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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | A summary of realized and unrealized gains (losses) 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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Copper futures and swap contracts: |  |  |  |  |  |  |
Unrealized gains (losses): |  |  |  |  |  |  |
Derivative financial instruments | $ | 1 |  |  | $ | (25) |  |  | $ | 10 |  |  | $ | (11) |
Hedged item – firm sales commitments | (1) |  |  | 25 |  |  | (10) |  |  | 11 |
Realized gains (losses): |  |  |  |  |  |  |
Matured derivative financial instruments | 28 |  |  | (5) |  |  | 29 |  |  | 3 |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at June 30, 2024, follows:
| Open Positions |  | Average Price Per Unit |  | Maturities Through
|  | Contract |  | Market |
Embedded derivatives in provisional sales contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 371 |  |  | $ | 4.26 |  |  | $ | 4.33 |  |  | November 2024
Gold (thousands of ounces) | 93 |  |  | 2,333 |  |  | 2,344 |  |  | September 2024
Embedded derivatives in provisional purchase contracts: |  |  |  |  |  |  |
Copper (millions of pounds) | 115 |  |  | 4.39 |  |  | 4.33 |  |  | September 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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Embedded derivatives in provisional sales contracts:a |  |  |  |  |  |  |
Copper | $ | 181 |  |  | $ | (169) |  |  | $ | 247 |  |  | $ | 61 |
Gold and other metals | 45 |  |  | (21) |  |  | 89 |  |  | 22 |
Copper forward contracts b | (17) |  |  | 1 |  |  | (26) |  |  | (1) |
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:
|  | June 30, 2024 |  | December 31, 2023
Commodity Derivative Assets: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 18 |  |  | $ | 4 |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 77 |  |  | 76 |
Copper forward contracts |  | 5 |  |  | — |
Total derivative assets |  | $ | 100 |  |  | $ | 80 |
Commodity Derivative Liabilities: |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Copper futures and swap contracts |  | $ | 4 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |
Embedded derivatives in provisional sales/purchase contracts |  | 43 |  |  | 23 |
Copper forward contracts |  | — |  |  | 1 |
Total derivative liabilities |  | $ | 47 |  |  | $ | 24 |
Offsetting Assets | A summary of these net unsettled commodity contracts in the balance sheet follows:
|  | Assets |  | Liabilities
|  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Gross amounts recognized: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 77 |  |  | $ | 76 |  |  | $ | 43 |  |  | $ | 23 |
Copper derivatives |  | 23 |  |  | 4 |  |  | 4 |  |  | 1 |
|  | 100 |  |  | 80 |  |  | 47 |  |  | 24 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 7 |  |  | — |  |  | 7 |  |  | — |
|  | 7 |  |  | — |  |  | 7 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 70 |  |  | 76 |  |  | 36 |  |  | 23 |
Copper derivatives |  | 23 |  |  | 4 |  |  | 4 |  |  | 1 |
|  | $ | 93 |  |  | $ | 80 |  |  | $ | 40 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 53 |  |  | $ | 76 |  |  | $ | 21 |  |  | $ | 2 |
Other current assets |  | 22 |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 18 |  |  | — |  |  | 17 |  |  | 22 |
Other liabilities |  | — |  |  | — |  |  | 2 |  |  | — |
|  | $ | 93 |  |  | $ | 80 |  |  | $ | 40 |  |  | $ | 24 |
Offsetting Liabilities | A summary of these net unsettled commodity contracts in the balance sheet follows:
|  | Assets |  | Liabilities
|  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Gross amounts recognized: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | $ | 77 |  |  | $ | 76 |  |  | $ | 43 |  |  | $ | 23 |
Copper derivatives |  | 23 |  |  | 4 |  |  | 4 |  |  | 1 |
|  | 100 |  |  | 80 |  |  | 47 |  |  | 24 |
Less gross amounts of offset: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 7 |  |  | — |  |  | 7 |  |  | — |
|  | 7 |  |  | — |  |  | 7 |  |  | — |
Net amounts presented in balance sheet: |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Embedded derivatives in provisional |  |  |  |  |  |  |  |
sales/purchase contracts |  | 70 |  |  | 76 |  |  | 36 |  |  | 23 |
Copper derivatives |  | 23 |  |  | 4 |  |  | 4 |  |  | 1 |
|  | $ | 93 |  |  | $ | 80 |  |  | $ | 40 |  |  | $ | 24 |
Balance sheet classification: |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 53 |  |  | $ | 76 |  |  | $ | 21 |  |  | $ | 2 |
Other current assets |  | 22 |  |  | 4 |  |  | — |  |  | — |
Accounts payable and accrued liabilities |  | 18 |  |  | — |  |  | 17 |  |  | 22 |
Other liabilities |  | — |  |  | — |  |  | 2 |  |  | — |
|  | $ | 93 |  |  | $ | 80 |  |  | $ | 40 |  |  | $ | 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:
|  | June 30, 2024 |  | December 31, 2023
Balance sheet components: |  |  |  |
Cash and cash equivalents a |  | $ | 5,273 |  |  | $ | 4,758 |
Restricted cash and cash equivalents, current b |  | 1,030 |  |  | 1,208 |
Restricted cash and cash equivalents, long-term - included in other assets |  | 99 |  |  | 97 |
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows |  | $ | 6,402 |  |  | $ | 6,063 |
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023. b.Includes (i) $0.9 billion at June 30, 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) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.

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