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Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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:
| Three Months Ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 9 |  |  | $ | 14 |  |  |  |  |
Hedged item – firm sales commitments | (9) |  |  | (14) |  |  |  |  |
Realized gains: |  |  |  |  |  |  |
Matured derivative financial instruments | 1 |  |  | 8 |  |  |  |  |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at March 31, 2024, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 463 |  |  | $ | 3.83 |  |  | $ | 4.01 |  |  | August 2024
Gold (thousands of ounces) | 286 |  |  | 2,091 |  |  | 2,226 |  |  | July 2024
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 92 |  |  | 3.83 |  |  | 4.00 |  |  | July 2024
Schedule of Derivative Instruments Included in Trading Activities | A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
| Three Months Ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Embedded derivatives in provisional sales contracts:a |  |  |  |  |  |  |
Copper | $ | 66 |  |  | $ | 231 |  |  |  |  |
Gold and other metals | 44 |  |  | 42 |  |  |  |  |
Copper forward contracts b | (9) |  |  | (2) |  |  |  |  |
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:
|  | March 31, 2024 |  | December 31, 2023
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 13 |  |  | $ | 4 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 122 |  |  | 76 |
Copper forward contracts |  | 1 |  |  | — |
Total derivative assets |  | $ | 136 |  |  | $ | 80 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 16 |  |  | 23 |
Copper forward contracts |  | 3 |  |  | 1 |
Total derivative liabilities |  | $ | 19 |  |  | $ | 24 |
Offsetting Assets | A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
|  | Assets |  | Liabilities
|  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 122 |  |  | $ | 76 |  |  | $ | 16 |  |  | $ | 23 |
Copper derivatives |  | 14 |  |  | 4 |  |  | 3 |  |  | 1 |
|  | $ | 136 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 122 |  |  | $ | 76 |  |  | $ | 2 |  |  | $ | 2 |
Other current assets |  | 14 |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | — |  |  | — |  |  | 17 |  |  | 22 |
|  | $ | 136 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 24 |
Offsetting Liabilities | A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
|  | Assets |  | Liabilities
|  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Amounts presented in balance sheet: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 122 |  |  | $ | 76 |  |  | $ | 16 |  |  | $ | 23 |
Copper derivatives |  | 14 |  |  | 4 |  |  | 3 |  |  | 1 |
|  | $ | 136 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 122 |  |  | $ | 76 |  |  | $ | 2 |  |  | $ | 2 |
Other current assets |  | 14 |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | — |  |  | — |  |  | 17 |  |  | 22 |
|  | $ | 136 |  |  | $ | 80 |  |  | $ | 19 |  |  | $ | 24 |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
|  | March 31, 2024 |  | December 31, 2023
Balance sheet components: |  |  |  |
Cash and cash equivalents a |  | $ | 5,208 |  |  | $ | 4,758 |
Restricted cash and cash equivalents, current b |  | 1,034 |  |  | 1,208 |
Restricted cash and cash equivalents, long-term - included in other assets |  | 98 |  |  | 97 |
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows |  | $ | 6,340 |  |  | $ | 6,063 |
a.Includes time deposits of $0.1 billion at March 31, 2024, and $0.3 billion at December 31, 2023, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023. b.Includes (i) $0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $147 million at March 31, 2024, and $145 million at December 31, 2023, in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.

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