Items]
Inventory Adjustment	$ (58)	$ (37)

PROPERTY, PLANT, EQUIPMENT AN_3

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Schedule of PPE) (Details) - USD ($)	12 Months Ended					156 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 30, 2008	Dec. 31, 2007	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	$ 74,883,000,000	$ 73,357,000,000				$ 73,357,000,000
Accumulated depreciation, depletion and amortization	(45,065,000,000)	(43,773,000,000)				(43,773,000,000)
Property, plant, equipment and mining development costs, net	29,818,000,000	29,584,000,000				29,584,000,000
Proven and probable reserves [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	7,142,000,000	7,087,000,000				7,087,000,000
Transfer From Value Beyond Proven And Probable Reserves To Proven And Probable Reserves	100,000	0				811,000,000
Value beyond proven and probable reserves (VBPP) [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 1,600,000,000
Property, plant, equipment and mining development costs	376,000,000	465,000,000				465,000,000
Property, Plant and Equipment, Transfers and Changes				$ 497,000,000
Mine development and other
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	10,686,000,000	8,180,000,000				8,180,000,000
Buildings and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	9,214,000,000	8,435,000,000				8,435,000,000
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	14,235,000,000	13,312,000,000				13,312,000,000
Mobile equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	4,495,000,000	4,320,000,000				4,320,000,000
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	1,454,000,000	4,265,000,000				4,265,000,000
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	27,281,000,000	27,293,000,000				27,293,000,000
Accumulated depreciation, depletion and amortization	(27,300,000,000)	(27,300,000,000)				$ (27,300,000,000)
Discontinued Operations
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 634,000,000
Mining Operations [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest	$ 147,000,000	$ 149,000,000	$ 96,000,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Other Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 215	$ 215
Intangible assetsc	401	402
Investments: [Abstract]
Assurance bond	148	157
Fixed income, equity securities and other	70	66
Disposal group, contingent consideration	96	115
Legally restricted fundsg	213	196
Long-term receivable for taxes	106	290
Materials, Supplies, and Other	19	22
Other	85	134
Total other assets	1,560	1,885
Finite-Lived Intangible Assets, Accumulated Amortization	32	54
Equity in affiliated companies’ net earnings	12	12	$ 8
PT-FI
Investments: [Abstract]
Long-term receivable for taxes	143	178
Cerro Verde
Investments: [Abstract]
Long-term receivable for taxes	190	187
PT Smelting
Investments: [Abstract]
PT Smelting	$ 77	80
Ownership percentage	25.00%
Equity in affiliated companies’ net earnings	$ 39	29
Accounts Receivable, before Allowance for Credit Loss, Current	265	261
NEW MEXICO
Investments: [Abstract]
Legally restricted funds for asset retirement obligations at New Mexico mines	212	196
Disposed of by Sale, Discontinued Operations | Timok, Lower Zone [Member]
Investments: [Abstract]
Divestiture of Businesses, Deferred Payments Receivable, Demand Amount	$ 12	$ 58

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 1,473	$ 1,654
Salaries, wages and other compensation	312	249
Accrued interesta	243	178
PT-FI contingenciesb	196	115
Pension, postretirement, postemployment and other employee benefits	91	69
Legal matters	86	88
Accrued taxes, other than income taxes	76	79
Deferred revenue	65	12
Leases	38	44
Other	128	88
Total accounts payable and accrued liabilities	2,708	2,576
Cash interest paid, net	$ 472	$ 591	$ 500

DEBT (Details)

DEBT (Details)

Jun. 19, 2022USD ($)

Aug. 15, 2019USD ($)

May 02, 2019

Mar. 31, 2020USD ($)

Aug. 31, 2019USD ($)

Jun. 30, 2023

Dec. 31, 2021

Sep. 30, 2014

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Jul. 31, 2020USD ($)

Jul. 01, 2020USD ($)

Jun. 30, 2020USD ($)

Aug. 01, 2019

Dec. 31, 2014USD ($)

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ 101,000,000

$ 27,000,000

$ (7,000,000)

Long-term Debt, Maturities, Repayments of Principal in Year Two

1,050,000,000

Long-term Debt

9,711,000,000

9,826,000,000

Proceeds from (Repayments of) Debt

$ 1,485,000,000

Cerro Verde [Abstract]

Repayments of Debt

$ 3,724,000,000

3,197,000,000

2,717,000,000

Term of Debt Agreement

5 years

Debt Instrument, Leverage Ratio

5.25

Proceeds from debt

$ 1,285,000,000

$ 1,187,000,000

$ 3,531,000,000

1,879,000,000

632,000,000

Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

(100,000,000)

(26,000,000)

10,000,000

Other Debt [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 49,000,000

$ 41,000,000

2.15% Senior Notes due 2017 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.15%

2.30% Senior Notes Due 2017 | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.30%

6.125% Senior Notes due 2019 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.125%

6.125%

2.375% Senior Notes due March 2018 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.375%

6.5% Senior Notes due 2020 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.50%

6.50%

6.625% Senior Notes due 2021 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.625%

6.625%

6.75% Senior Notes due 2022 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

8,000,000

Debt Instrument, Interest Rate, Stated Percentage

6.75%

6.75%

3.100% Senior Notes due March 2020 | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.10%

6.875% Senior Notes due 2023 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.875%

6.875% Senior Notes due 2023 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (6,000,000)

2,000,000

Debt Instrument, Interest Rate, Stated Percentage

6.875%

6.875%

4.00% Senior Notes Due 2021 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.00%

4.00%

4.00% Senior Notes Due 2021 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (11,000,000)

$ (15,000,000)

Long-term Debt

$ 0

194,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.00%

3.55% Senior Notes Due 2022 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.55%

3.55%

3.55% Senior Notes Due 2022 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (41,000,000)

0

Long-term Debt

$ 523,000,000

1,876,000,000

Debt Instrument, Interest Rate, Stated Percentage

3.55%

3.875% Senior Notes due March 2023 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (41,000,000)

Long-term Debt

$ 994,000,000

1,917,000,000

Debt Instrument, Interest Rate, Stated Percentage

3.875%

senior notes 4.55 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.55%

senior notes 4.55 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Gain (Loss) on Extinguishment of Debt

$ (7,000,000)

Long-term Debt

$ 728,000,000

846,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.55%

Senior Notes due 2034 5 point 4 percent [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 742,000,000

741,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.40%

5.450% Senior Notes due March 2043 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 1,845,000,000

1,844,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.45%

Senior Notes due 2027, 5% [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 650,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.375%

5.00%

Cerro Verde [Abstract]

Proceeds from debt

600,000,000

Senior Notes due 2027, 5% [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 593,000,000

592,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.00%

Senior Notes due 2029, 5.25% [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 850,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.625%

5.25%

Cerro Verde [Abstract]

Proceeds from debt

$ 600,000,000

Senior Notes due 2029, 5.25% [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 593,000,000

592,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.25%

Senior Notes Due 2023 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.875%

Senior Notes Due 2022 [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.55%

Cerro Verde Term Loan [Member]

Cerro Verde [Abstract]

Repayments of Debt

$ 305,000,000

200,000,000

470,000,000

Loss on Prepayments of Debt

1,000,000

1,000,000

$ 3,000,000

Senior Notes, due 2022, 2023, and 4.55% due 2024 [Member]

Cerro Verde [Abstract]

Debt Instrument, Repurchase Amount

$ 1,400,000,000

Senior Notes Due 2028, 4.125% [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.125%

Cerro Verde [Abstract]

Proceeds from debt

$ 700,000,000

Senior Notes Due 2028, 4.125% [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 691,000,000

0

Debt Instrument, Interest Rate, Stated Percentage

4.125%

Senior Notes Due 2030, 4.25%

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.25%

Cerro Verde [Abstract]

Proceeds from debt

$ 600,000,000

Senior Notes Due 2030, 4.25% | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 592,000,000

0

Debt Instrument, Interest Rate, Stated Percentage

4.25%

Cerro Verde | Line of Credit [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 523,000,000

826,000,000

Cerro Verde | Shareholder Loan [Member]

Debt Instruments [Line Items]

Long-term Debt

0

0

Cerro Verde [Abstract]

Related Party Transaction, Remaining Borrowing Capacity

200,000,000

$ 800,000,000

Freeport McMoRan Corporation [Member] | 7.125% Debentures due 2027 [Member] | Debentures [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 115,000,000

115,000,000

Debt Instrument, Interest Rate, Stated Percentage

7.125%

Freeport McMoRan Corporation [Member] | 9.5% Senior Notes due 2031 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 124,000,000

125,000,000

Debt Instrument, Interest Rate, Stated Percentage

9.50%

Freeport McMoRan Corporation [Member] | 6.125% Senior Notes due 2034 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Long-term Debt

$ 117,000,000

117,000,000

Debt Instrument, Interest Rate, Stated Percentage

6.125%

Freeport-McMoRan Oil & Gas | 6.125% Senior Notes due 2019 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.125%

Freeport-McMoRan Oil & Gas | 6.5% Senior Notes due 2020 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.50%

Freeport-McMoRan Oil & Gas | 6.625% Senior Notes due 2021 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.625%

Freeport-McMoRan Oil & Gas | 6.75% Senior Notes due 2022 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.75%

Freeport-McMoRan Oil & Gas | 6.875% Senior Notes due 2023 [Member] | Senior Notes [Member]

Debt Instruments [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.875%

Line of Credit [Member] | Cerro Verde | Line of Credit [Member]

Cerro Verde [Abstract]

Term of Debt Agreement

5 years

Debt Instrument, Interest Rate, Effective Percentage

2.05%

Letter of Credit [Member] | Line of Credit [Member]

Revolving Credit Facility [Abstract]

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,500,000,000

Long-term Line of Credit

10,000,000

Revolving Credit Facility [Member] | Line of Credit [Member]

Debt Instruments [Line Items]

Long-term Debt

0

$ 0

Revolving Credit Facility [Abstract]

Line of Credit Facility, Maximum Borrowing Capacity

$ 3,500,000,000

Line of Credit Facility, Remaining Borrowing Capacity

3,500,000,000

Revolving Credit Facility [Member] | Line of Credit Maturing April 2023 [Member]

Revolving Credit Facility [Abstract]

Line of Credit Facility, Remaining Borrowing Capacity

220,000,000

Revolving Credit Facility [Member] | Line of Credit Maturing April 2024 [Member]

Revolving Credit Facility [Abstract]

Line of Credit Facility, Remaining Borrowing Capacity

3,280,000,000

Revolving Credit Facility [Member] | Credit Agreement [Member]

Cerro Verde [Abstract]

Debt Instrument, Covenant, Minimum Liquidity Required

1,000,000,000

Debt Instrument, Covenant, Minimum Liquidity Required

1,000,000,000

Revolving Credit Facility [Member] | PT Freeport Indonesia [Member] | Line of Credit [Member]

Revolving Credit Facility [Abstract]

Line of Credit Facility, Remaining Borrowing Capacity

$ 500,000,000

Forecast [Member]

Cerro Verde [Abstract]

Debt Instrument, Leverage Ratio

3.75

Debt Instrument, Covenant, Interest Coverage Ratio, Minimum

2.25

2

Forecast [Member] | Cerro Verde Term Loan [Member]

Cerro Verde [Abstract]

Repayments of Debt

$ 525,000,000

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($)	May 02, 2019	Sep. 30, 2014	Dec. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Aug. 15, 2019	Aug. 01, 2019
Debt Instruments [Line Items]
Long-term Debt			$ 9,711,000,000				$ 9,826,000,000
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months			(34,000,000)				(5,000,000)
Long-term debt			$ 9,677,000,000				$ 9,821,000,000
Term of Debt Agreement	5 years
4.00% Senior Notes Due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						4.00%			4.00%
3.55% Senior Notes Due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						3.55%			3.55%
6.875% Senior Notes due 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									6.875%
senior notes 4.55 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								4.55%
Senior Notes due 2027, 5% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.375%					5.00%
Long-term Debt				$ 650,000,000
Senior Notes due 2029, 5.25% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.625%					5.25%
Long-term Debt				$ 850,000,000
Senior Notes Due 2028, 4.125% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						4.125%
Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						4.25%
Senior Notes [Member] | 2.15% Senior Notes due 2017 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			2.15%
Senior Notes [Member] | 2.30% Senior Notes Due 2017
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			2.30%
Senior Notes [Member] | 2.375% Senior Notes due March 2018 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			2.375%
Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.125%				6.125%
Senior Notes [Member] | 3.100% Senior Notes due March 2020
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			3.10%
Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.50%				6.50%
Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.625%				6.625%
Senior Notes [Member] | 4.00% Senior Notes Due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.00%
Long-term Debt			$ 0				$ 194,000,000
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.75%				6.75%
Senior Notes [Member] | 3.55% Senior Notes Due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			3.55%
Long-term Debt			$ 523,000,000				$ 1,876,000,000
Senior Notes [Member] | 6.875% Senior Notes due 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.875%				6.875%
Senior Notes [Member] | 3.875% Senior Notes due March 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			3.875%
Long-term Debt			$ 994,000,000				$ 1,917,000,000
Senior Notes [Member] | senior notes 4.55 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.55%
Long-term Debt			$ 728,000,000				846,000,000
Senior Notes [Member] | Senior Notes due 2027, 5% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Long-term Debt			$ 593,000,000				592,000,000
Senior Notes [Member] | Senior Notes due 2029, 5.25% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.25%
Long-term Debt			$ 593,000,000				592,000,000
Senior Notes [Member] | Senior Notes due 2034 5 point 4 percent [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.40%
Long-term Debt			$ 742,000,000				741,000,000
Senior Notes [Member] | 5.450% Senior Notes due March 2043 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.45%
Long-term Debt			$ 1,845,000,000				1,844,000,000
Senior Notes [Member] | Senior Notes Due 2028, 4.125% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.125%
Long-term Debt			$ 691,000,000				0
Senior Notes [Member] | Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.375%
Long-term Debt			$ 642,000,000				0
Senior Notes [Member] | Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.25%
Long-term Debt			$ 592,000,000				0
Senior Notes [Member] | Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.625%
Long-term Debt			$ 840,000,000				0
Other Debt [Member]
Debt Instruments [Line Items]
Long-term Debt			49,000,000				41,000,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt			0				0
Line of Credit Facility, Remaining Borrowing Capacity			3,500,000,000
Line of Credit Facility, Maximum Borrowing Capacity					$ 3,500,000,000
Letter of Credit [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Line of Credit			10,000,000
Line of Credit Facility, Maximum Borrowing Capacity			1,500,000,000
Cerro Verde | Shareholder Loan [Member]
Debt Instruments [Line Items]
Long-term Debt			0				0
Cerro Verde | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt			$ 523,000,000				826,000,000
Cerro Verde | Line of Credit [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Term of Debt Agreement		5 years
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.125%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.50%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.625%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.75%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.875% Senior Notes due 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.875%
Freeport McMoRan Corporation [Member] | Senior Notes [Member] | Senior Notes Due 2031 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			9.50%
Long-term Debt			$ 124,000,000				125,000,000
Freeport McMoRan Corporation [Member] | Senior Notes [Member] | Senior Notes Due 2034 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.125%
Long-term Debt			$ 117,000,000				117,000,000
Freeport McMoRan Corporation [Member] | Debentures [Member] | Debentures Due 2027 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.125%
Long-term Debt			$ 115,000,000				$ 115,000,000

DEBT - Schedule of Senior Notes

DEBT - Schedule of Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 31, 2020	Mar. 31, 2020	Aug. 15, 2019	Aug. 01, 2019
Debt Instruments [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (101)	$ (27)	$ 7
Liabilities, Fair Value Adjustment	10	11
Long-term Debt	9,711	9,826
Debt Issuance Costs, Net	85	66
Senior Notes due 2027, 5% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.375%			5.00%
Long-term Debt				$ 650
Senior Notes Due 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						3.875%
3.55% Senior Notes Due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.55%		3.55%
Senior Notes due 2029, 5.25% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.625%			5.25%
Long-term Debt				$ 850
Senior Notes [Member]
Debt Instruments [Line Items]
Extinguishment Of Debt, Redemption Value	2,686	2,201	470
Gain (Loss) on Extinguishment of Debt	100	26	(10)
Debt Instrument, Face Amount	2,598	2,145	454
Extinguishment of Debt, Amount	$ 2,586	2,175	480
Senior Notes [Member] | Senior Notes due 2027, 5% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Long-term Debt	$ 593	$ 592
Senior Notes [Member] | 3.100% Senior Notes due March 2020
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.10%
Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%	6.125%
Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.625%	6.625%
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Extinguishment Of Debt, Redemption Value			418
Gain (Loss) on Extinguishment of Debt			(8)
Debt Instrument, Interest Rate, Stated Percentage	6.75%	6.75%
Debt Instrument, Face Amount			404
Extinguishment of Debt, Amount			$ 426
Senior Notes [Member] | 3.55% Senior Notes Due 2022 [Member]
Debt Instruments [Line Items]
Extinguishment Of Debt, Redemption Value	$ 1,391	$ 12
Gain (Loss) on Extinguishment of Debt	$ 41	0
Debt Instrument, Interest Rate, Stated Percentage	3.55%
Debt Instrument, Face Amount	$ 1,356	12
Long-term Debt	523	1,876
Extinguishment of Debt, Amount	$ 1,350	12
Senior Notes [Member] | Senior Notes due 2029, 5.25% [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Long-term Debt	$ 593	$ 592
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.625%
Freeport-McMoRan Oil & Gas | Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.75%

DEBT - Debt Extinguishment (Det

DEBT - Debt Extinguishment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instruments [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (101)	$ (27)	$ 7
Senior Notes [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount	2,598	2,145	454
DebtIssuanceCostsandFairValueAdjustments	(12)	30	26
Extinguishment of Debt, Amount	2,586	2,175	480
Extinguishment Of Debt, Redemption Value	2,686	2,201	470
Gain (Loss) on Extinguishment of Debt	100	26	(10)
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount			404
DebtIssuanceCostsandFairValueAdjustments			22
Extinguishment of Debt, Amount			426
Extinguishment Of Debt, Redemption Value			418
Gain (Loss) on Extinguishment of Debt			(8)
Senior Notes [Member] | 3.55% Senior Notes Due 2022 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount	1,356	12
DebtIssuanceCostsandFairValueAdjustments	(6)	0
Extinguishment of Debt, Amount	1,350	12
Extinguishment Of Debt, Redemption Value	1,391	12
Gain (Loss) on Extinguishment of Debt	41	0
Senior Notes [Member] | 3.875% Senior Notes due March 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount	927
DebtIssuanceCostsandFairValueAdjustments	(4)
Extinguishment of Debt, Amount	923
Extinguishment Of Debt, Redemption Value	964
Gain (Loss) on Extinguishment of Debt	41
Senior Notes [Member] | 6.875% Senior Notes due 2023 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount		728	50
DebtIssuanceCostsandFairValueAdjustments		34	4
Extinguishment of Debt, Amount		762	54
Extinguishment Of Debt, Redemption Value		768	52
Gain (Loss) on Extinguishment of Debt		6	$ (2)
Senior Notes [Member] | 4.00% Senior Notes Due 2021 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount	195	405
DebtIssuanceCostsandFairValueAdjustments	(1)	(2)
Extinguishment of Debt, Amount	194	403
Extinguishment Of Debt, Redemption Value	205	418
Gain (Loss) on Extinguishment of Debt	11	15
Senior Notes [Member] | senior notes 4.55 [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount	120
DebtIssuanceCostsandFairValueAdjustments	(1)
Extinguishment of Debt, Amount	119
Extinguishment Of Debt, Redemption Value	126
Gain (Loss) on Extinguishment of Debt	$ 7
Senior Notes [Member] | Senior Notes Due 2022, 3.1% [Member]
Debt Instruments [Line Items]
Debt Instrument, Face Amount		1,000
DebtIssuanceCostsandFairValueAdjustments		(2)
Extinguishment of Debt, Amount		998
Extinguishment Of Debt, Redemption Value		1,003
Gain (Loss) on Extinguishment of Debt		$ 5

DEBT - Maturities (Details)

DEBT - Maturities (Details) $ in Millions	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 36
Long-term Debt, Maturities, Repayments of Principal in Year Two	1,050
Long-term Debt, Maturities, Repayments of Principal in Year Three	1,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	730
Long-term Debt, Maturities, Repayments of Principal in Year Five	0
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 7,000

OTHER LIABILITIES, INCLUDING _3

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS OTHER LIABILITEIS, INCLUDING EMPLOYEE BENEFIT (Components of Other Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities, Including Employee Benefits [Abstract]
Pension, postretirement, postemployment and other employment benefits	$ 1,213	$ 1,318
Estimated Litigation Liability	376	502
Provision for tax positions	261	255
Operating Lease, Liability, Noncurrent	190	204
Other	229	212
Total other liabilities	$ 2,269	$ 2,491

OTHER LIABILITIES, INCLUDING _4

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Penion Plans) (Details) $ in Millions	Jul. 31, 2020	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Rp / $	Dec. 31, 2019USD ($)Rp / $	Dec. 31, 2018USD ($)
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation			$ 2,722	$ 2,576	$ 2,230
Discount rate			2.50%	3.40%	4.40%
Expected return on plan assets			5.25%
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			$ (308)	$ (328)
Service cost			37	42	$ 44
Interest cost			77	95	84
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)			(1)	(1)
Defined Benefit Plan, Benefit Obligation, Benefits Paid			123	120
Total pension plan net assets			1,946	1,677	1,433
Actual return on plan assets			272	289
Employer contributions			119	74
Foreign exchange gains (losses)			1	1
Defined Benefit Plan, Plan Assets, Benefits Paid			123	120
Defined Benefit Plan, Funded (Unfunded) Status of Plan			(776)	(899)
Accumulated benefit obligation			$ 2,719	$ 2,414
Rate of compensation increase			0.00%	3.25%
Other assets			$ 7	$ 8
Accounts payable and accrued liabilities			4	4
Liability, Defined Benefit Plan, Noncurrent			779	903
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position			(776)	(899)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment			$ (4)	$ 0	$ 0
Discount rate			2.98%	4.40%	3.70%
Expected return on plan assets			6.25%	6.50%	6.50%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment			$ 154	$ 0
Domestic Plan [Member] | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets			40.00%
Domestic Plan [Member] | Fixed Income Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets			52.00%
Domestic Plan [Member] | Alternative Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets			8.00%
SERP
Defined Benefit Plan Disclosure [Line Items]
Years of service required for annuity to equal percentage of executive's highest average compensation for any consecutive three-year period during the preceeding five years before retirement			25 years
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation			$ 238	$ 217	$ 220
Discount rate			6.25%	7.25%	8.25%
Expected return on plan assets			7.75%
Foreign currency exchange rate | Rp / $			14,034	13,832
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			$ (12)	$ 27
Service cost			11	12	$ 13
Interest cost			14	17	14
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)			2	(8)
Defined Benefit Plan, Benefit Obligation, Benefits Paid			14	13
Total pension plan net assets			251	254	$ 238
Actual return on plan assets			13	19
Employer contributions			2	0
Foreign exchange gains (losses)			(4)	10
Defined Benefit Plan, Plan Assets, Benefits Paid			14	13
Defined Benefit Plan, Funded (Unfunded) Status of Plan			13	37
Accumulated benefit obligation			$ 194	$ 175
Rate of compensation increase			4.00%	4.00%
Other assets			$ 13	$ 37
Accounts payable and accrued liabilities			0	0
Liability, Defined Benefit Plan, Noncurrent			0	0
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position			$ 13	$ 37
Discount rate			7.25%	8.25%	6.75%
Expected return on plan assets			7.75%	8.25%	6.75%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment			$ 0	$ 0
Postretirement Medical and Life Insurance Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate			2.21%	3.00%
Rate of compensation increase	325.00%
Accounts payable and accrued liabilities			$ 7	$ 13
Liability, Defined Benefit Plan, Noncurrent			$ 69	$ 112
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment		$ 4
Discount rate	240.00%		3.00%	4.20%	3.50%
Expected return on plan assets	625.00%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment		184
Defined Benefit Plan, Plan Assets, (Increase) Decrease for Curtailment		$ 103

OTHER LIABILITIES, INCLUDING _5

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of Disclosures) (Details) $ in Millions	Jul. 31, 2020	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Rp / $	Dec. 31, 2019USD ($)Rp / $	Dec. 31, 2018USD ($)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation			$ 2,666	$ 2,522
Accumulated benefit obligation			2,664	2,361
Fair value of plan assets			1,884	1,615
Amounts recognized in other comprehensive loss (income) [Abstract]
Actuarial net loss (gain), net of tax			(46)	116	$ 77
Prior service (credit) cost, net of tax			0	0	4
Domestic Plan [Member]
Change in benefit obligation:
Benefit obligation at beginning of year			2,576	2,230
Service cost			37	42	44
Interest cost			77	95	84
Actuarial losses (gains)			308	328
Foreign exchange losses (gains)			1	1
Defined Benefit Plan, Benefit Obligation, Benefits Paid			123	120
Benefits obligation at end of year			2,722	2,576	2,230
Change in plan assets:
Fair value of plan assets at beginning of year			1,677	1,433
Actual return on plan assets			272	289
Employer contributions			119	74
Foreign exchange gains (losses)			1	1
Benefits and administrative expenses paid			(123)	(120)
Fair value of plan assets at end of year			1,946	1,677	$ 1,433
Funded status at end of year			(776)	(899)
Accumulated benefit obligation			$ 2,719	$ 2,414
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate			2.50%	3.40%	4.40%
Rate of compensation increase			0.00%	3.25%
Balance sheet classification of funded status:
Other assets			$ 7	$ 8
Accounts payable and accrued liabilities			(4)	(4)
Other liabilities			(779)	(903)
Total			(776)	$ (899)
Estimated future employer contributions in next fiscal year			$ 64
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate			2.98%	4.40%	3.70%
Expected return on plan assets			6.25%	6.50%	6.50%
Rate of compensation increase			3.25%	3.25%	3.25%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost			$ 37	$ 42	$ 44
Interest cost			77	95	84
Expected return on plan assets			(105)	(90)	(101)
Amortization of net actuarial losses			45	48	49
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment			4	0	0
Net periodic benefit cost			$ 58	95	76
SERP
Defined Benefit Plan Disclosure [Line Items]
Years of service required for annuity to equal percentage of executive's highest average compensation for any consecutive three-year period during the preceeding five years before retirement			25 years
Foreign Plan [Member]
Change in benefit obligation:
Benefit obligation at beginning of year			$ 217	220
Service cost			11	12	13
Interest cost			14	17	14
Actuarial losses (gains)			12	(27)
Foreign exchange losses (gains)			(2)	8
Defined Benefit Plan, Benefit Obligation, Benefits Paid			14	13
Benefits obligation at end of year			238	217	220
Change in plan assets:
Fair value of plan assets at beginning of year			254	238
Actual return on plan assets			13	19
Employer contributions			2	0
Foreign exchange gains (losses)			(4)	10
Benefits and administrative expenses paid			(14)	(13)
Fair value of plan assets at end of year			251	254	$ 238
Funded status at end of year			13	37
Accumulated benefit obligation			$ 194	$ 175
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate			6.25%	7.25%	8.25%
Rate of compensation increase			4.00%	4.00%
Balance sheet classification of funded status:
Other assets			$ 13	$ 37
Accounts payable and accrued liabilities			0	0
Other liabilities			0	0
Total			13	$ 37
Estimated future employer contributions in next fiscal year			$ 2
Foreign currency exchange rate | Rp / $			14,034	13,832
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate			7.25%	8.25%	6.75%
Expected return on plan assets			7.75%	8.25%	6.75%
Rate of compensation increase			4.00%	4.00%	4.00%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost			$ 11	$ 12	$ 13
Interest cost			14	17	14
Expected return on plan assets			(19)	(17)	(19)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)			2	1	2
Amortization of net actuarial losses			(3)	(1)	(1)
Net periodic benefit cost			5	12	$ 9
Pension Plan
Amounts recognized in other comprehensive loss (income) [Abstract]
Actuarial net loss (gain), Before Taxes			673	710
Prior service (credit), Before Taxes			6	11
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax			679	721
Actuarial net loss (gain), net of tax			558	604
Prior service (credit) cost, net of tax			1	6
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax			$ 559	$ 610
Postretirement Medical and Life Insurance Benefit Plans
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate			2.21%	3.00%
Rate of compensation increase	325.00%
Balance sheet classification of funded status:
Accounts payable and accrued liabilities			$ (7)	$ (13)
Other liabilities			$ (69)	$ (112)
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	240.00%		3.00%	4.20%	3.50%
Expected return on plan assets	625.00%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment		$ (4)
Net periodic benefit cost			$ 3	$ 4	$ 5

OTHER LIABILITIES, INCLUDING _6

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of FV of Financial Assets for Pension Plans) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Domestic Plan [Member]
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ 1,946	$ 1,677	$ 1,433
Domestic Plan [Member] | Global equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	527	425
NAV	527	425
Domestic Plan [Member] | Fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	404	239
NAV	404	239
Domestic Plan [Member] | Global fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets		67
NAV		67
Domestic Plan [Member] | Real estate property
Fair value of plan assets measurement [Line items]
Total pension plan net assets	59	58
NAV	59	58
Domestic Plan [Member] | International small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	76	55
NAV	76	55
Domestic Plan [Member] | U.S. real estate securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	51	53
NAV	51	53
Domestic Plan [Member] | Short-term investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	51	16
NAV	51	16
Domestic Plan [Member] | U.S. small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	25
NAV	25
Domestic Plan [Member] | Corporate bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	381	256
NAV	0	0
Domestic Plan [Member] | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	181	279
NAV	0	0
Domestic Plan [Member] | Global large-cap equity securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	109	107
NAV	0	0
Domestic Plan [Member] | Private equity investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	10	11
NAV	10	11
Domestic Plan [Member] | Other investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	55	64
NAV	0	0
Domestic Plan [Member] | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,929	1,630
NAV	1,203	924
Domestic Plan [Member] | Cash and receivables
Fair value of plan assets measurement [Line items]
Total pension plan net assets	100	86
Domestic Plan [Member] | Payables
Fair value of plan assets measurement [Line items]
Total pension plan net assets	(83)	(39)
Domestic Plan [Member] | Level 1 | Global equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Global fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Domestic Plan [Member] | Level 1 | Real estate property
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | International small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | U.S. real estate securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Short-term investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | U.S. small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Domestic Plan [Member] | Level 1 | Corporate bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Global large-cap equity securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	109	107
Domestic Plan [Member] | Level 1 | Private equity investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 1 | Other investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1	14
Domestic Plan [Member] | Level 1 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	110	121
Domestic Plan [Member] | Level 2 | Global equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | Fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | Global fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Domestic Plan [Member] | Level 2 | Real estate property
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | International small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | U.S. real estate securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | Short-term investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | U.S. small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Domestic Plan [Member] | Level 2 | Corporate bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	381	256
Domestic Plan [Member] | Level 2 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	181	279
Domestic Plan [Member] | Level 2 | Global large-cap equity securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | Private equity investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 2 | Other investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	54	50
Domestic Plan [Member] | Level 2 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	616	585
Domestic Plan [Member] | Level 3 | Global equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Global fixed income securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Domestic Plan [Member] | Level 3 | Real estate property
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | International small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | U.S. real estate securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Short-term investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | U.S. small-cap equity
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Domestic Plan [Member] | Level 3 | Corporate bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Global large-cap equity securities
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Private equity investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Other investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Domestic Plan [Member] | Level 3 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member]
Fair value of plan assets measurement [Line items]
Total pension plan net assets	251	254	$ 238
Foreign Plan [Member] | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	212	190
Foreign Plan [Member] | Common Stock
Fair value of plan assets measurement [Line items]
Total pension plan net assets	77	80
Foreign Plan [Member] | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	117	93
Foreign Plan [Member] | Mutual funds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	18	17
Foreign Plan [Member] | Cash and receivables
Fair value of plan assets measurement [Line items]
Total pension plan net assets	41	65
Foreign Plan [Member] | Payables
Fair value of plan assets measurement [Line items]
Total pension plan net assets	(2)	(1)
Foreign Plan [Member] | Level 1 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	212	190
Foreign Plan [Member] | Level 1 | Common Stock
Fair value of plan assets measurement [Line items]
Total pension plan net assets	77	80
Foreign Plan [Member] | Level 1 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	117	93
Foreign Plan [Member] | Level 1 | Mutual funds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	18	17
Foreign Plan [Member] | Level 2 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 2 | Common Stock
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 2 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 2 | Mutual funds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 3 | Total investments
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 3 | Common Stock
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 3 | Government bonds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Foreign Plan [Member] | Level 3 | Mutual funds
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ 0	$ 0

OTHER LIABILITIES, INCLUDING _7

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Expected Benefit Payments) (Details) $ in Millions	Dec. 31, 2020USD ($)
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2019	$ 127
2020	174
2021	129
2022	131
2023	132
2024 through 2028	655
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2019	16
2020	21
2021	29
2022	31
2023	28
2024 through 2028	$ 154

OTHER LIABILITIES, INCLUDING _8

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Postretirement and Other Benefits) (Details) - USD ($) $ in Millions	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Selling, general and administrative expenses		$ 370	$ 394	$ 422
Postemployment Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accounts payable and accrued liabilities		6	7
Other non-current liabilities		42	44
Postretirement Medical and Life Insurance Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accounts payable and accrued liabilities		7	13
Other non-current liabilities		$ 69	$ 112
Discount rate		2.21%	3.00%
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2019		$ 8
2020		7
2021		7
2022		6
2023		6
2024 through 2028		23
Net periodic benefit cost		$ 3	$ 4	$ 5
Discount rate	240.00%	3.00%	4.20%	3.50%
Health care cost trend rates for the next fiscal year		7.50%
Ultimate health care cost trend rate		4.25%

OTHER LIABILITIES, INCLUDING _9

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Defined Contribution Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Liabilities	$ 23,476	$ 23,361
Other liabilities	2,269	2,491
Costs charged to operations for employee savings plans and defined contribution plans	40	85	$ 75
401K Plan
Defined Contribution Plan Disclosure [Line Items]
Liabilities	$ 49	$ 46

OTHER LIABILITIES, INCLUDING_10

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Restructuring Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Selling, general and administrative expenses	$ 370	$ 394	$ 422
Indonesia | Operating Segments | Grasberg Segment [Member]
Restructuring Cost and Reserve [Line Items]
Selling, general and administrative expenses	$ 108	$ 125	$ 123

STOCKHOLDERS' EQUITY AND STOC_3

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Common Stock) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Authorized shares of capital stock			3,050
Authorized shares of common stock			3,000
Authorized shares of preferred stock			50
Dividends declared per share of common stock (in dollars per share)			$ 0	$ 0.20	$ 0.20
Subsequent Event [Member]
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.30
Percent of Cash Flows Allocated to Shareholder Returns After Debt Reduction	50.00%
Covid-19 [Member]
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Suspended		$ 0.05
Minimum | Subsequent Event [Member]
Class of Stock [Line Items]
Payout Policy, Targeted Debt	$ 3,000
Maximum | Subsequent Event [Member]
Class of Stock [Line Items]
Payout Policy, Targeted Debt	$ 4,000

STOCKHOLDERS' EQUITY AND STOC_4

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	$ 9,298
Ending balance, stockholders' equity	10,174	$ 9,298
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	40	(111)	$ (87)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(686)	(615)	(494)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	47	(118)	(84)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	46	47	48
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, Tax			(6)
Ending balance, stockholders' equity	(593)	(686)	(615)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Accounting Standards Update 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity		(79)
Ending balance, stockholders' equity			(79)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	0	0	(3)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	0	0	0
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	0	0	3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, Tax			0
Ending balance, stockholders' equity	0	0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Accounting Standards Update 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity		0
Ending balance, stockholders' equity			0
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	10	10	10
OCI, before Reclassifications, Net of Tax, Attributable to Parent	0	0	0
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	0	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, Tax			0
Ending balance, stockholders' equity	10	10	10
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accounting Standards Update 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity		0
Ending balance, stockholders' equity			0
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(676)	(605)	(487)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	47	(118)	(84)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	46	47	51
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, Tax			(6)
Ending balance, stockholders' equity	(583)	(676)	(605)
Accumulated Other Comprehensive Loss | Accounting Standards Update 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity		(79)
Ending balance, stockholders' equity			(79)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(7)	8	(4)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Maximum
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	$ (1)	$ (1)	$ (1)

STOCKHOLDERS' EQUITY AND STOC_5

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for issuance under each of the stock award plans	72
Number of shares available for grant	39.7
Total stock-based compensation	$ 99	$ 63	$ 74
Tax benefit of compensation costs	(5)	(4)	(4)
Impact on net income	94	59	70
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	70	48	62
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 29	$ 15	$ 12
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (number of RSUs and PSUs)	0.8	0.7	0.5

STOCKHOLDERS' EQUITY AND STOC_6

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Stock Option and SARs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in number of options/units)	48,312,053
Granted (in number of options/units)	3,803,000
Exercised (in number of options/units)	(6,240,340)
Expired/Forfeited (in number of options/units)	(8,774,615)
Balance at end of period (in number of options/units)	37,100,098	48,312,053
Weighted-average exercise price at beginning of period (in dollars per option)	$ 26.16
Granted, Exercise Price (in dollars per option)	12.04
Exercised, Exercise Price (in dollars per option)	9.09
Expired/Forfeited, Exercise Price (in dollars per option)	34.62
Weighted-average exercise price at end of period (in dollars per option)	$ 25.58	$ 26.16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 259
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	30,045,828
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 28.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 162
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Annual vesting percentage	25.00%
Total unrecognized compensation cost related to unvested options expected to be recognized over a weighted-average period	$ 14
Weighted-average period used in calculating unrecognized compensation cost, stock options (in years)	1 year 2 months 12 days
Fair value assumptions and methodology [Abstract]
Weighted-average expected volatility	47.70%	47.80%	46.10%
Expected life of options (in years)	5 years 9 months 29 days	6 years 1 month 6 days	5 years 11 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.70%	1.80%	1.20%
Risk free interest rate	1.50%	2.50%	2.60%
Weighted-average grant-date fair value (in dollars per option)	$ 4.72	$ 4.87	$ 7.84
Total intrinsic value of options exercised	$ 82	$ 3	$ 7
Fair value of options vested	$ 28	$ 26	$ 24

STOCKHOLDERS' EQUITY AND STOC_7

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Equity RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent Addition or Reduction In Restricted Stock Units If Performance Is Below Level Defined In Agreement	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted in period (number of RSUs and PSUs)	800,000	700,000	500,000
Performance Shares [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Share Unit Payout	200.00%
Performance Shares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Unit Payout	0.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance at beginning of period (in number of RSUs and PSUs)	5,590,685
Granted in period (number of RSUs and PSUs)	3,548,497
Vested in Period (number of RSUs and PSUs)	(1,475,892)
Forfeited in Period (number of RSUs and PSUs)	(140,268)
Balance at end of period (in number of RSUs and PSUs)	7,523,022	5,590,685
Beginning Balance - weighted average grant date fair value	$ 18.61
Granted - Weighted average grant date fair value	13.15
Vested - weighted average grant date fair value	14.95
Forfeited - weighted average grant date fair value	14.85
Ending balance - weighted average grant date fair value	$ 16.79	$ 18.61
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 196
Fair value of RSUs and PSUs granted	47	$ 24	$ 41
Intrinsic value of RSUs and PSUs vested	18	$ 26	14
Total unrecognized compensation cost related to unvested RSUs and PSUs expected to be recognized over a weighted-average period	$ 10
Weighted-average period used in calculating unrecognized compensation cost, RSUs and PSUs (in years)	1 year 7 months 6 days
Outside Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 1	$ 1	$ 1

STOCKHOLDERS' EQUITY AND STOC_8

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Cash-settled RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accounts payable and accrued liabilities	$ 2,708	$ 2,576
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance at beginning of period (in number of RSUs and PSUs)	1,582,887
Granted in period (number of RSUs and PSUs)	879,500
Vested in Period (number of RSUs and PSUs)	(911,459)
Forfeited in Period (number of RSUs and PSUs)	(29,831)
Balance at end of period (in number of RSUs and PSUs)	1,521,097	1,582,887
Beginning Balance - weighted average grant date fair value	$ 14.54
Granted - Weighted average grant date fair value	11.96
Vested - weighted average grant date fair value	14.79
Forfeited - weighted average grant date fair value	13.44
Ending balance - weighted average grant date fair value	$ 12.92	$ 14.54
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 40
Fair value of RSUs and PSUs granted	11	$ 10	$ 16
Intrinsic value of RSUs and PSUs vested	11	8	$ 11
Other Liabilities	6	3
Accounts payable and accrued liabilities	$ 22	$ 11
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

STOCKHOLDERS' EQUITY AND STOC_9

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Other info) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	1,193,183	670,508	195,322
Proceeds from Stock Options Exercised	$ 51	$ 2	$ 8
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (Deprecated 2017-01-31)	2	1	3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 17	$ 8	$ 4

INCOME TAXES (Income before Inc

INCOME TAXES (Income before Income taxes and equity in affiliated companies' net earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S.	$ (40)	$ (287)	$ 390
Foreign	1,837	593	3,502
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	$ 1,797	$ 306	$ 3,892

INCOME TAXES (Provision for (be

INCOME TAXES (Provision for (benefit from) income taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ (53)	$ 23	$ (46)
State	1	(3)	(1)
Foreign	816	462	1,445
Total current	764	482	1,398
Deferred income taxes:
Federal	(3)	(48)	106
State	(5)	(8)	8
Foreign	306	101	102
Total deferred	298	45	216
Adjustments	(37)	(12)	(504)
Operating loss carryforwards	(81)	(5)	(119)
Provision for income taxes	944	510	991
Tax Cuts and Jobs Act of 2017, change in tax rate, provisional income tax expense (benefit)			29
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)	0	0	(123)
Reserve for Taxes, Other than Income Taxes [Member]
Deferred income taxes:
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)		29
Alternative Minimum Tax Credit
Deferred income taxes:
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)			123
Minimum Tax Credit Carryforwards [Member]
Deferred income taxes:
Federal Income Tax Expense (Benefit), Continuing Operations			76
Foreign Income Tax Expense (Benefit), Continuing Operations			$ 47
Timok, Lower Zone [Member]
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ (53)	$ 53

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount
U.S. federal statutory tax rate		$ (377)	$ (64)	$ (817)
Valuation allowancea		(210)	(149)	129
PT-FI historical tax disputes		(8)	(145)	0
Percentage depletion		104	118	141
Effect of foreign rates different than the U.S. federal statutory rate		(109)	(64)	(494)
Withholding and other impacts on foreign earnings		(193)	(55)	(232)
Adjustment to deferred taxes		0	(49)	0
Non-deductible permanent differences		0	(47)	(25)
Uncertain tax positions		(15)	(47)	(7)
U.S. tax reform		0	29	94
Foreign tax credit limitation		28	(16)	(195)
State income taxes		(2)	16	7
Cerro Verde historical tax disputese		(39)	2	(55)
Change in PT-FI tax rates	$ 504	0	0
Timok exploration project sale		53	(15)	0
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount		$ 135	0	0
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent		(8.00%)
Other items, net		$ (41)	(24)	(41)
Provision for income taxes		$ (944)	$ (510)	$ (991)
Percent
U.S. federal statutory tax rate		(21.00%)	(21.00%)	(21.00%)
Valuation allowancea		(12.00%)	(49.00%)	3.00%
PT-FI historical tax disputes		0.00%	(47.00%)	0.00%
Percentage depletion		6.00%	39.00%	4.00%
Effect of foreign rates different than the U.S. federal statutory rate		(6.00%)	(21.00%)	(13.00%)
Withholding and other impacts on foreign earnings		(11.00%)	(18.00%)	(6.00%)
Adjustment to deferred taxes			(16.00%)
Non-deductible permanent differences			15.00%	1.00%
Uncertain tax positions		(1.00%)	(15.00%)
U.S. tax reform			0.09	0.02
Foreign tax credit limitation		2.00%	(5.00%)	(5.00%)
State income taxes			6.00%	1.00%
Cerro Verde historical tax disputese		(2.00%)	1.00%	(1.00%)
Change in PT-FI tax rates				13.00%
Timok exploration project sale		3.00%	(5.00%)
Other items, net		(3.00%)	(9.00%)	(1.00%)
Provision for income taxes		(53.00%)	(166.00%)	(25.00%)
Valuation allowances		$ 4,732	$ 4,576

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 30, 2019	Jan. 01, 2017	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2014
Schedule Of Income Taxes [Line Items]
Total income taxes paid to all jurisdictions					$ 397	$ 610	$ 2,000
Tax refunds received from all jurisdictions					265	306	108
Tax Attributes
Foreign tax credits			$ 1,641		1,641	1,716
Valuation allowances			4,732		4,732	4,576
Valuation allowance, increase (decrease)					156
Deferred tax assets, alternative minimum tax refunds			244		244
Increase in unrecognized tax benefits expected			24		24
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)					0	0	(123)
Tax Cuts and Jobs Act of 2017, change in tax rate, provisional income tax expense (benefit)							29
Income (loss) from continuing operation, foreign					1,837	593	3,502
Income (loss) from continuing operations, domestic					(40)	(287)	$ 390
Change in PT-FI tax rates				$ 504	$ 0	$ 0
U.S. federal statutory tax rate					21.00%	21.00%	21.00%
Interest on income taxes accrued			163	186	$ 163	$ 231	$ 186
Unrecognized tax benefits			295	$ 404	295	376	404	$ 390
Unrecognized tax benefits that would impact the effective tax rate			254		254
Unrecognized tax benefits that would impact the effective tax rate, net of tax benefits			168		168
PT Freeport Indonesia [Member]
Tax Attributes
Change in PT-FI tax rates					0	0	504
Loss Contingency, Loss in Period, Including Tax Charges			42			304
Valuation allowance for operating loss carryforwards
Tax Attributes
Valuation allowances			2,400		2,400
Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)					250			$ (45)
Domestic Deferred Tax Assets [Member]
Tax Attributes
Valuation allowance, increase (decrease)					$ (11)	208	(44)
SUNAT | Cerro Verde
Tax Attributes
Foreign income tax rate under new stability agreement					32.00%
Foreign Tax Authority
Tax Attributes
Tax Credit Carryforward, Valuation Allowance			1,600		$ 1,600
Income Tax Credits and Adjustments					$ 75	$ 98	315
Foreign Tax Authority | Tax Authority, In Papua, Indonesia | 2019 and thereafter
Tax Attributes
U.S. federal statutory tax rate					25.00%
Profits income tax rate					10.00%
Foreign Tax Authority | Settlement with Taxing Authority [Member] | Tax Years 2012 to 2018
Tax Attributes
Payments for legal settlements	$ 250
Foreign Tax Authority | Tax Authority, Spain
Tax Attributes
Operating Loss Carryforwards			559		$ 559
Foreign Tax Authority | Tax Authority, In Papau, Indonesia
Tax Attributes
Operating Loss Carryforwards			910		$ 910
Foreign Tax Authority | Chili - Service of Internal Taxes
Tax Attributes
U.S. federal statutory tax rate						35.00%
Foreign Tax Authority | Chili - Service of Internal Taxes | Prior to September 2014 [Member]
Tax Attributes
U.S. federal statutory tax rate					35.00%
Foreign Tax Authority | Chili - Service of Internal Taxes | 2020 and thereafter
Tax Attributes
U.S. federal statutory tax rate					44.50%
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax years 2017 through 2021 [Member]
Tax Attributes
U.S. federal statutory tax rate					35.00%
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Year 2022 and Thereafter
Tax Attributes
U.S. federal statutory tax rate					44.50%
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Years 2013 to 2017
Tax Attributes
Mining royalty tax rate					4.00%
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Years 2018 to 2023 | Minimum
Tax Attributes
Mining royalty tax rate					5.00%
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Years 2018 to 2023 | Maximum
Tax Attributes
Mining royalty tax rate					14.00%
Foreign Tax Authority | SUNAT | 2014
Tax Attributes
U.S. federal statutory tax rate									30.00%
Dividend tax rate									4.10%
Foreign Tax Authority | SUNAT | 2019 and thereafter
Tax Attributes
U.S. federal statutory tax rate						26.00%
Dividend tax rate						9.30%
Foreign Tax Authority | SUNAT | 2017
Tax Attributes
Dividend tax rate		5.00%
Corporate Income Tax Rate		29.50%
Domestic Tax Authority
Tax Attributes
Operating Loss Carryforwards			7,000		$ 7,000
Valuation allowances			647		647
State and Local Jurisdiction
Tax Attributes
Operating Loss Carryforwards			10,800		10,800
Alternative Minimum Tax Credit
Tax Attributes
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)							$ 123
Reserve for Taxes, Other than Income Taxes [Member]
Tax Attributes
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)						$ 29
Indefinite-Lived Carryforward [Member]
Tax Attributes
Operating Loss Carryforwards			305		$ 305
Other (expense) benefit | PT Freeport Indonesia [Member]
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges			9			123
Interest expense | PT Freeport Indonesia [Member]
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges			35			78
Income expense (benefit) | PT Freeport Indonesia [Member]
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges			$ 2			$ 103

INCOME TAXES (Components of def

INCOME TAXES (Components of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Foreign tax credits	$ 1,641	$ 1,716
Accrued expenses	1,194	1,108
Net operating losses	2,443	2,249
Employee benefit plans	171	198
Other	238	267
Deferred tax assets	5,687	5,538
Valuation allowances	(4,732)	(4,576)
Net deferred tax assets	955	962
Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,500)	(4,372)
Undistributed earnings	(694)	(639)
Other	(169)	(157)
Total deferred tax liabilities	(5,363)	(5,168)
Net deferred tax liabilities	$ (4,408)	$ (4,206)

INCOME TAXES (Reserve for unrec

INCOME TAXES (Reserve for unrecognized tax benefits, interest and penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 376	$ 404
Additions:
Prior year tax positions	48	73	$ 100
Current year tax positions	10	11	14
Decreases:
Prior year tax positions	(60)	(75)	(86)
Settlements with taxing authorities	(79)	(37)	(9)
Lapse of statute of limitations	0	0	(5)
Balance at end of year	$ 295	$ 376	$ 390

CONTINGENCIES (Environmental Ob

CONTINGENCIES (Environmental Obligations) (Details) $ in Millions	Jan. 17, 2017USD ($)divisionssite	Dec. 31, 2020USD ($)projectstate	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Site Contingency [Line Items]
Number of remediation projects | project		100
Number of US States with remediation projects | state		24
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at beginning of year		$ 1,561	$ 1,511	$ 1,439
Accretion Expense		102	102	100
Additionsb		38	23	56
Reductions		(58)	(1)	0
Spending		(59)	(74)	(84)
Balance at end of year		1,584	1,561	1,511
Less current portion		(83)	(106)	(132)
Long-term portion		1,501	$ 1,455	$ 1,379
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
2020		83
2021		95
2022		100
2023		100
2024		100
Thereafter		3,200
Estimated environmental obligations on a discounted basis		1,500
Estimated environmental obligations on an undiscounted and unescalated		3,700
Environmental Loss Contingency, Number of Uranium Sites on Tribal Lands | divisions	94
Remediation work related to Uranium mines, amount to be contributed by the U.S. Government	$ 335
Uranium mine remediation work, program term, in years	20 years
Reduction of environmental obligation due to deceleration of work cause by COVID-19		47
Number of site surveys being performed to mining claims | site	15,000
Minimum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated		3,300
Maximum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated		4,200
Pinal Creek, AZ; Newtown Creek, NY; Smelter Sites in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma, Pennsylvania; and Uranium Mining in Wester United States
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year		$ 1,400

CONTINGENCIES (Asset Retirement

CONTINGENCIES (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 2,505	$ 2,547	$ 2,583
Liabilities incurred	7	20	1
Settlements and revisions to cash flow estimates, net	(13)	(5)	50
Accretion expense	131	118	110
Dispositions	(2)	(5)	(37)
Spending	(156)	(170)	(160)
Balance at end of year	2,472	2,505	2,547
Less current portion	(268)	(330)	(317)
Long-term portion	$ 2,204	$ 2,175	$ 2,230

CONTINGENCIES (Financial Assura

CONTINGENCIES (Financial Assurances) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Freeport-McMoRan Oil & Gas
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 469
NEW MEXICO
Guarantor Obligations [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	212	$ 196
New Mexico, Arizona, Colorado and Other States
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	1,500
New Mexico, Arizona, Colorado and Other States | Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 860

CONTINGENCIES (Environmental an

CONTINGENCIES (Environmental and Reclamation Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
New Mexico Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	$ 477
Arizona Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	362
Colorado Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	138
El Abra
Site Contingency [Line Items]
Accrued reclamation and closure costs	81
Cerro Verde
Site Contingency [Line Items]
Accrued reclamation and closure costs	138
Pt Freeport Indonesia Environmental And Reclamation Programs [Member]
Site Contingency [Line Items]
Accrued reclamation and closure costs	827
Mine Closure
Site Contingency [Line Items]
Funding restricted time deposit during period for closure and reclamation guarantees	94
Mine Reclamation
Site Contingency [Line Items]
Funding restricted time deposit during period for closure and reclamation guarantees	2
MOEF Framework
Site Contingency [Line Items]
Permit Fees	13	$ 32
Permit Fee Credit	$ 19

CONTINGENCIES (Oil and Gas Prop

CONTINGENCIES (Oil and Gas Properties) (Details) $ in Millions	Dec. 31, 2020USD ($)platformwell	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loss Contingencies [Line Items]
ARO, noncurrent	$ 2,472	$ 2,505	$ 2,547	$ 2,583
Freeport-McMoRan Oil & Gas
Loss Contingencies [Line Items]
Number of productive oil wells | well	165
Number of platforms and other structures | platform	120
ARO, noncurrent	$ 410

CONTINGENCIES (Litigation) (Det

CONTINGENCIES (Litigation) (Details) $ in Thousands	Jan. 23, 2021USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2023USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2020case
Loss Contingencies [Line Items]
Environmental obligations and shutdown costs				$ 159,000	$ 105,000	$ 89,000
Louisiana Parishes Coastal Erosion Cases [Member] | Settled Litigation [Member]
Loss Contingencies [Line Items]
Number of cases | case							42
Asbestos Contamination in Talc-Based Personal Care Products [Member]
Loss Contingencies [Line Items]
Settlement expense				(130,000)	0	$ 0
FCX Affiliates [Member] | Settled Litigation [Member]
Loss Contingencies [Line Items]
Number of cases | case							13
FCX Affiliates [Member] | Louisiana Parishes Coastal Erosion Cases [Member] | Settled Litigation [Member]
Loss Contingencies [Line Items]
Number of cases | case							13
Settlement amount		$ 23,500
Settlement, initial payment		$ 15,000
Settlement expense					15,000
FCX Affiliates [Member] | Asbestos Contamination in Talc-Based Personal Care Products [Member]
Loss Contingencies [Line Items]
Settlement expense				$ 24,000	$ 28,000
Cyprus Mines [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Settlement amount	$ 130,000
Settlement expense	$ 130,000
Forecast [Member] | FCX Affiliates [Member] | Louisiana Parishes Coastal Erosion Cases [Member] | Settled Litigation [Member]
Loss Contingencies [Line Items]
Settlement, installment payment			$ 4,250

CONTINGENCIES (Tax and Other Ma

CONTINGENCIES (Tax and Other Matters) (Details) $ in Millions, Rp in Billions	Jan. 07, 2021USD ($)	Feb. 28, 2021USD ($)	Feb. 28, 2021IDR (Rp)	Oct. 31, 2019USD ($)	Oct. 31, 2019IDR (Rp)	May 31, 2019USD ($)	May 31, 2019IDR (Rp)	Dec. 31, 2018USD ($)	Dec. 31, 2018IDR (Rp)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 21, 2018USD ($)	Dec. 31, 2019USD ($)
Income Tax Examination [Line Items]
Provision for income taxes											$ 944	$ 510	$ 991
Net income (Net income from continuing operations attributable to noncontrolling interests											266	50	292
Long-term receivable for taxes										$ 106	106	290				$ 290
Other assets										1,560	$ 1,560	1,885				1,885
Smelter development export duty, threshold											50.00%
Production and delivery											$ 10,031	11,534	11,708
Export Duties Expense											92	221	180
Cerro Verde Royalty Dispute | Cerro Verde | Royalty Assessments
Income Tax Examination [Line Items]
Provision for income taxes												(2)	(35)	$ 7		(30)
Net income (Net income from continuing operations attributable to noncontrolling interests												(7)	(176)	(169)		(352)
Production and delivery												6	14	203		223
Loss contingency, loss In period, attributable to parent												7	195	$ 186		388
Surface Water Taxes, Papua, Indonesia [Member]
Income Tax Examination [Line Items]
Production and delivery						$ 28		$ 69
Judicial Ruling | Cerro Verde Royalty Dispute | Tax Year 2006 To Tax Year 2008 | Royalty Assessments
Income Tax Examination [Line Items]
Payments for legal settlements											$ 477
Judicial Ruling | Cerro Verde Royalty Dispute | December 2006 to Tax Year 2013 | Unfavorable Regulatory Actions
Income Tax Examination [Line Items]
Provision for income taxes													(35)
PT-FI
Income Tax Examination [Line Items]
Loss contingency, loss in period, including tax charges										(42)		(304)
Progressive export duty on copper concentrates, lower threshold, percent											2.50%
Progressive export duty on copper concentrates, higher threshold, percent											5.00%				7.50%
Export Duties Expense											$ 92	66	180
PT-FI | Subsequent Event [Member]
Income Tax Examination [Line Items]
Administrative Fees Expense	$ 149
Cerro Verde
Income Tax Examination [Line Items]
Interest Expense											44	58
SUNAT | Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes										433	433
Increase (decrease) in income taxes receivable										243	243
Tax Authority, In Papau, Indonesia | PT-FI | Surface Water Taxes, Papua, Indonesia [Member] | Penalties
Income Tax Examination [Line Items]
Payments for legal settlements				$ 50	Rp 708.5
Settlement amount						$ 99	Rp 1,394		Rp 1,000,000,000,000,000
Indonesian Supreme Court | PT-FI | The year 2005 and the year 2007
Income Tax Examination [Line Items]
Loss contingency, loss in period												(47)	$ (61)
Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes										190	190	187				187
PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes										$ 143	143	178				$ 178
Annual Surface Water Tax Payments [Member] | PT-FI
Income Tax Examination [Line Items]
Acquire water systems											$ 15
Forecast [Member] | Tax Authority, In Papau, Indonesia | PT-FI | Surface Water Taxes, Papua, Indonesia [Member] | Penalties
Income Tax Examination [Line Items]
Payments for legal settlements		$ 49	Rp 685.5
Indonesia Tax Authority | PT-FI | Memorandum of Understanding with the Indonesian Government [Member]
Income Tax Examination [Line Items]
Progressive export duty on copper concentrates, lower threshold, percent														5.00%
Progressive export duty on copper concentrates, higher threshold, percent															7.50%
Export Duties Expense															$ 155
Litigation Settlement, Amount Awarded from Other Party												29
Indonesia Tax Authority | PT-FI | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal [Member]
Income Tax Examination [Line Items]
Loss contingency, loss in period												$ (155)
Progressive export duty on copper concentrates, lower threshold, percent												5.00%

CONTINGENCIES (Royalty Dispute

CONTINGENCIES (Royalty Dispute Schedule) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended				27 Months Ended	36 Months Ended	57 Months Ended
	Dec. 31, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013	Dec. 31, 2019	Sep. 01, 2011
Loss Contingencies [Line Items]
Production and delivery		$ 10,031	$ 11,534	$ 11,708
Interest expense, net		598	620	945
Provision for (benefit from) income taxes		(944)	(510)	(991)
Net income from continuing operations attributable to noncontrolling interests		$ (266)	(50)	(292)
Disputed Royalty Assessments						$ 69		$ 175
Royalty Related Gains				16
Royalties, Pre-tax Gains				14
Royalties, Related Tax Benefits				17
Royalties, Tax Benefits Attributable to Non-controlling Interests				15
Disputed Royalty Assessments, Tax Expenses						136
Disputed Royalty Assessments, Mining Related Tax Expenses						$ 67
Disputed Royalty Assessment, Prior Tax Benefit	$ 129
Cerro Verde | Cerro Verde Royalty Dispute | Royalty Assessments
Loss Contingencies [Line Items]
Production and delivery			6	14	$ 203		$ 223
Interest expense, net			10	370	145		525
Other expense			0	22	0		22
Provision for (benefit from) income taxes			2	35	(7)		30
Net income from continuing operations attributable to noncontrolling interests			7	176	169		352
Loss contingency, loss In period, attributable to parent			$ 7	195	$ 186		$ 388
Judicial Ruling | December 2006 to Tax Year 2013 | Cerro Verde Royalty Dispute | Unfavorable Regulatory Actions
Loss Contingencies [Line Items]
Provision for (benefit from) income taxes				$ 35

CONTINGENCIES (Tax Matters by T

CONTINGENCIES (Tax Matters by Tax Year) (Details) - USD ($) $ in Millions	12 Months Ended			21 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 21, 2018
Income Tax Examination [Line Items]
Income Taxes Receivable, Noncurrent	$ 106	$ 290
Export Duties Expense	$ 92	221	$ 180
PT-FI
Income Tax Examination [Line Items]
Progressive export duty on copper concentrates, higher threshold, percent	5.00%			7.50%
Export Duties Expense	$ 92	66	$ 180
SUNAT | Cerro Verde
Income Tax Examination [Line Items]
Income Taxes Receivable, Noncurrent	433
Tax Assessment	295
Penalty and Interest Assessment	443
Total	738
SUNAT | 2003 to 2008 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	50
Penalty and Interest Assessment	129
Total	179
SUNAT | 2009 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	56
Penalty and Interest Assessment	52
Total	108
SUNAT | 2010 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	54
Penalty and Interest Assessment	118
Total	172
SUNAT | 2011 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	42
Penalty and Interest Assessment	78
Total	120
SUNAT | 2014 to 2020 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	45
Penalty and Interest Assessment	0
Total	45
SUNAT | 2013 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	48
Penalty and Interest Assessment	66
Total	114
Indonesia Tax Authority | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	969
Interest Assessment	269
Total	1,238
Indonesia Tax Authority | 2012 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	97
Interest Assessment	0
Total	97
Indonesia Tax Authority | 2005 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	62
Interest Assessment	30
Total	92
Indonesia Tax Authority | 2007 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	48
Interest Assessment	23
Total	71
Indonesia Tax Authority | 2009, 2010 to 2011 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	31
Interest Assessment	8
Total	39
Indonesia Tax Authority | 2013 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	152
Interest Assessment	76
Total	228
Indonesia Tax Authority | 2014 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	123
Interest Assessment	0
Total	123
Indonesia Tax Authority | 2015 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	159
Interest Assessment	0
Total	159
Indonesia Tax Authority | 2016 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	257
Interest Assessment	113
Total	370
Indonesia Tax Authority | 2017 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	40
Interest Assessment	19
Total	59
PT-FI
Income Tax Examination [Line Items]
Income Taxes Receivable, Noncurrent	$ 143	$ 178

CONTINGENCIES (Letters of Credi

CONTINGENCIES (Letters of Credit, Bank Guarantees and Surety Bonds) (Details) $ in Millions	Dec. 31, 2020USD ($)
Surety Bond
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 437
Cerro Verde
Guarantor Obligations [Line Items]
Outstanding Standby Letters Of Credit	$ 671

CONTINGENCIES (Insurance) (Deta

CONTINGENCIES (Insurance) (Details) $ in Millions	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Self insurance reserve	$ 50
Self insurance reserve, current	9
Self insurance reserve, non-current	41
Insurance receivables	14
Insurance receivables, current	5
Insurance receivables, noncurrent	$ 9

COMMITMENTS AND GUARANTEES (Ope

COMMITMENTS AND GUARANTEES (Operating Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 207	$ 232
Operating Lease, Cost	42	55
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	50
Lessee, Operating Lease, Liability, Payments, Due Year Two	41
Lessee, Operating Lease, Liability, Payments, Due Year Three	36
Operating leases, future minimum payments due:
Operating Lease, Payments	$ 40	$ 43
Operating Lease, Weighted Average Discount Rate, Percent	5.40%	5.50%
Operating Lease, Weighted Average Remaining Lease Term	7 years 8 months 12 days	8 years 2 months 12 days
Lessee, Operating Lease, Liability, Payments, Due Year Four	$ 34
Lessee, Operating Lease, Liability, Payments, Due Year Five	29
Lessee, Operating Lease, Liability, Payments, Due after Year Five	97
Lessee, Operating Lease, Liability, Payments, Due	287
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(59)
Operating Lease, Liability	228	$ 248
Operating Lease, Liability, Current	(38)	(44)
Operating Lease, Liability, Noncurrent	190	204
Variable and Short-term Lease, Cost	74	79
Lease, Cost	$ 116	$ 134	$ 80
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

COMMITMENTS AND GUARANTEES (Con

COMMITMENTS AND GUARANTEES (Contractual Obligations) (Details) $ in Millions	Dec. 31, 2020USD ($)
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 4,200
2019	1,800
2020	1,200
2021	539
2022	334
2023	119
Thereafter	253
Copper concentrates
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	2,900
Cobalt
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	516
Electricity
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	301
Transportation
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 209

COMMITMENTS AND GUARANTEES (Spe

COMMITMENTS AND GUARANTEES (Special Mining License (IUPK)) (Details) - USD ($) $ in Millions	12 Months Ended			21 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 21, 2018	Jan. 01, 2023
Contractual Obligations Mining Contracts [Line Items]
Smelter Development Progress, Higher Threshold, Percent	50.00%
Royalty Expense	$ 165	$ 113	$ 246
Export Duties Expense	92	221	180
Surety Bond
Contractual Obligations Mining Contracts [Line Items]
Assurance Bond, Smelter Development	$ 437
PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Progressive export duty on copper concentrates, lower threshold, percent	2.50%
Progressive export duty on copper concentrates, higher threshold, percent	5.00%			7.50%
Smelter Development Progress, Lower Threshold, Percent	30.00%
Royalty Expense	$ 160	106	238
Export Duties Expense	$ 92	$ 66	$ 180
PT Freeport Indonesia [Member] | Copper
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	4.00%
PT Freeport Indonesia [Member] | Gold
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	3.75%
PT Freeport Indonesia [Member] | Silver
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	3.25%
PT Freeport Indonesia [Member] | Construction Contracts | Surety Bond
Contractual Obligations Mining Contracts [Line Items]
Assurance Bond, Smelter Development	$ 148
PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage	48.76%			81.28%
PT Freeport Indonesia [Member] | PT Indocopper Investama [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage				9.36%
Tax Authority, In Papua, Indonesia
Contractual Obligations Mining Contracts [Line Items]
Foreign income tax rate under new stability agreement	25.00%
Foreign Profits Tax Rate on Net Income Under New Stability Agreement	10.00%
Forecast [Member] | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Ownership percentage					48.76%
Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal [Member] | Indonesia Tax Authority | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Progressive export duty on copper concentrates, lower threshold, percent		5.00%
Loss Contingency, Loss in Period		$ 155
Annual Surface Water Tax Payments [Member] | PT Freeport Indonesia [Member]
Contractual Obligations Mining Contracts [Line Items]
Payments for Other Taxes	$ 15

COMMITMENTS AND GUARANTEES (Oth

COMMITMENTS AND GUARANTEES (Other and Community Development Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Total cost of sales	$ 11,655	$ 13,125	$ 13,466
Community Development Programs | PT-FI
Other Commitments [Line Items]
Total cost of sales	$ 36	$ 28	$ 55

FINANCIAL INSTRUMENTS (Unrealiz

FINANCIAL INSTRUMENTS (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020lb$ / lb	Dec. 31, 2020USD ($)lboz$ / lb$ / lb$ / oz	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 304	$ 54	$ (317)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments		(9)	(15)	20
Hedged item – firm sales commitments		(9)	(15)	20
Realized gains (losses):
Matured derivative financial instruments		$ 22	(8)	(22)
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		50
Derivative, Average Forward Price | $ / lb		3.21
Copper Forward Contracts [Member]
Unrealized gains (losses):
Derivative financial instruments		$ 24
Realized gains (losses):
Derivative, Forward Price | $ / lb	2.34
Copper Forward Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	150
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		6
Derivative, Average Forward Price | $ / lb		3.56
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ 3	(7)	18
Copper | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 259	34	(310)
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		520
Derivative, Average Forward Price | $ / lb		3.21
Realized gains (losses):
Derivative Average Market Price | $ / lb		3.52
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		53
Derivative, Average Forward Price | $ / lb		3.15
Realized gains (losses):
Derivative Average Market Price | $ / lb		3.52
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz		142
Derivative, Average Forward Price | $ / oz		1,850
Realized gains (losses):
Derivative Average Market Price | $ / oz		1,893
gold and other [Member] | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 45	$ 20	$ (7)

FINANCIAL INSTRUMENTS (Unsettle

FINANCIAL INSTRUMENTS (Unsettled Derivatives) (Details) lb in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020lb	Dec. 31, 2020USD ($)lb	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 184	$ 74
Derivative Liability, Fair Value, Gross Liability		21	21
Derivative Liability, Fair Value, Gross Asset		1	0
Derivative Asset, Fair Value, Gross Liability		1	0
Derivative Asset		183	74
Derivative Liability		20	21
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		168	66
Derivative Liability		0	0
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		15	6
Derivative Liability		0	0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		0	2
Derivative Liability		20	21
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		15	6
Derivative Liability, Fair Value, Gross Liability		0	1
Derivative Asset		15	6
Derivative Liability		0	1
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		169	68
Derivative Liability, Fair Value, Gross Liability		21	20
Derivative Liability, Fair Value, Gross Asset		1	0
Derivative Asset, Fair Value, Gross Liability		1	0
Derivative Asset		168	68
Derivative Liability		20	20
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 15	6
Derivative, Nonmonetary Notional Amount, Mass | lb		50
Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	150
Derivatives Not Designated as Hedging Instruments | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 169	68
Derivative Liability, Fair Value, Gross Liability		$ 21	20
Derivatives Not Designated as Hedging Instruments | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		6
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 0	$ 1

FINANCIAL INSTRUMENTS (Derivati

FINANCIAL INSTRUMENTS (Derivative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 3,657	$ 2,020
Restricted Cash and Cash Equivalents, Current	97	100
Restricted Cash and Cash Equivalents, Noncurrent	149	158
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3,903	2,278	$ 4,455	$ 4,710
Credit Derivative, Maximum Exposure, Undiscounted	186
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 300	$ 1,300

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / bbl	Dec. 31, 2019USD ($)$ / bbl	Dec. 31, 2018USD ($)$ / bbl	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	$ 341	$ 655
Other assets	1,560	1,885
Derivative Liability, Fair Value, Gross Liability	21	21
Derivatives:
Derivative Asset	183	74
Derivatives: [Abstract]
Derivative Liability	20	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]
Investments, Fair Value Disclosure	29	27
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	59
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	7	4
Assets [Abstract]
Trust Assets Fair Value Disclosure	5	3
Derivatives:
Derivative Asset	13	5
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability		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]
Investments, Fair Value Disclosure	0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure	143	134
Derivatives:
Derivative Asset	171	80
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability		21
Long-term debt, including current portion	10,994	10,239
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Contingent receivable	88	108
Derivatives: [Abstract]
Derivative Liability		0
Long-term debt, including current portion	0	0
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	36	31
Assets [Abstract]
Trust Assets Fair Value Disclosure	213	196
Derivatives:
Derivative Asset	184	85
Contingent receivable	108	122
Derivatives: [Abstract]
Derivative Liability		21
Long-term debt, including current portion	9,711	9,826
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	36	31
Assets [Abstract]
Trust Assets Fair Value Disclosure	213	196
Derivatives:
Derivative Asset	184	85
Contingent receivable	88	108
Derivatives: [Abstract]
Derivative Liability		21
Long-term debt, including current portion	10,994	10,239
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	21	20
Derivatives:
Derivative Asset	168	68
Derivatives: [Abstract]
Derivative Liability	20	20
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	169	68
Derivatives: [Abstract]
Derivative Liability	21	20
Embedded Derivative Financial Instruments [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	169	68
Derivatives: [Abstract]
Derivative Liability	21	20
Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	169	68
Derivatives: [Abstract]
Derivative Liability	21	20
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	1
Derivatives:
Derivative Asset	15	6
Derivatives: [Abstract]
Derivative Liability	0	1
Commodity Contract [Member] | Level 1
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] | Level 2
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract [Member] | Level 3
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives: [Abstract]
Derivative Liability		1
Future [Member] | Level 1
Derivatives:
Derivative Asset	13	5
Future [Member] | Level 2
Derivatives:
Derivative Asset	2	1
Future [Member] | Level 3
Derivatives:
Derivative Asset	0
Future [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	15	6
Future [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	15	6
Onshore California | Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset		0
Onshore California | Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset		11
Onshore California | Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset		0
Onshore California | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		11
Onshore California | Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		11
U.S. core fixed income fund [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	29	27
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	59
U.S. core fixed income fund [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	29	27
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	59
U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	29	27
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	59
Money market funds [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	5	3
Money market funds [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	5	3
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	5	3
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	7	4
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	0	0
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	7	4
Equity securities | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	7	4
Government bonds | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government bonds | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	49	36
Government bonds | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	49	36
Government bonds | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	49	36
Government mortgage-backed securities [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	30	43
Government mortgage-backed securities [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	30	43
Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	30	43
Corporate bonds [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	43	33
Corporate bonds [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	43	33
Corporate bonds [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	43	33
Asset-backed securities [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	16	14
Asset-backed securities [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	16	14
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	16	14
Collateralized Mortgage Backed Securities [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	4	7
Collateralized Mortgage Backed Securities [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	4	7
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	4	7
Municipal bonds [Member] | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	1
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	97	100
Other assets	148	157
Derivatives Not Designated as Hedging Instruments | 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	21	20
Freeport-McMoRan Oil & Gas | Onshore California
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets		11
Other assets			$ 50
Derivatives:
Contingent receivable	50			$ 150
Derivatives: [Abstract]
Contingent consideration asset, per year	50	50	$ 50
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	12	18
Other assets	$ 96	$ 104
Derivatives:
Contingent receivable				$ 150
Crude Oil | Freeport-McMoRan Oil & Gas | Onshore California
Derivatives: [Abstract]
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / bbl	70	70	70

FAIR VALUE MEASUREMENT FAIR VAL

FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	$ (6)	$ 2	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(14)	(21)	(7)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 88	$ 108	$ 127	$ 134

BUSINESS SEGMENTS INFORMATION_2

BUSINESS SEGMENTS INFORMATION (Product Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Product revenue [Line Items]
Revenues	$ 14,198	$ 14,402	$ 18,628
Treatment and refining charges included in copper concentrates revenues	(362)	(404)	(535)
Royalty Expense	(165)	(113)	(246)
Revenue from Contract with Customer, Excluding Assessed Tax	13,894	14,348	18,945
Copper in concentrate
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,294	4,566	6,180
Rod and other refined copper products
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,052	2,110	2,396
Purchased Copper [Member]
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	821	1,060	1,053
Copper Cathode
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,204	3,656	4,366
Gold
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,702	1,620	3,231
Molybdenum
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	848	1,169	1,190
Other
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	592	905	1,490
Derivatives Not Designated as Hedging Instruments | Sales [Member]
Product revenue [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	304	54	(317)
PT Freeport Indonesia [Member]
Product revenue [Line Items]
Royalty Expense	$ (160)	(106)	$ (238)
Indonesia Tax Authority | PT Freeport Indonesia [Member] | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal [Member]
Product revenue [Line Items]
Export Duties Expense		$ (155)

BUSINESS SEGMENTS INFORMATION_3

BUSINESS SEGMENTS INFORMATION (Long Lived Assets by Geographic Area) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 32,438	$ 32,488
Indonesia
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	15,567	14,971
U.S.
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	8,420	8,834
Peru
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	6,989	7,215
Chile
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	1,172	1,084
Other
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 290	$ 384

BUSINESS SEGMENTS INFORMATION_4

BUSINESS SEGMENTS INFORMATION (Revenues by Geographic Area of Customer) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues by geographic area of customer [Line Items]
Revenues	$ 14,198	$ 14,402	$ 18,628
U.S.
Revenues by geographic area of customer [Line Items]
Revenues	5,248	5,107	5,790
Indonesia
Revenues by geographic area of customer [Line Items]
Revenues	1,760	1,894	2,226
Japan
Revenues by geographic area of customer [Line Items]
Revenues	1,205	1,181	1,946
Switzerland
Revenues by geographic area of customer [Line Items]
Revenues	2,032	2,223	2,941
China
Revenues by geographic area of customer [Line Items]
Revenues	692	531	873
Spain
Revenues by geographic area of customer [Line Items]
Revenues	785	884	1,070
India
Revenues by geographic area of customer [Line Items]
Revenues	152	107	389
PHILIPPINES
Revenues by geographic area of customer [Line Items]
Revenues	34	73	221
Korea
Revenues by geographic area of customer [Line Items]
Revenues	89	140	269
GERMANY
Revenues by geographic area of customer [Line Items]
Revenues	248	311	256
FRANCE
Revenues by geographic area of customer [Line Items]
Revenues	153	198	255
Chile
Revenues by geographic area of customer [Line Items]
Revenues	221	242	294
BELGIUM
Revenues by geographic area of customer [Line Items]
Revenues	36	160	278
BERMUDA
Revenues by geographic area of customer [Line Items]
Revenues	0	38	207
UNITED KINGDOM
Revenues by geographic area of customer [Line Items]
Revenues	491	233	296
Other
Revenues by geographic area of customer [Line Items]
Revenues	$ 1,052	$ 1,080	$ 1,317

BUSINESS SEGMENTS INFORMATION_5

BUSINESS SEGMENTS INFORMATION (Customers and Labor Matters) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major Customer and Labor Matters [Line Items]
Segment Reporting, Disclosure of Major Customers			12
Revenues		$ 14,198	$ 14,402	$ 18,628
Affiliated Entity | Noncontrolling Interest Owners Of South America Mining Operations
Major Customer and Labor Matters [Line Items]
Revenues	$ 1,000	900	1,000	1,200
Affiliated Entity | PT Smelting
Major Customer and Labor Matters [Line Items]
Revenues		1,800	1,900	2,200
Indonesia
Major Customer and Labor Matters [Line Items]
Revenues		$ 1,760	$ 1,894	$ 2,226

BUSINESS SEGMENTS INFORMATION_6

BUSINESS SEGMENTS INFORMATION (Business Segments Narrative) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Workforce Subject to Collective Bargaining Arrangements
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	38.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	16.00%
North America | Inventory, Copper Metal Production | Product Concentration Risk | Morenci
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	50.00%
North America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%
South America | Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	84.00%
South America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	7.00%
Indonesia | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	4.00%
PT Smelting
Mining Segment Reporting Information [Line Items]
Deferred intercompany profit	25.00%
PT Smelting | Revenue from Contract with Customer Benchmark [Member]
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	12.00%	13.00%	12.00%
Morenci
Mining Segment Reporting Information [Line Items]
Ownership percentage	72.00%

BUSINESS SEGMENTS INFORMATION_7

BUSINESS SEGMENTS INFORMATION (Segment Reporting) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended				36 Months Ended
	May 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues					$ 14,198	$ 14,402	$ 18,628
Production and delivery					10,031	11,534	11,708
Depreciation, depletion and amortization					1,528	1,412	1,754
Inventory Adjustment					96	179	4
Selling, general and administrative expenses					370	394	422
Mining exploration and research expenses					50	104	105
Environmental obligations and shutdown costs					159	105	89
Net gain on sales of assets					(473)	(417)	(208)
Operating income (loss)					2,437	1,091	4,754
Interest expense, net					598	620	945
Provision for (benefit from) income taxes					(944)	(510)	(991)
Total assets		$ 42,216	$ 42,144	$ 42,216	42,144	40,809	42,216		$ 40,809
Capital expenditures					1,961	2,652	1,971
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount				(504)	0	0
Current Federal Tax Expense (Benefit)					53	(23)	46
Effective Income Tax Rate Reconciliation, Adjustment in Deferred Tax Assets					0	49	0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount					210	149	(129)
Gain on Sale of Investments					486
Sale of Investment, Tax Expense					(135)
Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs					258
Cerro Verde | Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs					89
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures					1,266	1,369	1,001
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures					19	19	9
Rod & Refining | Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs					30
South America
Segment Reporting Information [Line Items]
Capital expenditures					183	256	237
North America copper mines
Segment Reporting Information [Line Items]
Capital expenditures					428	877	601
Indonesia
Segment Reporting Information [Line Items]
Revenues					1,760	1,894	2,226
Operating Segments | Molybdenum
Segment Reporting Information [Line Items]
Revenues					0	0	0
Production and delivery					230	299	289
Depreciation, depletion and amortization					57	62	79
Inventory Adjustment					10	50	0
Selling, general and administrative expenses					0	0	0
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					(75)	(67)	42
Interest expense, net					0	0	0
Provision for (benefit from) income taxes					0	0	0
Total assets		1,796	1,760	1,796	1,760	1,798	1,796		1,798
Capital expenditures					19	19	9
Operating Segments | Rod & Refining
Segment Reporting Information [Line Items]
Revenues					4,781	4,457	5,103
Production and delivery					4,819	4,475	5,117
Depreciation, depletion and amortization					16	9	11
Inventory Adjustment					3	0	0
Selling, general and administrative expenses					0	0	0
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					1	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					(25)	(1)	6
Interest expense, net					0	0	0
Provision for (benefit from) income taxes					0	0	0
Total assets		233	211	233	211	193	233		193
Capital expenditures					6	5	5
Operating Segments | Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues					2,020	2,063	2,299
Production and delivery					1,962	1,971	2,218
Depreciation, depletion and amortization					29	28	27
Inventory Adjustment					0	0	0
Selling, general and administrative expenses					21	20	21
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					25	49	36
Interest expense, net					6	22	25
Provision for (benefit from) income taxes					(2)	(5)	(1)
Total assets		773	877	773	877	761	773		761
Capital expenditures					29	34	16
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues					77	367	144
Production and delivery					3,100	3,319	3,124
Depreciation, depletion and amortization					355	349	360
Inventory Adjustment					52	30	4
Selling, general and administrative expenses					4	4	6
Mining exploration and research expenses					2	2	3
Environmental obligations and shutdown costs					(1)	1	2
Net gain on sales of assets					0	0	0
Operating income (loss)					852	681	1,195
Interest expense, net					2	4	4
Provision for (benefit from) income taxes					0	0	0
Total assets		7,530	7,737	7,530	7,737	7,989	7,530		7,989
Capital expenditures					428	877	601
Operating Segments | North America | Morenci
Segment Reporting Information [Line Items]
Revenues					29	143	90
Production and delivery					1,269	1,376	1,183
Depreciation, depletion and amortization					166	171	176
Inventory Adjustment					4	1	0
Selling, general and administrative expenses					2	2	3
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	1	0
Net gain on sales of assets					0	0	0
Operating income (loss)					603	456	779
Interest expense, net					2	3	3
Provision for (benefit from) income taxes					0	0	0
Total assets		2,922	2,574	2,922	2,574	2,880	2,922		2,880
Capital expenditures					102	231	216
Operating Segments | North America | Other
Segment Reporting Information [Line Items]
Revenues					48	224	54
Production and delivery					1,831	1,943	1,941
Depreciation, depletion and amortization					189	178	184
Inventory Adjustment					48	29	4
Selling, general and administrative expenses					2	2	3
Mining exploration and research expenses					2	2	3
Environmental obligations and shutdown costs					(1)	0	2
Net gain on sales of assets					0	0	0
Operating income (loss)					249	225	416
Interest expense, net					0	1	1
Provision for (benefit from) income taxes					0	0	0
Total assets		4,608	5,163	4,608	5,163	5,109	4,608		5,109
Capital expenditures					326	646	385
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues					2,713	3,075	3,303
Production and delivery					1,978	2,326	2,365
Depreciation, depletion and amortization					421	474	546
Inventory Adjustment					3	2	0
Selling, general and administrative expenses					6	8	9
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					547	578	735
Interest expense, net					139	114	429
Provision for (benefit from) income taxes					(239)	(239)	(268)
Total assets		10,231	10,152	10,231	10,152	10,288	10,231		10,288
Capital expenditures					183	256	237
Operating Segments | South America | Cerro Verde
Segment Reporting Information [Line Items]
Revenues					2,282	2,576	2,709
Production and delivery					1,599	1,852	1,887
Depreciation, depletion and amortization					367	406	456
Inventory Adjustment					0	2	0
Selling, general and administrative expenses					6	8	9
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					552	621	709
Interest expense, net					139	114	429
Provision for (benefit from) income taxes					(238)	(250)	(253)
Total assets		8,524	8,474	8,524	8,474	8,612	8,524		8,612
Capital expenditures					141	232	220
Operating Segments | South America | Other
Segment Reporting Information [Line Items]
Revenues					431	499	594
Production and delivery					379	474	478
Depreciation, depletion and amortization					54	68	90
Inventory Adjustment					3	0	0
Selling, general and administrative expenses					0	0	0
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					(5)	(43)	26
Interest expense, net					0	0	0
Provision for (benefit from) income taxes					(1)	11	(15)
Total assets		1,707	1,678	1,707	1,678	1,676	1,707		1,676
Capital expenditures					42	24	17
Operating Segments | Indonesia | Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues					3,534	2,713	5,446
Production and delivery					1,606	2,055	1,864
Depreciation, depletion and amortization					580	406	606
Inventory Adjustment					0	5	0
Selling, general and administrative expenses					108	125	123
Mining exploration and research expenses					0	0	0
Environmental obligations and shutdown costs					0	0	0
Net gain on sales of assets					0	0	0
Operating income (loss)					1,320	180	2,966
Interest expense, net					39	82	1
Provision for (benefit from) income taxes					(606)	(167)	(755)
Total assets		15,646	17,169	15,646	17,169	16,485	15,646		16,485
Capital expenditures					1,266	1,369	1,001
Operating Segments | Indonesia | Grasberg Segment [Member] | Surface Water Tax Adjustment [Member]
Segment Reporting Information [Line Items]
Production and delivery						28	223
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues					1,073	1,727	2,333
Production and delivery					(3,664)	(2,911)	(3,269)
Depreciation, depletion and amortization					70	84	125
Inventory Adjustment					28	92	0
Selling, general and administrative expenses					231	237	263
Mining exploration and research expenses					48	102	102
Environmental obligations and shutdown costs					159	104	87
Net gain on sales of assets					(473)	(417)	(208)
Operating income (loss)					(207)	(329)	(226)
Interest expense, net					412	398	486
Provision for (benefit from) income taxes					(97)	(99)	33
Total assets		6,007	4,238	6,007	4,238	3,295	6,007		3,295
Capital expenditures					30	92	102
Corporate And Eliminations [Member] | Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs					57
Intersegment
Segment Reporting Information [Line Items]
Revenues					0	0	0
Intersegment | Molybdenum
Segment Reporting Information [Line Items]
Revenues					222	344	410
Intersegment | Rod & Refining
Segment Reporting Information [Line Items]
Revenues					33	26	31
Intersegment | Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues					17	5	3
Intersegment | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues					(4,881)	(4,765)	(5,459)
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues					4,287	4,019	4,550
Intersegment | North America | Morenci
Segment Reporting Information [Line Items]
Revenues					2,015	1,864	2,051
Intersegment | North America | Other
Segment Reporting Information [Line Items]
Revenues					2,272	2,155	2,499
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues					242	313	352
Intersegment | South America | Cerro Verde
Segment Reporting Information [Line Items]
Revenues					242	313	352
Intersegment | South America | Other
Segment Reporting Information [Line Items]
Revenues					0	0	0
Intersegment | Indonesia | Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues					80	58	113
Unfavorable Regulatory Actions | Operating Segments | Indonesia | Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes					35
Royalty Assessments | Operating Segments | South America | Cerro Verde
Segment Reporting Information [Line Items]
Production and delivery							(14)
Interest expense, net							370
Cerro Verde Royalty Dispute | Operating Segments | South America | Cerro Verde
Segment Reporting Information [Line Items]
Production and delivery							(69)
Cerro Verde Royalty Dispute | Royalty Assessments | Cerro Verde
Segment Reporting Information [Line Items]
Production and delivery						6	14	$ 203	223
Interest expense, net						10	370	145	525
Provision for (benefit from) income taxes						2	35	$ (7)	30
Surface Water Taxes, Papua, Indonesia [Member]
Segment Reporting Information [Line Items]
Production and delivery	$ 28	69
Asbestos Contamination in Talc-Based Personal Care Products [Member]
Segment Reporting Information [Line Items]
Settlement expense					130	0	0
Gulf of Mexico Shelf and Madden properties [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Net gain on sales of assets						(20)
Freeport Cobalt | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization							31
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset							31
Gain on Environmental Remediation Expense Adjustment							97
Timok, Lower Zone [Member]
Segment Reporting Information [Line Items]
Current Federal Tax Expense (Benefit)					53	(53)
PT Freeport Indonesia [Member]
Segment Reporting Information [Line Items]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount					$ 0	0	(504)
Loss Contingency, Loss in Period, Including Tax Charges			42			304
Deferred Tax Assets, Tax Credit Carryforwards		549		549			549
PT Freeport Indonesia [Member] | Tax Adjustment [Member]
Segment Reporting Information [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards		20		20			20
Minimum Tax Credit Carryforwards [Member]
Segment Reporting Information [Line Items]
Foreign Income Tax Expense (Benefit), Continuing Operations							47
Federal Income Tax Expense (Benefit), Continuing Operations							76
Judicial Ruling | December 2006 to Tax Year 2013 | Cerro Verde Royalty Dispute | Unfavorable Regulatory Actions
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes							35
Indonesia Tax Authority | PT Freeport Indonesia [Member] | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal [Member]
Segment Reporting Information [Line Items]
Loss Contingency, Loss in Period						155
IUPK [Member] | PT Freeport Indonesia [Member]
Segment Reporting Information [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards		482		482			482
IUPK [Member] | Minimum Tax Credit Carryforwards [Member]
Segment Reporting Information [Line Items]
Federal Income Tax Expense (Benefit), Continuing Operations							22
Internal Revenue Service (IRS) [Member] | PT Freeport Indonesia [Member]
Segment Reporting Information [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards		$ 47		$ 47			$ 47
Interest expense | PT Freeport Indonesia [Member]
Segment Reporting Information [Line Items]
Loss Contingency, Loss in Period, Including Tax Charges			35			78
Income expense (benefit) | PT Freeport Indonesia [Member]
Segment Reporting Information [Line Items]
Loss Contingency, Loss in Period, Including Tax Charges			$ 2			103
Disposed of by Sale, Discontinued Operations | Timok
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business						343
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Freeport Cobalt
Segment Reporting Information [Line Items]
Disposal Group, Including Discontinued Operation, Cash						$ 59			$ 59

GUARANTOR FINANCIAL STATEMENTS

GUARANTOR FINANCIAL STATEMENTS (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Assets, Current	$ 9,303	$ 7,915
Property, plant, equipment and mine development costs, net	29,818	29,584
Total assets	42,144	40,809	$ 42,216
LIABILITIES AND EQUITY
Liabilities, Current	3,417	3,209
Long-term debt, less current portion	9,677	9,821
Environmental and asset retirement obligations, less current portion	3,705	3,630
Other liabilities	2,269	2,491
Total liabilities	23,476	23,361
Equity:
Stockholders’ equity	10,174	9,298
Noncontrolling interests	8,494	8,150
Total equity	18,668	17,448	$ 17,892	$ 11,296
Total liabilities and equity	$ 42,144	$ 40,809

GUARANTOR FINANCIAL STATEMENT_2

GUARANTOR FINANCIAL STATEMENTS (Condensed Consolidating Comprehensive (Loss) Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Comprehensive (Loss) Income Statements [Line Items]
Revenues	$ 14,198	$ 14,402	$ 18,628
Costs and Expenses	11,761	13,311	13,874
Operating income (loss)	2,437	1,091	4,754
Interest expense, net	(598)	(620)	(945)
Other income (expense), net	59	(138)	76
Net (loss) gain on early extinguishment of debt	(101)	(27)	7
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	1,797	306	3,892
Benefit from (provision for) income taxes	(944)	(510)	(991)
Equity in affiliated companies’ net earnings (losses)	12	12	8
Net income (loss) from continuing operations	865	(192)	2,909
Net income (loss) from discontinued operations	0	3	(15)
Net income (loss)	865	(189)	2,894
Net (loss) income attributable to common stockholders	599	(239)	2,602
Total comprehensive income (loss) attributable to common stockholders	$ 692	$ (310)	$ 2,569

GUARANTOR FINANCIAL STATEMENT_3

GUARANTOR FINANCIAL STATEMENTS (Condensed Consolidated Cash Flow Statement) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2020	Aug. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Cash Flow Statements [Line Items]
Revenues			$ 14,198	$ 14,402	$ 18,628
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents			3,903	2,278	4,455	$ 4,710
Cash flow from operating activities:
Net income (loss)			865	(189)	2,894
Costs and Expenses			11,761	13,311	13,874
Operating income (loss)			2,437	1,091	4,754
Interest expense, net			(598)	(620)	(945)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest			1,797	306	3,892
Provision for income taxes			944	510	991
Net income (loss) from continuing operations			865	(192)	2,909
Net income (loss) from discontinued operations			0	3	(15)
Net income from continuing operations attributable to noncontrolling interests			(266)	(50)	(292)
Net (loss) income attributable to common stockholders			599	(239)	2,602
Total comprehensive income (loss) attributable to common stockholders			692	(310)	2,569
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization			1,528	1,412	1,754
Equity in affiliated companies’ net earnings			12	12	8
Net cash provided by (used in) operating activities			3,017	1,482	3,863
Cash flow from investing activities:
Capital expenditures			(1,961)	(2,652)	(1,971)
Acquisition of PT Rio Tinto Indonesia			0	0	(3,500)
Proceeds from sales			0
Net cash provided by (used in) investing activities			(1,264)	(2,103)	(5,018)
Cash flow from financing activities:
Proceeds from debt	$ 1,285	$ 1,187	3,531	1,879	632
Repayments of debt			(3,724)	(3,197)	(2,717)
Other, net			(18)	(30)	(19)
Net cash (used in) provided by financing activities			(128)	(1,556)	900
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year			$ 3,657	2,020
Freeport-McMoRan Oil & Gas
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net gain on sales of assets					$ (27)
Cash flow from investing activities:
Proceeds from sales				$ 36

SUPPLEMENTARY MINERAL RESERVE_3

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Details) oz in Millions, lb in Millions	12 Months Ended
	Dec. 31, 2020lboz$ / oz$ / lb
Copper
Estimated Recoverable Proven And Probable Reserves	117,200
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb	2.50
Three Year Average Price | $ / lb	2.83
Gold
Estimated Recoverable Proven And Probable Reserves | oz	28.9
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz	1,200
Three Year Average Price | $ / oz	1,477
Molybdenum
Estimated Recoverable Proven And Probable Reserves	3,770
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb	10
Three Year Average Price | $ / lb	10.65
Silver
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz	15
Consolidated Basis [Member] | Copper
Estimated Recoverable Proven And Probable Reserves	113,200
Consolidated Basis [Member] | Gold
Estimated Recoverable Proven And Probable Reserves | oz	28.9
Consolidated Basis [Member] | Molybdenum
Estimated Recoverable Proven And Probable Reserves	3,710
Consolidated Basis [Member] | Silver
Estimated Recoverable Proven And Probable Reserves | oz	362
Consolidated Basis [Member] | Indonesia | Copper
Estimated Recoverable Proven And Probable Reserves	33,400
Consolidated Basis [Member] | Indonesia | Gold
Estimated Recoverable Proven And Probable Reserves | oz	28.3
Consolidated Basis [Member] | Indonesia | Molybdenum
Estimated Recoverable Proven And Probable Reserves	0

SUPPLEMENTARY MINERAL RESERVE_4

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Recoverable Reserves) (Details) oz in Millions, lb in Millions	Jan. 01, 2023	Jan. 01, 2021	Dec. 31, 2020lboz$ / lb$ / oz	Dec. 21, 2018
Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			117,200
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb			2.50
Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			28.9
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz			1,200
Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,770
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb			10
Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz			15
Net Equity Interest [Member] | Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			81,800
Net Equity Interest [Member] | Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			15.5
Net Equity Interest [Member] | Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,390
Net Equity Interest [Member] | Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			247
Consolidated Basis [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)			1,700
Estimated recoverable proven and probable copper reserves in mill stockpiles (in pounds)			300
Consolidated Basis [Member] | Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			113,200
Consolidated Basis [Member] | Copper | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			47,100
Consolidated Basis [Member] | Copper | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			32,700
Consolidated Basis [Member] | Copper | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			33,400
Consolidated Basis [Member] | Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			28.9
Consolidated Basis [Member] | Gold (ounces) [Member] | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			0.6
Consolidated Basis [Member] | Gold (ounces) [Member] | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			0
Consolidated Basis [Member] | Gold (ounces) [Member] | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			28.3
Consolidated Basis [Member] | Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,710
Consolidated Basis [Member] | Molybdenum mines | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,010
Consolidated Basis [Member] | Molybdenum mines | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			700
Consolidated Basis [Member] | Molybdenum mines | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			0
Consolidated Basis [Member] | Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			362
PT Freeport Indonesia [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Ownership percentage of subsidiary				48.76%
PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Ownership percentage of subsidiary			48.76%
Forecast [Member] | PT Freeport Indonesia [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Ownership percentage of subsidiary	48.76%	81.00%

SUPPLEMENTARY MINERAL RESERVE_5

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Ore Reserves) (Details) oz in Millions, lb in Millions, T in Millions	Dec. 31, 2020lbozgT
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	18,052
Copper
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	117,200
Copper | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	113,200
Copper | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	81,800
Gold
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	28.9
Gold | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	28.9
Gold | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	15.5
Molybdenum
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,770
Molybdenum | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,710
Molybdenum | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,390
Morenci | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	4,300
Average ore grade of copper per metric ton	0.23%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.00%
Morenci | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	14,300
Morenci | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Morenci | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	200
Bagdad [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,591
Average ore grade of copper per metric ton	0.31%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.02%
Bagdad [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	15,200
Bagdad [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.2
Bagdad [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	920
Safford [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	777
Average ore grade of copper per metric ton	0.45%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.00%
Safford [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	5,700
Safford [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Safford [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Sierrita [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	3,240
Average ore grade of copper per metric ton	0.22%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.02%
Sierrita [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	13,200
Sierrita [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.2
Sierrita [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	1,280
Tyrone [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	33
Average ore grade of copper per metric ton	0.27%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.00%
Tyrone [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	200
Tyrone [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Tyrone [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Chino [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	313
Average ore grade of copper per metric ton	0.44%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0003
Average ore grade of molybdenum per metric ton	0.00%
Chino [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	2,500
Chino [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.2
Chino [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Miami [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	0
Average ore grade of copper per metric ton	0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.00%
Miami [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	100
Miami [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Miami [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Henderson [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	60
Average ore grade of copper per metric ton	0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.17%
Henderson [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Henderson [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Henderson [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	200
Climax [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	156
Average ore grade of copper per metric ton	0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.15%
Climax [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Climax [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Climax [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	480
Cerro Verde | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	4,077
Average ore grade of copper per metric ton	0.36%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.01%
Cerro Verde | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	28,600
Cerro Verde | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Cerro Verde | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	700
El Abra | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	779
Average ore grade of copper per metric ton	0.41%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0.00%
El Abra | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	4,200
El Abra | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
El Abra | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Deep Ore Zone [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	8
Average ore grade of copper per metric ton	0.55%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0047
Average ore grade of molybdenum per metric ton	0.00%
Deep Ore Zone [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	100
Deep Ore Zone [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.1
Deep Ore Zone [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Big Gossan [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	53
Average ore grade of copper per metric ton	2.30%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0098
Average ore grade of molybdenum per metric ton	0.00%
Big Gossan [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	2,500
Big Gossan [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	1.1
Big Gossan [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Grasberg block cave [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	874
Average ore grade of copper per metric ton	1.08%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0073
Average ore grade of molybdenum per metric ton	0.00%
Grasberg block cave [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	17,500
Grasberg block cave [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	13.1
Grasberg block cave [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Kucing Liar [Member] | Undeveloped [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	351
Average ore grade of copper per metric ton	0.92%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0090
Average ore grade of molybdenum per metric ton	0.00%
Kucing Liar [Member] | Copper | Undeveloped [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	6,000
Kucing Liar [Member] | Gold | Undeveloped [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	6
Kucing Liar [Member] | Molybdenum | Undeveloped [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Deep Mill Level Zone [Member] | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	439
Average ore grade of copper per metric ton	0.89%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.0072
Average ore grade of molybdenum per metric ton	0.00%
Deep Mill Level Zone [Member] | Copper | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	7,400
Deep Mill Level Zone [Member] | Gold | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	8.1
Deep Mill Level Zone [Member] | Molybdenum | Productive Land [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 156
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	4,576	$ 4,507	$ 4,575
Other Additions (Deductions)	200	50	(345)
Additons Charged to Other Accounts	(16)	19	8
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease)	(28)	0	269
Balance at End of Year	4,732	4,576	4,507	$ 4,575
Reserve for Taxes, Other than Income Taxes [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	58	62	58
Other Additions (Deductions)	21	0	7
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	(1)	0	(1)
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other	4	(4)	(2)
Balance at End of Year	82	58	62	58
Net Operating Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	250			$ (45)
Domestic Deferred Tax Assets [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ (11)	$ 208	(44)
Foreign Operating Losses [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)			$ 244