FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):

	December 31,
	2022			2021
Balance sheet components:
Cash and cash equivalentsa	$	8,146	b	$	8,068
Restricted cash and restricted cash equivalents included in:
Other current assets	111			114
Other assets	133			132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	8,390		$	8,314

a.Includes time deposits of $0.5 billion at December 31, 2022, and $0.2 billion at December 31, 2021.

b.Includes $1.8 billion of cash designated for smelter development projects related to PT-FI’s April 2022 senior notes offering.

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 on the related hedged item for the years ended December 31 follows (in millions):

	2022		2021		2020
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(11)	$	(4)	$	9
Hedged item - firm sales commitments	11		4		(9)
Realized (losses) gains:
Matured derivative financial instruments	(63)		65		22

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at December 31, 2022, follows:

	Open	Average Price Per Unit				Maturities
	Positions	Contract		Market		Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	861	$	3.62	$	3.80	June 2023
Gold (thousands of ounces)	240	1,769		1,823		April 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	180	3.59		3.80		April 2023

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, for the years ended December 31 follows (in millions):

	2022		2021		2020
Embedded derivatives in provisional sales contractsa:
Copper	$	(479)	$	425	$	259
Gold and other	(12)		(2)		45
Copper forward contractsb	37		(15)		3

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,
	2022		2021
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	3	$	12
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	166		64
Copper forward contracts	1		1
Total derivative assets	$	170	$	77

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	3	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	39		27
Copper forward contracts	—		1
Total derivative liabilities	$	42	$	28

Offsetting Liabilities [Table Text Block]

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

	Assets at December 31,				Liabilities at December 31,
	2022		2021		2022		2021
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	166	$	64	$	39	$	27
Copper derivatives	4		13		3		1
	170		77		42		28
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	—		3		—		3
Copper derivatives	—		1		—		1
	—		4		—		4
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	166		61		39		24
Copper derivatives	4		12		3		—
	$	170	$	73	$	42	$	24
Balance sheet classification:
Trade accounts receivable	$	163	$	51	$	7	$	14
Other current assets	4		12		—		—
Accounts payable and accrued liabilities	3		10		34		10
Other liabilities	—		—		1		—
	$	170	$	73	$	42	$	24

Offsetting Assets [Table Text Block]

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

	Assets at December 31,				Liabilities at December 31,
	2022		2021		2022		2021
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	166	$	64	$	39	$	27
Copper derivatives	4		13		3		1
	170		77		42		28
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	—		3		—		3
Copper derivatives	—		1		—		1
	—		4		—		4
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	166		61		39		24
Copper derivatives	4		12		3		—
	$	170	$	73	$	42	$	24
Balance sheet classification:
Trade accounts receivable	$	163	$	51	$	7	$	14
Other current assets	4		12		—		—
Accounts payable and accrued liabilities	3		10		34		10
Other liabilities	—		—		1		—
	$	170	$	73	$	42	$	24