v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
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, 2026
CarryingFair Value
AmountTotalNAVLevel 1Level 2Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund$30 $30 $30 $— $— $— 
Equity securities29 29 — 29 — — 
Total59 59 30 29 — — 
Legally restricted funds:a
U.S. core fixed income fund72 72 72 — — — 
Government mortgage-backed securities47 47 — — 47 — 
Government bonds and notes47 47 — — 47 — 
Corporate bonds37 37 — — 37 — 
Money market funds20 20 — 20 — — 
Asset-backed securities11 11 — — 11 — 
Total234 234 72 20 142 — 
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position29 29 — — 29 — 
Copper futures and swap contracts53 53 — 40 13 — 
Copper forward contracts4 4 — 2 2 — 
       Total86 86 — 42 44 — 
Liabilities
Embedded derivatives in provisional sales/purchase contracts in a gross liability positionc
29 29 — — 29 — 
Debtd
9,386 9,376 — — 9,376 — 
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 June 30, 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.

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 PM gold prices at each reporting
date based on the month of maturity (refer to Note 5); 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). 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 net realizable value 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, 2026, as compared with those techniques used at December 31, 2025.