New Accounting Standard (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019, follow (in millions):

Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$	242
Short-term lease liabilities (included in accounts payable and accrued liabilities)	$	47
Long-term lease liabilities (included in other liabilities)	216
Total lease liabilities	$	263

Schedule of operating lease costs

Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, are as follows (in millions):

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating leases	$	21	$	33
Variable and short-term leases	19		40
Total lease costs	$	40	$	73

Schedule of future minimum payments for leases

The future minimum payments for leases presented in the consolidated balance sheets at June 30, 2019, follow (in millions):

Remaining six months of 2019	$	27
2020	54
2021	40
2022	33
2023	30
Thereafter	158
Total payments	342
Less amount representing interest	(79		)
Present value of net minimum lease payments	263
Less current portion	(47		)
Long-term portion	$	216