Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,449,262,382
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,338	$ 8,068
Trade accounts receivable	1,537	1,168
Income and other tax receivables	444	574
Inventories:
Total materials and supplies, net	1,741	1,669
Mill and leach stockpiles	1,227	1,170
Product	1,486	1,658
Other current assets	529	523
Total current assets	15,302	14,830
Property, plant, equipment and mine development costs, net	30,708	30,345
Long-term mill and leach stockpiles	1,377	1,387
Other assets	1,445	1,460
Total assets	48,832	48,022
Current liabilities:
Accounts payable and accrued liabilities	3,163	3,495
Long-term Debt, Current Maturities	1,365	372
Accrued income taxes	1,392	1,541
Environmental And Asset Retirement Obligations, Current	316	264
Dividends Payable, Current	218	220
Total current liabilities	6,454	5,892
Long-term debt, less current portion	8,256	9,078
Deferred Income Tax Liabilities, Net	4,282	4,234
Environmental and asset retirement obligations, less current portion	4,145	4,116
Other liabilities	1,653	1,683
Total liabilities	24,790	25,003
Stockholders’ equity:
Common stock	161	160
Capital in excess of par value	25,835	25,875
Accumulated deficit	(5,848)	(7,375)
Accumulated other comprehensive loss	(387)	(388)
Common stock held in treasury	(4,895)	(4,292)
Total stockholders’ equity	14,866	13,980
Noncontrolling interests	9,176	9,039
Total equity	24,042	23,019
Total liabilities and equity	$ 48,832	$ 48,022

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 6,603	$ 4,850
Cost of sales:
Production and delivery	3,150	2,787
Depreciation, depletion and amortization	489	419
Total cost of sales	3,639	3,206
Selling, general and administrative expenses	115	100
Mining exploration and research expenses	24	7
Environmental obligations and shutdown costs	16	5
Total costs and expenses	3,794	3,318
Operating income	2,809	1,532
Interest expense, net	(127)	(145)
Other income, net	31	11
Income before income taxes and equity in affiliated companies’ net earnings (losses)	2,713	1,398
Provision for income taxes	(824)	(443)
Equity in affiliated companies’ net earnings (losses)	15	(2)
Net income	1,904	953
Net income attributable to noncontrolling interests	(377)	(235)
Net income attributable to common stockholders	$ 1,527	$ 718
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 1.05	$ 0.49
Earnings per share, diluted (in dollars per share)	$ 1.04	$ 0.48
Basic weighted-average shares of common stock outstanding	1,455	1,462
Diluted weighted-average shares of common shares outstanding	1,469	1,477
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.075

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,904	$ 953
Defined benefit plans:
Actuarial losses arising during the period	0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	(1)	0
Amortization of unrecognized amounts included in net periodic benefit costs	2	4
Foreign exchange losses	0	(1)
Other comprehensive income	1	2
Total comprehensive income	1,905	955
Total comprehensive income attributable to noncontrolling interests	(377)	(234)
Total comprehensive income (loss)	$ 1,528	$ 721

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net income	$ 1,904	$ 953
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	489	419
Stock-based compensation	49	41
Net charges for environmental and asset retirement obligations, including accretion	55	39
Payments for environmental and asset retirement obligations	(55)	(54)
Net charges for defined pension and postretirement plans	10	0
Pension plan contributions	(25)	(21)
Deferred income taxes	48	38
Other, net	27	29
Changes in working capital and other:
Accounts receivable	(222)	(361)
Inventories	47	(225)
Other current assets	19	6
Accounts payable and accrued liabilities	(519)	(42)
Accrued income taxes and timing of other tax payments	(136)	286
Net cash provided by operating activities	1,691	1,075
Cash flow from investing activities:
Capital expenditures	(723)	(370)
Loans to PT Smelting for expansion	(9)	0
Other, net	(2)	(3)
Net cash used in investing activities	(714)	(368)
Cash flow from financing activities:
Proceeds from debt	604	130
Repayments of debt	(434)	(32)
Cash dividends and distributions paid:
Common stock	(220)	0
Noncontrolling interests	(204)	0
Treasury stock purchases	(541)	0
Contributions from noncontrolling interests	47	41
Proceeds from exercised stock options	101	106
Payments for withholding of employee taxes related to stock-based awards	55	19
Debt financing costs and other, net	(1)	(1)
Net cash (used in) provided by financing activities	(703)	225
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	274	932
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	8,314	3,903
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	8,588	4,835
Freeport Cobalt
Cash flow from investing activities:
Proceeds from sales of assets	20	5
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(130)	(26)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(56)	(21)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(379)	(290)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(130)	(20)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(1)	(1)
Other Segments
Cash flow from investing activities:
Capital expenditures	(27)	(12)
Cerro Verde Royalty Dispute
Adjustments to reconcile net income to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	0	5
Payments for Cerro Verde royalty dispute	$ 0	$ (38)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2020		1,590.0				132.0
Balance at Dec. 31, 2020	$ 18,668	$ 159	$ 26,037	$ (11,681)	$ (583)	$ (3,758)	$ 10,174	$ 8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	7.0	1.0
Exercised and issued stock-based awards	$ 106		105				106
Stock Issued During Period, Shares, Issued for Services						1.0
Stock-based compensation, including the tender of shares	7		29			$ (19)	10	(3)
Dividends	(204)		(111)				(111)	(93)
Net loss attributable to common stockholders	718			718			718
Net income attributable to noncontrolling interests	235							235
Other comprehensive income	2				3		3	(1)
Balance (in shares) at Mar. 31, 2021		1,597.0				133.0
Balance at Mar. 31, 2021	19,573	$ 160	26,080	(10,963)	(580)	$ (3,777)	10,920	8,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	41		20				20	21
Balance (in shares) at Dec. 31, 2021		1,603.0				146.0
Balance at Dec. 31, 2021	$ 23,019	$ 160	25,875	(7,375)	(388)	$ (4,292)	13,980	9,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	9.0	1.0
Exercised and issued stock-based awards	$ 108		107				108
Stock Issued During Period, Shares, Issued for Services						2.0
Stock-based compensation, including the tender of shares	$ (24)		48			$ (62)	(14)	(10)
Treasury stock purchases (in shares)	12.3					12.0
Treasury stock purchases	$ (541)					$ (541)	(541)
Dividends	(472)		(218)				(218)	(254)
Net loss attributable to common stockholders	1,527			1,527			1,527
Net income attributable to noncontrolling interests	377							377
Other comprehensive income	1				1		1
Balance (in shares) at Mar. 31, 2022		1,612.0				160.0
Balance at Mar. 31, 2022	24,042	$ 161	25,835	$ (5,848)	$ (387)	$ (4,895)	14,866	9,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	$ 47		$ 23				$ 23	$ 24

General Information (Unaudited)	3 Months Ended
General Information (Unaudited)	Mar. 31, 2022
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Subsequent Events. FCX evaluated events after March 31, 2022, and through the date the consolidated financial statements were issued, and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Earnings per Share (Unaudited) Earnings per Share (Notes)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income	$	1,904	$	953
Net income attributable to noncontrolling interests	(377)		(235)

Undistributed earnings allocated to participating securities	(5)		(4)







Net income attributable to common stockholders	$	1,522	$	714


Basic weighted-average shares of common stock outstanding	1,455		1,462
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	14		15
Diluted weighted-average shares of common stock outstanding	1,469		1,477




Basic net income per share attributable to common stockholders	$	1.05	$	0.49



Diluted net income per share attributable to common stockholders	$	1.04	$	0.48

Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Stock options for 2 million shares of common stock in first-quarter 2022 and 10 million shares of common stock in first-quarter 2021, were excluded.

Inventories, Including Long-Term Mill and Leach Stockpiles

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	March 31, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,741	$	1,669

Mill stockpiles	$	175	$	193
Leach stockpiles	1,052		977
Total current mill and leach stockpiles	$	1,227	$	1,170

Raw materials (primarily concentrate)	$	280	$	536
Work-in-process	275		195
Finished goods	931		927
Total product	$	1,486	$	1,658

Long-term inventories:
Mill stockpiles	$	227	$	226
Leach stockpiles	1,150		1,161
Total long-term mill and leach stockpilesb	$	1,377	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at March 31, 2022, and $36 million at December 31, 2021.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Geographic sources of FCX’s provision for income taxes follow (in millions):


	Three Months Ended
	March 31,
	2022		2021
U.S. operations	$	(3)	$	—
International operations	(821)		(443)
Total	$	(824)	$	(443)

FCX’s consolidated effective income tax rate was 30 percent for first-quarter 2022 and 32 percent for first-quarter 2021. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Debt and Equity

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	March 31, 2022			December 31, 2021



Senior notes and debentures:
Issued by FCX	$	8,270		$	8,268
Issued by Freeport Minerals Corporation	355			355
PT-FI Term Loan	603			432
Cerro Verde Term Loan	325			325
Other	68			70
Total debt	9,621			9,450
Less current portion of debt	(1,365)		a	(372)
Long-term debt	$	8,256		$	9,078

a.Includes $325 million for the Cerro Verde Term Loan due June 2022 and $995 million for the FCX 3.875% Senior Notes due March 2023.

Revolving Credit Facility. At March 31, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. At March 31, 2022, FCX was in compliance with its revolving credit facility covenants.

PT-FI Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. At March 31, 2022, $614 million ($603 million net of debt issuance costs) was drawn under the term loan, no amounts were drawn under the revolving credit facility and PT-FI was in compliance with its credit facility covenants.

Senior Notes issued by PT-FI. In April 2022, PT-FI completed the sale of $3.0 billion of unsecured senior notes, consisting of $750 million of 4.763% Senior Notes due 2027, $1.5 billion of 5.315% Senior Notes due 2032 and $750 million of 6.200% Senior Notes due 2052. PT-FI intends to use the proceeds, net of underwriting fees, of $2.99 billion to finance its smelter projects, to refinance the PT-FI Term Loan and for general corporate purposes.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $153 million in first-quarter 2022 and $160 million in first-quarter 2021. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $26 million in first-quarter 2022 and $15 million in first-quarter 2021. The increase in capitalized interest costs for the 2022 period resulted from increased construction and development projects in process.

Share Repurchase Program. In first-quarter 2022, FCX acquired 12.3 million shares of its common stock under the share repurchase program for a total cost of $541 million ($44.02 average cost per share). Through May 5, 2022, FCX acquired 28.7 million shares of its common stock for a total cost of $1.2 billion ($41.64 average cost per share) and $1.8 billion remains available for repurchases under the program.

Dividends. On March 23, 2022, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on May 2, 2022, to common stockholders of record as of April 14, 2022.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases is at

the discretion of FCX’s Board of Directors (Board) and management, respectively, and is subject to a number of factors, including maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, business prospects, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Financial Instruments (Unaudited)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

A discussion of FCX’s derivative contracts and programs follows:

Derivatives Designated as Hedging Instruments – Fair Value Hedges

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three-month periods ended March 31, 2022 and 2021. At March 31, 2022, FCX held copper futures and swap contracts that qualified for hedge accounting for 84 million pounds at an average contract price of $4.47 per pound, with maturities through February 2024.

A summary of 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 (in millions):


	Three Months Ended
	March 31,
	2022		2021
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	12	$	3
Hedged item – firm sales commitments	(12)		(3)

Realized gains:
Matured derivative financial instruments	14		24

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold prices as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold prices, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at March 31, 2022, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	753	$	4.49	$	4.71	August 2022
Gold (thousands of ounces)	206	1,925		1,936		June 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	65	4.43		4.71		July 2022

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2022, Atlantic Copper held net copper forward purchase contracts for 4 million pounds at an average contract price of $4.60 per pound, with maturities through May 2022.

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):


	Three Months Ended
	March 31,
	2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	218	$	207
Gold and other metals	22		(28)
Copper forward contractsb	4		(8)

a.Amounts recorded in revenues.

b.Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):


	March 31, 2022		December 31, 2021
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	24	$	12
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	169		64
Copper forward contracts	2		1
Total derivative assets	$	195	$	77

Commodity Derivative Liabilities:


Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	$	20	$	27


Copper forward contracts	2		1
Total derivative liabilities	$	22	$	28

FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	169	$	64	$	20	$	27

Copper derivatives	26		13		2		1
	195		77		22		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	2		3		2		3

Copper derivatives	2		1		2		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	167		61		18		24

Copper derivatives	24		12		—		—
	$	191	$	73	$	18	$	24

Balance sheet classification:
Trade accounts receivable	$	165	$	51	$	8	$	14
Other current assets	23		12		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	2		10		10		10

	$	191	$	73	$	18	$	24

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of March 31, 2022, the maximum amount of credit exposure associated with derivative transactions was $195 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses. Refer to Note 7 for the fair values of investment securities, legally restricted funds and debt.

In addition, as of March 31, 2022, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):


	March 31, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	8,338	$	8,068
Restricted cash and restricted cash equivalents included in:
Other current assets	117		114
Other assets	133		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	8,588	$	8,314

a.Includes time deposits of $0.2 billion at each of March 31, 2022, and December 31, 2021.

Fair Value Measurement

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during first-quarter 2022.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. 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, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At March 31, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	70	$	70	$	—	$	70	$	—	$	—
U.S. core fixed income fund	28		28		28		—		—		—

Total	98		98		28		70		—		—

Legally restricted funds:a
U.S. core fixed income fund	62		62		62		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	40		40		—		—		40		—
Government mortgage-backed securities	23		23		—		—		23		—
Asset-backed securities	13		13		—		—		13		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	198		198		62		8		128		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—

Copper futures and swap contractsc	24		24		—		18		6		—
Copper forward contractsc	2		2		—		1		1		—



Total	195		195		—		19		176		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	84		74		—		—		—		74



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—



Copper forward contracts	2		2		—		1		1		—

Total	22		22		—		1		21		—




Long-term debt, including current portiond	9,621		10,190		—		—		10,190		—


	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:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	64		64		—		—		64		—
Copper futures and swap contractsc	12		12		—		9		3		—
Copper forward contractsc	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 $117 million at March 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at March 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

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.

Valuation Techniques. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $20 million at March 31, 2022, and December 31, 2021, and (ii) other assets totaled $64 million at March 31, 2022, and $70 million at December 31, 2021. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2022, as compared with those techniques used at December 31, 2021.

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, during the first three months of 2022 follows (in millions):



Fair value at January 1, 2022	$	81
Net unrealized loss related to assets still held at the end of the period	(1)
Settlements	(6)
Fair value at March 31, 2022	$	74

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies and Commitments	3 Months Ended
Contingencies and Commitments	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Asset Retirement Obligations (ARO) Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the Arizona Department of Environmental Quality (ADEQ). ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated every six years and financial assurance mechanisms are required to be updated every two years. During first-quarter 2022, Bagdad increased its ARO liability and asset retirement cost asset by $45 million associated with an updated closure strategy that Bagdad submitted to ADEQ for approval. Morenci is also preparing an update to its closure strategy for submission to ADEQ, which is expected to result in increased costs that could be significant. FCX will continue updating its closure strategy and closure cost estimates at other Arizona sites, and any such updates may also result in increased costs that could be significant. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2021 Form 10-K. Other Matters Smelter Development Progress. On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020, on PT-FI for failing to achieve physical development progress on its greenfield smelter as of July 31, 2020. On January 13, 2021, PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control causing a delay of the greenfield smelter’s development progress. PT-FI believes that its communications during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. In June 2021, the Indonesia government issued a ministerial decree for the calculation of an administrative fine for lack of smelter development in light of the COVID-19 pandemic. During 2021, PT-FI recorded charges totaling $16 million for a potential settlement of the administrative fine. On January 25, 2022, the Indonesia government submitted a new estimate of the administrative fine totaling $57 million. In March 2022, PT-FI paid the administrative fine and recorded a charge of $41 million in first-quarter 2022. Based on PT-FI’s revised smelter construction schedule, PT-FI does not believe any additional fines should be applied and will dispute any attempts by the Indonesia government to levy additional fines, which could be significant. PT-FI Export License. Export licenses are valid for a one-year period, subject to review and approval by the Indonesia government every six months, depending on smelter construction progress. In March 2022, PT-FI obtained a one-year extension of its concentrate export license through March 19, 2023, for two million metric tons of concentrate, the approval of which was based on PT-FI’s revised smelter construction schedule as modified to reflect impacts of the ongoing COVID-19 pandemic.

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segment

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines – and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining, and on 39.5 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2022 and 2021 follow (in millions):


	Three Months Ended
	March 31,
	2022		2021
Copper:
Concentrate	$	2,691	$	1,709
Cathode	1,435		1,234
Rod and other refined copper products	1,116		684
Purchased coppera	70		218
Gold	811		518
Molybdenum	378		244
Other	188		253
Adjustments to revenues:
Treatment charges	(133)		(97)
Royalty expenseb	(95)		(63)
Export dutiesc	(98)		(29)
Revenues from contracts with customers	6,363		4,671
Embedded derivativesd	240		179
Total consolidated revenues	$	6,603	$	4,850

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

c.Reflects PT-FI export duties, including a first-quarter 2022 charge of $18 million associated with an adjustment to prior-period export duties.

d.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings per Share (Unaudited) Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Reconciliation of net income (loss) and weighted-average shares of common stock outstanding

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income	$	1,904	$	953
Net income attributable to noncontrolling interests	(377)		(235)

Undistributed earnings allocated to participating securities	(5)		(4)







Net income attributable to common stockholders	$	1,522	$	714


Basic weighted-average shares of common stock outstanding	1,455		1,462
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	14		15
Diluted weighted-average shares of common stock outstanding	1,469		1,477




Basic net income per share attributable to common stockholders	$	1.05	$	0.49



Diluted net income per share attributable to common stockholders	$	1.04	$	0.48

Inventories, Including Long-Term Mill and Leach Stockpiles (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	March 31, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,741	$	1,669

Mill stockpiles	$	175	$	193
Leach stockpiles	1,052		977
Total current mill and leach stockpiles	$	1,227	$	1,170

Raw materials (primarily concentrate)	$	280	$	536
Work-in-process	275		195
Finished goods	931		927
Total product	$	1,486	$	1,658

Long-term inventories:
Mill stockpiles	$	227	$	226
Leach stockpiles	1,150		1,161
Total long-term mill and leach stockpilesb	$	1,377	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at March 31, 2022, and $36 million at December 31, 2021.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income before income taxes and equity in an affiliated companies' net earnings

Geographic sources of FCX’s provision for income taxes follow (in millions):


	Three Months Ended
	March 31,
	2022		2021
U.S. operations	$	(3)	$	—
International operations	(821)		(443)
Total	$	(824)	$	(443)

Debt and Equity (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	March 31, 2022			December 31, 2021



Senior notes and debentures:
Issued by FCX	$	8,270		$	8,268
Issued by Freeport Minerals Corporation	355			355
PT-FI Term Loan	603			432
Cerro Verde Term Loan	325			325
Other	68			70
Total debt	9,621			9,450
Less current portion of debt	(1,365)		a	(372)
Long-term debt	$	8,256		$	9,078

a.Includes $325 million for the Cerro Verde Term Loan due June 2022 and $995 million for the FCX 3.875% Senior Notes due March 2023.

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item

A summary of 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 (in millions):


	Three Months Ended
	March 31,
	2022		2021
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	12	$	3
Hedged item – firm sales commitments	(12)		(3)

Realized gains:
Matured derivative financial instruments	14		24

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at March 31, 2022, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	753	$	4.49	$	4.71	August 2022
Gold (thousands of ounces)	206	1,925		1,936		June 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	65	4.43		4.71		July 2022

Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions

A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):


	Three Months Ended
	March 31,
	2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	218	$	207
Gold and other metals	22		(28)
Copper forward contractsb	4		(8)

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 [Table Text Block]

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):


	March 31, 2022		December 31, 2021
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	24	$	12
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	169		64
Copper forward contracts	2		1
Total derivative assets	$	195	$	77

Commodity Derivative Liabilities:


Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	$	20	$	27


Copper forward contracts	2		1
Total derivative liabilities	$	22	$	28

Offsetting Assets

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	169	$	64	$	20	$	27

Copper derivatives	26		13		2		1
	195		77		22		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	2		3		2		3

Copper derivatives	2		1		2		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	167		61		18		24

Copper derivatives	24		12		—		—
	$	191	$	73	$	18	$	24

Balance sheet classification:
Trade accounts receivable	$	165	$	51	$	8	$	14
Other current assets	23		12		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	2		10		10		10

	$	191	$	73	$	18	$	24

Offsetting Liabilities

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	169	$	64	$	20	$	27

Copper derivatives	26		13		2		1
	195		77		22		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	2		3		2		3

Copper derivatives	2		1		2		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	167		61		18		24

Copper derivatives	24		12		—		—
	$	191	$	73	$	18	$	24

Balance sheet classification:
Trade accounts receivable	$	165	$	51	$	8	$	14
Other current assets	23		12		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	2		10		10		10

	$	191	$	73	$	18	$	24

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):


	March 31, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	8,338	$	8,068
Restricted cash and restricted cash equivalents included in:
Other current assets	117		114
Other assets	133		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	8,588	$	8,314

a.Includes time deposits of $0.2 billion at each of March 31, 2022, and December 31, 2021.

- 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
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 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 net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At March 31, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	70	$	70	$	—	$	70	$	—	$	—
U.S. core fixed income fund	28		28		28		—		—		—

Total	98		98		28		70		—		—

Legally restricted funds:a
U.S. core fixed income fund	62		62		62		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	40		40		—		—		40		—
Government mortgage-backed securities	23		23		—		—		23		—
Asset-backed securities	13		13		—		—		13		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	198		198		62		8		128		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—

Copper futures and swap contractsc	24		24		—		18		6		—
Copper forward contractsc	2		2		—		1		1		—



Total	195		195		—		19		176		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	84		74		—		—		—		74



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	20		20		—		—		20		—



Copper forward contracts	2		2		—		1		1		—

Total	22		22		—		1		21		—




Long-term debt, including current portiond	9,621		10,190		—		—		10,190		—


	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:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	64		64		—		—		64		—
Copper futures and swap contractsc	12		12		—		9		3		—
Copper forward contractsc	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 $117 million at March 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at March 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

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.

Summary of 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, during the first three months of 2022 follows (in millions):



Fair value at January 1, 2022	$	81
Net unrealized loss related to assets still held at the end of the period	(1)
Settlements	(6)
Fair value at March 31, 2022	$	74

Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2022 and 2021 follow (in millions):


	Three Months Ended
	March 31,
	2022		2021
Copper:
Concentrate	$	2,691	$	1,709
Cathode	1,435		1,234
Rod and other refined copper products	1,116		684
Purchased coppera	70		218
Gold	811		518
Molybdenum	378		244
Other	188		253
Adjustments to revenues:
Treatment charges	(133)		(97)
Royalty expenseb	(95)		(63)
Export dutiesc	(98)		(29)
Revenues from contracts with customers	6,363		4,671
Embedded derivativesd	240		179
Total consolidated revenues	$	6,603	$	4,850

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

c.Reflects PT-FI export duties, including a first-quarter 2022 charge of $18 million associated with an adjustment to prior-period export duties.

d.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Schedule of financial information by business segment

Financial Information by Business Segment



(In millions)

																				Atlantic			Corporate,
	North America Copper Mines				South America Mining													Copper				Other
							Cerro						Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde		Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended March 31, 2022
Revenues:
Unaffiliated customers	$	90	$	55	$	145	$	1,106	$	160	$	1,266	$	2,326	a	$	—	$	1,743	$	718		$	405	b	$	6,603
Intersegment	711		1,095		1,806		108		—		108		78			128		9		—			(2,129)			—
Production and delivery	363		655		1,018		558		112		670		626			75		1,754		722			(1,715)			3,150
Depreciation, depletion and amortization	44		61		105		87		10		97		248			16		1		6			16			489


Selling, general and administrative expenses	—		1		1		2		—		2		27			—		—		8			77			115
Mining exploration and research expenses	—		—		—		—		—		—		—			—		—		—			24			24
Environmental obligations and shutdown costs	—		—		—		—		—		—		—			—		—		—			16			16

Operating income (loss)	394		433		827		567		38		605		1,503			37		(3)		(18)			(142)			2,809

Interest expense, net	—		—		—		3		—		3		2			—		—		2			120			127
Provision for (benefit from) income taxes	—		—		—		227		14		241		586			—		—		—			(3)			824
Total assets at March 31, 2022	2,773		5,284		8,057		8,678		1,925		10,603		19,338			1,702		299		1,045			7,788			48,832
Capital expenditures	73		57		130		33		23		56		379			1		2		11			144		c	723

Three Months Ended March 31, 2021
Revenues:
Unaffiliated customers	$	4	$	28	$	32	$	917	$	175	$	1,092	$	1,383	a	$	—	$	1,309	$	687		$	347	b	$	4,850
Intersegment	564		742		1,306		45		—		45		52			70		7		—			(1,480)			—
Production and delivery	269		480		749		436		103		539		455			58		1,316		673			(1,003)		d	2,787
Depreciation, depletion and amortization	34		46		80		89		12		101		199			15		1		7			16			419


Selling, general and administrative expenses	—		1		1		2		—		2		26			—		—		7			64			100
Mining exploration and research expenses	—		—		—		—		—		—		—			—		—		—			7			7
Environmental obligations and shutdown costs	—		—		—		—		—		—		—			—		—		—			5			5

Operating income (loss)	265		243		508		435		60		495		755			(3)		(1)		—			(222)			1,532

Interest expense, net	—		—		—		13		—		13		1			—		—		1			130			145
Provision for (benefit from) income taxes	—		—		—		173		21		194		315			—		—		—			(66)			443
Total assets at March 31, 2021	2,629		5,283		7,912		8,723		1,738		10,461		17,273			1,753		235		997			5,012			43,643
Capital expenditures	10		16		26		20		1		21		290			1		1		6			25		c	370

a.Includes PT-FI's sales to PT Smelting totaling $917 million in first-quarter 2022 and $792 million in first-quarter 2021.

b.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

c.Includes capital expenditures for the greenfield smelter and PMR.

d.Includes charges associated with the major maintenance turnaround at the Miami Smelter totaling $68 million.

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,904	$ 953
Net income attributable to noncontrolling interests	377	235
Undistributed earnings allocated to participating securities	(5)	(4)
Net income attributable to common stockholders	$ 1,522	$ 714
Basic weighted-average shares of common stock outstanding	1,455	1,462
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	14	15
Diluted weighted-average shares of common stock outstanding	1,469	1,477
Earnings per share, basic (in dollars per share)	$ 1.05	$ 0.49
Earnings per share, diluted (in dollars per share)	$ 1.04	$ 0.48
Dilutive Securities Excluded from Computation of EPS Amount	2	10

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current inventories:
Total materials and supplies, net	$ 1,741	$ 1,669
Mill stockpiles	175	193
Leach stockpiles	1,052	977
Total current mill and leach stockpiles	1,227	1,170
Raw materials (primarily concentrate)	280	536
Work-in-process	275	195
Finished goods	931	927
Total product	1,486	1,658
Long-term inventories:
Mill stockpiles	227	226
Leach stockpiles	1,150	1,161
Total long-term mill and leach stockpiles	1,377	1,387
Inventory obsolescence reserves	$ 39	$ 36

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
U.S. operations	$ (3)	$ 0
International operations	(821)	(443)
Total	$ (824)	$ (443)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	30.00%	32.00%

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 9,621.0	$ 9,450.0
Less current portion of debt	(1,365.0)	(372.0)
Long-term debt, less current portion	8,256.0	9,078.0
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	8,270.0	8,268.0
Debentures \| Freeport McMoRan Corporation
Debt Instrument [Line Items]
Long-term debt	355.0	355.0
Line of Credit \| PT-FI Term Loan
Debt Instrument [Line Items]
Long-term debt	603.0	432.0
Line of Credit \| Cerro Verde
Debt Instrument [Line Items]
Long-term debt	325.0	325.0
Line of Credit \| Cerro Verde \| 3.55% Senior Notes Due June 2022
Debt Instrument [Line Items]
Less current portion of debt	(325.0)
Line of Credit \| Cerro Verde \| 3.875% Senior Notes Due 2023
Debt Instrument [Line Items]
Less current portion of debt	(995.0)
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instrument [Line Items]
Long-term debt	$ 68.0	$ 70.0

Debt and Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended			3 Months Ended
	Mar. 23, 2022	Apr. 30, 2022	Apr. 29, 2022	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt					$ 9,621		$ 9,450
Interest costs					$ 153	$ 160
Treasury stock purchases (in shares)					12.3
Cost per share repurchased (in dollars per share)					$ 44.02
Shares repurchased					$ 541
Dividends declared per share of common stock (in dollars per share)	$ 0.15				$ 0.15	$ 0.075
Base cash dividend (in dollars per share)	0.075
Variable cash dividend (in dollars per share)	$ 0.075
Subsequent event
Debt Instrument [Line Items]
Treasury stock purchases (in shares)			28.7
Cost per share repurchased (in dollars per share)			$ 41.64
Shares repurchased			$ 1,200
Remaining authorized shares repurchase amount			$ 1,800
Property, Plant and Equipment [Member]
Debt Instrument [Line Items]
Interest costs capitalized					$ 26	$ 15
Line of Credit \| PT-FI Term Loan
Debt Instrument [Line Items]
Long-term debt				$ 667
Line of Credit \| PT-FI Term Loan
Debt Instrument [Line Items]
Long-term debt					603		$ 432
Long-term Debt, Gross					614
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit					8
Revolving credit facility, availability					1,500
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt					0
Letter of credit				333
Revolving credit facility, availability					3,500
Line of Credit \| Revolving Credit Facility \| Maturing 2024 [Member]
Debt Instrument [Line Items]
Revolving credit facility, availability					3,280
Line of Credit \| Revolving Credit Facility \| Maturing 2023 [Member]
Debt Instrument [Line Items]
Revolving credit facility, availability					$ 220
Line of Credit \| Unsecured Credit Facility
Debt Instrument [Line Items]
Debt, principal				$ 1,000
Debt instrument, term				5 years
Senior Notes \| PT-FI \| Subsequent event
Debt Instrument [Line Items]
Debt, principal		$ 3,000
Proceeds from debt, net of issuance costs		2,990
Senior Notes \| PT-FI \| 4.763% Senior Notes Due 2027 \| Subsequent event
Debt Instrument [Line Items]
Debt, principal		750
Senior Notes \| PT-FI \| 5.315% Senior Notes Due 2032 \| Subsequent event
Debt Instrument [Line Items]
Debt, principal		1,500
Senior Notes \| PT-FI \| 6.200% Senior Notes Due 2052 \| Subsequent event
Debt Instrument [Line Items]
Debt, principal		$ 750

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended
	Mar. 31, 2022 oz lb $ / oz $ / lb $ / lb	Mar. 31, 2022 USD ($) $ / oz $ / lb $ / lb	Mar. 31, 2021 USD ($)
Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 240	$ 179
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		12	3
Hedged item – firm sales commitments		(12)	(3)
Realized gains (losses):
Matured derivative financial instruments		$ 14	24
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	84
Derivative, Average Forward Price \| $ / lb	4.47	4.47
Copper Forward Contracts \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	4
Derivative, Average Forward Price \| $ / lb	4.60	4.60
Copper Forward Contracts \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ 4	(8)
Copper \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 218	207
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	753
Derivative, Average Forward Price \| $ / lb	4.49	4.49
Realized gains (losses):
Derivative Average Market Price \| $ / lb	4.71	4.71
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	65
Derivative, Average Forward Price \| $ / lb	4.43	4.43
Realized gains (losses):
Derivative Average Market Price \| $ / lb	4.71	4.71
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	206
Derivative, Average Forward Price \| $ / oz	1,925	1,925
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,936	1,936
gold and other \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 22	$ (28)

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended
	Mar. 31, 2022 USD ($) oz lb $ / oz $ / lb $ / lb	Mar. 31, 2022 USD ($) $ / oz $ / lb $ / lb	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 195	$ 195		$ 77
Derivative Liability, Fair Value, Gross Liability	22	22		28
Derivative Asset, Fair Value, Gross Liability	4	4		4
Derivative Liability, Fair Value, Gross Asset	4	4		4
Derivative Asset	191	191		73
Derivative Liability	18	18		24
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	165	165		51
Derivative Liability	8	8		14
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	2	2		10
Derivative Liability	10	10		10
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	23	23		12
Derivative Liability	0	0		0
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	1	1		0
Derivative Liability	0	0		0
Commodity Contract
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		14	$ 24
Derivative Asset, Fair Value, Gross Asset	26	26		13
Derivative Liability, Fair Value, Gross Liability	2	2		1
Derivative Asset, Fair Value, Gross Liability	2	2		1
Derivative Liability, Fair Value, Gross Asset	2	2		1
Derivative Asset	24	24		12
Derivative Liability	0	0		0
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	169	169		64
Derivative Liability, Fair Value, Gross Liability	20	20		27
Derivative Asset, Fair Value, Gross Liability	2	2		3
Derivative Liability, Fair Value, Gross Asset	2	2		3
Derivative Asset	167	167		61
Derivative Liability	18	18		24
Designated as Hedging Instrument [Member] \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 24	$ 24		12
Derivative, Nonmonetary Notional Amount, Mass \| lb	84
Derivative, Average Forward Price \| $ / lb	4.47	4.47
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 169	$ 169		64
Derivative Liability, Fair Value, Gross Liability	$ 20	$ 20		27
Not Designated as Hedging Instrument [Member] \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	4
Derivative, Average Forward Price \| $ / lb	4.60	4.60
Commodity Contract \| Not Designated as Hedging Instrument [Member] \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2	$ 2		1
Derivative Liability, Fair Value, Gross Liability	$ 2	$ 2		$ 1
Copper \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	4.71	4.71
Derivative, Nonmonetary Notional Amount, Mass \| lb	753
Derivative, Average Forward Price \| $ / lb	4.49	4.49
Copper \| Long [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	4.71	4.71
Derivative, Nonmonetary Notional Amount, Mass \| lb	65
Derivative, Average Forward Price \| $ / lb	4.43	4.43
Gold \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,936	1,936
Derivative, Nonmonetary Notional Amount, Mass \| oz	206
Derivative, Average Forward Price \| $ / oz	1,925	1,925
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 240	179
Sales [Member] \| Copper \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		218	207
Sales [Member] \| gold and other \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		22	(28)
Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ 4	$ (8)

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 8,338	$ 8,068
Restricted Cash and Cash Equivalents, Current	117	114
Restricted Cash and Cash Equivalents, Noncurrent	133	132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	8,588	$ 8,314	$ 4,835	$ 3,903
Credit Derivative, Maximum Exposure, Undiscounted	195
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 200

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Investment securities (current and long-term):
Marketable Securities	$ 0
Other Assets, Current	529	$ 523
Other assets	1,445	1,460
Derivatives:
Derivative Asset	191	73
Derivatives: [Abstract]
Derivative Liability	18	24
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	28	29
Trust Assets Fair Value Disclosure	62	64
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	70	50
Trust Assets Fair Value Disclosure	8	8
Derivatives:
Derivative Asset	19	10
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	1	1
Long-term debt, including current portion	0	0
Level 2
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	128	137
Derivatives:
Derivative Asset	176	67
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	21	27
Long-term debt, including current portion	10,190	10,630
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	74	81
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Estimate of Fair Value Measurement
Investment securities (current and long-term):
Investments, Fair Value Disclosure	98	79
Trust Assets Fair Value Disclosure	198	209
Derivatives:
Derivative Asset	195	77
Discontinued Operation, Contingent Receivable	74	81
Derivatives: [Abstract]
Derivative Liability	22	28
Long-term debt, including current portion	10,190	10,630
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	98	79
Trust Assets Fair Value Disclosure	198	209
Derivatives:
Derivative Asset	195	77
Discontinued Operation, Contingent Receivable	84	90
Derivatives: [Abstract]
Derivative Liability	22	28
Long-term debt, including current portion	9,621	9,450
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	167	61
Derivatives: [Abstract]
Derivative Liability	18	24
Embedded Derivative Financial Instruments \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Level 1
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Level 2
Derivatives:
Derivative Asset	169	64
Derivatives: [Abstract]
Derivative Liability	20	27
Embedded Derivative Financial Instruments \| Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	169	64
Derivatives: [Abstract]
Derivative Liability	20	27
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	169	64
Derivatives: [Abstract]
Derivative Liability	20	27
Forward Contracts \| Level 1
Derivatives:
Derivative Asset	1	1
Forward Contracts \| Level 2
Derivatives:
Derivative Asset	1	0
Forward Contracts \| Level 3
Derivatives:
Derivative Asset	0	0
Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	2	1
Forward Contracts \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	2	1
Commodity Contract
Derivatives:
Derivative Asset	24	12
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset	0	0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Level 1
Derivatives:
Derivative Asset		9
Commodity Contract \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	1
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		3
Commodity Contract \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	0
Commodity Contract \| Level 3
Derivatives:
Derivative Asset		0
Commodity Contract \| Level 3 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		12
Commodity Contract \| Estimate of Fair Value Measurement \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	2	1
Commodity Contract \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		12
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	2	1
Future \| Level 1
Derivatives:
Derivative Asset	18
Future \| Level 2
Derivatives:
Derivative Asset	6
Future \| Level 3
Derivatives:
Derivative Asset	0
Future \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	24
Future \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	24
U.S. core fixed income fund \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	28	29
Trust Assets Fair Value Disclosure	62	64
U.S. core fixed income fund \| Level 1
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	28	29
Trust Assets Fair Value Disclosure	62	64
U.S. core fixed income fund \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	28	29
Trust Assets Fair Value Disclosure	62	64
Equity securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities		0
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities	70	50
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	70	50
Equity securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	70	50
Government bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	53
Government bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	53
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	53
Corporate bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40	45
Corporate bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40	45
Corporate bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40	45
Government mortgage-backed securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	23	20
Government mortgage-backed securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	23	20
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	23	20
Asset-backed securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	18
Asset-backed securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	18
Asset-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	18
Money market funds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Money market funds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Money market funds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Collateralized Mortgage Backed Securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Municipal bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Municipal bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Municipal bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Other Assets, Current	117	114
Other assets	133	132
Fair Value, Recurring [Member] \| Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	0	0
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Investment securities (current and long-term):
Other Assets, Current	20	20
Other assets	$ 64	$ 70
Derivatives:
Discontinued Operation, Contingent Receivable			$ 150

Fair Value Measurement - Unobservable inputs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 529	$ 523
Other Assets, Noncurrent	1,445	1,460
Gulf of Mexico Contingent Consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2022	81
Net unrealized loss related to assets still held at the end of the period	(1)
Settlements	(6)
Fair value at March 31, 2022	74
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable			$ 150
Other Assets, Current	20	20
Other Assets, Noncurrent	$ 64	$ 70

Commitment and Contingencies - Asset Retirement Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Increase in ARO liability and asset retirement cost asset	$ 45
Frequency of closure costs updates	6 years
Frequency of financial assurance mechanism updates	2 years

Contingencies and Commitments - Other Matters (Details) t in Millions, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended	7 Months Ended
	Mar. 31, 2022 t	Mar. 31, 2022 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Jan. 25, 2022 USD ($)
Loss Contingencies [Line Items]
Concrete export license, extension	1 year
Concrete export license, approved export amount \| t	2
PT Smelting \| PT Freeport Indonesia
Loss Contingencies [Line Items]
Administrative fine			$ 149	$ 16
PT Freeport Indonesia
Loss Contingencies [Line Items]
Administrative fine		$ 41
Loss contingency, estimate of possible loss					$ 57

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (133)	$ (97)
Royalty Expense	(95)	(63)
Export duties expense	98	29
Revenue from Contract with Customer, Excluding Assessed Tax	6,363	4,671
Revenues	$ 6,603	4,850
Number of Operating Segments \| segment	4
Indonesia \| Disputes
Revenue from External Customer [Line Items]
Export duties expense	$ 18
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	240	179
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,691	1,709
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,435	1,234
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,116	684
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	70	218
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	811	518
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	378	244
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 188	$ 253

Business Segments (Segment Reporting) (Details)
$ in Millions

3 Months Ended

Mar. 31, 2022

USD ($)

segment

Mar. 31, 2021

USD ($)

Dec. 31, 2021

USD ($)

Segment Reporting Information [Line Items]

Number of Operating Segments | segment

4

Revenues

$ 6,603

$ 4,850

Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)

(3,150)

(2,787)

Cost, Depreciation, Amortization and Depletion

489

419

Selling, general and administrative expenses

(115)

(100)

Mining exploration and research expenses

24

7

Environmental obligations and shutdown costs

16

5

Operating income

2,809

1,532

Interest expense, net

127

145

Provision for (benefit from) income taxes

824

443

Total assets

48,832

43,643

$ 48,022

Capital expenditures

$ 723

370

Business Segment

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines – and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining, and on 39.5 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2022 and 2021 follow (in millions):


	Three Months Ended
	March 31,
	2022		2021
Copper:
Concentrate	$	2,691	$	1,709
Cathode	1,435		1,234
Rod and other refined copper products	1,116		684
Purchased coppera	70		218
Gold	811		518
Molybdenum	378		244
Other	188		253
Adjustments to revenues:
Treatment charges	(133)		(97)
Royalty expenseb	(95)		(63)
Export dutiesc	(98)		(29)
Revenues from contracts with customers	6,363		4,671
Embedded derivativesd	240		179
Total consolidated revenues	$	6,603	$	4,850