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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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 for the years ended December 31 follows:
 
2017
 
2016
 
2015
Copper futures and swap contracts:
 
 
 
 
 
Unrealized gains (losses):
 
 
 
 
 
Derivative financial instruments
$
4

 
$
16

 
$
(3
)
Hedged item – firm sales commitments
(4
)
 
(16
)
 
3

 
 
 
 
 
 
Realized gains (losses):
 
 
 
 
 
Matured derivative financial instruments
30

 
1

 
(34
)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at December 31, 2017, follows:
 
Open
 
Average Price
Per Unit
 
Maturities
 
Positions
 
Contract
 
Market
 
Through
Embedded derivatives in provisional sales contracts:
 
 
 
 
 
 
 
Copper (millions of pounds)
642

 
$
3.06

 
$
3.28

 
May 2018
Gold (thousands of ounces)
318

 
1,269

 
1,300

 
March 2018
Embedded derivatives in provisional purchase contracts:
 
 
 
 
 
 
 
Copper (millions of pounds)
120

 
3.02

 
3.28

 
April 2018
Cobalt (millions of pounds)a
6

 
22.97

 
26.81

 
March 2018

a. Relates to assets held for sale.

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, for the years ended December 31 follows:
 
2017
 
2016
 
2015
Embedded derivatives in provisional copper and gold
 
 
 
 
 
sales contractsa
$
515

 
$
266

 
$
(406
)
Crude oil options and swapsa
—

 
(35
)
 
87

Copper forward contractsb
(15
)
 
5

 
(15
)
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,
 
2017
 
2016
Commodity Derivative Assets:
 
 
 
Derivatives designated as hedging instruments:
 
 
 
Copper futures and swap contracts
$
11

 
$
9

Derivatives not designated as hedging instruments:
 
 
 
Embedded derivatives in provisional copper and gold
 

 
 

sales/purchase contracts
155

 
137

Copper forward contracts
1

 
—

Total derivative assets
$
167

 
$
146

Commodity Derivative Liabilities:
 
 
 
Derivatives designated as hedging instruments:
 
 
 
Copper futures and swap contracts
$
—

 
$
2

Derivatives not designated as hedging instruments:
 
 
 
Embedded derivatives in provisional copper and gold
 
 
 
sales/purchase contracts
31

 
56

Copper forward contracts
2

 
—

Total derivative liabilities
$
33

 
$
58
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,
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Gross amounts recognized:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
$
155

 
$
137

 
$
31

 
$
56

Copper derivatives
 
12

 
9

 
2

 
2

 
 
167

 
146

 
33

 
58

 
 
 
 
 
 
 
 
 
Less gross amounts of offset:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
—

 
12

 
—

 
12

Copper derivatives
 
1

 
2

 
1

 
2

 
 
1

 
14

 
1

 
14

 
 
 
 
 
 
 
 
 
Net amounts presented in balance sheet:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
155

 
125

 
31

 
44

Copper derivatives
 
11

 
7

 
1

 
—

 
 
$
166

 
$
132

 
$
32

 
$
44

 
 
 
 
 
 
 
 
 
Balance sheet classification:
 
 
 
 
 
 
 
 
Trade accounts receivable
 
$
151

 
$
119

 
$
—

 
$
13

Other current assets
 
11

 
7

 
—

 
—

Accounts payable and accrued liabilities
 
4

 
6

 
32

 
31

 
 
$
166

 
$
132

 
$
32

 
$
44
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,
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Gross amounts recognized:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
$
155

 
$
137

 
$
31

 
$
56

Copper derivatives
 
12

 
9

 
2

 
2

 
 
167

 
146

 
33

 
58

 
 
 
 
 
 
 
 
 
Less gross amounts of offset:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
—

 
12

 
—

 
12

Copper derivatives
 
1

 
2

 
1

 
2

 
 
1

 
14

 
1

 
14

 
 
 
 
 
 
 
 
 
Net amounts presented in balance sheet:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Embedded derivatives in provisional
 
 
 
 
 
 
 
 
sales/purchase contracts
 
155

 
125

 
31

 
44

Copper derivatives
 
11

 
7

 
1

 
—

 
 
$
166

 
$
132

 
$
32

 
$
44

 
 
 
 
 
 
 
 
 
Balance sheet classification:
 
 
 
 
 
 
 
 
Trade accounts receivable
 
$
151

 
$
119

 
$
—

 
$
13

Other current assets
 
11

 
7

 
—

 
—

Accounts payable and accrued liabilities
 
4

 
6

 
32

 
31

 
 
$
166

 
$
132

 
$
32

 
$
44