FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

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, along with the unrealized gains (losses) on the related hedged item for the years ended December 31 follows:

	2016			2015			2014
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	16		$	(3	)	$	(12	)
Hedged item – firm sales commitments	(16		)	3			12
Realized gains (losses):
Matured derivative financial instruments	1			(34		)	(9		)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at December 31, 2016, follows:

	Open	Average Price Per Unit				Maturities
	Positions	Contract		Market		Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	698	$	2.36	$	2.51	June 2017
Gold (thousands of ounces)	207	1,195		1,161		March 2017
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	140	2.37		2.51		April 2017

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 loss for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows:

	2016			2015				2014
Embedded derivatives in provisional copper and gold
sales contractsa	$	266		$	(406	)		$	(280	)
Crude oil options and swapsa	(35		)	87				513
Natural gas swapsa	—			—			—	(8		)
Copper forward contractsb	5			(15		)		(4		)

a. Amounts recorded in revenues.

b. Amounts recorded in cost of sales as production and delivery costs.

Fair Values of Unsettled Derivative Financial Instruments

A summary of the fair values of unsettled commodity derivative financial instruments follows:

	December 31,
	2016		2015
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	9	$	1
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	137		19
Total derivative assets	$	146	$	20

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	2	$	11
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	56		81
Total derivative liabilities	$	58	$	92

Offsetting Liabilities [Table Text Block]

A summary of these unsettled commodity contracts that are offset in the balance sheet follows:

	Assets at December 31,				Liabilities at December 31,
	2016		2015		2016		2015
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	137	$	19	$	56	$	81
Copper derivatives	9		1		2		11
	146		20		58		92
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	12		5		12		5
Copper derivatives	2		1		2		1
	14		6		14		6
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	125		14		44		76
Copper derivatives	7		—		—		10
	$	132	$	14	$	44	$	86
Balance sheet classification:
Trade accounts receivable	$	119	$	9	$	13	$	51
Other current assets	7		—		—		—
Accounts payable and accrued liabilities	6		5		31		35
	$	132	$	14	$	44	$	86

Offsetting Assets [Table Text Block]

A summary of these unsettled commodity contracts that are offset in the balance sheet follows:

	Assets at December 31,				Liabilities at December 31,
	2016		2015		2016		2015
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	137	$	19	$	56	$	81
Copper derivatives	9		1		2		11
	146		20		58		92
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	12		5		12		5
Copper derivatives	2		1		2		1
	14		6		14		6
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	125		14		44		76
Copper derivatives	7		—		—		10
	$	132	$	14	$	44	$	86
Balance sheet classification:
Trade accounts receivable	$	119	$	9	$	13	$	51
Other current assets	7		—		—		—
Accounts payable and accrued liabilities	6		5		31		35
	$	132	$	14	$	44	$	86