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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [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, including the unrealized gains (losses) on the related hedged item follows (in millions):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 40 |  |  | $ | (13 | ) |  | $ | 7 |  |  | $ | 5 |
Hedged item – firm sales commitments | (40 | ) |  | 13 |  |  | (7 | ) |  | (5 | )
Realized losses: |  |  |  |  |  |  |
Matured derivative financial instruments | (8 | ) |  | (3 | ) |  | (17 | ) |  | (1 | )
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at June 30, 2020, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 314 |  |  | $ | 2.50 |  |  | $ | 2.73 |  |  | November 2020
Gold (thousands of ounces) | 87 |  |  | 1,725 |  |  | 1,779 |  |  | August 2020
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 116 |  |  | 2.48 |  |  | 2.73 |  |  | September 2020
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, follows (in millions):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Embedded derivatives in provisional sales contracts:a |  |  |  |  |  |  |
Copper | $ | 162 |  |  | $ | (122 | ) |  | $ | (76 | ) |  | $ | — |
Gold and other metals | 17 |  |  | 13 |  |  | 24 |  |  | 11 |
Copper forward contracts b | (4 | ) |  | (4 | ) |  | 19 |  |  | (3 | )
a. | Amounts recorded in revenues.
b. Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):
|  | June 30, 2020 |  | December 31, 2019
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 17 |  |  | $ | 6 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional |  |  |  |
sales/purchase contracts |  | 77 |  |  | 68 |
Total derivative assets |  | $ | 94 |  |  | $ | 74 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 6 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional |  |  |  |
sales/purchase contracts |  | 28 |  |  | 20 |
Copper forward contracts |  | — |  |  | 1 |
Total derivative liabilities |  | $ | 34 |  |  | $ | 21 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
|  | Assets |  | Liabilities
|  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 77 |  |  | $ | 68 |  |  | $ | 28 |  |  | $ | 20 |
Copper derivatives |  | 17 |  |  | 6 |  |  | 6 |  |  | 1 |
|  | 94 |  |  | 74 |  |  | 34 |  |  | 21 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Copper derivatives |  | 4 |  |  | — |  |  | 4 |  |  | — |
|  | 4 |  |  | — |  |  | 4 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 77 |  |  | 68 |  |  | 28 |  |  | 20 |
Copper derivatives |  | 13 |  |  | 6 |  |  | 2 |  |  | 1 |
|  | $ | 90 |  |  | $ | 74 |  |  | $ | 30 |  |  | $ | 21 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 76 |  |  | $ | 66 |  |  | $ | 2 |  |  | $ | — |
Other current assets |  | 13 |  |  | 6 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 1 |  |  | 2 |  |  | 28 |  |  | 21 |
|  | $ | 90 |  |  | $ | 74 |  |  | $ | 30 |  |  | $ | 21 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
|  | Assets |  | Liabilities
|  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 77 |  |  | $ | 68 |  |  | $ | 28 |  |  | $ | 20 |
Copper derivatives |  | 17 |  |  | 6 |  |  | 6 |  |  | 1 |
|  | 94 |  |  | 74 |  |  | 34 |  |  | 21 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Copper derivatives |  | 4 |  |  | — |  |  | 4 |  |  | — |
|  | 4 |  |  | — |  |  | 4 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 77 |  |  | 68 |  |  | 28 |  |  | 20 |
Copper derivatives |  | 13 |  |  | 6 |  |  | 2 |  |  | 1 |
|  | $ | 90 |  |  | $ | 74 |  |  | $ | 30 |  |  | $ | 21 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 76 |  |  | $ | 66 |  |  | $ | 2 |  |  | $ | — |
Other current assets |  | 13 |  |  | 6 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 1 |  |  | 2 |  |  | 28 |  |  | 21 |
|  | $ | 90 |  |  | $ | 74 |  |  | $ | 30 |  |  | $ | 21 |
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 (in millions):
|  | June 30, 2020 |  | December 31, 2019
Balance sheet components: |  |  |  |
Cash and cash equivalents |  | $ | 1,465 |  |  | $ | 2,020 |
Restricted cash and restricted cash equivalents included in: |  |  |  |
Other current assets |  | 132 |  |  | 100 |
Other assets |  | 132 |  |  | 158 |
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows |  | $ | 1,729 |  |  | $ | 2,278 |

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