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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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
March 31,
 20212020
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$3 $(33)
Hedged item – firm sales commitments(3)33 
Realized gains (losses):
Matured derivative financial instruments24 (9)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2021, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)486 $3.83 $3.99 August 2021
Gold (thousands of ounces)151 1,755 1,689 June 2021
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)123 3.77 3.99 July 2021
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
March 31,
 20212020
Embedded derivatives in provisional sales contracts:a
Copper$207 $(238)
Gold and other metals(28)7 
Copper forward contractsb
(8)24 
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):
March 31,
2021		December 31, 2020
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $15 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts105 169 
Copper forward contracts3 — 
Total derivative assets$126 $184 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts67 21 
Copper forward contracts1 — 
Total derivative liabilities$68 $21 
Offsetting Assets
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
March 31,
2021		December 31, 2020March 31,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$105 $169 $67 $21 
Copper derivatives21 15 1 — 
126 184 68 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts7 1 7 1 
Copper derivatives1 — 1 — 
8 1 8 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts98 168 60 20 
Copper derivatives20 15 — — 
$118 $183 $60 $20 
Balance sheet classification:
Trade accounts receivable$92 $168 $23 $— 
Other current assets19 15 — — 
Other assets1 — — — 
Accounts payable and accrued liabilities6 — 37 20 
$118 $183 $60 $20 
Offsetting Liabilities
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
March 31,
2021		December 31, 2020March 31,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$105 $169 $67 $21 
Copper derivatives21 15 1 — 
126 184 68 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts7 1 7 1 
Copper derivatives1 — 1 — 
8 1 8 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts98 168 60 20 
Copper derivatives20 15 — — 
$118 $183 $60 $20 
Balance sheet classification:
Trade accounts receivable$92 $168 $23 $— 
Other current assets19 15 — — 
Other assets1 — — — 
Accounts payable and accrued liabilities6 — 37 20 
$118 $183 $60 $20 
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):
March 31,
2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents$4,580 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets106 97 
Other assets149 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows$4,835 $3,903