FREEPORT-MCMORAN INC, 10-Q filed on 11/8/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,436,927,710
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 5,000 $ 4,758
Restricted cash and cash equivalents 1,117 1,208
Trade accounts receivable 979 1,209
Value added and other tax receivables 570 455
Inventories:    
Product 2,709 2,472
Materials and supplies, net 2,328 2,169
Mill and leach stockpiles 1,406 1,419
Other current assets 436 375
Total current assets 14,545 14,065
Property, plant, equipment and mine development costs, net 37,750 35,295
Long-term mill and leach stockpiles 1,257 1,336
Other assets 1,848 1,810
Total assets 55,400 52,506
Current liabilities:    
Accounts payable and accrued liabilities 3,824 3,729
Long-term Debt, Current Maturities 769 766
Accrued income taxes 1,072 786
Environmental And Asset Retirement Obligations, Current 364 316
Dividends Payable, Current 218 218
Total current liabilities 6,247 5,815
Long-term debt, less current portion 8,910 8,656
Environmental and asset retirement obligations, less current portion 5,103 4,624
Deferred income taxes 4,492 4,453
Other liabilities 1,782 1,648
Total liabilities 26,534 25,196
Stockholders’ equity:    
Common stock 162 162
Capital in excess of par value 23,997 24,637
Accumulated deficit (444) (2,059)
Accumulated other comprehensive loss (273) (274)
Common stock held in treasury (5,894) (5,773)
Total stockholders’ equity 17,548 16,693
Noncontrolling interests 11,318 10,617
Total equity 28,866 27,310
Total liabilities and equity $ 55,400 $ 52,506
v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenues $ 6,790 $ 5,824 $ 19,735 $ 16,950
Cost of sales:        
Production and delivery 4,077 3,553 11,796 10,267
Depreciation, depletion and amortization 600 533 1,704 1,479
Total cost of sales 4,677 4,086 13,500 11,746
Selling, general and administrative expenses 117 118 384 359
Exploration and research expenses 38 30 115 103
Environmental obligations and shutdown costs 20 98 115 239
Total costs and expenses 4,852 4,332 14,114 12,447
Operating income 1,938 1,492 5,621 4,503
Interest expense, net (72) (96) (249) (418)
Net gain on early extinguishment of debt 0 5 0 10
Other income, net 97 71 295 183
Income before income taxes and equity in affiliated companies’ net earnings 1,963 1,472 5,667 4,278
Provision for income taxes (737) (508) (2,003) (1,546)
Equity in affiliated companies’ net earnings 10 0 14 12
Net income 1,236 964 3,678 2,744
Net income (loss) attributable to noncontrolling interests 710 510 2,063 1,284
Net income attributable to common stockholders $ 526 $ 454 $ 1,615 $ 1,460
Net income per share attributable to common stockholders:        
Earnings per share, basic (in dollars per share) $ 0.36 $ 0.31 $ 1.12 $ 1.01
Earnings per share, diluted (in dollars per share) $ 0.36 $ 0.31 $ 1.11 $ 1.01
Weighted-average shares of common stock outstanding:        
Basic weighted-average shares of common stock outstanding 1,438 1,435 1,438 1,434
Diluted weighted-average shares of common shares outstanding 1,444 1,443 1,445 1,443
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15 $ 0.45 $ 0.45
v3.24.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,236 $ 964 $ 3,678 $ 2,744
Defined benefit plans:        
Amortization of unrecognized amounts included in net periodic benefit costs 0 1 1 3
Foreign exchange gains (losses) 1 (1) 0 0
Other comprehensive income 1 0 1 3
Total comprehensive income 1,237 964 3,679 2,747
Total comprehensive income attributable to noncontrolling interests (710) (509) (2,063) (1,284)
Total comprehensive income (loss) $ 527 $ 455 $ 1,616 $ 1,463
v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flow from operating activities:    
Net income $ 3,678 $ 2,744
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 1,704 1,479
Net charges for environmental and asset retirement obligations, including accretion 382 383
Payments for environmental and asset retirement obligations (157) (181)
Stock-based compensation 94 89
Net charges for defined pension and postretirement plans 29 44
Pension plan contributions (58) (10)
Net gain on early extinguishment of debt 0 (10)
Deferred income taxes 36 130
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting 0 (112)
Charges for social investment programs at PT Freeport Indonesia 81 57
Payments for social investment programs at PT Freeport Indonesia (50) (29)
Other, net 14 59
Changes in working capital and other:    
Accounts receivable 93 550
Inventories (301) (738)
Other current assets (24) 7
Accounts payable and accrued liabilities (79) (151)
Accrued income taxes and timing of other tax payments 282 (352)
Net cash provided by operating activities 5,724 3,959
Cash flow from investing activities:    
Capital expenditures (3,569) (3,462)
Acquisition of additional ownership interest in Cerro Verde (210) 0
Loans to PT Smelting for expansion (28) (109)
Proceeds from sales of assets and other, net 10 (13)
Net cash used in investing activities (3,797) (3,584)
Cash flow from financing activities:    
Proceeds from debt 1,948 1,186
Repayments of debt (1,699) (2,397)
Cash dividends and distributions paid:    
Common stock (649) (647)
Noncontrolling interests (1,269) (407)
Treasury stock purchases (59) 0
Contributions from noncontrolling interests 0 50
Proceeds from exercised stock options 27 41
Payments for withholding of employee taxes related to stock-based awards (35) (50)
Other, net (38) (2)
Net cash used in financing activities (1,774) (2,226)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 153 (1,851)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,063 8,390
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 6,216 6,539
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (743) (545)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (272) (259)
Grasberg Segment    
Cash flow from investing activities:    
Capital expenditures (1,198) (1,209)
Indonesia Smelter    
Cash flow from investing activities:    
Capital expenditures (1,005) (1,258)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (88) (43)
Other Segments    
Cash flow from investing activities:    
Capital expenditures $ (263) $ (148)
v3.24.3
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
Common Stock Held in Treasury
Total Stockholder's Equity
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2022   1,613       183    
Balance at Dec. 31, 2022 $ 24,871 $ 161 $ 25,322 $ (3,907) $ (320) $ (5,701) $ 15,555 $ 9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   5            
Exercised and issued stock-based awards 63 $ 1 62       63  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares 2   74     $ (71) 3 (1)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders               407
Dividends 1,056              
Dividends     (649)       (649)  
Contributions from noncontrolling interests 50   24       24 26
Net loss attributable to common stockholders 1,460     1,460     1,460  
Net income (loss) attributable to noncontrolling interests 1,284             1,284
Other comprehensive income 3       3   3 0
Balance (in shares) at Sep. 30, 2023   1,618       184    
Balance at Sep. 30, 2023 26,677 $ 162 24,833 (2,447) (317) $ (5,772) 16,459 10,218
Balance (in shares) at Jun. 30, 2023   1,618       184    
Balance at Jun. 30, 2023 26,027 $ 162 25,028 (2,901) (318) $ (5,769) 16,202 9,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards 7   7       7  
Stock-based compensation, including the tender of shares 11   14     $ (3) 11  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders               116
Dividends 332              
Dividends     (216)       (216)  
Net loss attributable to common stockholders 454     454     454  
Net income (loss) attributable to noncontrolling interests 510             510
Other comprehensive income 0       1   1 (1)
Balance (in shares) at Sep. 30, 2023   1,618       184    
Balance at Sep. 30, 2023 26,677 $ 162 24,833 (2,447) (317) $ (5,772) 16,459 10,218
Balance (in shares) at Dec. 31, 2023   1,619       184    
Balance at Dec. 31, 2023 27,310 $ 162 24,637 (2,059) (274) $ (5,773) 16,693 10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   5       1    
Exercised and issued stock-based awards 54   54       54  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares 13   77     $ (62) 15 (2)
Treasury stock purchases (in shares)           1    
Treasury stock purchases (59)         $ (59) (59)  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders               1,269
Acquisition of additional ownership interest in Cerro Verde (215)   (125)       (125)  
Dividends 1,918              
Dividends     (649)       (649)  
Contributions from noncontrolling interests 2   3       3 (1)
Net loss attributable to common stockholders 1,615     1,615     1,615  
Net income (loss) attributable to noncontrolling interests 2,063             2,063
Other comprehensive income 1       1   1  
Balance (in shares) at Sep. 30, 2024   1,624       187    
Balance at Sep. 30, 2024 28,866 $ 162 23,997 (444) (273) $ (5,894) 17,548 11,318
Balance (in shares) at Jun. 30, 2024   1,624       186    
Balance at Jun. 30, 2024 28,686 $ 162 24,321 (970) (274) $ (5,835) 17,404 11,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards 1   1       1  
Stock-based compensation, including the tender of shares 14   13       13 1
Treasury stock purchases (in shares)           1    
Treasury stock purchases (59)         $ (59) (59)  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders               584
Acquisition of additional ownership interest in Cerro Verde (215)   (125)         (90)
Dividends 800              
Dividends     (216)       (216)  
Contributions from noncontrolling interests 2   3       3 (1)
Net loss attributable to common stockholders 526     526     526  
Net income (loss) attributable to noncontrolling interests 710             710
Other comprehensive income 1       1   1 0
Balance (in shares) at Sep. 30, 2024   1,624       187    
Balance at Sep. 30, 2024 $ 28,866 $ 162 $ 23,997 $ (444) $ (273) $ (5,894) $ 17,548 $ 11,318
v3.24.3
General Information
 9 Months Ended
Sep. 30, 2024
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, 2023 (2023 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 nine-month period ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts.

Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing FCX’s ownership interest in Cerro Verde to 55.08% from 53.56%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $90 million, with $125 million recorded to capital in excess to par value, including a $5 million deferred tax impact.

PT Smelting. In December 2023, PT Smelting completed an expansion of its facilities. The project was funded by PT Freeport Indonesia (PT-FI) with borrowings totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s ownership in PT Smelting to 66% from 39.5%.

As discussed in Note 3 of FCX’s 2023 Form 10-K, FCX has determined that PT Smelting, which is owned by PT-FI and Mitsubishi Materials Corporation, is a variable interest entity. Since mutual consent of both PT Smelting shareholders is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. Accordingly, PT-FI is continuing to account for its investment in PT Smelting under the equity method.

Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement.

As further discussed in Note 3, in first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX.

As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold during 2023 were attributed approximately 81% to FCX.

Subsequent Events. FCX evaluated events after September 30, 2024, 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.
v3.24.3
Earnings per Share
 9 Months Ended
Sep. 30, 2024
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:
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Net income$1,236 $964 $3,678 $2,744 
Net income attributable to noncontrolling interests(710)(510)(2,063)(1,284)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$520 $449 $1,609 $1,455 
Basic weighted-average shares of common stock outstanding
1,438 1,435 1,438 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 8 7 9 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.36 $0.31 $1.12 $1.01 
Diluted$0.36 $0.31 $1.11 $1.01 
Shares associated with 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. There were no shares of common stock associated with outstanding stock options excluded in any of the periods shown above.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Nine Months Ended
September 30,
 20242023
U.S.$30 

$3 
International(2,033)(1,549)
Total$(2,003)$(1,546)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 35% for the first nine months of 2024, and 36% for the first nine months of 2023. The 2024 effective income tax rate reflects net benefits of (i) $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion) and (ii) $36 million associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax exams. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first nine months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court.

FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

PT-FI Historical Tax Matters. In conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters in first-quarter 2024, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

Resolution of the framework for Indonesia disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion.
Uncertain Tax Positions. As further discussed in Note 7, in May 2024, an arbitration tribunal rejected FCX’s and Cerro Verde’s claims relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. Cerro Verde had previously paid the full amount of these disputed tax assessments, including the related interest and penalties, and a full reserve had been applied against these amounts; as such, the decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. FCX has reduced its unrecognized tax benefits by $269 million and related interest and penalties by $319 million (refer to Note 11 of FCX’s 2023 Form 10-K for a summary of unrecognized tax benefits and related interest and penalties).

U.S. Inflation Reduction Act of 2022. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average annual AFSI exceeding $1.0 billion over a three-year period.

In September 2024, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance on the application of CAMT, which is not final and subject to change. Based on the proposed guidance released by the IRS, FCX has determined that the provisions of the Act would not impact its financial results for the first nine months of 2024 or for the year 2023.

Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX does not expect enactment of the recommended framework in jurisdictions where it operates to materially impact its financial results.
v3.24.3
Debt and Equity
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 September 30,
2024		December 31, 2023
PT-FI revolving credit facility$250 $— 
Senior notes and debentures:
Issued by FCX6,010 6,005 
Issued by PT-FI2,982 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,679 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,910 $8,656 

Revolving Credit Facilities. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At September 30, 2024, there were no borrowings and $7 million in letters of credit issued under FCX’s revolving credit facility.

At September 30, 2024, PT-FI had $250 million in borrowings outstanding under its $1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million unsecured revolving credit facility that matures in May 2027.
At September 30, 2024, FCX, PT-FI and Cerro Verde were in compliance with their respective credit facility’s covenants.
Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $173 million in third-quarter 2024, $165 million in third-quarter 2023, $529 million for the first nine months of 2024 and $606 million for the first nine months of 2023. Consolidated interest costs (before capitalization) include a credit of $11 million in the 2024 periods associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax exams and a credit of $13 million in the 2023 periods for the settlement of interest on Cerro Verde’s historical profit sharing liability. Additionally, the first nine months of 2023 included $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $101 million in third-quarter 2024, $69 million in third-quarter 2023, $280 million for the first nine months of 2024 and $188 million for the first nine months of 2023. The increase in capitalized interest costs in the 2024 periods compared to the 2023 periods, primarily resulted from increased construction and development costs for projects in progress, primarily at PT-FI’s new smelter and precious metals refinery (PMR) (collectively PT-FI’s new downstream processing facilities).

Share Repurchase Program and Dividends. In July 2024, FCX acquired 1.2 million shares of its common stock for a total cost of $59 million ($50.48 average cost per share) bringing total purchases under its $5.0 billion share repurchase program to 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share). The timing and amount of share repurchases are at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at FCX’s Board of Directors’ (Board) discretion.
On September 25, 2024, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on November 1, 2024, to common stockholders of record as of October 15, 2024. The declaration and payment of dividends (base or variable) are at the discretion of FCX’s Board, and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by FCX’s Board.
v3.24.3
Financial Instruments
 9 Months Ended
Sep. 30, 2024
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 nine-month periods ended September 30, 2024 and 2023. At September 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 101 million pounds at an average contract price of $4.30 per pound, with maturities through September 2026.
Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$12 $2 $22 $(9)
Hedged item – firm sales commitments(12)(2)(22)9 
Realized (losses) gains:  
Matured derivative financial instruments— (4)29 (1)

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX 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 price 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, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. 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, cathode and anode slime 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 price, 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 September 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)327 $4.23 $4.43 February 2025
Gold (thousands of ounces)218 2,492 2,654 December 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)26 4.29 4.42 December 2024

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 September 30, 2024, Atlantic Copper held net copper forward sales contracts for 112 million pounds at an average contract price of $4.22 per pound, with maturities through December 2024.
Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$29 $(30)$276 $31 
Gold and other metals81 (10)170 12 
Copper forward contractsb
(19)(1)(45)(3)
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:
September 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$27 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts108 76 
Total derivative assets$135 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts11 23 
Copper forward contracts23 1 
Total derivative liabilities$34 $24 
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 net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 — 3 — 
3 — 3 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4 — — 
Accounts payable and accrued liabilities5 — 27 22 
$132 $80 $31 $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 September 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $135 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, 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 6 for the fair values of investment securities, legally restricted funds and debt).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
September 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,000 $4,758 
Restricted cash and cash equivalents, currentb
1,117 1,208 
Restricted cash and cash equivalents, long-term - included in other assets99 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,216 $6,063 
a.Includes (i) time deposits of $0.1 billion at September 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $1.0 billion at September 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $0.1 billion at each of September 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.
v3.24.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement 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 third-quarter 2024.

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 and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At September 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities9 9 — 9 — — 
Total37 37 28 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund68 68 68 — — — 
Government mortgage-backed securities52 52 — — 52 — 
Corporate bonds36 36 — — 36 — 
Government bonds and notes30 30 — — 30 — 
Money market funds21 21 — 21 — — 
Asset-backed securities14 14 — — 14 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total222 222 68 21 133 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position108 108 — — 108 — 
Copper futures and swap contracts27 27 — 16 11 — 
       Total135 135 — 16 119 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa,d
4 4 — — — 4 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position11 11 — — 11 — 
Copper forward contracts23 23 — 14 9 — 
Total34 34 — 14 20 — 
Long-term debt, including current portione
9,679 9,877 — — 9,877 — 
At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities6 6 — 6 — — 
Total33 33 27 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government mortgage-backed securities51 51 — — 51 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds29 29 — — 29 — 
Money market funds17 17 — 17 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total212 212 65 17 130 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76 — — 76 — 
Copper futures and swap contracts4 4 — 3 1 — 
Total80 80 — 3 77 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa,d
50 42 — — — 42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23 — — 23 — 
Copper forward contracts1 1 — 1 — — 
Total24 24 — 1 23 — 
Long-term debt, including current portione
9,422 9,364 — — 9,364 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($1.0 billion at September 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of September 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of September 30, 2024, and December 31, 2023).
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.FCX has an overriding royalty interest payable associated with the contingent consideration for the sale of Deepwater GOM oil and gas properties which totaled $1 million at September 30, 2024, and $12 million at December 31, 2023.
e.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Valuation Techniques. 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).

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.

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) 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 price at each reporting date based on the month of maturity (refer to Note 5 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 5 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 (to be received over time) that was recorded at the total amount under the loss recovery approach. 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. In third-quarter 2024, FCX determined that only $4 million of the remaining balance was collectible and recorded a net impairment of $32 million (consisting of a $42 million impairment to the contingent consideration receivable and an offsetting reduction of $10 million to the related overriding royalty interest payable).

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 September 30, 2024, as compared with those techniques used at December 31, 2023.
v3.24.3
Contingencies and Commitments
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments CONTINGENCIES AND COMMITMENTS
Environmental
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s environmental obligations.

FCX recorded net charges for adjustments to environmental obligations totaling $82 million for the first nine months of 2024, primarily associated with changes in cost estimates for former processing facilities and historical smelter sites.

Asset Retirement Obligations
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s asset retirement obligations (AROs).

Mining Operations. FCX recorded net ARO additions at mining operations totaling $275 million for the first nine months of 2024, primarily associated with revised closure plans and cost estimates to reflect FCX’s commitment to the Global Industry Standard on Tailings Management (Tailings Standard). FCX may record additional ARO adjustments as it continues to update estimates to conform with the Tailings Standard.

Oil and Gas Properties. Freeport-McMoRan Oil & Gas (FM O&G) recorded net ARO additions totaling $115 million for the first nine months of 2024, of which $99 million was associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies that was charged to production and delivery costs. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for
bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that other working interest owners, including FM O&G, assume such obligations.

Litigation
There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2023 Form 10-K, other than the matter discussed below.

Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The settlement agreement to resolve these cases was fully executed in fourth-quarter 2022 but there was a delay in finalizing it as a result of a lawsuit challenging the settlement brought in first-quarter 2023 by a non-plaintiff coastal parish included in the settlement (Terrebonne Parish) titled Terrebonne Parish Consolidated Government v. Louisiana Department of Natural Resources et al., Docket No. 185576, 32nd Judicial District Court, Terrebonne Parish, State of Louisiana. During first-quarter 2024, Terrebonne Parish agreed to dismiss its lawsuit and FCX made the $15 million settlement payment in trust (which was accrued for in 2019) in accordance with the terms of the settlement agreement.

Indonesia Regulatory Matters
Refer to Notes 12, 13 and 14 of FCX’s 2023 Form 10-K for further discussion of Indonesia regulatory matters.

Export Licenses. On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024. Pursuant to the Indonesia regulations, PT-FI is continuing to pay a 7.5% export duty on copper concentrates. See below for further discussion of the recent fire event at PT-FI's new smelter facility.

Special Mining Business License (IUPK). Pursuant to regulations issued during 2024, PT-FI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Minerals. Application for extension may be submitted at any time up to one year prior to the expiration of its current IUPK. PT-FI is currently preparing its application submittal. In connection with PT-FI’s application for extension, FCX is working to reach terms with MIND ID on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PT-FI.

PT-FI’s New Downstream Processing Facilities Fire Incident
On October 14, 2024, a fire occurred during commissioning of PT-FI’s new smelter in Gresik, Indonesia, following an equipment malfunction in the smelter furnace. The fire resulted in damage to a gas cleaning facility (electrostatic precipitator plant) and infrastructure for the production of sulfuric acid. There were no injuries. Smelter start-up operations have been temporarily suspended pending remediation activities. Mining operations in Central Papua and the completion and ramp-up of the PMR project have not been impacted.

PT-FI has substantially completed initial damage assessments and currently estimates repair costs to approximate $100 million, which are expected to be offset through recovery under construction insurance programs.

Remediation plans are in progress, including the procurement of long-lead items. Based on current delivery timelines, which continue to be evaluated, PT-FI currently expects to recommence start-up operations by mid-2025. Efforts are under way to expedite equipment orders to potentially improve the schedule.

PT-FI is working with the Indonesia government to allow continued exports of copper concentrates until full ramp-up is achieved, including seeking an increase to the permitted quota for 2024.

Tax Matters
Cerro Verde Royalty Dispute. As disclosed in Note 12 of FCX’s 2023 Form 10-K, in 2020, FCX filed on its own behalf and on behalf of Cerro Verde, international arbitration proceedings against the Peruvian government under the United States-Peru Trade Promotion Agreement relating to the assessment of mining royalties on ore processed
by the Cerro Verde concentrator for the period from December 2006 to December 2013. In May 2024, the arbitration tribunal rejected FCX and Cerro Verde's claims on the merits. The decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. Refer to Note 3 for discussion of the reduction in unrecognized tax benefits related to Cerro Verde tax matters.
v3.24.3
Business Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations 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 Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

For comparative purposes, the 2023 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's Chief Executive Officer, identified as its chief operating decision maker under business segment accounting guidance, makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment.

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, the timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on intercompany sales to Atlantic Copper 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, some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information 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 third quarter and first nine months of 2024 and 2023 follow:

Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper:
Cathode$2,070 $1,731 $6,248 $4,912 
Concentrate1,786 1,965 5,199 5,241 
Rod and other refined copper products1,012 992 2,939 2,797 
Purchased coppera
154 71 620 347 
Gold1,394 854 3,497 2,384 
Molybdenum454 479 1,351 1,562 
Silver and other169 136 457 439 
Adjustments to revenues:
Royalty expenseb
(131)(80)(344)(234)
Treatment charges(99)(151)(318)(394)
PT-FI export dutiesc
(129)(133)(360)(147)
d
Revenues from contracts with customers6,680 5,864 19,289 16,907 
Embedded derivativese
110 (40)446 43 
Total consolidated revenues$6,790 $5,824 $19,735 $16,950 
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.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and were reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI is continuing to pay export duties of 7.5% on copper concentrates.
d.Includes credits totaling $18 million associated with adjustments to prior-period export duties.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended September 30, 2024           
Revenues:            
Unaffiliated customers$40 $12 $52 $886 $237 $1,123 $2,856 $— $1,560 $759 $440 
a
$6,790 
Intersegment553 986 1,539 193 — 193 126 132 11 6 (2,007)— 
Production and delivery492 811 1,303 630 
b
187 817 918 

140 1,562 754 (1,417)4,077 
Depreciation, depletion and amortization (DD&A)47 62 109 92 18 110 340 19 2 6 14 600 
Selling, general and administrative expenses
— 1 1 2 — 2 32 — — 6 76 117 
Exploration and research expenses4 4 8 3 (1)2 2 — — — 26 38 
Environmental obligations and shutdown costs
— — — — — — — — — — 20 20 
Operating income (loss)50 120 170 352 33 385 1,690 (27)7 (1)(286)1,938 
Interest expense, net— — — 6 — 6 10 — — 10 46 
c
72 
Other (expense) income, net(1)10 9 22 (2)20 42 — (1)(7)34 97 
Provision for (benefit from) income taxes— — — 148 10 158 625 — — 1 (47)737 
Equity in affiliated companies’ net earnings — — — — — — 6 — — — 4 10 
Net income (loss) attributable to noncontrolling interests— — — 114 
d
12 126 601 
e
— — — (17)710 
Total assets at September 30, 20243,172 6,647 9,819 8,276 2,013 10,289 27,474 1,955 294 1,491 4,078 55,400 
Capital expenditures48 215 263 82 18 100 713 25 7 28 63 1,199 
Three Months Ended September 30, 2023            
Revenues:            
Unaffiliated customers$17 $22 $39 $822 $203 $1,025 $2,030 

$— $1,566 $692 $472 
a
$5,824 
Intersegment624 994 1,618 

219 — 219 65 147 12 8 (2,069)— 
Production and delivery480 799 1,279 649 178 827 672 120 1,566 680 

(1,591)3,553 
DD&A47 63 110 94 17 111 271 14 2 7 18 533 
Selling, general and administrative expenses
— 1 1 3 — 3 32 — — 6 76 118 
Exploration and research expenses2 4 6 2 — 2 — — — — 22 30 
Environmental obligations and shutdown costs
— 4 4 — — — — — — — 94 98 
Operating income (loss)112 145 257 293 8 301 1,120 13 10 7 (216)1,492 
Interest expense, net— 1 1 (10)
f
— (10)9 — — 8 88 96 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(2)(9)(11)(9)13 4 30 — — 5 43 71 
Provision for (benefit from) income taxes— — — 119 12 131 419 — — — (42)508 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income attributable to noncontrolling interests— — — 84 
d
14 98 392 
e
— — — 20 510 
Total assets at September 30, 20233,171 5,799 8,970 8,227 1,893 10,120 24,438 1,747 288 1,176 4,909 51,648 
Capital expenditures53 114 167 61 15 76 854 21 2 20 38 1,178 
Financial Information by Business Segment (continued)
     
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Nine Months Ended September 30, 2024           
Revenues:            
Unaffiliated customers$90 $62 $152 $2,787 $699 $3,486 $7,689 $— $4,742 $2,330 $1,336 
a
$19,735 
Intersegment1,680 2,797 4,477 477 — 477 386 415 32 8 (5,795)— 
Production and delivery1,389 2,289 3,678 1,912 
b
538 2,450 2,451 393 4,741 2,263 (4,180)11,796 
DD&A140 187 327 281 51 332 923 51 4 20 47 1,704 
Selling, general and administrative expenses1 2 3 6 — 6 93 — — 21 261 384 
Exploration and research expenses13 21 34 9 2 11 8 — — — 62 115 
Environmental obligations and shutdown costs— — — — — — — — — — 115 115 
Operating income (loss)227 360 587 1,056 108 1,164 4,600 (29)29 34 (764)5,621 
Interest expense, net— 1 1 16 — 16 17 — — 28 187 
c
249 
Other (expense) income, net(1)9 8 38 11 49 110 — (1)1 128 295 
Provision for (benefit from) income taxes— — — 430 45 475 1,524 
g
— — (11)15 2,003 
Equity in affiliated companies’ net earnings — — — — — — 7 — — — 7 14 
Net income attributable to noncontrolling interests— — — 332 
d
48 380 1,664 
e
— — — 19 2,063 
Capital expenditures139 604 743 209 63 272 2,203 88 23 88 152 3,569 
Nine Months Ended September 30, 2023           
Revenues:            
Unaffiliated customers$75 $133 $208 $2,563 $627 $3,190 $5,268 $— $4,552 $2,185 $1,547 
a
$16,950 
Intersegment1,787 2,922 4,709 

638 — 638 432 520 28 19 (6,346)— 
Production and delivery1,284 2,324 3,608 1,878 539 2,417 1,871 
h
321 4,558 2,139 (4,647)10,267 
DD&A132 180 312 302 48 350 694 48 4 21 50 1,479 
Selling, general and administrative expenses1 2 3 7 — 7 90 — — 21 238 359 
Exploration and research expenses8 35 43 6 2 8 — — — — 52 103 
Environmental obligations and shutdown costs— 26 26 — — — — — — — 213 239 
Operating income (loss)437 488 925 1,008 38 1,046 3,045 151 18 23 (705)4,503 
Interest expense, net— 1 1 74 
f
— 74 28 — — 22 293 418 
Net gain on early extinguishment of debt— — — — — — — — — — 10 10 
Other (expense) income, net(4)(8)(12)(36)11 (25)90 (1)(1)— 132 183 
Provision for (benefit from) income taxes— — — 419 19 438 1,159 — — — (51)1,546 
Equity in affiliated companies’ net earnings — — — — — — 9 — — — 3 12 
Net income (loss) attributable to noncontrolling interests— — — 242 
d
34 276 1,031 
e
— — — (23)1,284 
Capital expenditures176 369 545 179 80 259 2,467 43 9 43 96 3,462 
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 copper mines and South America operations.
b.Includes nonrecurring labor-related charges totaling $34 million in third-quarter 2024 and $99 million for the first nine months of 2024 associated with Cerro Verde’s new collective labor agreements with its two unions.
c.The third quarter and first nine months of 2024 include an $11 million credit associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax exams.
d.Beginning in September 2024, FCX's interest in Cerro Verde is 55.08%, and prior to September 2024 was 53.56%.
e.Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss.
f.The third quarter and first nine months of 2023 include a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. The first nine months of 2023 also includes $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court.
g.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters.
h.Includes a $55 million charge for a potential administrative fine. Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion.
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Net income$1,236 $964 $3,678 $2,744 
Net income attributable to noncontrolling interests(710)(510)(2,063)(1,284)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$520 $449 $1,609 $1,455 
Basic weighted-average shares of common stock outstanding
1,438 1,435 1,438 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 8 7 9 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.36 $0.31 $1.12 $1.01 
Diluted$0.36 $0.31 $1.11 $1.01 
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Nine Months Ended
September 30,
 20242023
U.S.$30 

$3 
International(2,033)(1,549)
Total$(2,003)$(1,546)
v3.24.3
Debt and Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 September 30,
2024		December 31, 2023
PT-FI revolving credit facility$250 $— 
Senior notes and debentures:
Issued by FCX6,010 6,005 
Issued by PT-FI2,982 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,679 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,910 $8,656 
v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$12 $2 $22 $(9)
Hedged item – firm sales commitments(12)(2)(22)9 
Realized (losses) gains:  
Matured derivative financial instruments— (4)29 (1)
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at September 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)327 $4.23 $4.43 February 2025
Gold (thousands of ounces)218 2,492 2,654 December 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)26 4.29 4.42 December 2024
Schedule of Derivative Instruments Included in Trading Activities A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$29 $(30)$276 $31 
Gold and other metals81 (10)170 12 
Copper forward contractsb
(19)(1)(45)(3)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
A summary of the fair values of unsettled commodity derivative financial instruments follows:
September 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$27 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts108 76 
Total derivative assets$135 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts11 23 
Copper forward contracts23 1 
Total derivative liabilities$34 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 — 3 — 
3 — 3 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4 — — 
Accounts payable and accrued liabilities5 — 27 22 
$132 $80 $31 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 — 3 — 
3 — 3 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4 — — 
Accounts payable and accrued liabilities5 — 27 22 
$132 $80 $31 $24 
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
September 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,000 $4,758 
Restricted cash and cash equivalents, currentb
1,117 1,208 
Restricted cash and cash equivalents, long-term - included in other assets99 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,216 $6,063 
a.Includes (i) time deposits of $0.1 billion at September 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $1.0 billion at September 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $0.1 billion at each of September 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.
v3.24.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs Disclosure A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:
At September 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities9 9 — 9 — — 
Total37 37 28 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund68 68 68 — — — 
Government mortgage-backed securities52 52 — — 52 — 
Corporate bonds36 36 — — 36 — 
Government bonds and notes30 30 — — 30 — 
Money market funds21 21 — 21 — — 
Asset-backed securities14 14 — — 14 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total222 222 68 21 133 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position108 108 — — 108 — 
Copper futures and swap contracts27 27 — 16 11 — 
       Total135 135 — 16 119 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa,d
4 4 — — — 4 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position11 11 — — 11 — 
Copper forward contracts23 23 — 14 9 — 
Total34 34 — 14 20 — 
Long-term debt, including current portione
9,679 9,877 — — 9,877 — 
At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities6 6 — 6 — — 
Total33 33 27 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government mortgage-backed securities51 51 — — 51 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds29 29 — — 29 — 
Money market funds17 17 — 17 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total212 212 65 17 130 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76 — — 76 — 
Copper futures and swap contracts4 4 — 3 1 — 
Total80 80 — 3 77 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa,d
50 42 — — — 42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23 — — 23 — 
Copper forward contracts1 1 — 1 — — 
Total24 24 — 1 23 — 
Long-term debt, including current portione
9,422 9,364 — — 9,364 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($1.0 billion at September 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of September 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of September 30, 2024, and December 31, 2023).
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.FCX has an overriding royalty interest payable associated with the contingent consideration for the sale of Deepwater GOM oil and gas properties which totaled $1 million at September 30, 2024, and $12 million at December 31, 2023.
e.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
v3.24.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2024 and 2023 follow:

Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper:
Cathode$2,070 $1,731 $6,248 $4,912 
Concentrate1,786 1,965 5,199 5,241 
Rod and other refined copper products1,012 992 2,939 2,797 
Purchased coppera
154 71 620 347 
Gold1,394 854 3,497 2,384 
Molybdenum454 479 1,351 1,562 
Silver and other169 136 457 439 
Adjustments to revenues:
Royalty expenseb
(131)(80)(344)(234)
Treatment charges(99)(151)(318)(394)
PT-FI export dutiesc
(129)(133)(360)(147)
d
Revenues from contracts with customers6,680 5,864 19,289 16,907 
Embedded derivativese
110 (40)446 43 
Total consolidated revenues$6,790 $5,824 $19,735 $16,950 
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.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and were reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI is continuing to pay export duties of 7.5% on copper concentrates.
d.Includes credits totaling $18 million associated with adjustments to prior-period export duties.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment
Financial Information by Business Segment
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended September 30, 2024           
Revenues:            
Unaffiliated customers$40 $12 $52 $886 $237 $1,123 $2,856 $— $1,560 $759 $440 
a
$6,790 
Intersegment553 986 1,539 193 — 193 126 132 11 6 (2,007)— 
Production and delivery492 811 1,303 630 
b
187 817 918 

140 1,562 754 (1,417)4,077 
Depreciation, depletion and amortization (DD&A)47 62 109 92 18 110 340 19 2 6 14 600 
Selling, general and administrative expenses
— 1 1 2 — 2 32 — — 6 76 117 
Exploration and research expenses4 4 8 3 (1)2 2 — — — 26 38 
Environmental obligations and shutdown costs
— — — — — — — — — — 20 20 
Operating income (loss)50 120 170 352 33 385 1,690 (27)7 (1)(286)1,938 
Interest expense, net— — — 6 — 6 10 — — 10 46 
c
72 
Other (expense) income, net(1)10 9 22 (2)20 42 — (1)(7)34 97 
Provision for (benefit from) income taxes— — — 148 10 158 625 — — 1 (47)737 
Equity in affiliated companies’ net earnings — — — — — — 6 — — — 4 10 
Net income (loss) attributable to noncontrolling interests— — — 114 
d
12 126 601 
e
— — — (17)710 
Total assets at September 30, 20243,172 6,647 9,819 8,276 2,013 10,289 27,474 1,955 294 1,491 4,078 55,400 
Capital expenditures48 215 263 82 18 100 713 25 7 28 63 1,199 
Three Months Ended September 30, 2023            
Revenues:            
Unaffiliated customers$17 $22 $39 $822 $203 $1,025 $2,030 

$— $1,566 $692 $472 
a
$5,824 
Intersegment624 994 1,618 

219 — 219 65 147 12 8 (2,069)— 
Production and delivery480 799 1,279 649 178 827 672 120 1,566 680 

(1,591)3,553 
DD&A47 63 110 94 17 111 271 14 2 7 18 533 
Selling, general and administrative expenses
— 1 1 3 — 3 32 — — 6 76 118 
Exploration and research expenses2 4 6 2 — 2 — — — — 22 30 
Environmental obligations and shutdown costs
— 4 4 — — — — — — — 94 98 
Operating income (loss)112 145 257 293 8 301 1,120 13 10 7 (216)1,492 
Interest expense, net— 1 1 (10)
f
— (10)9 — — 8 88 96 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(2)(9)(11)(9)13 4 30 — — 5 43 71 
Provision for (benefit from) income taxes— — — 119 12 131 419 — — — (42)508 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income attributable to noncontrolling interests— — — 84 
d
14 98 392 
e
— — — 20 510 
Total assets at September 30, 20233,171 5,799 8,970 8,227 1,893 10,120 24,438 1,747 288 1,176 4,909 51,648 
Capital expenditures53 114 167 61 15 76 854 21 2 20 38 1,178 
Financial Information by Business Segment (continued)
     
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Nine Months Ended September 30, 2024           
Revenues:            
Unaffiliated customers$90 $62 $152 $2,787 $699 $3,486 $7,689 $— $4,742 $2,330 $1,336 
a
$19,735 
Intersegment1,680 2,797 4,477 477 — 477 386 415 32 8 (5,795)— 
Production and delivery1,389 2,289 3,678 1,912 
b
538 2,450 2,451 393 4,741 2,263 (4,180)11,796 
DD&A140 187 327 281 51 332 923 51 4 20 47 1,704 
Selling, general and administrative expenses1 2 3 6 — 6 93 — — 21 261 384 
Exploration and research expenses13 21 34 9 2 11 8 — — — 62 115 
Environmental obligations and shutdown costs— — — — — — — — — — 115 115 
Operating income (loss)227 360 587 1,056 108 1,164 4,600 (29)29 34 (764)5,621 
Interest expense, net— 1 1 16 — 16 17 — — 28 187 
c
249 
Other (expense) income, net(1)9 8 38 11 49 110 — (1)1 128 295 
Provision for (benefit from) income taxes— — — 430 45 475 1,524 
g
— — (11)15 2,003 
Equity in affiliated companies’ net earnings — — — — — — 7 — — — 7 14 
Net income attributable to noncontrolling interests— — — 332 
d
48 380 1,664 
e
— — — 19 2,063 
Capital expenditures139 604 743 209 63 272 2,203 88 23 88 152 3,569 
Nine Months Ended September 30, 2023           
Revenues:            
Unaffiliated customers$75 $133 $208 $2,563 $627 $3,190 $5,268 $— $4,552 $2,185 $1,547 
a
$16,950 
Intersegment1,787 2,922 4,709 

638 — 638 432 520 28 19 (6,346)— 
Production and delivery1,284 2,324 3,608 1,878 539 2,417 1,871 
h
321 4,558 2,139 (4,647)10,267 
DD&A132 180 312 302 48 350 694 48 4 21 50 1,479 
Selling, general and administrative expenses1 2 3 7 — 7 90 — — 21 238 359 
Exploration and research expenses8 35 43 6 2 8 — — — — 52 103 
Environmental obligations and shutdown costs— 26 26 — — — — — — — 213 239 
Operating income (loss)437 488 925 1,008 38 1,046 3,045 151 18 23 (705)4,503 
Interest expense, net— 1 1 74 
f
— 74 28 — — 22 293 418 
Net gain on early extinguishment of debt— — — — — — — — — — 10 10 
Other (expense) income, net(4)(8)(12)(36)11 (25)90 (1)(1)— 132 183 
Provision for (benefit from) income taxes— — — 419 19 438 1,159 — — — (51)1,546 
Equity in affiliated companies’ net earnings — — — — — — 9 — — — 3 12 
Net income (loss) attributable to noncontrolling interests— — — 242 
d
34 276 1,031 
e
— — — (23)1,284 
Capital expenditures176 369 545 179 80 259 2,467 43 9 43 96 3,462 
v3.24.3
General Information - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Mar. 31, 2024
Jun. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 01, 2024
Aug. 31, 2024
Jun. 29, 2024
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Acquisition of additional ownership interest in Cerro Verde   $ (215,000)     $ (215,000)              
Deferred income taxes         36,000 $ 130,000            
Portion of Gold Sales Attributable to Parent       $ 190                
Noncontrolling Interests                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Acquisition of additional ownership interest in Cerro Verde $ (90,000) $ (90,000)                    
Total Stockholder's Equity                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Acquisition of additional ownership interest in Cerro Verde $ (125,000)       $ (125,000)              
Cerro Verde                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Shares purchased (in shares) 5.3                      
Value of shares purchased $ 210,000                      
Investment owned, percent             55.08% 53.56%        
Deferred income taxes 5,000                      
Cerro Verde | Noncontrolling Interests                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Acquisition of additional ownership interest in Cerro Verde (90,000)                      
Cerro Verde | Total Stockholder's Equity                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Acquisition of additional ownership interest in Cerro Verde $ (125,000)                      
PT Freeport Indonesia                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Deferred Income Tax Credits     $ 215,000                  
PT Freeport Indonesia | PT Smelting                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Equity method investment, percentage ownership       66.00%         39.50%      
PT Freeport Indonesia                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Increase In Equity Method Investment       $ 254,000                
Noncontrolling interest, ownership percentage by parent                   81.00%   81.00%
FCX                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Noncontrolling interest, ownership percentage by parent                     48.76%  
PT Mineral Industri Indonesia                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Noncontrolling interest, ownership percentage by parent                     26.24%  
PT Indonesia Papua Metal Dan Mineral                        
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]                        
Noncontrolling interest, ownership percentage by parent                     25.00%  
v3.24.3
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) from continuing operations $ 1,236 $ 964 $ 3,678 $ 2,744
Net income attributable to noncontrolling interests (710) (510) (2,063) (1,284)
Undistributed dividends and earnings allocated to participating securities (6) (5) (6) (5)
Net income attributable to common stockholders $ 520 $ 449 $ 1,609 $ 1,455
Basic weighted-average shares of common stock outstanding 1,438 1,435 1,438 1,434
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 8 7 9
Diluted weighted-average shares of common stock outstanding 1,444 1,443 1,445 1,443
Earnings per share, basic (in dollars per share) $ 0.36 $ 0.31 $ 1.12 $ 1.01
Earnings per share, diluted (in dollars per share) $ 0.36 $ 0.31 $ 1.11 $ 1.01
Dilutive Securities Excluded from Computation of EPS Amount 0   0  
v3.24.3
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
U.S.     $ 30 $ 3
International     (2,033) (1,549)
Total $ (737) $ (508) $ (2,003) $ (1,546)
v3.24.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 01, 2023
May 31, 2024
Mar. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Income Tax Contingency [Line Items]          
Consolidated effective income tax rate (percent)       35.00% 36.00%
Tax benefit related to closure of tax audit       $ 182  
Tax benefit related to closure of federal income tax exams       $ 36  
Nondeductible charges         $ 142
Unrecognized Tax Benefits, Period Increase (Decrease)   $ 269      
Unrecognized Tax Benefits, Decrease In Interest And Penalties   $ 319      
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate 15.00%        
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax $ 1,000        
PT Freeport Indonesia          
Income Tax Contingency [Line Items]          
Deferred Income Tax Credits     $ 215    
Unrecognized Tax Benefits, Period Increase (Decrease)     276    
Unrecognized Tax Benefits, Decrease In Interest And Penalties     43    
Unrecognized Tax Benefits, Decrease In Contingencies     179    
Unrecognized Tax Benefits, Decrease In Contingencies, Penalties And Interest     35    
PT Freeport Indonesia | Income Expense (Benefit)          
Income Tax Contingency [Line Items]          
Deferred Income Tax Credits     199    
Deferred Income Taxes     17    
PT Freeport Indonesia | Direct Operating Costs          
Income Tax Contingency [Line Items]          
Deferred Income Tax Credits     8    
PT Freeport Indonesia | Interest Income (Expense), Net          
Income Tax Contingency [Line Items]          
Deferred Income Tax Credits     8    
PT Freeport Indonesia | Other Nonoperating Income (Expense)          
Income Tax Contingency [Line Items]          
Deferred Income Taxes     $ 26    
v3.24.3
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 9,679 $ 9,422
Less current portion of debt (769) (766)
Long-term debt, less current portion 8,910 8,656
Line of Credit | PT-FI | Unsecured Credit Facility    
Debt Instrument [Line Items]    
Line of credit 250 0
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,982 2,980
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 6,010 6,005
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 353 354
Other    
Debt Instrument [Line Items]    
Long-term debt $ 84 $ 83
v3.24.3
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 32 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jul. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]              
Interest costs   $ 173,000,000 $ 165,000,000 $ 529,000,000 $ 606,000,000    
Credit for closure of income tax exams   11,000,000   11,000,000      
Interest expense, net   (72,000,000) $ (96,000,000) (249,000,000) (418,000,000)    
Tax Matters In Peru, Contingent Liability         $ 74,000,000    
Treasury stock purchases (in shares) 1.2         49.0  
Shares repurchased $ 59,000,000         $ 1,900,000,000  
Cost per share repurchased (in dollars per share) $ 50.48         $ 38.64  
Stock repurchase program, authorized amount   $ 5,000,000,000.0   $ 5,000,000,000.0      
Dividends declared per share of common stock (in dollars per share)   $ 0.15 $ 0.15 $ 0.45 $ 0.45    
Base cash dividend (in dollars per share)   0.075          
Variable cash dividend (in dollars per share)   $ 0.075          
Cerro Verde | Cerro Verde              
Debt Instrument [Line Items]              
Interest expense, net     $ 13,000,000   $ 13,000,000    
Unsecured Credit Facility | PT-FI              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity   $ 1,750,000,000   $ 1,750,000,000      
Unsecured Credit Facility | Cerro Verde              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity   350,000,000   350,000,000      
Line of credit   0   0      
Property, Plant and Equipment              
Debt Instrument [Line Items]              
Interest costs capitalized   101,000,000 $ 69,000,000 280,000,000 $ 188,000,000    
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity   3,000,000,000   3,000,000,000      
Line of credit   0   0      
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity   500,000,000   500,000,000      
Line of Credit | Letter of Credit              
Debt Instrument [Line Items]              
Revolving credit facility, availability   1,500,000,000   1,500,000,000      
Line of credit   7,000,000   7,000,000      
Line of Credit | Unsecured Credit Facility | PT-FI              
Debt Instrument [Line Items]              
Line of credit   $ 250,000,000   $ 250,000,000     $ 0
v3.24.3
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 30, 2023
oz
lb
Sep. 30, 2024
USD ($)
$ / lb
$ / oz
$ / lb
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
lb
$ / lb
$ / oz
$ / lb
Sep. 30, 2023
USD ($)
Commodity Contract          
Unrealized gains (losses):          
Derivative financial instruments   $ 12 $ 2 $ 22 $ (9)
Hedged item – firm sales commitments   (12) (2) (22) 9
Realized gains (losses):          
Matured derivative financial instruments   0 (4) 29 (1)
Matured derivative financial instruments   $ 0 (4) $ 29 (1)
Commodity Contract | Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       101  
Derivative, Average Forward Price | $ / lb   4.30   4.30  
Forward Contracts | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       112  
Derivative, Average Forward Price | $ / lb   4.22   4.22  
Realized gains (losses):          
Matured derivative financial instruments   $ (19) (1) $ (45) (3)
Matured derivative financial instruments   (19) (1) (45) (3)
Copper | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 29 (30) $ 276 31
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 327        
Derivative, Average Forward Price | $ / lb   4.23   4.23  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.43   4.43  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 26        
Derivative, Average Forward Price | $ / lb   4.29   4.29  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.42   4.42  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | oz 218        
Derivative, Average Forward Price | $ / oz   2,492   2,492  
Realized gains (losses):          
Derivative Average Market Price | $ / oz   2,654   2,654  
gold and other | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 81 $ (10) $ 170 $ 12
v3.24.3
Financial Instruments - Unsettled Derivatives (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 135 $ 80
Derivative Liability, Fair Value, Gross Liability 34 24
Derivative Asset, Fair Value, Gross Liability 3 0
Derivative Liability, Fair Value, Gross Asset 3 0
Derivative Asset 132 80
Derivative Liability 31 24
Trade accounts receivable    
Derivatives, Fair Value [Line Items]    
Derivative Asset 101 76
Derivative Liability 4 2
Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset 26 4
Derivative Liability 0 0
Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 5 0
Derivative Liability 27 22
Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 27 4
Derivative Liability, Fair Value, Gross Liability 23 1
Derivative Asset 27 4
Derivative Liability 23 1
Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 108 76
Derivative Liability, Fair Value, Gross Liability 11 23
Derivative Asset, Fair Value, Gross Liability 3 0
Derivative Liability, Fair Value, Gross Asset 3 0
Derivative Asset 105 76
Derivative Liability 8 23
Designated as Hedging Instrument | Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 27 4
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 108 76
Derivative Liability, Fair Value, Gross Liability 11 23
Commodity Contract | Not Designated as Hedging Instrument | Forward Contracts    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability $ 23 $ 1
v3.24.3
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]          
Credit Derivative, Maximum Exposure, Undiscounted   $ 135      
Cash and cash equivalents   5,000 $ 4,758    
Restricted cash and cash equivalents   1,117 1,208    
Restricted Cash and Cash Equivalents, Noncurrent   99 97    
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows   6,216 6,063 $ 6,539 $ 8,390
Export Proceeds, Percent 30.00%        
Bank Time Deposits          
Cash and Cash Equivalents [Line Items]          
Cash and cash equivalents   100 300    
Designated for Smelter Development Projects          
Cash and Cash Equivalents [Line Items]          
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows     200    
Designated For Export Proceeds          
Cash and Cash Equivalents [Line Items]          
Restricted cash and cash equivalents   1,000 1,100    
Assurance Bonds          
Cash and Cash Equivalents [Line Items]          
Restricted cash and cash equivalents   $ 100 $ 100    
v3.24.3
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2016
Investment securities (current and long-term):      
Other assets $ 1,848 $ 1,810  
Other Assets, Current 436 375  
Derivatives:      
Derivative Asset 132 80  
Derivatives: [Abstract]      
Derivative Liability 31 24  
Restricted cash and cash equivalents 1,117 1,208  
Designated For Export Proceeds      
Derivatives: [Abstract]      
Restricted cash and cash equivalents 1,000 1,100  
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas      
Derivatives:      
Discontinued Operation, Contingent Receivable 4   $ 150
Derivatives: [Abstract]      
Royalty interest payable 1 12  
Net impairment 32    
Contingent consideration impairment loss 42    
Decrease to royalty interest payable 10    
Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 28 27  
Trust Assets Fair Value Disclosure 68 65  
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 9 6  
Trust Assets Fair Value Disclosure 21 17  
Derivatives:      
Derivative Asset 16 3  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 14 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 133 130  
Derivatives:      
Derivative Asset 119 77  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 20 23  
Long-term debt, including current portion 9,877 9,364  
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 4 42  
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 37 33  
Trust Assets Fair Value Disclosure 222 212  
Derivatives:      
Derivative Asset 135 80  
Discontinued Operation, Contingent Receivable 4 42  
Derivatives: [Abstract]      
Derivative Liability 34 24  
Long-term debt, including current portion 9,877 9,364  
Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 37 33  
Trust Assets Fair Value Disclosure 222 212  
Derivatives:      
Derivative Asset 135 80  
Discontinued Operation, Contingent Receivable 4 50  
Derivatives: [Abstract]      
Derivative Liability 34 24  
Long-term debt, including current portion 9,679 9,422  
Embedded Derivative Financial Instruments      
Derivatives:      
Derivative Asset 105 76  
Derivatives: [Abstract]      
Derivative Liability 8 23  
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 108 76  
Derivatives: [Abstract]      
Derivative Liability 11 23  
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 108 76  
Derivatives: [Abstract]      
Derivative Liability 11 23  
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 108 76  
Derivatives: [Abstract]      
Derivative Liability 11 23  
Commodity Contract      
Derivatives:      
Derivative Asset 27 4  
Derivatives: [Abstract]      
Derivative Liability 23 1  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Futures and Swaps      
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 | Futures and Swaps      
Derivatives:      
Derivative Asset 16 3  
Commodity Contract | Level 1 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 14 1  
Commodity Contract | Level 2 | Futures and Swaps      
Derivatives:      
Derivative Asset 11 1  
Commodity Contract | Level 2 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 9 0  
Commodity Contract | Level 3 | Futures and Swaps      
Derivatives:      
Derivative Asset 0 0  
Commodity Contract | Level 3 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 0 0  
Commodity Contract | Estimate of Fair Value Measurement | Futures and Swaps      
Derivatives:      
Derivative Asset 27 4  
Commodity Contract | Estimate of Fair Value Measurement | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 23 1  
Commodity Contract | Carrying Amount, Fair Value Disclosure | Futures and Swaps      
Derivatives:      
Derivative Asset 27 4  
Commodity Contract | Carrying Amount, Fair Value Disclosure | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 23 1  
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Marketable Securities 28 27  
Trust Assets Fair Value Disclosure 68 65  
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 27  
Trust Assets Fair Value Disclosure 68 65  
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 28 27  
Trust Assets Fair Value Disclosure 68 65  
Equity securities | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Equity securities | Level 1      
Investment securities (current and long-term):      
Marketable Securities 9 6  
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 9 6  
Equity securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 9 6  
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 52 51  
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 52 51  
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 52 51  
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 36 29  
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 36 29  
Corporate bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 36 29  
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 30 37  
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 30 37  
Government bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 30 37  
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 21 17  
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 21 17  
Money market funds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 21 17  
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 14 12  
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 14 12  
Asset-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 14 12  
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 0  
Collateralized Mortgage Backed Securities | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Collateralized Mortgage Backed Securities | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Collateralized Mortgage Backed Securities | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Bank Time Deposits | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Other assets 100 100  
Other Assets, Current $ 100 $ 100  
v3.24.3
Contingencies and Commitments - Environmental (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Accrual for environmental loss contingencies, period increase $ 82
v3.24.3
Contingencies and Commitments - Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Commitments [Line Items]        
Increase in ARO liability and asset retirement cost asset $ 275      
Production and delivery 4,077 $ 3,553 $ 11,796 $ 10,267
Freeport-McMoRan Oil & Gas        
Other Commitments [Line Items]        
Increase in ARO liability and asset retirement cost asset     $ 115  
Production and delivery $ 99      
v3.24.3
Contingencies and Commitments - Litigation (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
Dec. 31, 2019
case
Loss Contingencies [Line Items]    
Payments for Legal Settlements | $ $ 15  
Louisiana Parishes Coastal Erosion Cases | FCX affiliates    
Loss Contingencies [Line Items]    
Number of pending claims   42
Number of Parishes That Filed Claims   6
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates    
Loss Contingencies [Line Items]    
Number of pending claims   13
v3.24.3
Contingencies and Commitments - Indonesia Regulatory Matters (Details)
Jul. 02, 2024
May 30, 2024
Commitments and Contingencies Disclosure [Abstract]    
Export duty to be paid, percent 7.50%  
Domestic ownership percentage   51.00%
Additional ownership percentage   10.00%
v3.24.3
Commitment and Contingencies - Fire Incident (Details)
$ in Millions
Oct. 14, 2024
USD ($)
Forecast  
Unusual or Infrequent Item, or Both [Line Items]  
Estimated repair costs $ 100
v3.24.3
Business Segments (Product Revenue) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2023
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
Sep. 30, 2023
USD ($)
Revenue from External Customer [Line Items]          
Number of Operating Segments | segment       4  
Royalty expense   $ (131) $ (80) $ (344) $ (234)
Treatment charges   (99) (151) (318) (394)
PT-FI export duties   (129) (133) (360) (147)
Revenues from contracts with customers   6,680 5,864 19,289 16,907
Revenues   $ 6,790 $ 5,824 19,735 $ 16,950
Export Duty On Copper Concentrates, Paid, Percent     2.50%    
Construction progress     50.00%   50.00%
Export Duty On Copper Concentrates, Percent 7.50% 7.50%      
Export Duties Credit         $ 18
Sales | Not Designated as Hedging Instrument          
Revenue from External Customer [Line Items]          
Matured derivative financial instruments   $ 110 $ (40) 446 43
Copper Cathode          
Revenue from External Customer [Line Items]          
Revenue   2,070 1,731 6,248 4,912
Copper In Concentrates          
Revenue from External Customer [Line Items]          
Revenue   1,786 1,965 5,199 5,241
Refined Copper Products          
Revenue from External Customer [Line Items]          
Revenue   1,012 992 2,939 2,797
Purchased Copper          
Revenue from External Customer [Line Items]          
Revenue   154 71 620 347
Gold          
Revenue from External Customer [Line Items]          
Revenue   1,394 854 3,497 2,384
Molybdenum          
Revenue from External Customer [Line Items]          
Revenue   454 479 1,351 1,562
Silver And Other          
Revenue from External Customer [Line Items]          
Revenue   $ 169 $ 136 $ 457 $ 439
v3.24.3
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 01, 2024
Aug. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]              
Revenues $ 6,790 $ 5,824 $ 19,735 $ 16,950      
Production and delivery 4,077 3,553 11,796 10,267      
Depreciation, depletion and amortization (DD&A) 600 533 1,704 1,479      
Selling, general and administrative expenses 117 118 384 359      
Exploration and research expenses 38 30 115 103      
Environmental obligations and shutdown costs 20 98 115 239      
Operating income 1,938 1,492 5,621 4,503      
Interest expense, net 72 96 249 418      
Net gain on early extinguishment of debt 0 5 0 10      
Other Nonoperating Income (Expense) 97 71 295 183      
Provision for (benefit from) income taxes 737 508 2,003 1,546      
Equity in affiliated companies’ net earnings 10 0 14 12      
Net income (loss) attributable to noncontrolling interests 710 510 2,063 1,284      
Total assets 55,400 51,648 55,400 51,648     $ 52,506
Capital expenditures 1,199 1,178 3,569 3,462      
Cerro Verde              
Segment Reporting Information [Line Items]              
Investment owned, percent         55.08% 53.56%  
PT Freeport Indonesia              
Segment Reporting Information [Line Items]              
Provision for (benefit from) income taxes 182            
Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 52 39 152 208      
Production and delivery 1,303 1,279 3,678 3,608      
Depreciation, depletion and amortization (DD&A) 109 110 327 312      
Selling, general and administrative expenses 1 1 3 3      
Exploration and research expenses 8 6 34 43      
Environmental obligations and shutdown costs 0 4 0 26      
Operating income 170 257 587 925      
Interest expense, net 0 1 1 1      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 9 (11) 8 (12)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 9,819 8,970 9,819 8,970      
Capital expenditures 263 167 743 545      
Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 1,123 1,025 3,486 3,190      
Production and delivery 817 827 2,450 2,417      
Depreciation, depletion and amortization (DD&A) 110 111 332 350      
Selling, general and administrative expenses 2 3 6 7      
Exploration and research expenses 2 2 11 8      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 385 301 1,164 1,046      
Interest expense, net 6 (10) 16 74      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 20 4 49 (25)      
Provision for (benefit from) income taxes 158 131 475 438      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 126 98 380 276      
Total assets 10,289 10,120 10,289 10,120      
Capital expenditures 100 76 272 259      
Corporate And Eliminations              
Segment Reporting Information [Line Items]              
Revenues 440 472 1,336 1,547      
Production and delivery (1,417) (1,591) (4,180) (4,647)      
Depreciation, depletion and amortization (DD&A) 14 18 47 50      
Selling, general and administrative expenses 76 76 261 238      
Exploration and research expenses 26 22 62 52      
Environmental obligations and shutdown costs 20 94 115 213      
Operating income (286) (216) (764) (705)      
Interest expense, net 46 88 187 293      
Net gain on early extinguishment of debt   5   10      
Other Nonoperating Income (Expense) 34 43 128 132      
Provision for (benefit from) income taxes (47) (42) 15 (51)      
Equity in affiliated companies’ net earnings 4 2 7 3      
Net income (loss) attributable to noncontrolling interests (17) 20 19 (23)      
Total assets 4,078 4,909 4,078 4,909      
Capital expenditures 63 38 152 96      
Intersegment              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 1,539 1,618 4,477 4,709      
Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 193 219 477 638      
Morenci | Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 40 17 90 75      
Production and delivery 492 480 1,389 1,284      
Depreciation, depletion and amortization (DD&A) 47 47 140 132      
Selling, general and administrative expenses 0 0 1 1      
Exploration and research expenses 4 2 13 8      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 50 112 227 437      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (1) (2) (1) (4)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 3,172 3,171 3,172 3,171      
Capital expenditures 48 53 139 176      
Morenci | Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 553 624 1,680 1,787      
Other Individually Immaterial Operating Segments | Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 12 22 62 133      
Production and delivery 811 799 2,289 2,324      
Depreciation, depletion and amortization (DD&A) 62 63 187 180      
Selling, general and administrative expenses 1 1 2 2      
Exploration and research expenses 4 4 21 35      
Environmental obligations and shutdown costs 0 4 0 26      
Operating income 120 145 360 488      
Interest expense, net 0 1 1 1      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 10 (9) 9 (8)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 6,647 5,799 6,647 5,799      
Capital expenditures 215 114 604 369      
Other Individually Immaterial Operating Segments | Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 237 203 699 627      
Production and delivery 187 178 538 539      
Depreciation, depletion and amortization (DD&A) 18 17 51 48      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses (1) 0 2 2      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 33 8 108 38      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (2) 13 11 11      
Provision for (benefit from) income taxes 10 12 45 19      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 12 14 48 34      
Total assets 2,013 1,893 2,013 1,893      
Capital expenditures 18 15 63 80      
Other Individually Immaterial Operating Segments | Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 986 994 2,797 2,922      
Other Individually Immaterial Operating Segments | Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Cerro Verde | Cerro Verde              
Segment Reporting Information [Line Items]              
Interest expense, net   (13)   (13)      
Cerro Verde | Peruvian Supreme Court              
Segment Reporting Information [Line Items]              
Interest expense, net       (74)      
Cerro Verde | Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 886 822 2,787 2,563      
Production and delivery 630 649 1,912 1,878      
Depreciation, depletion and amortization (DD&A) 92 94 281 302      
Selling, general and administrative expenses 2 3 6 7      
Exploration and research expenses 3 2 9 6      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 352 293 1,056 1,008      
Interest expense, net 6 (10) 16 74      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 22 (9) 38 (36)      
Provision for (benefit from) income taxes 148 119 430 419      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 114 84 332 242      
Total assets 8,276 8,227 8,276 8,227      
Capital expenditures 82 61 209 179      
Labor-related charges 34   99        
Cerro Verde | Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 193 219 477 638      
Grasberg Segment              
Segment Reporting Information [Line Items]              
Capital expenditures     1,198 1,209      
Grasberg Segment | Operating Segments | Indonesia              
Segment Reporting Information [Line Items]              
Revenues 2,856 2,030 7,689 5,268      
Production and delivery 918 672 2,451 1,871      
Depreciation, depletion and amortization (DD&A) 340 271 923 694      
Selling, general and administrative expenses 32 32 93 90      
Exploration and research expenses 2 0 8 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 1,690 1,120 4,600 3,045      
Interest expense, net 10 9 17 28      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 42 30 110 90      
Provision for (benefit from) income taxes 625 419 1,524 1,159      
Equity in affiliated companies’ net earnings 6 (2) 7 9      
Net income (loss) attributable to noncontrolling interests 601 392 1,664 1,031      
Total assets 27,474 24,438 27,474 24,438      
Capital expenditures 713 854 2,203 2,467      
Administrative fine   55   55      
Grasberg Segment | Intersegment | Indonesia              
Segment Reporting Information [Line Items]              
Revenues 126 65 386 432      
Molybdenum              
Segment Reporting Information [Line Items]              
Capital expenditures     88 43      
Molybdenum | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Production and delivery 140 120 393 321      
Depreciation, depletion and amortization (DD&A) 19 14 51 48      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income (27) 13 (29) 151      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 0 0 0 (1)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 1,955 1,747 1,955 1,747      
Capital expenditures 25 21 88 43      
Molybdenum | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 132 147 415 520      
Rod and Refining Segment | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 1,560 1,566 4,742 4,552      
Production and delivery 1,562 1,566 4,741 4,558      
Depreciation, depletion and amortization (DD&A) 2 2 4 4      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 7 10 29 18      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (1) 0 (1) (1)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 294 288 294 288      
Capital expenditures 7 2 23 9      
Rod and Refining Segment | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 11 12 32 28      
Atlantic Copper Smelting and Refining Segment | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 759 692 2,330 2,185      
Production and delivery 754 680 2,263 2,139      
Depreciation, depletion and amortization (DD&A) 6 7 20 21      
Selling, general and administrative expenses 6 6 21 21      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income (1) 7 34 23      
Interest expense, net 10 8 28 22      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (7) 5 1 0      
Provision for (benefit from) income taxes 1 0 (11) 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 1,491 1,176 1,491 1,176      
Capital expenditures 28 20 88 43      
Atlantic Copper Smelting and Refining Segment | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 6 8 8 19      
Corporate And Eliminations | Intersegment              
Segment Reporting Information [Line Items]              
Revenues $ (2,007) $ (2,069) $ (5,795) $ (6,346)