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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 2 |  |  | $ | 17 |  |  | $ | (9) |  |  | $ | (61) |
Hedged item – firm sales commitments | (2) |  |  | (17) |  |  | 9 |  |  | 61 |
Realized losses: |  |  |  |  |  |  |
Matured derivative financial instruments | (4) |  |  | (50) |  |  | (1) |  |  | (48) |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at September 30, 2023, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 553 |  |  | $ | 3.78 |  |  | $ | 3.75 |  |  | February 2024
Gold (thousands of ounces) | 209 |  |  | 1,925 |  |  | 1,884 |  |  | December 2023
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 165 |  |  | 3.80 |  |  | 3.75 |  |  | January 2024
Schedule of Derivative Instruments Included in Trading Activities | A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Embedded derivatives in provisional sales contracts:a |  |  |  |  |  |  |
Copper | $ | (30) |  |  | $ | (272) |  |  | $ | 31 |  |  | $ | (774) |
Gold and other metals | (10) |  |  | (34) |  |  | 12 |  |  | (45) |
Copper forward contracts b | (1) |  |  | 5 |  |  | (3) |  |  | 31 |
a.Amounts recorded in revenues. b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):
|  | September 30, 2023 |  | December 31, 2022
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | — |  |  | $ | 3 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 16 |  |  | 166 |
Copper forward contracts |  | — |  |  | 1 |
Total derivative assets |  | $ | 16 |  |  | $ | 170 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 8 |  |  | $ | 3 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 35 |  |  | 39 |
Copper forward contracts |  | 1 |  |  | — |
Total derivative liabilities |  | $ | 44 |  |  | $ | 42 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
|  | Assets |  | Liabilities
|  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 16 |  |  | $ | 166 |  |  | $ | 35 |  |  | $ | 39 |
Copper derivatives |  | — |  |  | 4 |  |  | 9 |  |  | 3 |
|  | 16 |  |  | 170 |  |  | 44 |  |  | 42 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 3 |  |  | — |  |  | 3 |  |  | — |
|  | 3 |  |  | — |  |  | 3 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 13 |  |  | 166 |  |  | 32 |  |  | 39 |
Copper derivatives |  | — |  |  | 4 |  |  | 9 |  |  | 3 |
|  | $ | 13 |  |  | $ | 170 |  |  | $ | 41 |  |  | $ | 42 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 5 |  |  | $ | 163 |  |  | $ | 20 |  |  | $ | 7 |
Other current assets |  | — |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 8 |  |  | 3 |  |  | 21 |  |  | 34 |
Other liabilities |  | — |  |  | — |  |  | — |  |  | 1 |
|  | $ | 13 |  |  | $ | 170 |  |  | $ | 41 |  |  | $ | 42 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
|  | Assets |  | Liabilities
|  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Gross amounts recognized: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 16 |  |  | $ | 166 |  |  | $ | 35 |  |  | $ | 39 |
Copper derivatives |  | — |  |  | 4 |  |  | 9 |  |  | 3 |
|  | 16 |  |  | 170 |  |  | 44 |  |  | 42 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 3 |  |  | — |  |  | 3 |  |  | — |
|  | 3 |  |  | — |  |  | 3 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 13 |  |  | 166 |  |  | 32 |  |  | 39 |
Copper derivatives |  | — |  |  | 4 |  |  | 9 |  |  | 3 |
|  | $ | 13 |  |  | $ | 170 |  |  | $ | 41 |  |  | $ | 42 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 5 |  |  | $ | 163 |  |  | $ | 20 |  |  | $ | 7 |
Other current assets |  | — |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 8 |  |  | 3 |  |  | 21 |  |  | 34 |
Other liabilities |  | — |  |  | — |  |  | — |  |  | 1 |
|  | $ | 13 |  |  | $ | 170 |  |  | $ | 41 |  |  | $ | 42 |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows (in millions):
|  | September 30, 2023 |  | December 31, 2022
Balance sheet components: |  |  |  |
Cash and cash equivalents a |  | $ | 5,745 |  |  | $ | 8,146 |
Restricted cash and cash equivalents, current |  | 697 |  | b | 111 |
Restricted cash and cash equivalents, long-term - included in other assets |  | 97 |  |  | 133 |
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows |  | $ | 6,539 |  |  | $ | 8,390 |
a.Includes time deposits of $0.3 billion at September 30, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.6 billion at September 30, 2023, and $1.8 billion at December 31, 2022. b.Includes $0.5 billion associated with PT-FI’s export proceeds. See Note 8 for further discussion.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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