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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2024
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 and 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:
| At March 31, 2024
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 26 |  |  | $ | 26 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 7 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |
Total | 33 |  |  | 33 |  |  | 26 |  |  | 7 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 65 |  |  | 65 |  |  | 65 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 48 |  |  | 48 |  |  | — |  |  | — |  |  | 48 |  |  | — |
Government bonds and notes | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Corporate bonds | 32 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Money market funds | 20 |  |  | 20 |  |  | — |  |  | 20 |  |  | — |  |  | — |
Asset-backed securities | 13 |  |  | 13 |  |  | — |  |  | — |  |  | 13 |  |  | — |
Collateralized mortgage-backed securities | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 211 |  |  | 211 |  |  | 65 |  |  | 20 |  |  | 126 |  |  | — |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position | 122 |  |  | 122 |  |  | — |  |  | — |  |  | 122 |  |  | — |
Copper futures and swap contracts | 13 |  |  | 13 |  |  | — |  |  | 8 |  |  | 5 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 136 |  |  | 136 |  |  | — |  |  | 8 |  |  | 128 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 47 |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 16 |  |  | 16 |  |  | — |  |  | — |  |  | 16 |  |  | — |
Copper forward contracts | 3 |  |  | 3 |  |  | — |  |  | 2 |  |  | 1 |  |  | — |
Total | 19 |  |  | 19 |  |  | — |  |  | 2 |  |  | 17 |  |  | — |
Long-term debt, including current portion d | 9,425 |  |  | 9,301 |  |  | — |  |  | — |  |  | 9,301 |  |  | — |
| At December 31, 2023
| Carrying |  | Fair Value
| Amount |  | Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Investment securities:a,b |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | $ | 27 |  |  | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity securities | 6 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | — |
Total | 33 |  |  | 33 |  |  | 27 |  |  | 6 |  |  | — |  |  | — |
Legally restricted funds:a |  |  |  |  |  |  |  |  |  |  |
U.S. core fixed income fund | 65 |  |  | 65 |  |  | 65 |  |  | — |  |  | — |  |  | — |
Government mortgage-backed securities | 51 |  |  | 51 |  |  | — |  |  | — |  |  | 51 |  |  | — |
Government bonds and notes | 37 |  |  | 37 |  |  | — |  |  | — |  |  | 37 |  |  | — |
Corporate bonds | 29 |  |  | 29 |  |  | — |  |  | — |  |  | 29 |  |  | — |
Money market funds | 17 |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | — |
Asset-backed securities | 12 |  |  | 12 |  |  | — |  |  | — |  |  | 12 |  |  | — |
Collateralized mortgage-backed securities | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | 212 |  |  | 212 |  |  | 65 |  |  | 17 |  |  | 130 |  |  | — |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross asset position | 76 |  |  | 76 |  |  | — |  |  | — |  |  | 76 |  |  | — |
Copper futures and swap contracts | 4 |  |  | 4 |  |  | — |  |  | 3 |  |  | 1 |  |  | — |
Total | 80 |  |  | 80 |  |  | — |  |  | 3 |  |  | 77 |  |  | — |
Contingent consideration for the sale of the Deepwater GOM oil and gas properties a | 50 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 42 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives:c |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives in provisional sales/purchase contracts in a gross liability position | 23 |  |  | 23 |  |  | — |  |  | — |  |  | 23 |  |  | — |
Copper forward contracts | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total | 24 |  |  | 24 |  |  | — |  |  | 1 |  |  | 23 |  |  | — |
Long-term debt, including current portion d | 9,422 |  |  | 9,364 |  |  | — |  |  | — |  |  | 9,364 |  |  | — |
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 ($0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($147 million at March 31, 2024, and $145 million at December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at both March 31, 2024, and December 31, 2023). 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.

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