Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 5), follows:

	At June 30, 2024
	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	7		7		—		7		—		—
Total	34		34		27		7		—		—
Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government mortgage-backed securities	49		49		—		—		49		—
Corporate bonds	35		35		—		—		35		—
Government bonds and notes	31		31		—		—		31		—
Money market funds	19		19		—		19		—		—
Asset-backed securities	13		13		—		—		13		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	213		213		65		19		129		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	77		77		—		—		77		—
Copper futures and swap contracts	18		18		—		11		7		—
Copper forward contracts	5		5		—		2		3		—
Total	100		100		—		13		87		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	47		39		—		—		—		39
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	43		43		—		—		43		—
Copper futures and swap contracts	4		4		—		2		2		—
Total	47		47		—		2		45		—
Long-term debt, including current portiond	9,426		9,221		—		—		9,221		—

	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 June 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023).

c.Refer to Note 5 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.