FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2022

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 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 14) follows:

	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 propertiesa	67		57		—		—		—		57

Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	39	39	—	—	39	—
Copper futures and swap contracts	3	3	—	—	3	—
Total	42	42	—	—	42	—
Long-term debt, including current portiond	10,620	10,097	—	—	10,097	—

	At December 31, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	50	$	50	$	—	$	50	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—
Total	79		79		29		50		—		—
Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	53		53		—		—		53		—
Corporate bonds	45		45		—		—		45		—
Government mortgage-backed securities	20		20		—		—		20		—
Asset-backed securities	18		18		—		—		18		—
Money market funds	8		8		—		8		—		—
Municipal bonds	1		1		—		—		1		—
Total	209		209		64		8		137		—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	64		64		—		—		64		—
Copper futures and swap contracts	12		12		—		9		3		—
Copper forward contracts	1		1		—		1		—		—
Total	77		77		—		10		67		—
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	90		81		—		—		—		81
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	27		27		—		—		27		—
Copper forward contracts	1		1		—		1		—		—
Total	28		28		—		1		27		—
Long-term debt, including current portiond	9,450		10,630		—		—		10,630		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $118 million at December 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at December 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion).

c.Refer to Note 14 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.

Fair Value, Assets Measured on Recurring Basis, 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, for the years ended December 31 follows:

	2022		2021		2020
Balance at beginning of year	$	81	$	88	$	108
Net unrealized (losses) gains related to assets still held at the end of the year	(1)		12		(6)
Settlements	(23)		(19)		(14)
Balance at end of year	$	57	$	81	$	88