FREEPORT-MCMORAN INC, 10-K/A filed on 2/18/2022
Amended Annual Report
v3.22.0.1
COVER PAGE - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K/A    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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 Public Float     $ 48.6
Entity Common Stock, Shares Outstanding   1,454,781,055  
Documents Incorporated by Reference [Text Block]
Portions of the registrant’s proxy statement for its 2022 annual meeting of stockholders are incorporated by reference into Part III of this report.
    
Entity Central Index Key 0000831259    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
ICFR Auditor Attestation Flag true    
Auditor Name Ernst & Young LLP    
Auditor Location Phoenix, Arizona    
Auditor Firm ID 42    
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
  Additions (Deductions)   
 Balance atCharged toCharged toOther Balance at
 Beginning ofCosts andOther(Deductions) End of
 YearExpenseAccountsAdditions Year
Reserves and allowances deducted      
from asset accounts:      
Valuation allowance for deferred tax assets      
Year Ended December 31, 2021$4,732 $(596)
a
$(49)
b
$— 

$4,087 
Year Ended December 31, 20204,576 200 
c
(16)
b
(28)
d
4,732 
Year Ended December 31, 20194,507 50 
e
19 
b
— 

4,576 
Reserves for non-income taxes:      
Year Ended December 31, 2021$82 $18 $— $(41)
f
$59 
Year Ended December 31, 202058 21 (1)4 
f
82 
Year Ended December 31, 201962 — — (4)
f
58 
a.Primarily relates to a $219 million decrease associated with U.S. federal net operating losses (NOLs) utilized during 2021, a $105 million decrease related to expiration of U.S. foreign tax credits, and a $228 million decrease associated with PT Rio Tinto NOLs resulting from positive evidence supporting future taxable income against which NOLs can be used.
b.Relates to a valuation allowance for tax benefits primarily associated with actuarial (gains) losses for U.S. defined benefit plans included in other comprehensive income (loss).
c.Primarily relates to a $250 million increase in U.S. federal NOL carryforwards, partly offset by a $75 million decrease in U.S. foreign tax credits associated with expirations, and a $11 million decrease in U.S. deferred tax assets for which no benefit is expected to be realized.
d.Relates to sale of interest in Kisanfu.
e.Primarily relates to a $208 million increase in U.S. federal deferred tax assets for which no benefit is expected to be realized, partly offset by a $98 million decrease in U.S. foreign tax credits associated with expirations and prior-year adjustments, and a $44 million decrease in U.S. federal and state NOL carryforwards
f.Represents amounts paid or adjustments to reserves based on revised estimates.
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net Operating Losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease) $ 219 $ 250 $ 44
Domestic Deferred Tax Assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease)   (11) 208
Foreign Tax Authority      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Income Tax Credits and Adjustments (105) (75) (98)
PT Rio Tinto | Net Operating Losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease) 228    
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 4,732 4,576 4,507
Other Additions (Deductions) (596) 200 50
Additons Charged to Other Accounts (49) (16) 19
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease) 0 (28) 0
Balance at End of Year 4,087 4,732 4,576
Reserve for Taxes, Other than Income Taxes      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 82 58 62
Other Additions (Deductions) 18 21 0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction 0 (1) 0
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other (41) 4 (4)
Balance at End of Year $ 59 $ 82 $ 58