Fair Value Measurement (Tables)

6 Months Ended

Jun. 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 June 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			$	28					$	28					$	28					$	—					$	—					$	—
Equity securities			21						21						—						21						—						—

Total			49						49						28						21						—						—

Legally restricted funds:a
U.S. core fixed income fund			69						69						69						—						—						—
Government mortgage-backed securities			57						57						—						—						57						—
Corporate bonds			35						35						—						—						35						—
Government bonds and notes			25						25						—						—						25						—
Money market funds			22						22						—						22						—						—
Asset-backed securities			16						16						—						—						16						—
Collateralized mortgage-backed securities			1						1						—						—						1						—

Total			225						225						69						22						134						—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position			66						66						—						—						66						—

Copper futures and swap contracts			41						41						—						27						14						—





Total			107						107						—						27						80						—





Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position			19						19						—						—						19						—


Copper futures and swap contracts			2						2						—						—						2						—
Copper forward contracts			1						1						—						1						—						—


Total			22						22						—						1						21						—




Debtd			9,251						9,249						—						—						9,249						—


			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 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.