v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX does not have any significant Level 3 assets or liabilities.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt. 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 June 30, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities21 21 — 21 — — 
Total49 49 28 21 — — 
Legally restricted funds:a
    
U.S. core fixed income fund69 69 69 — — — 
Government mortgage-backed securities57 57 — — 57 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes25 25 — — 25 — 
Money market funds22 22 — 22 — — 
Asset-backed securities16 16 — — 16 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total225 225 69 22 134 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position66 66 — — 66 — 
Copper futures and swap contracts41 41 — 27 14 — 
       Total107 107 — 27 80 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position19 19 — — 19 — 
Copper futures and swap contracts2 2 — — 2 — 
Copper forward contracts1 1 — 1 — — 
Total22 22 — 1 21 — 
Debtd
9,251 9,249 — — 9,249 — 
At December 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities9 9 — 9 — — 
Total36 36 27 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 66 66 66 — — — 
Government mortgage-backed securities54 54 — — 54 — 
Government bonds and notes34 34 — — 34 — 
Corporate bonds31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total217 217 66 19 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position10 10 — — 10 — 
Copper forward contracts10 10 — 4 6 — 
Total20 20 — 4 16 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position60 60 — — 60 — 
Copper futures and swap contracts28 28 — 17 11 — 
Copper forward contracts1 1 — 1 — — 
Total89 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 June 30, 2025, and PTFI’s export proceeds at December 31, 2024. Refer to Note 5.
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.

Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.
Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 5 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 5 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

Debt is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2025, as compared with those techniques used at December 31, 2024.