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New Accounting Standard (Tables) | 9 Months Ended
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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 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- References No definition available. + Details
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