FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at NAV as a practical expedient), other than cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 14) follows:

	At December 31, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	27	$	27	$	27	$	—	$	—	$	—
Equity securities	6		6		—		6		—		—
Total	33		33		27		6		—		—
Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government mortgage-backed securities	51		51		—		—		51		—
Government bonds and notes	37		37		—		—		37		—
Corporate bonds	29		29		—		—		29		—
Money market funds	17		17		—		17		—		—
Asset-backed securities	12		12		—		—		12		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	212		212		65		17		130		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	76		76		—		—		76		—
Copper futures and swap contracts	4		4		—		3		1		—
Total	80		80		—		3		77		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	50		42		—		—		—		42

Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	23	23	—	—	23	—
Copper forward contracts	1	1	—	1	—	—
Total	24	24	—	1	23	—
Long-term debt, including current portiond	9,422	9,364	—	—	9,364	—

	At December 31, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—
Total	32		32		25		7		—		—
Legally restricted funds:a
U.S. core fixed income fund	56		56		56		—		—		—
Government mortgage-backed securities	37		37		—		—		37		—
Government bonds and notes	34		34		—		—		34		—
Corporate bonds	31		31		—		—		31		—
Asset-backed securities	17		17		—		—		17		—
Money market funds	3		3		—		3		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—
Total	181		181		56		3		122		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	166		166		—		—		166		—
Copper futures and swap contracts	3		3		—		3		—		—
Copper forward contracts	1		1		—		1		—		—
Total	170		170		—		4		166		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	67		57		—		—		—		57
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	39		39		—		—		39		—
Copper forward contracts	3		3		—		—		3		—
Total	42		42		—		—		42		—
Long-term debt, including current portiond	10,620		10,097		—		—		10,097		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily associated with (i) PT-FI’s export proceeds ($1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($145 million at December 31, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at December 31, 2023, and $103 million at December 31, 2022).

c.Refer to Note 14 for further discussion and balance sheet classifications.

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, for the years ended December 31 follows:

	2023		2022		2021
Balance at beginning of year	$	57	$	81	$	88
Net unrealized gains (losses) related to assets still held at the end of the year	1		(1)		12
Settlements	(16)		(23)		(19)
Balance at end of year	$	42	$	57	$	81