FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurement Inputs Disclosure

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at 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 12), follows:


	At December 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	$	27	$	27	$	27	$	—	$	—	$	—
Equity securities	9		9		—		9		—		—

Total	36		36		27		9		—		—

Legally restricted funds:a
U.S. core fixed income fund	66		66		66		—		—		—
Government mortgage-backed securities	54		54		—		—		54		—
Government bonds and notes	34		34		—		—		34		—
Corporate bonds	31		31		—		—		31		—
Money market funds	19		19		—		19		—		—
Asset-backed securities	12		12		—		—		12		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	217		217		66		19		132		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	10		10		—		—		10		—

Copper forward contracts	10		10		—		4		6		—


Total	20		20		—		4		16		—

Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	3		3		—		—		—		3



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	60	60	—	—	60	—


Copper futures and swap contracts	28	28	—	17	11	—
Copper forward contracts	1	1	—	1	—	—

Total	89	89	—	18	71	—



Long-term debt, including current portiond	8,948	8,807	—	—	8,807	—


	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 associated with (i) PT-FI’s export proceeds ($0.7 billion at December 31, 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 December 31, 2024 and 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at December 31, 2024 and 2023).

c.Refer to Note 12 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.