Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

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 net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6), follows:

	At March 31, 2024
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—
Total	33		33		26		7		—		—
Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government mortgage-backed securities	48		48		—		—		48		—
Government bonds and notes	32		32		—		—		32		—
Corporate bonds	32		32		—		—		32		—
Money market funds	20		20		—		20		—		—
Asset-backed securities	13		13		—		—		13		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	211		211		65		20		126		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	122		122		—		—		122		—
Copper futures and swap contracts	13		13		—		8		5		—
Copper forward contracts	1		1		—		—		1		—
Total	136		136		—		8		128		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	47		40		—		—		—		40
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	16		16		—		—		16		—
Copper forward contracts	3		3		—		2		1		—
Total	19		19		—		2		17		—
Long-term debt, including current portiond	9,425		9,301		—		—		9,301		—

	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		—

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 amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($147 million at March 31, 2024, and $145 million at December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at both March 31, 2024, and December 31, 2023).

c.Refer to Note 6 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.