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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
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 on the related hedged item follows (in millions):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 17 |  |  | $ | (20) |  |  | $ | (61) |  |  | $ | (28) |
Hedged item – firm sales commitments | (17) |  |  | 20 |  |  | 61 |  |  | 28 |
Realized (losses) gains: |  |  |  |  |  |  |
Matured derivative financial instruments | (50) |  |  | 5 |  |  | (48) |  |  | 57 |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at September 30, 2022, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 829 |  |  | $ | 3.68 |  |  | $ | 3.45 |  |  | March 2023
Gold (thousands of ounces) | 281 |  |  | 1,725 |  |  | 1,679 |  |  | January 2023
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 153 |  |  | 3.77 |  |  | 3.47 |  |  | December 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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Embedded derivatives in provisional sales contracts: a |  |  |  |  |  |  |
Copper | $ | (272) |  |  | $ | (102) |  |  | $ | (774) |  |  | $ | 223 |
Gold and other metals | (34) |  |  | (9) |  |  | (45) |  |  | (22) |
Copper forward contracts b | 5 |  |  | 1 |  |  | 31 |  |  | (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, 2022 |  | December 31, 2021
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | — |  |  | $ | 12 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 68 |  |  | 64 |
Copper forward contracts |  | — |  |  | 1 |
Total derivative assets |  | $ | 68 |  |  | $ | 77 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 49 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 222 |  |  | 27 |
Copper forward contracts |  | 1 |  |  | 1 |
Total derivative liabilities |  | $ | 272 |  |  | $ | 28 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
|  | Assets |  | Liabilities
|  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 68 |  |  | $ | 64 |  |  | $ | 222 |  |  | $ | 27 |
Copper derivatives |  | — |  |  | 13 |  |  | 50 |  |  | 1 |
|  | 68 |  |  | 77 |  |  | 272 |  |  | 28 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 6 |  |  | 3 |  |  | 6 |  |  | 3 |
Copper derivatives |  | — |  |  | 1 |  |  | — |  |  | 1 |
|  | 6 |  |  | 4 |  |  | 6 |  |  | 4 |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 62 |  |  | 61 |  |  | 216 |  |  | 24 |
Copper derivatives |  | — |  |  | 12 |  |  | 50 |  |  | — |
|  | $ | 62 |  |  | $ | 73 |  |  | $ | 266 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 29 |  |  | $ | 51 |  |  | $ | 94 |  |  | $ | 14 |
Other current assets |  | — |  |  | 12 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 33 |  |  | 10 |  |  | 169 |  |  | 10 |
Other liabilities |  | — |  |  | — |  |  | 3 |  |  | — |
|  | $ | 62 |  |  | $ | 73 |  |  | $ | 266 |  |  | $ | 24 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
|  | Assets |  | Liabilities
|  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 68 |  |  | $ | 64 |  |  | $ | 222 |  |  | $ | 27 |
Copper derivatives |  | — |  |  | 13 |  |  | 50 |  |  | 1 |
|  | 68 |  |  | 77 |  |  | 272 |  |  | 28 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 6 |  |  | 3 |  |  | 6 |  |  | 3 |
Copper derivatives |  | — |  |  | 1 |  |  | — |  |  | 1 |
|  | 6 |  |  | 4 |  |  | 6 |  |  | 4 |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 62 |  |  | 61 |  |  | 216 |  |  | 24 |
Copper derivatives |  | — |  |  | 12 |  |  | 50 |  |  | — |
|  | $ | 62 |  |  | $ | 73 |  |  | $ | 266 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 29 |  |  | $ | 51 |  |  | $ | 94 |  |  | $ | 14 |
Other current assets |  | — |  |  | 12 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 33 |  |  | 10 |  |  | 169 |  |  | 10 |
Other liabilities |  | — |  |  | — |  |  | 3 |  |  | — |
|  | $ | 62 |  |  | $ | 73 |  |  | $ | 266 |  |  | $ | 24 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows (in millions):
|  | September 30, 2022 |  | December 31, 2021
Balance sheet components: |  |  |  |
Cash and cash equivalents a |  | $ | 8,578 |  |  | $ | 8,068 |
Restricted cash and cash equivalents included in: |  |  |  |
Other current assets |  | 112 |  |  | 114 |
Other assets |  | 134 |  |  | 132 |
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows |  | $ | 8,824 |  |  | $ | 8,314 |
a.Includes time deposits of $0.4 billion at September 30, 2022, and $0.2 billion at December 31, 2021

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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