Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2017		2016			2017			2016
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	—	$	1		$	(1	)	$	11
Hedged item – firm sales commitments	—		(1		)	1			(11		)
Realized gains (losses):
Matured derivative financial instruments	12		—			21			(8		)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at September 30, 2017, follows:

	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	546	$	2.84	$	2.93	February 2018
Gold (thousands of ounces)	194	1,318		1,287		December 2017
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	155	2.83		2.93		January 2018

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 (loss) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Embedded derivatives in provisional copper and gold
sales contractsa	$	137		$	12		$	297		$	88
Copper forward contractsb	(9		)	(1		)	(14		)	4

a. Amounts recorded in revenues. 

b. Amounts recorded in cost of sales as production and delivery costs.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):

	September 30, 2017		December 31, 2016
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	7	$	9
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	74		137
Total derivative assets	$	81	$	146
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	2	$	2
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	46		56
Total derivative liabilities	$	48	$	58

Offsetting Assets

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):

	Assets				Liabilities
	September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	74	$	137	$	46	$	56
Copper derivatives	7		9		2		2
	81		146		48		58
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	1		12		1		12
Copper derivatives	2		2		2		2
	3		14		3		14
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	73		125		45		44
Copper derivatives	5		7		—		—
	$	78	$	132	$	45	$	44
Balance sheet classification:
Trade accounts receivable	$	69	$	119	$	24	$	13
Other current assets	5		7		—		—
Accounts payable and accrued liabilities	4		6		21		31
	$	78	$	132	$	45	$	44

Offsetting Liabilities

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):

	Assets				Liabilities
	September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	74	$	137	$	46	$	56
Copper derivatives	7		9		2		2
	81		146		48		58
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	1		12		1		12
Copper derivatives	2		2		2		2
	3		14		3		14
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	73		125		45		44
Copper derivatives	5		7		—		—
	$	78	$	132	$	45	$	44
Balance sheet classification:
Trade accounts receivable	$	69	$	119	$	24	$	13
Other current assets	5		7		—		—
Accounts payable and accrued liabilities	4		6		21		31
	$	78	$	132	$	45	$	44