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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 (losses) gains on the related hedged item follows (in millions):
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Copper futures and swap contracts:  
Unrealized (losses) gains:  
Derivative financial instruments$(20)$1 $(28)$8 
Hedged item – firm sales commitments20 (1)28 (8)
Realized gains (losses):  
Matured derivative financial instruments5 15 57 (1)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at September 30, 2021, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)548 $4.28 $4.05 February 2022
Gold (thousands of ounces)196 1,790 1,738 January 2022
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)116 4.31 4.05 February 2022
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Embedded derivatives in provisional sales contracts:a
Copper$(102)$94 $223 $18 
Gold and other metals(9)15 (22)39 
Copper forward contractsb
1 (7)(12)12 
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):
September 30,
2021		December 31, 2020
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$2 $15 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts30 169 
Copper forward contracts5 — 
Total derivative assets$37 $184 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$14 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts134 21 
Copper forward contracts4 — 
Total derivative liabilities$152 $21 
Offsetting Assets
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
September 30,
2021		December 31, 2020September 30,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$30 $169 $134 $21 
Copper derivatives7 15 18 — 
37 184 152 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts— 1 — 1 
Copper derivatives4 — 4 — 
4 1 4 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts30 168 134 20 
Copper derivatives3 15 14 — 
$33 $183 $148 $20 
Balance sheet classification:
Trade accounts receivable$3 $168 $101 $— 
Other current assets4 15 — — 
Accounts payable and accrued liabilities26 — 45 20 
Other liabilities— — 2 — 
$33 $183 $148 $20 
Offsetting Liabilities
A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
September 30,
2021		December 31, 2020September 30,
2021		December 31, 2020
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$30 $169 $134 $21 
Copper derivatives7 15 18 — 
37 184 152 21 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts— 1 — 1 
Copper derivatives4 — 4 — 
4 1 4 1 
Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts30 168 134 20 
Copper derivatives3 15 14 — 
$33 $183 $148 $20 
Balance sheet classification:
Trade accounts receivable$3 $168 $101 $— 
Other current assets4 15 — — 
Accounts payable and accrued liabilities26 — 45 20 
Other liabilities— — 2 — 
$33 $183 $148 $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):
September 30,
2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents$7,672 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets114 97 
Other assets133 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows$7,919 $3,903