Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	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	13		13		—		13		—		—
Total	41		41		28		13		—		—
Legally restricted funds:a
U.S. core fixed income fund	68		68		68		—		—		—
Government mortgage-backed securities	52		52		—		—		52		—
Corporate bonds	34		34		—		—		34		—
Government bonds and notes	31		31		—		—		31		—
Money market funds	22		22		—		22		—		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	222		222		68		22		132		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	55		55		—		—		55		—
Copper futures and swap contracts	56		56		—		37		19		—
Copper forward contracts	3		3		—		1		2		—
Total	114		114		—		38		76		—
Contingent consideration for the sale of oil and gas properties	2		2		—		—		—		2
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	12		12		—		—		12		—
Copper futures and swap contracts	3		3		—		—		3		—
Total	15		15		—		—		15		—
Debtd	9,404		9,320		—		—		9,320		—

	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 oil and gas properties	3		3		—		—		—		3
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	60		60		—		—		60		—
Copper forward contracts	28		28		—		17		11		—
Copper forward contracts	1		1		—		1		—		—
Total	89		89		—		18		71		—
Debtd	8,948		8,807		—		—		8,807		—

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) PTFI’s export proceeds ($0.3 billion at March 31, 2025, and $0.7 billion at December 31, 2024), and (ii) future talc-related litigation in accordance with a legal settlement ($0.2 billion at March 31, 2025).

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.