Fair Value Measurement (Tables)

9 Months Ended

Sep. 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 September 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	$	28	$	28	$	28	$	—	$	—	$	—
Equity securities	9		9		—		9		—		—
Total	37		37		28		9		—		—
Legally restricted funds:a
U.S. core fixed income fund	68		68		68		—		—		—
Government mortgage-backed securities	52		52		—		—		52		—
Corporate bonds	36		36		—		—		36		—
Government bonds and notes	30		30		—		—		30		—
Money market funds	21		21		—		21		—		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	222		222		68		21		133		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	108		108		—		—		108		—
Copper futures and swap contracts	27		27		—		16		11		—
Total	135		135		—		16		119		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa,d	4		4		—		—		—		4
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	11		11		—		—		11		—
Copper forward contracts	23		23		—		14		9		—
Total	34		34		—		14		20		—
Long-term debt, including current portione	9,679		9,877		—		—		9,877		—

	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,d	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 portione	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 ($1.0 billion at September 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 September 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of September 30, 2024, and December 31, 2023).

c.Refer to Note 5 for further discussion and balance sheet classifications.

d.FCX has an overriding royalty interest payable associated with the contingent consideration for the sale of Deepwater GOM oil and gas properties which totaled $1 million at September 30, 2024, and $12 million at December 31, 2023.

e.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.