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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) 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 follows:
 Three Months Ended
March 31,
 20242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$9 $14 
Hedged item – firm sales commitments(9)(14)
Realized gains:
Matured derivative financial instruments1 8 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)463 $3.83 $4.01 August 2024
Gold (thousands of ounces)286 2,091 2,226 July 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)92 3.83 4.00 July 2024
Schedule of Derivative Instruments Included in Trading Activities A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20242023
Embedded derivatives in provisional sales contracts:a
Copper$66 $231 
Gold and other metals44 42 
Copper forward contractsb
(9)(2)
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
A summary of the fair values of unsettled commodity derivative financial instruments follows:
March 31,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$13 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts122 76 
Copper forward contracts1 — 
Total derivative assets$136 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts16 23 
Copper forward contracts3 1 
Total derivative liabilities$19 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4 — — 
Accounts payable and accrued liabilities— — 17 22 
$136 $80 $19 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4 — — 
Accounts payable and accrued liabilities— — 17 22 
$136 $80 $19 $24 
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,208 $4,758 
Restricted cash and cash equivalents, currentb
1,034 1,208 
Restricted cash and cash equivalents, long-term - included in other assets98 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,340 $6,063 
a.Includes time deposits of $0.1 billion at March 31, 2024, and $0.3 billion at December 31, 2023, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $147 million at March 31, 2024, and $145 million at December 31, 2023, in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.