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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
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 and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
December 31,
20232022
Balance sheet components:
Cash and cash equivalentsa
$4,758 $8,146 
Restricted cash and cash equivalents, current1,208 
b
111 
Restricted cash and cash equivalents, long-term – included in other assets
97 133 
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,063 $8,390 
a.Includes time deposits of $0.3 billion at December 31, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023, and $1.8 billion at December 31, 2022.
b.Includes (i) $1.1 billion associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a 2023 regulation issued by the Indonesia government and (ii) $145 million in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia. The terms for $135 million of the assurance bonds have been fulfilled, and in August 2023, PT-FI submitted a request to MEMR for their release.
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 realized and unrealized 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 for the years ended December 31 follows:
 202320222021
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments$3 $(11)$(4)
Hedged item – firm sales commitments
(3)11 4 
Realized (losses) gains:
Matured derivative financial instruments
(4)(63)65 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at December 31, 2023, follows:
OpenAverage Price
Per Unit		Maturities
 PositionsContractMarketThrough
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)469 $3.74 $3.87 May 2024
Gold (thousands of ounces)223 2,013 2,078 May 2024
Embedded derivatives in provisional purchase contracts:    
Copper (millions of pounds)155 3.72 3.86 April 2024
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 income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows:
 202320222021
Embedded derivatives in provisional sales contractsa:
 Copper$97 $(479)$425 
 Gold and other metals55 (12)(2)
Copper forward contractsb
(6)37 (15)
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,
 20232022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:  
Copper futures and swap contracts$4 $3 
Derivatives not designated as hedging instruments:  
Embedded derivatives in provisional sales/purchase contracts76 166 
Copper forward contracts— 1 
Total derivative assets$80 $170 
Commodity Derivative Liabilities:  
Derivatives designated as hedging instruments:  
Copper futures and swap contracts$— $3 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts23 39 
Copper forward contracts1 — 
Total derivative liabilities$24 $42 
Offsetting Liabilities [Table Text Block]
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2023 and 2022):

Assets at December 31,Liabilities at December 31,
2023202220232022
Amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$76 $166 $23 $39 
Copper derivatives4 4 1 3 
$80 $170 $24 $42 
Balance sheet classification:
Trade accounts receivable$76 $163 $2 $7 
Other current assets4 4 — — 
Accounts payable and accrued liabilities— 3 22 34 
Other liabilities— — — 1 
$80 $170 $24 $42 
Offsetting Assets [Table Text Block]
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2023 and 2022):

Assets at December 31,Liabilities at December 31,
2023202220232022
Amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$76 $166 $23 $39 
Copper derivatives4 4 1 3 
$80 $170 $24 $42 
Balance sheet classification:
Trade accounts receivable$76 $163 $2 $7 
Other current assets4 4 — — 
Accounts payable and accrued liabilities— 3 22 34 
Other liabilities— — — 1 
$80 $170 $24 $42