New Accounting Standard (Tables)

3 Months Ended

Mar. 31, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Summary of components of leases presented in the consolidated balance sheet

The components of FCX’s leases presented in the consolidated balance sheet as of March 31, 2019, follow (in millions):

Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$	245
Short-term lease liabilities (included in accounts payable and accrued liabilities)	$	33
Long-term lease liabilities (included in other liabilities)	223
Total lease liabilities	$	256

Schedule of operating lease costs

Operating lease costs in first-quarter 2019, primarily included in production and delivery expense in the consolidated statement of income, are as follows (in millions):

Operating leases	$	12
Variable and short-term leases	21
Total lease costs	$	33

Schedule of future minimum payments for leases

The future minimum payments for leases presented in the consolidated balance sheets at March 31, 2019, follows (in millions):

Remaining nine months of 2019	$	36
2020	45
2021	39
2022	33
2023	30
Thereafter	155
Total payments	338
Less amount representing interest	(82		)
Present value of net minimum lease payments	256
Less current portion	(33		)
Long-term portion	$	223