Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

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 (losses) gains 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,
	2018			2017			2018			2017
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(4	)	$	1		$	(19	)	$	(1	)
Hedged item – firm sales commitments	4			(1		)	19			1
Realized gains:
Matured derivative financial instruments	—			1			2			9

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at June 30, 2018, follows:

	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	532	$	3.12	$	3.01	November 2018
Gold (thousands of ounces)	308	1,296.18		1,254.91		September 2018
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	159	3.11		3.01		October 2018
Cobalt (millions of pounds)a	8	32.55		28.60		September 2018

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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Embedded derivatives in provisional sales contracts:a
Copper	$	(14	)	$	35		$	(149	)	$	142
Gold and other metals	(30		)	(1		)	(12		)	18
Copper forward contractsb	6			(4		)	8			(5		)

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, 2018		December 31, 2017
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	11
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	17		155
Copper forward contracts	6		1
Total derivative assets	$	23	$	167
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	8	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	73		31
Copper forward contracts	—		2
Total derivative liabilities	$	81	$	33

The table above and below excludes $31 million of embedded derivatives in provisional cobalt purchase contracts at June 30, 2018, and $24 million at December 31, 2017, which are reflected in liabilities held for sale.

Offsetting Assets

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):

	Assets				Liabilities
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	$	17	$	155	$	73	$	31
Copper derivatives	6		12		8		2
	23		167		81		33
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	—		—		—		—
Copper derivatives	—		1		—		1
	—		1		—		1
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	17		155		73		31
Copper derivatives	6		11		8		1
	$	23	$	166	$	81	$	32
Balance sheet classification:
Trade accounts receivable	$	—	$	151	$	64	$	—
Other current assets	6		11		—		—
Accounts payable and accrued liabilities	17		4		17		32
	$	23	$	166	$	81	$	32

Offsetting Liabilities

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):

	Assets				Liabilities
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	$	17	$	155	$	73	$	31
Copper derivatives	6		12		8		2
	23		167		81		33
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	—		—		—		—
Copper derivatives	—		1		—		1
	—		1		—		1
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional copper
and gold sales/purchase contracts	17		155		73		31
Copper derivatives	6		11		8		1
	$	23	$	166	$	81	$	32
Balance sheet classification:
Trade accounts receivable	$	—	$	151	$	64	$	—
Other current assets	6		11		—		—
Accounts payable and accrued liabilities	17		4		17		32
	$	23	$	166	$	81	$	32

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 to the components presented in the consolidated balance sheets (in millions):

	June 30, 2018		December 31, 2017
Balance sheet components:
Cash and cash equivalents	$	3,859	$	4,447
Restricted cash and restricted cash equivalents included in:
Other current assets	120		52
Other assets	127		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	4,106	$	4,631