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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Balance sheet components:
Cash and cash equivalents	$	3,657	$	2,020
Restricted cash and restricted cash equivalents included in:
Other current assets	97		100
Other assets	149		158
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	3,903	$	2,278

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


	2020		2019		2018
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	9	$	15	$	(20)
Hedged item – firm sales commitments	(9)		(15)		20

Realized gains (losses):
Matured derivative financial instruments	22		(8)		(22)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at December 31, 2020, follows:


	Open	Average Price Per Unit				Maturities
	Positions	Contract		Market		Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	520	$	3.21	$	3.52	May 2021
Gold (thousands of ounces)	142	1,850		1,893		February 2021
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	53	3.15		3.52		April 2021

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:


	2020		2019		2018
Embedded derivatives in provisional sales contractsa:
Copper	$	259	$	34	$	(310)
Gold and other	45		20		(7)




Copper forward contractsb	3		(7)		18

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,
	2020		2019
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	15	$	6
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	169		68


Total derivative assets	$	184	$	74


Commodity Derivative Liabilities:


Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	$	21	$	20


Copper forward contracts	—		1
Total derivative liabilities	$	21	$	21

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,
	2020		2019		2020		2019

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	169	$	68	$	21	$	20

Copper derivatives	15		6		—		1
	184		74		21		21

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	1		—		1		—


	1		—		1		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	168		68		20		20

Copper derivatives	15		6		—		1
	$	183	$	74	$	20	$	21

Balance sheet classification:
Trade accounts receivable	$	168	$	66	$	—	$	—
Other current assets	15		6		—		—

Accounts payable and accrued liabilities	—		2		20		21

	$	183	$	74	$	20	$	21

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,
	2020		2019		2020		2019

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	169	$	68	$	21	$	20

Copper derivatives	15		6		—		1
	184		74		21		21

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	1		—		1		—


	1		—		1		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	168		68		20		20

Copper derivatives	15		6		—		1
	$	183	$	74	$	20	$	21

Balance sheet classification:
Trade accounts receivable	$	168	$	66	$	—	$	—
Other current assets	15		6		—		—

Accounts payable and accrued liabilities	—		2		20		21

	$	183	$	74	$	20	$	21

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details