Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—
Equity securities	27		27		—		27		—		—
Total	56		56		29		27		—		—
Legally restricted funds:a
U.S. core fixed income fund	70		70		70		—		—		—
Government mortgage-backed securities	59		59		—		—		59		—
Corporate bonds	35		35		—		—		35		—
Government bonds and notes	31		31		—		—		31		—
Money market funds	20		20		—		20		—		—
Asset-backed securities	14		14		—		—		14		—
Collateralized mortgage-backed securities	1		1		—		—		1		—
Total	230		230		70		20		140		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	109		109		—		—		109		—
Copper futures and swap contracts	18		18		—		11		7		—
Copper forward contracts	4		4		—		2		2		—
Total	131		131		—		13		118		—
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	24		24		—		—		24		—
Copper futures and swap contracts	3		3		—		—		3		—
Copper forward contracts	11		11		—		6		5		—
Total	38		38		—		6		32		—
Debtd	9,298		9,363		—		—		9,363		—

	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		—
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		—
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 restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at September 30, 2025, and PTFI’s export proceeds at December 31, 2024. Refer to Note 5.

c.Refer to Note 5 for further discussion.

d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation (FMC), which was recorded at fair value at the acquisition date.