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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2020 and 2019 follow (in millions):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Copper: |  |  |  |  |  |  |
Cathode | $ | 1,124 |  |  | $ | 959 |  |  | $ | 1,961 |  |  | $ | 1,818 |
Concentrate | 749 |  |  | 1,134 |  |  | 1,598 |  |  | 2,299 |
Rod and other refined copper products | 303 |  |  | 516 |  |  | 845 |  |  | 1,023 |
Purchased copper a | 166 |  |  | 325 |  |  | 401 |  |  | 662 |
Gold | 341 |  |  | 305 |  |  | 611 |  |  | 696 |
Molybdenum | 194 |  |  | 327 |  |  | 437 |  |  | 615 |
Other b | 115 |  |  | 218 |  |  | 272 |  |  | 495 |
Adjustments to revenues: |  |  |  |  |  |  |
Treatment charges | (75 | ) |  | (100 | ) |  | (155 | ) |  | (205 | )
Royalty expense c | (26 | ) |  | (19 | ) |  | (46 | ) |  | (49 | )
Export duties d | (16 | ) |  | (10 | ) |  | (20 | ) |  | (27 | )
Revenues from contracts with customers | 2,875 |  |  | 3,655 |  |  | 5,904 |  |  | 7,327 |
Embedded derivatives e | 179 |  |  | (109 | ) |  | (52 | ) |  | 11 |
Total consolidated revenues | $ | 3,054 |  |  | $ | 3,546 |  |  | $ | 5,852 |  |  | $ | 7,338 |
a. | FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b. | Primarily includes revenues associated with cobalt and silver.
c. | Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d. | Reflects PT-FI export duties.
e. 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 |  | Bagdad |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  | Mines |  | Refining |  | & Refining |  | nations |  | Total
Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 20 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 36 |  |  | $ | 471 |  |  | $ | 106 |  |  | $ | 577 |  |  | $ | 683 |  | a | $ | — |  |  | $ | 1,106 |  |  | $ | 464 |  |  | $ | 188 |  | b | $ | 3,054 |
Intersegment | 447 |  |  | 166 |  |  | 339 |  |  | 952 |  | c | 52 |  |  | — |  |  | 52 |  |  | 35 |  |  | 58 |  |  | 8 |  |  | 2 |  |  | (1,107 | ) |  | — |
Production and delivery | 348 |  |  | 118 |  |  | 321 |  |  | 787 |  |  | 334 |  |  | 104 |  |  | 438 |  |  | 378 |  |  | 61 |  |  | 1,138 |  |  | 446 |  |  | (854 | ) |  | 2,394 |
Depreciation, depletion and amortization | 43 |  |  | 13 |  |  | 33 |  |  | 89 |  |  | 88 |  |  | 14 |  |  | 102 |  |  | 124 |  |  | 15 |  |  | 6 |  |  | 7 |  |  | 15 |  |  | 358 |
Metals inventory adjustments | — |  |  | — |  |  | (89 | ) |  | (89 | ) |  | — |  |  | (57 | ) |  | (57 | ) |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 5 |  |  | (139 | )
Selling, general and administrative expenses | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 28 |  |  | — |  |  | — |  |  | 5 |  |  | 56 |  |  | 91 |
Mining exploration and research expenses | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | 18 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) | 76 |  |  | 35 |  |  | 88 |  |  | 199 |  |  | 100 |  |  | 45 |  |  | 145 |  |  | 188 |  |  | (19 | ) |  | (31 | ) |  | 8 |  |  | (169 | ) |  | 321 |
Interest expense, net | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 20 |  |  | — |  |  | 20 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 92 |  |  | 115 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 29 |  |  | 16 |  |  | 45 |  |  | 78 |  |  | — |  |  | — |  |  | 1 |  |  | (28 | ) |  | 96 |
Total assets at June 30, 2020 | 2,697 |  |  | 794 |  |  | 4,404 |  |  | 7,895 |  |  | 8,515 |  |  | 1,631 |  |  | 10,146 |  |  | 16,848 |  |  | 1,777 |  |  | 259 |  |  | 726 |  |  | 2,579 |  |  | 40,230 |
Capital expenditures | 27 |  |  | 12 |  |  | 109 |  |  | 148 |  |  | 31 |  |  | 20 |  |  | 51 |  |  | 308 |  |  | 4 |  |  | 2 |  |  | 5 |  |  | 9 |  |  | 527 |
Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 16 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 85 |  |  | $ | 562 |  |  | $ | 128 |  |  | $ | 690 |  |  | $ | 583 |  | a | $ | — |  |  | $ | 1,171 |  |  | $ | 546 |  |  | $ | 471 |  | b | $ | 3,546 |
Intersegment | 491 |  |  | 204 |  |  | 340 |  |  | 1,035 |  |  | 71 |  |  | — |  |  | 71 |  |  | (1 | ) |  | 109 |  |  | 4 |  |  | — |  |  | (1,218 | ) |  | — |
Production and delivery | 348 |  |  | 128 |  |  | 348 |  |  | 824 |  |  | 455 |  |  | 126 |  |  | 581 |  |  | 554 |  |  | 78 |  |  | 1,171 |  |  | 515 |  |  | (718 | ) |  | 3,005 |
Depreciation, depletion and amortization | 43 |  |  | 11 |  |  | 33 |  |  | 87 |  |  | 101 |  |  | 18 |  |  | 119 |  |  | 99 |  |  | 18 |  |  | 3 |  |  | 7 |  |  | 19 |  |  | 352 |
Metals inventory adjustments | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |
Selling, general and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  | — |  |  | — |  |  | 5 |  |  | 55 |  |  | 92 |
Mining exploration and research expenses | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 31 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 23 |
Net loss on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
Operating income (loss) | 116 |  |  | 65 |  |  | 26 |  |  | 207 |  |  | 75 |  |  | (16 | ) |  | 59 |  |  | (101 | ) |  | 13 |  |  | 1 |  |  | 19 |  |  | (165 | ) |  | 33 |
Interest expense, net | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 25 |  |  | — |  |  | 25 |  |  | 1 |  |  | — |  |  | — |  |  | 6 |  |  | 99 |  |  | 132 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | (9 | ) |  | 11 |  |  | (35 | ) |  | — |  |  | — |  |  | 2 |  |  | 7 |  |  | (15 | )
Total assets at June 30, 2019 | 2,917 |  |  | 742 |  |  | 4,179 |  |  | 7,838 |  |  | 8,571 |  |  | 1,699 |  |  | 10,270 |  |  | 16,261 |  |  | 1,792 |  |  | 250 |  |  | 764 |  |  | 3,911 |  |  | 41,086 |
Capital expenditures | 49 |  |  | 33 |  |  | 125 |  |  | 207 |  |  | 43 |  |  | 4 |  |  | 47 |  |  | 339 |  |  | 2 |  |  | 1 |  |  | 5 |  |  | 28 |  |  | 629 |
a. | Includes PT-FI's sales to PT Smelting totaling $433 million in second-quarter 2020 and $470 million in second-quarter 2019.
b. | 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.
c. | Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Corporate, |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  | Copper |  | Other |  |
|  |  |  |  | Other |  |  |  | Cerro |  | Other |  |  |  | Indonesia |  | Molybdenum |  | Rod & |  | Smelting |  | & Elimi- |  | FCX
| Morenci |  | Bagdad |  | Mines |  | Total |  | Verde |  | Mines |  | Total |  | Mining |  | Mines |  | Refining |  | & Refining |  | nations |  | Total
Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 22 |  |  | $ | — |  |  | $ | 23 |  |  | $ | 45 |  |  | $ | 847 |  |  | $ | 204 |  |  | $ | 1,051 |  |  | $ | 1,128 |  | a | $ | — |  |  | $ | 2,221 |  |  | $ | 893 |  |  | $ | 514 |  | b | $ | 5,852 |
Intersegment | 889 |  |  | 325 |  |  | 714 |  |  | 1,928 |  | c | 90 |  |  | — |  |  | 90 |  |  | 35 |  |  | 129 |  |  | 16 |  |  | 13 |  |  | (2,211 | ) |  | — |
Production and delivery | 697 |  |  | 244 |  |  | 706 |  |  | 1,647 |  |  | 758 |  |  | 214 |  |  | 972 |  |  | 721 |  |  | 127 |  |  | 2,257 |  |  | 857 |  |  | (1,642 | ) |  | 4,939 |
Depreciation, depletion and amortization | 87 |  |  | 27 |  |  | 67 |  |  | 181 |  |  | 181 |  |  | 29 |  |  | 210 |  |  | 225 |  |  | 31 |  |  | 8 |  |  | 14 |  |  | 30 |  |  | 699 |
Metals inventory adjustments | 4 |  |  | — |  |  | 52 |  |  | 56 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 5 |  |  | 1 |  |  | — |  |  | 18 |  |  | 83 |
Selling, general and administrative expenses | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 3 |  |  | — |  |  | 3 |  |  | 56 |  |  | — |  |  | — |  |  | 10 |  |  | 130 |  |  | 201 |
Mining exploration and research expenses | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | 34 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 36 |  |  | 37 |
Net loss on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) | 122 |  |  | 54 |  |  | (91 | ) |  | 85 |  |  | (5 | ) |  | (42 | ) |  | (47 | ) |  | 161 |  |  | (34 | ) |  | (30 | ) |  | 25 |  |  | (312 | ) |  | (152 | )
Interest expense, net | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 48 |  |  | — |  |  | 48 |  |  | 2 |  |  | — |  |  | — |  |  | 4 |  |  | 186 |  |  | 242 |
(Benefit from) provision for income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (23 | ) |  | (10 | ) |  | (33 | ) |  | 90 |  |  | — |  |  | — |  |  | 1 |  |  | (22 | ) |  | 36 |
Capital expenditures | 71 |  |  | 37 |  |  | 224 |  |  | 332 |  |  | 90 |  |  | 35 |  |  | 125 |  |  | 634 |  |  | 11 |  |  | 4 |  |  | 11 |  |  | 20 |  |  | 1,137 |
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 28 |  |  | $ | — |  |  | $ | 164 |  |  | $ | 192 |  |  | $ | 1,289 |  |  | $ | 226 |  |  | $ | 1,515 |  |  | $ | 1,288 |  | a | $ | — |  |  | $ | 2,299 |  |  | $ | 1,117 |  |  | $ | 927 |  | b | $ | 7,338 |
Intersegment | 949 |  |  | 382 |  |  | 631 |  |  | 1,962 |  |  | 197 |  |  | — |  |  | 197 |  |  | 57 |  |  | 200 |  |  | 10 |  |  | 5 |  |  | (2,431 | ) |  | — |
Production and delivery | 643 |  |  | 248 |  |  | 676 |  |  | 1,567 |  |  | 894 |  |  | 226 |  |  | 1,120 |  |  | 1,110 |  |  | 149 |  |  | 2,304 |  |  | 1,067 |  |  | (1,388 | ) |  | 5,929 |
Depreciation, depletion and amortization | 83 |  |  | 21 |  |  | 66 |  |  | 170 |  |  | 201 |  |  | 32 |  |  | 233 |  |  | 204 |  |  | 34 |  |  | 5 |  |  | 14 |  |  | 39 |  |  | 699 |
Metals inventory adjustments | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | 59 |
Selling, general and administrative expenses | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 4 |  |  | — |  |  | 4 |  |  | 60 |  |  | — |  |  | — |  |  | 10 |  |  | 123 |  |  | 199 |
Mining exploration and research expenses | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 58 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65 |  |  | 65 |
Net gain on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25 | ) |  | (25 | )
Operating income (loss) | 250 |  |  | 113 |  |  | 50 |  |  | 413 |  |  | 387 |  |  | (32 | ) |  | 355 |  |  | (29 | ) |  | 17 |  |  | — |  |  | 31 |  |  | (433 | ) |  | 354 |
Interest expense, net | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 54 |  |  | — |  |  | 54 |  |  | 1 |  |  | — |  |  | — |  |  | 12 |  |  | 209 |  |  | 278 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | (14 | ) |  | 116 |  |  | (9 | ) |  | — |  |  | — |  |  | 3 |  |  | (20 | ) |  | 90 |
Capital expenditures | 111 |  |  | 58 |  |  | 248 |  |  | 417 |  |  | 99 |  |  | 9 |  |  | 108 |  |  | 658 |  |  | 6 |  |  | 2 |  |  | 9 |  |  | 51 |  |  | 1,251 |
a. | Includes PT-FI's sales to PT Smelting totaling $813 million for the first six months of 2020 and $879 million for the first six months of 2019.
b. | 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.
c. Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.

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