New Accounting Standard (Tables)

9 Months Ended

Sep. 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 September 30, 2019, follow (in millions):

Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$	241
Short-term lease liabilities (included in accounts payable and accrued liabilities)	$	45
Long-term lease liabilities (included in other liabilities)	211
Total lease liabilities	$	256

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		Nine Months Ended
	September 30, 2019		September 30, 2019
Operating leases	$	11	$	44
Variable and short-term leases	19		59
Total operating lease costs	$	30	$	103

Schedule of future minimum payments for leases

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

Remaining three months of 2019	$	14
2020	55
2021	42
2022	35
2023	31
Thereafter	155
Total payments	332
Less amount representing interest	(76		)
Present value of net minimum lease payments	256
Less current portion	(45		)
Long-term portion	$	211