FREEPORT-MCMORAN INC, 10-Q filed on 8/7/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 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 $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,436,856,316
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 5,273 $ 4,758
Restricted cash and cash equivalents 1,030 1,208
Trade accounts receivable 1,128 1,209
Income and other tax receivables 428 455
Inventories:    
Product 2,755 2,472
Materials and supplies, net 2,283 2,169
Mill and leach stockpiles 1,436 1,419
Other current assets 389 375
Total current assets 14,722 14,065
Property, plant, equipment and mine development costs, net 36,784 35,295
Long-term mill and leach stockpiles 1,286 1,336
Other assets 1,843 1,810
Total assets 54,635 52,506
Current liabilities:    
Accounts payable and accrued liabilities 3,910 3,729
Long-term Debt, Current Maturities 768 766
Accrued income taxes 898 786
Environmental And Asset Retirement Obligations, Current 342 316
Dividends Payable, Current 218 218
Total current liabilities 6,136 5,815
Long-term debt, less current portion 8,658 8,656
Environmental and asset retirement obligations, less current portion 5,083 4,624
Deferred income taxes 4,491 4,453
Other liabilities 1,581 1,648
Total liabilities 25,949 25,196
Stockholders’ equity:    
Common stock 162 162
Capital in excess of par value 24,321 24,637
Accumulated deficit (970) (2,059)
Accumulated other comprehensive loss (274) (274)
Common stock held in treasury (5,835) (5,773)
Total stockholders’ equity 17,404 16,693
Noncontrolling interests 11,282 10,617
Total equity 28,686 27,310
Total liabilities and equity $ 54,635 $ 52,506
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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenues $ 6,624 $ 5,737 $ 12,945 $ 11,126
Cost of sales:        
Production and delivery 3,875 3,549 7,719 6,714
Depreciation, depletion and amortization 509 547 1,104 946
Total cost of sales 4,384 4,096 8,823 7,660
Selling, general and administrative expenses 123 115 267 241
Exploration and research expenses 40 42 77 73
Environmental obligations and shutdown costs 28 74 95 141
Total costs and expenses 4,575 4,327 9,262 8,115
Operating income 2,049 1,410 3,683 3,011
Interest expense, net (88) (171) (177) (322)
Net gain on early extinguishment of debt 0 5 0 5
Other income, net 69 24 198 112
Income before income taxes and equity in affiliated companies’ net earnings 2,030 1,268 3,704 2,806
Provision for income taxes (754) (539) (1,266) (1,038)
Equity in affiliated companies’ net earnings 4 2 4 12
Net income 1,280 731 2,442 1,780
Net income (loss) attributable to noncontrolling interests 664 388 1,353 774
Net income attributable to common stockholders $ 616 $ 343 $ 1,089 $ 1,006
Net income per share attributable to common stockholders:        
Earnings per share, basic (in dollars per share) $ 0.42 $ 0.24 $ 0.75 $ 0.70
Earnings per share, diluted (in dollars per share) $ 0.42 $ 0.23 $ 0.75 $ 0.69
Weighted-average shares of common stock outstanding:        
Basic weighted-average shares of common stock outstanding 1,438 1,434 1,437 1,434
Diluted weighted-average shares of common shares outstanding 1,445 1,442 1,445 1,443
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.30
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,280 $ 731 $ 2,442 $ 1,780
Defined benefit plans:        
Amortization of unrecognized amounts included in net periodic benefit costs 0 1 1 2
Foreign exchange (losses) gains 0 0 (1) 1
Other comprehensive income 0 1 0 3
Total comprehensive income 1,280 732 2,442 1,783
Total comprehensive income attributable to noncontrolling interests (664) (388) (1,353) (775)
Total comprehensive income (loss) $ 616 $ 344 $ 1,089 $ 1,008
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities:    
Net income $ 2,442 $ 1,780
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 1,104 946
Stock-based compensation 77 72
Net charges for environmental and asset retirement obligations, including accretion 300 237
Payments for environmental and asset retirement obligations (97) (114)
Net charges for defined pension and postretirement plans 16 31
Pension plan contributions (38) (6)
Net gain on early extinguishment of debt 0 (5)
Deferred income taxes 37 74
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting 0 (112)
Charges for social investment programs at PT Freeport Indonesia 51 36
Payments for social investment programs at PT Freeport Indonesia (37) (28)
Other, net 21 14
Changes in working capital and other:    
Accounts receivable 92 756
Inventories (341) (530)
Other current assets 21 (17)
Accounts payable and accrued liabilities 103 (203)
Accrued income taxes and timing of other tax payments 101 (208)
Net cash provided by operating activities 3,852 2,723
Cash flow from investing activities:    
Capital expenditures (2,370) (2,284)
Loans to PT Smelting for expansion (28) (61)
Proceeds from sales of assets and other, net 13 (20)
Net cash used in investing activities (2,385) (2,365)
Cash flow from financing activities:    
Proceeds from debt 1,281 681
Repayments of debt (1,281) (1,806)
Cash dividends and distributions paid:    
Common stock (433) (432)
Noncontrolling interests (685) (291)
Contributions from noncontrolling interests 0 50
Proceeds from exercised stock options 26 34
Payments for withholding of employee taxes related to stock-based awards (35) (47)
Other, net (1) (1)
Net cash used in financing activities (1,128) (1,812)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 339 (1,454)
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 6,402 6,936
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (480) (378)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (172) (183)
Grasberg Segment    
Cash flow from investing activities:    
Capital expenditures (750) (790)
Indonesia Smelter    
Cash flow from investing activities:    
Capital expenditures (740) (823)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (63) (22)
Other Segments    
Cash flow from investing activities:    
Capital expenditures $ (165) $ (88)
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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 56 $ 1 55       56  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares (9)   60     $ (68) (8) (1)
Dividends (724)   (433)       (433) (291)
Contributions from noncontrolling interests 50   24       24 26
Net loss attributable to common stockholders 1,006     1,006     1,006  
Net income (loss) attributable to noncontrolling interests 774             774
Other comprehensive income 3       2   2 1
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
Balance (in shares) at Mar. 31, 2023   1,618       184    
Balance at Mar. 31, 2023 25,648 $ 162 25,227 (3,244) (319) $ (5,769) 16,057 9,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards 3   3       3  
Stock-based compensation, including the tender of shares 14   14       14  
Dividends (370)   (216)       (216) (154)
Net loss attributable to common stockholders 343     343     343  
Net income (loss) attributable to noncontrolling interests 388             388
Other comprehensive income 1       1   1  
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
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 53   53       53  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares (1)   64     $ (62) 2 (3)
Dividends (1,118)   (433)       (433) (685)
Net loss attributable to common stockholders 1,089     1,089     1,089  
Net income (loss) attributable to noncontrolling interests 1,353             1,353
Other comprehensive income 0              
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
Balance (in shares) at Mar. 31, 2024   1,622       186    
Balance at Mar. 31, 2024 28,105 $ 162 24,488 (1,586) (274) $ (5,817) 16,973 11,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   2            
Exercised and issued stock-based awards 31   31       31  
Stock-based compensation, including the tender of shares (2)   18     $ (18)   (2)
Dividends (728)   (216)       (216) (512)
Net loss attributable to common stockholders 616     616     616  
Net income (loss) attributable to noncontrolling interests 664             664
Other comprehensive income 0              
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
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General Information
 6 Months Ended
Jun. 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 six-month period ended June 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.

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 will continue 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 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 June 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.
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Earnings per Share
 6 Months Ended
Jun. 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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
Net income$1,280 $731 $2,442 $1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$610 $338 $1,083 $1,001 
Basic weighted-average shares of common stock outstanding
1,438 1,434 1,437 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units7 8 8 9 
Diluted weighted-average shares of common stock outstanding
1,445 1,442 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.42 $0.24 $0.75 $0.70 
Diluted$0.42 $0.23 $0.75 $0.69 
Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in any of the periods shown above.
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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Six Months Ended
June 30,
 20242023
U.S.$(4)

$3 
International(1,262)(1,041)
Total$(1,266)$(1,038)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 34% for the first six months of 2024, including a net benefit of $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 was 37% for the first six months of 2023. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first six months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. At current copper prices, 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. During the first six months of 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, 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 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 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 AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for the first six months of 2024 or for the year 2023.

Although the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and uncertainty remains regarding the application of the CAMT to FCX. Future regulations and guidance released by the IRS and Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. net operating losses.

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 believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.
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Debt and Equity
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 June 30,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,008 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,426 9,422 
Less current portion of debt(768)(766)
Long-term debt$8,658 $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 June 30, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027.
At June 30, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

On July 31, 2024, PT-FI borrowed $250 million under its revolving credit facility to fund capital expenditures for PT-FI’s new smelter and precious metals refinery (PMR) (collectively, the new downstream processing facilities).
Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2024, $234 million in second-quarter 2023, $356 million for the first six months of 2024 and $441 million for the first six months of 2023. Consolidated interest costs (before capitalization) in the 2023 periods includes $50 million in second-quarter 2023 and $74 million for the first six months of 2023 associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $93 million in second-quarter 2024, $62 million in second-quarter 2023, $179 million for the first six months of 2024 and $119 million for the first six 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 process, primarily at 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 is 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 June 26, 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 August 1, 2024, to common stockholders of record as of July 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.
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Financial Instruments
 6 Months Ended
Jun. 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 six-month periods ended June 30, 2024 and 2023. At June 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 95 million pounds at an average contract price of $4.26 per pound, with maturities through March 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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$1 $(25)$10 $(11)
Hedged item – firm sales commitments(1)25 (10)11 
Realized gains (losses):  
Matured derivative financial instruments28 (5)29 3 

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 June 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)371 $4.26 $4.33 November 2024
Gold (thousands of ounces)93 2,333 2,344 September 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)115 4.39 4.33 September 2024

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 June 30, 2024, Atlantic Copper held net copper forward sales contracts for 44 million pounds at an average contract price of $4.38 per pound, with maturities through August 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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$181 $(169)$247 $61 
Gold and other metals45 (21)89 22 
Copper forward contractsb
(17)1 (26)(1)
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:
June 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts77 76 
Copper forward contracts5 — 
Total derivative assets$100 $80 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$4 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts43 23 
Copper forward contracts— 1 
Total derivative liabilities$47 $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
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $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 June 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $100 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). In addition, as of June 30, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 6 for the related fair values).

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:
June 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,273 $4,758 
Restricted cash and cash equivalents, currentb
1,030 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$6,402 $6,063 
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the
Indonesia government and (ii) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.
v3.24.2.u1
Fair Value Measurement
 6 Months Ended
Jun. 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 second-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 June 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities7 7 — 7 — — 
Total34 34 27 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities49 49 — — 49 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities13 13 — — 13 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total213 213 65 19 129 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position77 77 — — 77 — 
Copper futures and swap contracts18 18 — 11 7 — 
Copper forward contracts5 5 — 2 3 — 
       Total100 100 — 13 87 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 39 — — — 39 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position43 43 — — 43 — 
Copper futures and swap contracts4 4 — 2 2 — 
Total47 47 — 2 45 — 
Long-term debt, including current portiond
9,426 9,221 — — 9,221 — 
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
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 portiond
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 ($0.9 billion at June 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 June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023).
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Valuation Techniques. 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.

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 June 30, 2024, as compared with those techniques used at December 31, 2023.
v3.24.2.u1
Contingencies and Commitments
 6 Months Ended
Jun. 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 $79 million for the first six 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 $261 million for the first six 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 $105 million for the first six months of 2024 primarily for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, including $98 million 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 May 31, 2024, export licenses expired for several exporters, including PT-FI. In second-quarter 2024, the Indonesia government issued various regulations to allow, under certain conditions, continued exports of copper concentrates and anode slimes through December 2024.

On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected. PT-FI will continue to pay export duties on copper concentrates during the smelter ramp-up period pursuant to the Indonesia regulations. The applicable rate prescribed by regulations is 7.5% of the export value.

Special Mining License (IUPK). As further discussed in FCX’s 2023 Form 10-K, PT-FI’s IUPK enables it to conduct operations in the Grasberg minerals district through 2041. On May 30, 2024, the Indonesia government issued a regulation applicable to the country’s mineral and coal industries which outlines requirements for the granting of IUPK extensions. The regulation provides that IUPK holders may be granted a life-of-mine extension provided certain conditions are met, including ownership of integrated downstream processing 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 current IUPK expiration. PT-FI expects to apply for an extension under this new regulation during 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.
v3.24.2.u1
Business Segments
 6 Months Ended
Jun. 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 substantially completed construction of the new smelter in June 2024 and has commenced commissioning operations. 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 second quarter and first six months of 2024 and 2023 follow:

Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper:
Cathode$2,237 $1,670 $4,178 $3,181 
Concentrate1,595 1,873 3,413 3,276 
Rod and other refined copper products974 884 1,927 1,805 
Purchased coppera
300 72 466 276 
Gold935 999 2,103 1,530 
Molybdenum476 491 897 1,083 
Silver and other139 171 288 303 
Adjustments to revenues:
Royalty expenseb
(93)(94)(213)(154)
Treatment charges(90)(142)(219)(243)
PT-FI export dutiesc
(75)3 
d
(231)(14)
d
Revenues from contracts with customers6,398 5,927 12,609 11,043 
Embedded derivativese
226 (190)336 83 
Total consolidated revenues$6,624 $5,737 $12,945 $11,126 
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 reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations.
d.Includes credits 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 June 30, 2024           
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 $— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
b
181 860 672 

134 1,692 859 (1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 
c
— — — 37 664 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
Three Months Ended June 30, 2023            
Revenues:            
Unaffiliated customers$26 $14 $40 $783 $190 $973 $2,039 

$— $1,463 $744 $478 
a
$5,737 
Intersegment570 980 1,550 

175 — 175 198 150 10 4 (2,087)— 
Production and delivery423 744 1,167 609 174 783 861 
d
105 1,465 725 

(1,557)3,549 
DD&A42 57 99 117 15 132 275 14 1 7 19 547 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 7 75 115 
Exploration and research expenses3 15 18 3 1 4 — — — — 20 42 
Environmental obligations and shutdown costs
— 1 1 — — — — — — — 73 74 
Operating income (loss)127 177 304 227 — 227 1,071 31 7 9 (239)1,410 
Interest expense, net— — — 55 
e
— 55 12 — — 8 96 171 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(1)(2)(3)(45)4 (41)28 (1)— — 41 24 
Provision for income taxes— — — 113 — 113 410 — — — 16 539 
Equity in affiliated companies’ net earnings — — — — — — — — — — 2 2 
Net income attributable to noncontrolling interests— — — 18 2 20 368 
c
— — — — 388 
Total assets at June 30, 20233,167 5,754 8,921 8,444 1,890 10,334 23,446 1,717 280 1,127 5,082 50,907 
Capital expenditures67 115 182 57 26 83 841 13 2 11 31 1,163 
Financial Information by Business Segment (continued)
(In Millions)     
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Six Months Ended June 30, 2024           
Revenues:            
Unaffiliated customers$50 $50 $100 $1,901 $462 $2,363 $4,833 $— $3,182 $1,571 $896 
a
$12,945 
Intersegment1,127 1,811 2,938 284 — 284 260 283 21 2 (3,788)— 
Production and delivery897 1,478 2,375 1,282 
b
351 1,633 1,533 253 3,179 1,509 (2,763)7,719 
DD&A93 125 218 189 33 222 583 32 2 14 33 1,104 
Selling, general and administrative expenses1 1 2 4 — 4 61 — — 15 185 267 
Exploration and research expenses9 17 26 6 3 9 6 — — — 36 77 
Environmental obligations and shutdown costs— — — — — — — — — — 95 95 
Operating income (loss)177 240 417 704 75 779 2,910 (2)22 35 (478)3,683 
Interest expense, net— 1 1 10 — 10 7 — — 18 141 177 
Other (expense) income, net— (1)(1)16 13 29 68 — — 8 94 198 
Provision for (benefit from) income taxes— — — 282 35 317 899 
f
— — (12)62 1,266 
Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4 
Net income attributable to noncontrolling interests— — — 218 36 254 1,063 
c
— — — 36 1,353 
Capital expenditures91 389 480 127 45 172 1,490 63 16 60 89 2,370 
Six Months Ended June 30, 2023           
Revenues:            
Unaffiliated customers$58 $111 $169 $1,741 $424 $2,165 $3,238 $— $2,986 $1,493 $1,075 
a
$11,126 
Intersegment1,163 1,928 3,091 

419 — 419 367 373 16 11 (4,277)— 
Production and delivery804 1,525 2,329 1,229 361 1,590 1,199 
d
201 2,992 1,459 (3,056)6,714 
DD&A85 117 202 208 31 239 423 34 2 14 32 946 
Selling, general and administrative expenses1 1 2 4 — 4 58 — — 15 162 241 
Exploration and research expenses6 31 37 4 2 6 — — — — 30 73 
Environmental obligations and shutdown costs— 22 22 — — — — — — — 119 141 
Operating income (loss)325 343 668 715 30 745 1,925 138 8 16 (489)3,011 
Interest expense, net— — — 84 
e
— 84 19 — — 14 205 322 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(2)1 (1)(27)(2)(29)60 (1)(1)(5)89 112 
Provision for (benefit from) income taxes— — — 300 7 307 740 — — — (9)1,038 
Equity in affiliated companies’ net earnings — — — — — — 11 — — — 1 12 
Net income (loss) attributable to noncontrolling interests— — — 158 20 178 639 
c
— — — (43)774 
Capital expenditures123 255 378 118 65 183 1,613 22 7 23 58 2,284 
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 non-recurring costs totaling $65 million associated with labor-related charges at Cerro Verde.
c.Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss.
d.Includes a $55 million charge for a potential administrative fine. Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion.
e.Includes interest expense associated with contested tax rulings issued by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023.
f.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 disputed tax matters.
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 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
v3.24.2.u1
Earnings per Share (Tables)
 6 Months Ended
Jun. 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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
Net income$1,280 $731 $2,442 $1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$610 $338 $1,083 $1,001 
Basic weighted-average shares of common stock outstanding
1,438 1,434 1,437 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units7 8 8 9 
Diluted weighted-average shares of common stock outstanding
1,445 1,442 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.42 $0.24 $0.75 $0.70 
Diluted$0.42 $0.23 $0.75 $0.69 
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Six Months Ended
June 30,
 20242023
U.S.$(4)

$3 
International(1,262)(1,041)
Total$(1,266)$(1,038)
v3.24.2.u1
Debt and Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 June 30,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,008 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,426 9,422 
Less current portion of debt(768)(766)
Long-term debt$8,658 $8,656 
v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$1 $(25)$10 $(11)
Hedged item – firm sales commitments(1)25 (10)11 
Realized gains (losses):  
Matured derivative financial instruments28 (5)29 3 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at June 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)371 $4.26 $4.33 November 2024
Gold (thousands of ounces)93 2,333 2,344 September 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)115 4.39 4.33 September 2024
Schedule of Derivative Instruments Included in Trading Activities A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$181 $(169)$247 $61 
Gold and other metals45 (21)89 22 
Copper forward contractsb
(17)1 (26)(1)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
A summary of the fair values of unsettled commodity derivative financial instruments follows:
June 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts77 76 
Copper forward contracts5 — 
Total derivative assets$100 $80 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$4 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts43 23 
Copper forward contracts— 1 
Total derivative liabilities$47 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $24 
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,273 $4,758 
Restricted cash and cash equivalents, currentb
1,030 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$6,402 $6,063 
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the
Indonesia government and (ii) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.
v3.24.2.u1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 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 June 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities7 7 — 7 — — 
Total34 34 27 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities49 49 — — 49 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities13 13 — — 13 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total213 213 65 19 129 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position77 77 — — 77 — 
Copper futures and swap contracts18 18 — 11 7 — 
Copper forward contracts5 5 — 2 3 — 
       Total100 100 — 13 87 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 39 — — — 39 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position43 43 — — 43 — 
Copper futures and swap contracts4 4 — 2 2 — 
Total47 47 — 2 45 — 
Long-term debt, including current portiond
9,426 9,221 — — 9,221 — 
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
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 portiond
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 ($0.9 billion at June 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 June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023).
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
v3.24.2.u1
Business Segments (Tables)
 6 Months Ended
Jun. 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 second quarter and first six months of 2024 and 2023 follow:

Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper:
Cathode$2,237 $1,670 $4,178 $3,181 
Concentrate1,595 1,873 3,413 3,276 
Rod and other refined copper products974 884 1,927 1,805 
Purchased coppera
300 72 466 276 
Gold935 999 2,103 1,530 
Molybdenum476 491 897 1,083 
Silver and other139 171 288 303 
Adjustments to revenues:
Royalty expenseb
(93)(94)(213)(154)
Treatment charges(90)(142)(219)(243)
PT-FI export dutiesc
(75)3 
d
(231)(14)
d
Revenues from contracts with customers6,398 5,927 12,609 11,043 
Embedded derivativese
226 (190)336 83 
Total consolidated revenues$6,624 $5,737 $12,945 $11,126 
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 reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations.
d.Includes credits 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 June 30, 2024           
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 $— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
b
181 860 672 

134 1,692 859 (1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 
c
— — — 37 664 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
Three Months Ended June 30, 2023            
Revenues:            
Unaffiliated customers$26 $14 $40 $783 $190 $973 $2,039 

$— $1,463 $744 $478 
a
$5,737 
Intersegment570 980 1,550 

175 — 175 198 150 10 4 (2,087)— 
Production and delivery423 744 1,167 609 174 783 861 
d
105 1,465 725 

(1,557)3,549 
DD&A42 57 99 117 15 132 275 14 1 7 19 547 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 7 75 115 
Exploration and research expenses3 15 18 3 1 4 — — — — 20 42 
Environmental obligations and shutdown costs
— 1 1 — — — — — — — 73 74 
Operating income (loss)127 177 304 227 — 227 1,071 31 7 9 (239)1,410 
Interest expense, net— — — 55 
e
— 55 12 — — 8 96 171 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(1)(2)(3)(45)4 (41)28 (1)— — 41 24 
Provision for income taxes— — — 113 — 113 410 — — — 16 539 
Equity in affiliated companies’ net earnings — — — — — — — — — — 2 2 
Net income attributable to noncontrolling interests— — — 18 2 20 368 
c
— — — — 388 
Total assets at June 30, 20233,167 5,754 8,921 8,444 1,890 10,334 23,446 1,717 280 1,127 5,082 50,907 
Capital expenditures67 115 182 57 26 83 841 13 2 11 31 1,163 
Financial Information by Business Segment (continued)
(In Millions)     
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Six Months Ended June 30, 2024           
Revenues:            
Unaffiliated customers$50 $50 $100 $1,901 $462 $2,363 $4,833 $— $3,182 $1,571 $896 
a
$12,945 
Intersegment1,127 1,811 2,938 284 — 284 260 283 21 2 (3,788)— 
Production and delivery897 1,478 2,375 1,282 
b
351 1,633 1,533 253 3,179 1,509 (2,763)7,719 
DD&A93 125 218 189 33 222 583 32 2 14 33 1,104 
Selling, general and administrative expenses1 1 2 4 — 4 61 — — 15 185 267 
Exploration and research expenses9 17 26 6 3 9 6 — — — 36 77 
Environmental obligations and shutdown costs— — — — — — — — — — 95 95 
Operating income (loss)177 240 417 704 75 779 2,910 (2)22 35 (478)3,683 
Interest expense, net— 1 1 10 — 10 7 — — 18 141 177 
Other (expense) income, net— (1)(1)16 13 29 68 — — 8 94 198 
Provision for (benefit from) income taxes— — — 282 35 317 899 
f
— — (12)62 1,266 
Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4 
Net income attributable to noncontrolling interests— — — 218 36 254 1,063 
c
— — — 36 1,353 
Capital expenditures91 389 480 127 45 172 1,490 63 16 60 89 2,370 
Six Months Ended June 30, 2023           
Revenues:            
Unaffiliated customers$58 $111 $169 $1,741 $424 $2,165 $3,238 $— $2,986 $1,493 $1,075 
a
$11,126 
Intersegment1,163 1,928 3,091 

419 — 419 367 373 16 11 (4,277)— 
Production and delivery804 1,525 2,329 1,229 361 1,590 1,199 
d
201 2,992 1,459 (3,056)6,714 
DD&A85 117 202 208 31 239 423 34 2 14 32 946 
Selling, general and administrative expenses1 1 2 4 — 4 58 — — 15 162 241 
Exploration and research expenses6 31 37 4 2 6 — — — — 30 73 
Environmental obligations and shutdown costs— 22 22 — — — — — — — 119 141 
Operating income (loss)325 343 668 715 30 745 1,925 138 8 16 (489)3,011 
Interest expense, net— — — 84 
e
— 84 19 — — 14 205 322 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(2)1 (1)(27)(2)(29)60 (1)(1)(5)89 112 
Provision for (benefit from) income taxes— — — 300 7 307 740 — — — (9)1,038 
Equity in affiliated companies’ net earnings — — — — — — 11 — — — 1 12 
Net income (loss) attributable to noncontrolling interests— — — 158 20 178 639 
c
— — — (43)774 
Capital expenditures123 255 378 118 65 183 1,613 22 7 23 58 2,284 
v3.24.2.u1
General Information - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 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]              
Portion of Gold Sales Attributable to Parent   $ 190          
PT Freeport Indonesia              
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]              
Deferred Income Tax Credits $ 215,000   $ 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%   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   $ 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%  
v3.24.2.u1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) from continuing operations $ 1,280 $ 731 $ 2,442 $ 1,780
Net income attributable to noncontrolling interests (664) (388) (1,353) (774)
Undistributed dividends and earnings allocated to participating securities (6) (5) (6) (5)
Net income attributable to common stockholders $ 610 $ 338 $ 1,083 $ 1,001
Basic weighted-average shares of common stock outstanding 1,438 1,434 1,437 1,434
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 7 8 8 9
Diluted weighted-average shares of common stock outstanding 1,445 1,442 1,445 1,443
Earnings per share, basic (in dollars per share) $ 0.42 $ 0.24 $ 0.75 $ 0.70
Earnings per share, diluted (in dollars per share) $ 0.42 $ 0.23 $ 0.75 $ 0.69
Dilutive Securities Excluded from Computation of EPS Amount 0   0  
v3.24.2.u1
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
U.S.     $ (4) $ 3
International     (1,262) (1,041)
Total $ (754) $ (539) $ (1,266) $ (1,038)
v3.24.2.u1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 01, 2023
May 31, 2024
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Income Tax Contingency [Line Items]          
Consolidated effective income tax rate (percent)       34.00% 37.00%
Tax benefit related to closure of tax audit       $ 182  
Nondeductible charges         $ 142
Unrecognized Tax Benefits, Period Increase (Decrease)   $ 269      
Unrecognized Tax Benefits, Decrease In Interest And Penalties   $ 319      
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax $ 1,000        
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate 15.00%        
PT Freeport Indonesia          
Income Tax Contingency [Line Items]          
Deferred Income Tax Credits     $ 215 215  
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  
v3.24.2.u1
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 9,426 $ 9,422
Less current portion of debt (768) (766)
Long-term debt, less current portion 8,658 8,656
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 6,008 6,005
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,981 2,980
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 353 354
Other    
Debt Instrument [Line Items]    
Long-term debt $ 84 $ 83
v3.24.2.u1
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 32 Months Ended
Jun. 26, 2024
Jul. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jul. 31, 2024
Aug. 01, 2024
Debt Instrument [Line Items]                
Interest costs     $ 181 $ 234 $ 356 $ 441    
Tax Matters In Peru, Contingent Liability       $ 50   $ 74    
Stock repurchase program, authorized amount     $ 5,000   $ 5,000      
Dividends declared per share of common stock (in dollars per share) $ 0.15   $ 0.15 $ 0.15 $ 0.30 $ 0.30    
Base cash dividend (in dollars per share) 0.075              
Variable cash dividend (in dollars per share) $ 0.075              
Subsequent event                
Debt Instrument [Line Items]                
Treasury stock purchases (in shares)   1.2         49.0  
Shares repurchased   $ 59         $ 1,900  
Cost per share repurchased (in dollars per share)   $ 50.48         $ 38.64  
Unsecured Credit Facility | PT-FI                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity     $ 1,750   $ 1,750      
Unsecured Credit Facility | Cerro Verde                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity     350   350      
Line of credit     0   0      
Revolving Credit Facility | PT-FI                
Debt Instrument [Line Items]                
Line of credit     0   0      
Revolving Credit Facility | PT-FI | Subsequent event                
Debt Instrument [Line Items]                
Line of credit               $ 250
Property, Plant and Equipment                
Debt Instrument [Line Items]                
Interest costs capitalized     93 $ 62 179 $ 119    
Line of Credit | Letter of Credit                
Debt Instrument [Line Items]                
Revolving credit facility, availability     1,500   1,500      
Line of credit     7   7      
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   3,000      
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   $ 500      
v3.24.2.u1
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
oz
lb
Jun. 30, 2024
USD ($)
$ / lb
$ / oz
$ / lb
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
lb
$ / lb
$ / oz
$ / lb
Jun. 30, 2023
USD ($)
Commodity Contract          
Unrealized gains (losses):          
Derivative financial instruments   $ 1 $ (25) $ 10 $ (11)
Hedged item – firm sales commitments   (1) 25 (10) 11
Realized gains (losses):          
Matured derivative financial instruments   28 (5) 29 3
Matured derivative financial instruments   $ 28 (5) $ 29 3
Commodity Contract | Designated as Hedging Instrument [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       95  
Derivative, Average Forward Price | $ / lb   4.26   4.26  
Forward Contracts | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       44  
Derivative, Average Forward Price | $ / lb   4.38   4.38  
Realized gains (losses):          
Matured derivative financial instruments   $ (17) 1 $ (26) (1)
Matured derivative financial instruments   (17) 1 (26) (1)
Copper | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 181 (169) $ 247 61
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 371        
Derivative, Average Forward Price | $ / lb   4.26   4.26  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.33   4.33  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 115        
Derivative, Average Forward Price | $ / lb   4.39   4.39  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.33   4.33  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | oz 93        
Derivative, Average Forward Price | $ / oz   2,333   2,333  
Realized gains (losses):          
Derivative Average Market Price | $ / oz   2,344   2,344  
gold and other | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 45 $ (21) $ 89 $ 22
v3.24.2.u1
Financial Instruments - Unsettled Derivatives (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 100 $ 80
Derivative Liability, Fair Value, Gross Liability 47 24
Derivative Asset, Fair Value, Gross Liability 7 0
Derivative Liability, Fair Value, Gross Asset 7 0
Derivative Asset 93 80
Derivative Liability 40 24
Trade accounts receivable [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 53 76
Derivative Liability 21 2
Other Current Assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 22 4
Derivative Liability 0 0
Accounts Payable and Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 18 0
Derivative Liability 17 22
Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 2 0
Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 23 4
Derivative Liability, Fair Value, Gross Liability 4 1
Derivative Asset 23 4
Derivative Liability 4 1
Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 77 76
Derivative Liability, Fair Value, Gross Liability 43 23
Derivative Asset, Fair Value, Gross Liability 7 0
Derivative Liability, Fair Value, Gross Asset 7 0
Derivative Asset 70 76
Derivative Liability 36 23
Designated as Hedging Instrument [Member] | Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 18 4
Derivative Liability, Fair Value, Gross Liability 4 0
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 77 76
Derivative Liability, Fair Value, Gross Liability 43 23
Commodity Contract | Not Designated as Hedging Instrument | Forward Contracts    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 5 0
Derivative Liability, Fair Value, Gross Liability $ 0 $ 1
v3.24.2.u1
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]          
Credit Derivative, Maximum Exposure, Undiscounted   $ 100      
Cash and cash equivalents   5,273 $ 4,758    
Restricted cash and cash equivalents   1,030 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   6,402 6,063 $ 6,936 $ 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   900 1,100    
Assurance Bonds          
Cash and Cash Equivalents [Line Items]          
Restricted cash and cash equivalents   $ 100 $ 100    
v3.24.2.u1
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2016
Investment securities (current and long-term):      
Other Assets, Current $ 389 $ 375  
Other assets 1,843 1,810  
Derivatives:      
Derivative Asset 93 80  
Derivatives: [Abstract]      
Derivative Liability 40 24  
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas      
Derivatives:      
Discontinued Operation, Contingent Receivable     $ 150
Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 27 27  
Trust Assets Fair Value Disclosure 65 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 7 6  
Trust Assets Fair Value Disclosure 19 17  
Derivatives:      
Derivative Asset 13 3  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 2 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 129 130  
Derivatives:      
Derivative Asset 87 77  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 45 23  
Long-term debt, including current portion 9,221 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 39 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 34 33  
Trust Assets Fair Value Disclosure 213 212  
Derivatives:      
Derivative Asset 100 80  
Discontinued Operation, Contingent Receivable 39 42  
Derivatives: [Abstract]      
Derivative Liability 47 24  
Long-term debt, including current portion 9,221 9,364  
Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 34 33  
Trust Assets Fair Value Disclosure 213 212  
Derivatives:      
Derivative Asset 100 80  
Discontinued Operation, Contingent Receivable 47 50  
Derivatives: [Abstract]      
Derivative Liability 47 24  
Long-term debt, including current portion 9,426 9,422  
Embedded Derivative Financial Instruments      
Derivatives:      
Derivative Asset 70 76  
Derivatives: [Abstract]      
Derivative Liability 36 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 77 76  
Derivatives: [Abstract]      
Derivative Liability 43 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 77 76  
Derivatives: [Abstract]      
Derivative Liability 43 23  
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 77 76  
Derivatives: [Abstract]      
Derivative Liability 43 23  
Commodity Contract      
Derivatives:      
Derivative Asset 23 4  
Derivatives: [Abstract]      
Derivative Liability 4 1  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share      
Derivatives:      
Derivative Asset   0  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Futures and Swaps      
Derivatives:      
Derivative Asset 0    
Derivatives: [Abstract]      
Derivative Liability 0    
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   0  
Commodity Contract | Level 1      
Derivatives:      
Derivative Asset   3  
Commodity Contract | Level 1 | Futures and Swaps      
Derivatives:      
Derivative Asset 11    
Derivatives: [Abstract]      
Derivative Liability 2    
Commodity Contract | Level 1 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   1  
Commodity Contract | Level 2      
Derivatives:      
Derivative Asset   1  
Commodity Contract | Level 2 | Futures and Swaps      
Derivatives:      
Derivative Asset 7    
Derivatives: [Abstract]      
Derivative Liability 2    
Commodity Contract | Level 2 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   0  
Commodity Contract | Level 3      
Derivatives:      
Derivative Asset   0  
Commodity Contract | Level 3 | Futures and Swaps      
Derivatives:      
Derivative Asset 0    
Derivatives: [Abstract]      
Derivative Liability 0    
Commodity Contract | Level 3 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   0  
Commodity Contract | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset   4  
Commodity Contract | Estimate of Fair Value Measurement | Futures and Swaps      
Derivatives:      
Derivative Asset 18    
Derivatives: [Abstract]      
Derivative Liability 4    
Commodity Contract | Estimate of Fair Value Measurement | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   1  
Commodity Contract | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset   4  
Commodity Contract | Carrying Amount, Fair Value Disclosure | Futures and Swaps      
Derivatives:      
Derivative Asset 18    
Derivatives: [Abstract]      
Derivative Liability 4    
Commodity Contract | Carrying Amount, Fair Value Disclosure | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability   1  
Forward Contracts | Level 1      
Derivatives:      
Derivative Asset 2    
Forward Contracts | Level 2      
Derivatives:      
Derivative Asset 3    
Forward Contracts | Level 3      
Derivatives:      
Derivative Asset 0    
Forward Contracts | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset 5    
Forward Contracts | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 5    
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Marketable Securities 27 27  
Trust Assets Fair Value Disclosure 65 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 27 27  
Trust Assets Fair Value Disclosure 65 65  
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 27 27  
Trust Assets Fair Value Disclosure 65 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 7 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 7 6  
Equity securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 7 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 49 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 49 51  
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 49 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 35 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 35 29  
Corporate bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 35 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 31 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 31 37  
Government bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 31 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 19 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 19 17  
Money market funds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 19 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 13 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 13 12  
Asset-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 13 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, Current 100 100  
Other assets 100 $ 100  
Fair Value, Recurring [Member] | Forward Contracts | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset $ 0    
v3.24.2.u1
Contingencies and Commitments - Environmental (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Accrual for environmental loss contingencies, period increase $ 79
v3.24.2.u1
Contingencies and Commitments - Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Commitments [Line Items]        
Increase in ARO liability and asset retirement cost asset $ 261      
Production and delivery 3,875 $ 3,549 $ 7,719 $ 6,714
Freeport-McMoRan Oil & Gas        
Other Commitments [Line Items]        
Increase in ARO liability and asset retirement cost asset     $ 105  
Production and delivery $ 98      
v3.24.2.u1
Contingencies and Commitments - Litigation (Details)
$ in Millions
 3 Months Ended
Jun. 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
v3.24.2.u1
Contingencies and Commitments - Indonesia Regulatory Matters (Details)
Jul. 02, 2024
May 30, 2024
Other Commitments [Line Items]    
Domestic ownership percentage   51.00%
Additional ownership percentage   10.00%
Subsequent event    
Other Commitments [Line Items]    
Export duty to be paid, percent 7.50%  
v3.24.2.u1
Business Segments (Product Revenue) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2023
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Revenue from External Customer [Line Items]          
Number of Operating Segments | segment       4  
Royalty expense   $ (93) $ (94) $ (213) $ (154)
Treatment charges   (90) (142) (219) (243)
PT-FI export dutiesc   (75) 3 (231) (14)
Revenues from contracts with customers   6,398 5,927 12,609 11,043
Revenues   $ 6,624 $ 5,737 12,945 $ 11,126
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%      
Sales | Not Designated as Hedging Instrument          
Revenue from External Customer [Line Items]          
Matured derivative financial instruments   $ 226 $ (190) 336 $ 83
Copper Cathode          
Revenue from External Customer [Line Items]          
Revenue   2,237 1,670 4,178 3,181
Copper In Concentrates          
Revenue from External Customer [Line Items]          
Revenue   1,595 1,873 3,413 3,276
Refined Copper Products          
Revenue from External Customer [Line Items]          
Revenue   974 884 1,927 1,805
Purchased Copper          
Revenue from External Customer [Line Items]          
Revenue   300 72 466 276
Gold          
Revenue from External Customer [Line Items]          
Revenue   935 999 2,103 1,530
Molybdenum          
Revenue from External Customer [Line Items]          
Revenue   476 491 897 1,083
Silver And Other          
Revenue from External Customer [Line Items]          
Revenue   $ 139 $ 171 $ 288 $ 303
v3.24.2.u1
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Revenues $ 6,624 $ 5,737 $ 12,945 $ 11,126  
Production and delivery 3,875 3,549 7,719 6,714  
Cost, Depreciation, Amortization and Depletion 509 547 1,104 946  
Selling, general and administrative expenses 123 115 267 241  
Exploration and research expenses 40 42 77 73  
Environmental obligations and shutdown costs 28 74 95 141  
Operating income 2,049 1,410 3,683 3,011  
Interest expense, net 88 171 177 322  
Net gain on early extinguishment of debt 0 5 0 5  
Other Nonoperating Income (Expense) 69 24 198 112  
Provision for (benefit from) income taxes 754 539 1,266 1,038  
Equity in affiliated companies’ net earnings 4 2 4 12  
Net income (loss) attributable to noncontrolling interests 664 388 1,353 774  
Total assets 54,635 50,907 54,635 50,907 $ 52,506
Capital expenditures 1,116 1,163 2,370 2,284  
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 23 40 100 169  
Production and delivery 1,151 1,167 2,375 2,329  
Cost, Depreciation, Amortization and Depletion 106 99 218 202  
Selling, general and administrative expenses 1 1 2 2  
Exploration and research expenses 14 18 26 37  
Environmental obligations and shutdown costs 0 1 0 22  
Operating income 264 304 417 668  
Interest expense, net 1 0 1 0  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 1 (3) (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 9,690 8,921 9,690 8,921  
Capital expenditures 243 182 480 378  
Operating Segments | South America          
Segment Reporting Information [Line Items]          
Revenues 1,329 973 2,363 2,165  
Production and delivery 860 783 1,633 1,590  
Cost, Depreciation, Amortization and Depletion 114 132 222 239  
Selling, general and administrative expenses 2 2 4 4  
Exploration and research expenses 5 4 9 6  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 530 227 779 745  
Interest expense, net 5 55 10 84  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 5 (41) 29 (29)  
Provision for (benefit from) income taxes 214 113 317 307  
Equity in affiliated companies’ net earnings 0 0 0 0  
Net income (loss) attributable to noncontrolling interests 164 20 254 178  
Total assets 10,356 10,334 10,356 10,334  
Capital expenditures 90 83 172 183  
Corporate And Eliminations          
Segment Reporting Information [Line Items]          
Revenues 496 478 896 1,075  
Production and delivery (1,493) (1,557) (2,763) (3,056)  
Cost, Depreciation, Amortization and Depletion 17 19 33 32  
Selling, general and administrative expenses 84 75 185 162  
Exploration and research expenses 17 20 36 30  
Environmental obligations and shutdown costs 28 73 95 119  
Operating income (86) (239) (478) (489)  
Interest expense, net 68 96 141 205  
Net gain on early extinguishment of debt   5   5  
Other Nonoperating Income (Expense) 31 41 94 89  
Provision for (benefit from) income taxes 49 16 62 (9)  
Equity in affiliated companies’ net earnings 1 2 3 1  
Net income (loss) attributable to noncontrolling interests 37 0 36 (43)  
Total assets 4,490 5,082 4,490 5,082  
Capital expenditures 51 31 89 58  
Intersegment          
Segment Reporting Information [Line Items]          
Revenues 0 0 0 0  
Intersegment | North America          
Segment Reporting Information [Line Items]          
Revenues 1,513 1,550 2,938 3,091  
Intersegment | South America          
Segment Reporting Information [Line Items]          
Revenues 182 175 284 419  
Morenci | Operating Segments | North America          
Segment Reporting Information [Line Items]          
Revenues 13 26 50 58  
Production and delivery 438 423 897 804  
Cost, Depreciation, Amortization and Depletion 45 42 93 85  
Selling, general and administrative expenses 1 1 1 1  
Exploration and research expenses 5 3 9 6  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 111 127 177 325  
Interest expense, net 0 0 0 0  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 0 (1) 0 (2)  
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 3,182 3,167 3,182 3,167  
Capital expenditures 47 67 91 123  
Morenci | Intersegment | North America          
Segment Reporting Information [Line Items]          
Revenues 587 570 1,127 1,163  
Other Individually Immaterial Operating Segments | Operating Segments | North America          
Segment Reporting Information [Line Items]          
Revenues 10 14 50 111  
Production and delivery 713 744 1,478 1,525  
Cost, Depreciation, Amortization and Depletion 61 57 125 117  
Selling, general and administrative expenses 0 0 1 1  
Exploration and research expenses 9 15 17 31  
Environmental obligations and shutdown costs 0 1 0 22  
Operating income 153 177 240 343  
Interest expense, net 1 0 1 0  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 1 (2) (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 6,508 5,754 6,508 5,754  
Capital expenditures 196 115 389 255  
Other Individually Immaterial Operating Segments | Operating Segments | South America          
Segment Reporting Information [Line Items]          
Revenues 254 190 462 424  
Production and delivery 181 174 351 361  
Cost, Depreciation, Amortization and Depletion 17 15 33 31  
Selling, general and administrative expenses 0 0 0 0  
Exploration and research expenses 2 1 3 2  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 54 0 75 30  
Interest expense, net 0 0 0 0  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 0 4 13 (2)  
Provision for (benefit from) income taxes 23 0 35 7  
Equity in affiliated companies’ net earnings 0 0 0 0  
Net income (loss) attributable to noncontrolling interests 22 2 36 20  
Total assets 1,988 1,890 1,988 1,890  
Capital expenditures 23 26 45 65  
Other Individually Immaterial Operating Segments | Intersegment | North America          
Segment Reporting Information [Line Items]          
Revenues 926 980 1,811 1,928  
Other Individually Immaterial Operating Segments | Intersegment | South America          
Segment Reporting Information [Line Items]          
Revenues 0 0 0 0  
Cerro Verde | Peruvian Supreme Court          
Segment Reporting Information [Line Items]          
Interest expense, net   (50)   (74)  
Cerro Verde | Operating Segments | South America          
Segment Reporting Information [Line Items]          
Revenues 1,075 783 1,901 1,741  
Production and delivery 679 609 1,282 1,229  
Cost, Depreciation, Amortization and Depletion 97 117 189 208  
Selling, general and administrative expenses 2 2 4 4  
Exploration and research expenses 3 3 6 4  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 476 227 704 715  
Interest expense, net 5 55 10 84  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 5 (45) 16 (27)  
Provision for (benefit from) income taxes 191 113 282 300  
Equity in affiliated companies’ net earnings 0 0 0 0  
Net income (loss) attributable to noncontrolling interests 142 18 218 158  
Total assets 8,368 8,444 8,368 8,444  
Capital expenditures 67 57 127 118  
Labor-related charges 65   65    
Cerro Verde | Intersegment | South America          
Segment Reporting Information [Line Items]          
Revenues 182 175 284 419  
Grasberg Segment          
Segment Reporting Information [Line Items]          
Capital expenditures     750 790  
Grasberg Segment | Operating Segments | Indonesia          
Segment Reporting Information [Line Items]          
Revenues 2,185 2,039 4,833 3,238  
Production and delivery 672 861 1,533 1,199  
Cost, Depreciation, Amortization and Depletion 248 275 583 423  
Selling, general and administrative expenses 30 30 61 58  
Exploration and research expenses 4 0 6 0  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 1,314 1,071 2,910 1,925  
Interest expense, net 6 12 7 19  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 30 28 68 60  
Provision for (benefit from) income taxes 490 410 899 740  
Equity in affiliated companies’ net earnings 3 0 1 11  
Net income (loss) attributable to noncontrolling interests 463 368 1,063 639  
Total assets 26,501 23,446 26,501 23,446  
Capital expenditures 648 841 1,490 1,613  
Administrative fine   55   55  
Grasberg Segment | Intersegment | Indonesia          
Segment Reporting Information [Line Items]          
Revenues 83 198 260 367  
Molybdenum          
Segment Reporting Information [Line Items]          
Capital expenditures     63 22  
Molybdenum | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 0 0 0 0  
Production and delivery 134 105 253 201  
Cost, Depreciation, Amortization and Depletion 16 14 32 34  
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 (12) 31 (2) 138  
Interest expense, net 0 0 0 0  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 0 (1) 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 1,915 1,717 1,915 1,717  
Capital expenditures 36 13 63 22  
Molybdenum | Intersegment          
Segment Reporting Information [Line Items]          
Revenues 138 150 283 373  
Rod and Refining Segment | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 1,693 1,463 3,182 2,986  
Production and delivery 1,692 1,465 3,179 2,992  
Cost, Depreciation, Amortization and Depletion 1 1 2 2  
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 11 7 22 8  
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 273 280 273 280  
Capital expenditures 11 2 16 7  
Rod and Refining Segment | Intersegment          
Segment Reporting Information [Line Items]          
Revenues 11 10 21 16  
Atlantic Copper Smelting and Refining Segment | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 898 744 1,571 1,493  
Production and delivery 859 725 1,509 1,459  
Cost, Depreciation, Amortization and Depletion 7 7 14 14  
Selling, general and administrative expenses 6 7 15 15  
Exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Operating income 28 9 35 16  
Interest expense, net 8 8 18 14  
Net gain on early extinguishment of debt   0   0  
Other Nonoperating Income (Expense) 2 0 8 (5)  
Provision for (benefit from) income taxes 1 0 (12) 0  
Equity in affiliated companies’ net earnings 0 0 0 0  
Net income (loss) attributable to noncontrolling interests 0 0 0 0  
Total assets 1,410 1,127 1,410 1,127  
Capital expenditures 37 11 60 23  
Atlantic Copper Smelting and Refining Segment | Intersegment          
Segment Reporting Information [Line Items]          
Revenues 2 4 2 11  
Corporate And Eliminations | Intersegment          
Segment Reporting Information [Line Items]          
Revenues $ (1,929) $ (2,087) $ (3,788) $ (4,277)