FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows to the components presented in the consolidated balance sheets:

	December 31,
	2019		2018
Balance sheet components:
Cash and cash equivalents	$	2,020	$	4,217
Restricted cash and restricted cash equivalents included in:
Other current assets	100		110
Other assets	158		128
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	2,278	$	4,455

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, including the unrealized (losses) gains on the related hedged item for the years ended December 31 follows:

	2019			2018			2017
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	15		$	(20	)	$	4
Hedged item – firm sales commitments	(15		)	20			(4		)
Realized (losses) gains:
Matured derivative financial instruments	(8		)	(22		)	30

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at December 31, 2019, follows:

	Open	Average Price Per Unit				Maturities
	Positions	Contract		Market		Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	481	$	2.67	$	2.80	May 2020
Gold (thousands of ounces)	112	1,471		1,527		February 2020
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	129	2.64		2.80		April 2020

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 for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows:

	2019			2018			2017
Embedded derivatives in provisional sales contractsa
Copper	$	34		$	(310	)	$	489
Gold and other	20			(7		)	26
Copper forward contractsb	(7		)	18			(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,
	2019		2018
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	6	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	68		23
Total derivative assets	$	74	$	23

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	9
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	20		39
Copper forward contracts	1		—
Total derivative liabilities	$	21	$	48

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,
	2019		2018		2019		2018
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	68	$	23	$	20	$	39
Copper derivatives	6		—		1		9
	74		23		21		48
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	—		7		—		7
Copper derivatives	—		—		—		—
	—		7		—		7
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	68		16		20		32
Copper derivatives	6		—		1		9
	$	74	$	16	$	21	$	41
Balance sheet classification:
Trade accounts receivable	$	66	$	3	$	—	$	24
Other current assets	6		—		—		—
Accounts payable and accrued liabilities	2		13		21		17
	$	74	$	16	$	21	$	41

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,
	2019		2018		2019		2018
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	68	$	23	$	20	$	39
Copper derivatives	6		—		1		9
	74		23		21		48
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	—		7		—		7
Copper derivatives	—		—		—		—
	—		7		—		7
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	68		16		20		32
Copper derivatives	6		—		1		9
	$	74	$	16	$	21	$	41
Balance sheet classification:
Trade accounts receivable	$	66	$	3	$	—	$	24
Other current assets	6		—		—		—
Accounts payable and accrued liabilities	2		13		21		17
	$	74	$	16	$	21	$	41