OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities, Including Employee Benefits [Abstract]

Components of Other Liabilities

The components of other liabilities follow:

	December 31,
	2025		2024
Pension, postretirement, postemployment and other employment benefitsa	$	770	$	689
Litigation accruals	163		163
Provision for tax positions	131		136
Social investment programs	146		111
Other	86		96
Total other liabilities	$	1,296	$	1,195

a.Refer to Note 5 for current portion.

Schedule of Allocation of Plan Assets

A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FMC plans follows:

	Fair Value at December 31, 2025
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:
Fixed income securities	$	405	$	405	$	—	$	—	$	—
Short-term investments	17		17		—		—		—
Fixed income:
Corporate bonds	600		—		—		600		—
Government bonds	240		—		—		240		—
Private equity investments	77		77		—		—		—
Other investments	59		—		1		58		—
Total investments	1,398		$	499	$	1	$	898	$	—
Cash and receivables	20
Payables	(2)
Total pension plan net assets	$	1,416

	Fair Value at December 31, 2024
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:
Fixed income securities	$	395	$	395	$	—	$	—	$	—
Short-term investments	37		37		—		—		—
Fixed income:
Corporate bonds	624		—		—		624		—
Government bonds	238		—		—		238		—
Private equity investments	68		68		—		—		—
Other investments	57		—		1		56		—
Total investments	1,419		$	500	$	1	$	918	$	—
Cash and receivables	20
Payables	(3)
Total pension plan net assets	$	1,436

A summary of the fair value for pension plan assets associated with the PTFI plan follows:

	Fair Value at December 31, 2025
	Total		Level 1		Level 2		Level 3
Government bonds	$	111	$	111	$	—	$	—
Common stocks	55		55		—		—
Mutual funds	14		14		—		—
Total investments	180		$	180	$	—	$	—
Cash and receivablesa	28
Payables	(2)
Total pension plan net assets	$	206

	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Government bonds	$	96	$	96	$	—	$	—
Common stocks	53		53		—		—
Mutual funds	12		12		—		—
Total investments	161		$	161	$	—	$	—
Cash and receivablesa	24
Total pension plan net assets	$	185

a.Cash consists primarily of short-term time deposits.

Schedule of Expected Benefit Payments

The expected benefit payments for FCX’s (FMC and SERP plans) and PTFI’s pension plans follow:

	FCX		PTFIa
2026	$	126	$	34
2027	195		28
2028	128		30
2029	128		28
2030	128		30
2031 through 2035	623		126

a.Based on a December 31, 2025, exchange rate of 16,698 Indonesia rupiah to one U.S. dollar.