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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) 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 follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$1 $(25)$10 $(11)
Hedged item – firm sales commitments(1)25 (10)11 
Realized gains (losses):  
Matured derivative financial instruments28 (5)29 3 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at June 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)371 $4.26 $4.33 November 2024
Gold (thousands of ounces)93 2,333 2,344 September 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)115 4.39 4.33 September 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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$181 $(169)$247 $61 
Gold and other metals45 (21)89 22 
Copper forward contractsb
(17)1 (26)(1)
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:
June 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts77 76 
Copper forward contracts5 — 
Total derivative assets$100 $80 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$4 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts43 23 
Copper forward contracts— 1 
Total derivative liabilities$47 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $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:
June 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,273 $4,758 
Restricted cash and cash equivalents, currentb
1,030 1,208 
Restricted cash and cash equivalents, long-term - included in other assets99 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,402 $6,063 
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at June 30, 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) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.