XML 36 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 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 EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$12 $2 $22 $(9)
Hedged item – firm sales commitments(12)(2)(22)9 
Realized (losses) gains:  
Matured derivative financial instruments— (4)29 (1)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at September 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)327 $4.23 $4.43 February 2025
Gold (thousands of ounces)218 2,492 2,654 December 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)26 4.29 4.42 December 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 EndedNine Months Ended
September 30,September 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$29 $(30)$276 $31 
Gold and other metals81 (10)170 12 
Copper forward contractsb
(19)(1)(45)(3)
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:
September 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$27 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts108 76 
Total derivative assets$135 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts11 23 
Copper forward contracts23 1 
Total derivative liabilities$34 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 — 3 — 
3 — 3 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4 — — 
Accounts payable and accrued liabilities5 — 27 22 
$132 $80 $31 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 — 3 — 
3 — 3 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4 — — 
Accounts payable and accrued liabilities5 — 27 22 
$132 $80 $31 $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:
September 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,000 $4,758 
Restricted cash and cash equivalents, currentb
1,117 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$6,216 $6,063 
a.Includes (i) time deposits of $0.1 billion at September 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) $1.0 billion at September 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 September 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.