v3.26.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
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, PTFI mud rush incident insurance settlement receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:
At March 31, 2026
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$37 $37 $— $37 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total66 66 29 37 — — 
Legally restricted funds:a
    
U.S. core fixed income fund71 71 71 — — — 
Government mortgage-backed securities48 48 — — 48 — 
Government bonds and notes40 40 — — 40 — 
Corporate bonds38 38 — — 38 — 
Money market funds24 24 — 24 — — 
Asset-backed securities10 10 — — 10 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 24 137 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position44 44 — — 44 — 
Copper futures and swap contracts25 25 — 16 9 — 
Copper forward contracts12 12 — 4 8 — 
       Total81 81 — 20 61 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position46 46 — — 46 — 
Copper futures and swap contracts2 2 — 1 1 — 
Copper forward contracts2 2 — — 2 — 
Total50 50 — 1 49 — 
Debtd
9,414 9,369 — — 9,369 — 
At December 31, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$36 $36 $— $36 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total65 65 29 36 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 71 71 71 — — — 
Government mortgage-backed securities56 56 — — 56 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds34 34 — — 34 — 
Money market funds22 22 — 22 — — 
Asset-backed securities11 11 — — 11 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 22 139 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position217 217 — — 217 — 
Copper futures and swap contracts72 72 — 50 22 — 
Total289 289 — 50 239 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position84 84 — — 84 — 
Copper forward contracts23 23 — 11 12 — 
Total107 107 — 11 96 — 
Debtd
9,379 9,493 — — 9,493 — 
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 that approximate fair value and are associated with talc-related litigation at March 31, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.
c.Refer to Note 5 for further discussion.
d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.