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Financial Instruments (Unaudited) (Tables) | 9 Months Ended
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Sep. 30, 2016
Financial Instruments [Abstract] |
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, along with the unrealized gains (losses) on the related hedged item follows (in millions):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 1 |  |  | $ | (2 | ) |  | $ | 11 |  |  | $ | — |
Hedged item – firm sales commitments | (1 | ) |  | 2 |  |  | (11 | ) |  | — |
Realized losses: |  |  |  |  |  |  |
Matured derivative financial instruments | — |  |  | (12 | ) |  | (8 | ) |  | (23 | )
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at September 30, 2016, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 752 |  |  | $ | 2.15 |  |  | $ | 2.21 |  |  | February 2017
Gold (thousands of ounces) | 162 |  |  | 1,329 |  |  | 1,328 |  |  | January 2017
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 133 |  |  | 2.16 |  |  | 2.20 |  |  | January 2017
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 FCX's income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Embedded derivatives in provisional copper and gold |  |  |  |  |  |  |
sales contracts a | $ | 12 |  |  | $ | (155 | ) |  | $ | 88 |  |  | $ | (299 | )
Copper forward contracts b | (1 | ) |  | (8 | ) |  | 4 |  |  | (15 | )
Crude oil options a | — |  |  | 29 |  |  | — |  |  | 87 |
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 these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
|  | Assets |  | Liabilities
|  | September 30, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2015
Gross amounts recognized: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 47 |  |  | $ | 19 |  |  | $ | 9 |  |  | $ | 81 |
Copper derivatives |  | 3 |  |  | 1 |  |  | 1 |  |  | 11 |
|  | 50 |  |  | 20 |  |  | 10 |  |  | 92 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 1 |  |  | 5 |  |  | 1 |  |  | 5 |
Copper derivatives |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
|  | 2 |  |  | 6 |  |  | 2 |  |  | 6 |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 46 |  |  | 14 |  |  | 8 |  |  | 76 |
Copper derivatives |  | 2 |  |  | — |  |  | — |  |  | 10 |
|  | $ | 48 |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | 86 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 48 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | 51 |
Accounts payable and accrued liabilities |  | — |  |  | 5 |  |  | 4 |  |  | 35 |
|  | $ | 48 |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | 86 |
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):
|  | September 30, 2016 |  | December 31, 2015
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts a |  | $ | 3 |  |  | $ | 1 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional copper and gold |  |  |  |
sales/purchase contracts |  | 47 |  |  | 19 |
Total derivative assets |  | $ | 50 |  |  | $ | 20 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts a |  | $ | 1 |  |  | $ | 11 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional copper and gold |  |  |  |
sales/purchase contracts |  | 9 |  |  | 81 |
Total derivative liabilities |  | $ | 10 |  |  | $ | 92 |
a. | FCX had paid a minimal amount to brokers at September 30, 2016, and $10 million at December 31, 2015, for margin requirements (recorded in other current assets).

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 55 -Paragraph 184 -URI http://asc.fasb.org/extlink&oid=68066869&loc=SL5634876-113961 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4F -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624186-113959 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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