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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2018
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | FCX’s revenues attributable to the products it produced for the first quarters of 2018 and 2017 follow (in millions):
| Three Months Ended
| March 31,
| 2018 |  | 2017
Copper: |  |  |
Concentrate | $ | 1,647 |  |  | $ | 981 |
Cathode | 1,423 |  |  | 1,041 |
Rod and other refined copper products | 670 |  |  | 624 |
Gold | 808 |  |  | 268 |
Molybdenum | 286 |  |  | 209 |
Other a | 398 |  |  | 231 |
Adjustments to revenue: |  |  |
Treatment charges | (132 | ) |  | (103 | )
Royalty expense b | (69 | ) |  | (22 | )
Export duties c | (46 | ) |  | (14 | )
Revenue from contracts with customers | 4,985 |  |  | 3,215 |
Embedded derivatives d | (117 | ) |  | 126 |
Total consolidated revenues | $ | 4,868 |  |  | $ | 3,341 |
a. | Primarily includes revenues associated with cobalt, silver, oil, gas and natural gas liquids.
b. | Reflects royalties for sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and the prices of copper and gold.
c. | Reflects export duties paid by PT-FI.
d. | Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment | Financial Information by Business Segment
(In millions) |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Corporate, |  |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  | Copper |  | Other |  |  |
|  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  | Molybdenum |  | Rod & |  | Smelting |  | & Elimi- |  | FCX |
| Morenci |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  | Mines |  | Refining |  | & Refining |  | nations a |  | Total |
Three Months Ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 3 |  |  | $ | 15 |  |  | $ | 18 |  |  | $ | 625 |  |  | $ | 150 |  |  | $ | 775 |  |  | $ | 1,521 |  | b | $ | — |  |  | $ | 1,385 |  |  | $ | 577 |  |  | $ | 592 |  | c | $ | 4,868 |  |
Intersegment | 601 |  |  | 689 |  |  | 1,290 |  |  | 102 |  |  | — |  |  | 102 |  |  | 52 |  |  | 95 |  |  | 8 |  |  | 2 |  |  | (1,549 | ) |  | — |  |
Production and delivery | 290 |  |  | 501 |  |  | 791 |  |  | 427 |  |  | 116 |  |  | 543 |  |  | 457 |  |  | 67 |  |  | 1,388 |  |  | 556 |  |  | (994 | ) |  | 2,808 |  |
Depreciation, depletion and amortization | 46 |  |  | 48 |  |  | 94 |  |  | 105 |  |  | 22 |  |  | 127 |  |  | 181 |  |  | 19 |  |  | 2 |  |  | 7 |  |  | 21 |  |  | 451 |  |
Selling, general and administrative expenses | 1 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | — |  |  | 2 |  |  | 39 |  |  | — |  |  | — |  |  | 6 |  |  | 81 |  |  | 131 |  |
Mining exploration and research expenses | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | 21 |  |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 9 |  |
Net gain on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11 | ) |  | (11 | ) |
Operating income (loss) | 267 |  |  | 152 |  |  | 419 |  |  | 193 |  |  | 12 |  |  | 205 |  |  | 896 |  |  | 9 |  |  | 3 |  |  | 10 |  |  | (83 | ) |  | 1,459 |  |
Interest expense, net | 1 |  |  | — |  |  | 1 |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 128 |  |  | 151 |  |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 68 |  |  | 4 |  |  | 72 |  |  | 401 |  |  | — |  |  | — |  |  | 1 |  |  | 32 |  |  | 506 |  |
Total assets at March 31, 2018 | 2,817 |  |  | 4,340 |  |  | 7,157 |  |  | 8,740 |  |  | 1,715 |  |  | 10,455 |  |  | 10,992 |  |  | 1,836 |  |  | 290 |  |  | 809 |  |  | 5,098 |  | d | 36,637 |  |
Capital expenditures | 47 |  |  | 45 |  |  | 92 |  |  | 63 |  |  | 4 |  |  | 67 |  |  | 203 |  |  | 1 |  |  | 1 |  |  | 4 |  |  | 34 |  |  | 402 |  |
Three Months Ended March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 66 |  |  | $ | 50 |  |  | $ | 116 |  |  | $ | 640 |  |  | $ | 112 |  |  | $ | 752 |  |  | $ | 534 |  | b | $ | — |  |  | $ | 1,107 |  |  | $ | 458 |  |  | $ | 374 |  | c | $ | 3,341 |  |
Intersegment | 416 |  |  | 563 |  |  | 979 |  |  | 116 |  |  | — |  |  | 116 |  |  | — |  |  | 63 |  |  | 8 |  |  | — |  |  | (1,166 | ) |  | — |  |
Production and delivery | 257 |  |  | 409 |  |  | 666 |  |  | 391 |  |  | 82 |  |  | 473 |  |  | 270 |  |  | 52 |  |  | 1,109 |  |  | 436 |  |  | (818 | ) |  | 2,188 |  | e
Depreciation, depletion and amortization | 47 |  |  | 69 |  |  | 116 |  |  | 112 |  |  | 21 |  |  | 133 |  |  | 83 |  |  | 19 |  |  | 2 |  |  | 7 |  |  | 29 |  |  | 389 |  |
Selling, general and administrative expenses | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  | — |  |  | — |  |  | 5 |  |  | 113 |  |  | 151 |  |
Mining exploration and research expenses | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 14 |  |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 25 |  |
Net gain on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23 | ) |  | (23 | ) |
Operating income (loss) | 178 |  |  | 133 |  |  | 311 |  |  | 251 |  |  | 9 |  |  | 260 |  |  | 151 |  |  | (8 | ) |  | 4 |  |  | 10 |  |  | (131 | ) |  | 597 |  |
Interest expense, net | 1 |  |  | — |  |  | 1 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 146 |  |  | 167 |  |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 98 |  |  | 3 |  |  | 101 |  |  | 67 |  |  | — |  |  | — |  |  | 1 |  |  | 5 |  |  | 174 |  |
Total assets at March 31, 2017 | 2,814 |  |  | 4,361 |  |  | 7,175 |  |  | 9,081 |  |  | 1,525 |  |  | 10,606 |  |  | 10,418 |  |  | 1,917 |  |  | 261 |  |  | 652 |  |  | 5,547 |  | d | 36,576 |  |
Capital expenditures | 23 |  |  | 5 |  |  | 28 |  |  | 14 |  |  | 1 |  |  | 15 |  |  | 244 |  |  | 1 |  |  | 1 |  |  | 8 |  |  | 47 |  |  | 344 |  |
a. | Includes U.S. oil and gas operations.
b. | Includes PT-FI’s sales to PT Smelting totaling $628 million in first-quarter 2018 and $258 million in first-quarter 2017.
c. | Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.
d. | Includes assets held for sale totaling $708 million at March 31, 2018, and $408 million at March 31, 2017, primarily associated with Freeport Cobalt and the Kisanfu exploration project.
e. | Includes a decrease of $12 million for the new guidance for the presentation of net periodic benefit cost for pension and other postretirement benefit plans (refer to Note 11 for further discussion).

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