
	At September 30, 2026
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	32	$	32	$	—	$	32	$	—	$	—
U.S. core fixed income fund	28		28		28		—		—		—

Total	60		60		28		32		—		—

Legally restricted funds:a
U.S. core fixed income fund	62		62		62		—		—		—
Government mortgage-backed securities	50		50		—		—		50		—
Government bonds and notes	46		46		—		—		46		—
Corporate bonds	33		33		—		—		33		—
Asset-backed securities	10		10		—		—		10		—
Money market funds	3		3		—		3		—		—


Total	204		204		62		3		139		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	59		59		—		—		59		—
Copper futures and swap contracts	55		55		—		42		13		—





Total	114		114		—		42		72		—





Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	43		43		—		—		43		—
Copper futures and swap contracts	2		2		—		1		1		—

Total	45		45		—		1		44		—




Debtd	9,398		9,036		—		—		9,036		—


	At December 31, 2025
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	36	$	36	$	—	$	36	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	65		65		29		36		—		—

Legally restricted funds:a
U.S. core fixed income fund	71		71		71		—		—		—
Government mortgage-backed securities	56		56		—		—		56		—
Government bonds and notes	37		37		—		—		37		—
Corporate bonds	34		34		—		—		34		—
Money market funds	22		22		—		22		—		—
Asset-backed securities	11		11		—		—		11		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	232		232		71		22		139		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	217		217		—		—		217		—
Copper futures and swap contracts	72		72		—		50		22		—




Total	289		289		—		50		239		—





Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	84		84		—		—		84		—


Copper forward contracts	23		23		—		11		12		—


Total	107		107		—		11		96		—




Debtd	9,379		9,493		—		—		9,493		—

b.Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at September 30, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.