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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2023
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, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):
| At September 30, 2023
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 25 |  |  | $ | 25 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |
Total | 30 |  |  | 30 |  |  | 25 |  |  | 5 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 61 |  |  | 61 |  |  | 61 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 43 |  |  | 43 |  |  | — |  |  | — |  |  | 43 |  |  | — |
Government bonds and notes | 30 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |  |  | — |
Corporate bonds | 30 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |  |  | — |
Money market funds | 19 |  |  | 19 |  |  | — |  |  | 19 |  |  | — |  |  | — |
Asset-backed securities | 15 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Collateralized mortgage-backed securities | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 199 |  |  | 199 |  |  | 61 |  |  | 19 |  |  | 119 |  |  | — |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position c | 16 |  |  | 16 |  |  | — |  |  | — |  |  | 16 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 55 |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | 47 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 35 |  |  | 35 |  |  | — |  |  | — |  |  | 35 |  |  | — |
Copper futures and swap contracts | 8 |  |  | 8 |  |  | — |  |  | 6 |  |  | 2 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 44 |  |  | 44 |  |  | — |  |  | 7 |  |  | 37 |  |  | — |
Long-term debt, including current portion d | 9,405 |  |  | 8,639 |  |  | — |  |  | — |  |  | 8,639 |  |  | — |
| At December 31, 2022
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 25 |  |  | $ | 25 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Total | 32 |  |  | 32 |  |  | 25 |  |  | 7 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 56 |  |  | 56 |  |  | 56 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 37 |  |  | 37 |  |  | — |  |  | — |  |  | 37 |  |  | — |
Government bonds and notes | 34 |  |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | — |
Corporate bonds | 31 |  |  | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |
Asset-backed securities | 17 |  |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | — |
Money market funds | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Collateralized mortgage-backed securities | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Total | 181 |  |  | 181 |  |  | 56 |  |  | 3 |  |  | 122 |  |  | — |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position | 166 |  |  | 166 |  |  | — |  |  | — |  |  | 166 |  |  | — |
Copper futures and swap contracts | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 170 |  |  | 170 |  |  | — |  |  | 4 |  |  | 166 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 67 |  |  | 57 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 39 |  |  | 39 |  |  | — |  |  | — |  |  | 39 |  |  | — |
Copper forward contracts | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Total | 42 |  |  | 42 |  |  | — |  |  | — |  |  | 42 |  |  | — |
Long-term debt, including current portion d | 10,620 |  |  | 10,097 |  |  | — |  |  | — |  |  | 10,097 |  |  | — |
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 and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.5 billion at September 30, 2023), (ii) an assurance bond to support PT-FI’s commitment for additional smelter development in Indonesia ($135 million at September 30, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($111 million at September 30, 2023, and $103 million at December 31, 2022). c.Refer to Note 6 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.
Summary of Unobservable Input Reconciliation | A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2023 follows (in millions):
Fair value at January 1, 2023 | $ | 57 |  |  |  |  |  |
Net unrealized gain related to assets still held at the end of the period | 1 |  |  |  |  |  |
Settlements | (11) |  |  |  |  |  |
Fair value at September 30, 2023 | $ | 47 |  |  |  |  |  |

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