FREEPORT-MCMORAN INC, 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,436,200,253
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,385 $ 3,923
Restricted cash and cash equivalents 460 888
Trade accounts receivable 743 578
Value added and other tax receivables 565 564
Inventories:    
Product 3,220 3,038
Materials and supplies, net 2,418 2,382
Mill and leach stockpiles 1,436 1,388
Other current assets 575 535
Total current assets 13,802 13,296
Property, plant, equipment and mine development costs, net 39,200 38,514
Long-term mill and leach stockpiles 1,169 1,225
Other assets 1,851 1,813
Total assets 56,022 54,848
Current liabilities:    
Accounts payable and accrued liabilities 4,078 4,057
Accrued income taxes 857 859
Current portion of debt 495 41
Current portion of environmental and asset retirement obligations 296 320
Dividends payable 217 219
Total current liabilities 5,943 5,496
Long-term debt, less current portion 8,909 8,907
Environmental and asset retirement obligations, less current portion 5,428 5,404
Deferred income taxes 4,402 4,376
Other liabilities 2,126 1,887
Total liabilities 26,808 26,070
Stockholders’ equity:    
Common stock 163 162
Capital in excess of par value 23,627 23,797
Retained earnings (accumulated deficit) 182 (170)
Accumulated other comprehensive loss (313) (314)
Common stock held in treasury (5,971) (5,894)
Total stockholders’ equity 17,688 17,581
Noncontrolling interests 11,526 11,197
Total equity 29,214 28,778
Total liabilities and equity $ 56,022 $ 54,848
v3.25.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 5,728 $ 6,321
Cost of sales:    
Production and delivery 3,756 3,844
Depreciation, depletion and amortization 466 595
Total cost of sales 4,222 4,439
Selling, general and administrative expenses 154 144
Exploration and research expenses 39 37
Environmental obligations and shutdown costs 10 67
Total costs and expenses 4,425 4,687
Operating income 1,303 1,634
Interest expense, net (70) (89)
Other income, net 58 129
Income before income taxes and equity in affiliated companies’ net earnings 1,291 1,674
Provision for income taxes (500) (512)
Equity in affiliated companies’ net earnings 2 0
Net income 793 1,162
Net income (loss) attributable to noncontrolling interests 441 689
Net income attributable to common stockholders $ 352 $ 473
Net income per share attributable to common stockholders:    
Earnings per share, basic (in dollars per share) $ 0.24 $ 0.33
Earnings per share, diluted (in dollars per share) $ 0.24 $ 0.32
Weighted-average shares of common stock outstanding:    
Basic weighted-average shares of common stock outstanding 1,438 1,436
Diluted weighted-average shares of common shares outstanding 1,444 1,444
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15
v3.25.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 793 $ 1,162
Defined benefit plans:    
Amortization of unrecognized amounts included in net periodic benefit costs 1 1
Foreign exchange losses 0 (1)
Other comprehensive income 1 0
Total comprehensive income 794 1,162
Total comprehensive income attributable to noncontrolling interests (441) (689)
Total comprehensive income (loss) $ 353 $ 473
v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities:    
Net income $ 793 $ 1,162
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 466 595
Net charges for environmental and asset retirement obligations, including accretion 49 224
Payments for environmental and asset retirement obligations (50) (42)
Stock-based compensation 54 53
Net charges for defined pension and postretirement plans 14 8
Pension plan contributions (3) (18)
Deferred income taxes 26 46
Charges for social investment programs at PT Freeport Indonesia 15 28
Payments for social investment programs at PT Freeport Indonesia (13) (24)
Other, net 4 (39)
Changes in working capital and other:    
Accounts receivable (215) (582)
Inventories (143) 66
Other current assets 24 0
Accounts payable and accrued liabilities 2 (160)
Accrued income taxes and timing of other tax payments 35 579
Net cash provided by operating activities 1,058 1,896
Cash flow from investing activities:    
Capital expenditures (1,172) (1,254)
Loans to PT Smelting for expansion 0 (28)
Other, net (4) 5
Net cash used in investing activities (1,176) (1,277)
Cash flow from financing activities:    
Proceeds from debt 1,088 613
Repayments of debt (636) (612)
Finance lease payments (3) 0
Cash dividends and distributions paid:    
Common stock (218) (218)
Noncontrolling interests 0 (102)
Treasury stock purchases (55) 0
Proceeds from exercised stock options 1 4
Payments for withholding of employee taxes related to stock-based awards (22) (27)
Net cash provided by (used in) financing activities 155 (342)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 37 277
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,911 6,063
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,948 6,340
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (255) (237)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (85) (82)
Indonesia Segment    
Cash flow from investing activities:    
Capital expenditures (704) (842)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (19) (27)
Other Operating Segment    
Cash flow from investing activities:    
Capital expenditures $ (109) $ (66)
v3.25.1
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, 2023   1,619.0            
Beginning balance (in shares) at Dec. 31, 2023           184.0    
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)   3.0       1.0    
Exercised and issued stock-based awards 5   22     $ (17) 5  
Stock-based compensation, including the tender of shares (in shares)           1.0    
Stock-based compensation, including the tender of shares 18   46     $ (27) 19 (1)
Dividends (390)   (217)       (217) (173)
Net loss attributable to common stockholders 473     473     473  
Net income (loss) attributable to noncontrolling interests 689             689
Other comprehensive income 0              
Balance (in shares) at Mar. 31, 2024   1,622.0            
Ending balance (in shares) at Mar. 31, 2024           186.0    
Balance at Mar. 31, 2024 28,105 $ 162 24,488 (1,586) (274) $ (5,817) 16,973 11,132
Balance (in shares) at Dec. 31, 2024   1,624.0            
Beginning balance (in shares) at Dec. 31, 2024           187.0    
Balance at Dec. 31, 2024 28,778 $ 162 23,797 (170) (314) $ (5,894) 17,581 11,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   2.0            
Exercised and issued stock-based awards 2 $ 1 1       2  
Stock-based compensation, including the tender of shares (in shares)           1.0    
Stock-based compensation, including the tender of shares $ 23   45     $ (22) 23  
Treasury stock purchases (in shares) 1.4         1.0    
Treasury stock purchases $ (55)         $ (55) (55)  
Dividends (328)   (216)       (216) (112)
Net loss attributable to common stockholders 352     352     352  
Net income (loss) attributable to noncontrolling interests 441             441
Other comprehensive income 1       1   1  
Balance (in shares) at Mar. 31, 2025   1,626.0            
Ending balance (in shares) at Mar. 31, 2025           189.0    
Balance at Mar. 31, 2025 $ 29,214 $ 163 $ 23,627 $ 182 $ (313) $ (5,971) $ 17,688 $ 11,526
v3.25.1
General Information
 3 Months Ended
Mar. 31, 2025
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, 2024 (2024 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events. FCX evaluated events after March 31, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.
v3.25.1
Earnings per Share
 3 Months Ended
Mar. 31, 2025
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 undistributed dividends and earnings allocated 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 Ended
March 31,
 20252024
Net income$793 $1,162 
Net income attributable to noncontrolling interests(441)(689)
Undistributed dividends and earnings allocated to participating securities(6)(5)
Net income attributable to common stockholders$346 $468 
Basic weighted-average shares of common stock outstanding
1,438 1,436 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 8 
Diluted weighted-average shares of common stock outstanding
1,444 1,444 
Net income per share attributable to common stockholders:
Basic$0.24 $0.33 
Diluted$0.24 $0.32 
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 either of the periods shown above.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Three Months Ended
March 31,
 20252024
U.S.$2 

$(1)
International(502)(511)
Total$(500)$(512)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 39% for first-quarter 2025 and 31% for first-quarter 2024. The first-quarter 2024 effective income tax rate reflects net benefits of $182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters.
During first-quarter 2025, FCX’s U.S. operations generated a net loss that will not result in a realized tax benefit, accordingly, applicable accounting rules require FCX to adjust its estimated effective tax rate to exclude the impact of U.S. net losses.
v3.25.1
Debt and Equity
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 March 31,
2025		December 31, 2024
PTFI revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,283 5,281 
Issued by PTFI2,983 2,983 
Issued by Freeport Minerals Corporation352 353 
Atlantic Coppera
513 57 
Other23 24 
Total debt9,404 8,948 
Less current portion of debt(495)(41)
Long-term debt$8,909 $8,907 
a.Includes short-term lines of credit used for working capital requirements, with interest rates based on the Secured Overnight Financing Rate plus a spread.

Revolving Credit Facilities. FCX and PTFI 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 a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PTFI’s borrowing capacity. At March 31, 2025, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

At March 31, 2025, PTFI had $250 million in borrowings outstanding under its $1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million unsecured revolving credit facility that matures in May 2027.
At March 31, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $174 million in first-quarter 2025 and $175 million in first-quarter 2024.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $104 million in first-quarter 2025 and $86 million in first-quarter 2024. The increase in capitalized interest costs in first-quarter 2025, compared to first-quarter 2024, primarily related to mine development projects in the U.S. and PTFI’s new smelter and precious metals refinery (collectively, PTFI’s new downstream processing facilities).
Share Repurchase Program and Dividends. In first-quarter 2025, FCX acquired 1.4 million shares of its common stock for a total cost of $55 million ($39.10 average cost per share), and in April 2025, FCX acquired an additional 0.8 million shares of its common stock ($29.48 average cost per share). As of April 30, 2025, FCX has acquired a total of 51 million shares ($38.50 average cost per share), has $3.0 billion available under its share repurchase program and has 1.4 billion shares of common stock outstanding.

On March 26, 2025, FCX’s Board of Director’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 May 1, 2025, to common shareholders of record as of April 15, 2025.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
v3.25.1
Financial Instruments
 3 Months Ended
Mar. 31, 2025
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 North America 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 first-quarter 2025 and 2024. At March 31, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 118 million pounds at an average contract price of $4.64 per pound, with maturities through December 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 Ended
March 31,
 20252024
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments$81 $9 
Hedged item – firm sales commitments(81)(9)
Realized gains:  
Matured derivative financial instruments20 1 
Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper settlement 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 copper settlement price 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 settlement 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 copper forward price 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 March 31, 2025, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)357 $4.30 $4.40 August 2025
Gold (thousands of ounces)99 2,991 3,130 April 2025
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)55 4.31 4.39 June 2025

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2025, Atlantic Copper held net copper forward sales contracts for 97 million pounds at an average contract price of $4.42 per pound, with maturities through June 2025.

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 Ended
March 31,
 20252024
Embedded derivatives in provisional sales contracts:a
Copper$116 $66 
Gold and other metals38 44 
Copper forward contractsb
(38)(9)
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:
March 31,
2025		December 31, 2024
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$56 $— 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts55 10 
Copper forward contracts3 10 
Total derivative assets$114 $20 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$3 $28 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts12 60 
Copper forward contracts— 1 
Total derivative liabilities$15 $89 
FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.

A summary of these unsettled commodity contracts that are offset in the balance sheets follows:
AssetsLiabilities
March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$55 $10 $12 $60 
Copper derivatives59 10 3 29 
114 20 15 89 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts4 — 4 — 
4 — 4 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts51 10 8 60 
Copper derivatives59 10 3 29 
$110 $20 $11 $89 
Balance sheet classification:
Trade accounts receivable$49 $— $2 $53 
Other current assets57 10 — — 
Other assets2 — — — 
Accounts payable and accrued liabilities2 10 9 35 
Other liabilities— — — 1 
$110 $20 $11 $89 
Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of March 31, 2025, the maximum amount of credit exposure associated with derivative transactions was $114 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2025		December 31, 2024
Balance sheet components:
Cash and cash equivalents$4,385 $3,923 
Restricted cash and cash equivalents, currenta
460 888 
Restricted cash and cash equivalents, long-term - included in other assets103 100 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,948 $4,911 
a.Primarily includes (i) $0.3 billion at March 31, 2025, and $0.7 billion at December 31, 2024, of time deposits associated with 30% of PTFI’s export proceeds that was required to be temporarily deposited in Indonesia banks for 90 days in accordance with an Indonesia regulation, and (ii) $0.2 billion at March 31, 2025, designated for future talc-related litigation in accordance with a legal settlement. Refer to Note 7 for further discussion of these matters.
v3.25.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
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 first-quarter 2025.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt and contingent consideration associated with the sale of oil and gas properties (which was recorded under the loss recovery approach). 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 March 31, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities13 13 — 13 — — 
Total41 41 28 13 — — 
Legally restricted funds:a
    
U.S. core fixed income fund68 68 68 — — — 
Government mortgage-backed securities52 52 — — 52 — 
Corporate bonds34 34 — — 34 — 
Government bonds and notes31 31 — — 31 — 
Money market funds22 22 — 22 — — 
Asset-backed securities14 14 — — 14 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total222 222 68 22 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position55 55 — — 55 — 
Copper futures and swap contracts56 56 — 37 19 — 
Copper forward contracts3 3 — 1 2 — 
       Total114 114 — 38 76 — 
Contingent consideration for the sale of oil and gas properties2 2 — — — 2 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position12 12 — — 12 — 
Copper futures and swap contracts3 3 — — 3 — 
Total15 15 — — 15 — 
Debtd
9,404 9,320 — — 9,320 — 
At December 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities9 9 — 9 — — 
Total36 36 27 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 66 66 66 — — — 
Government mortgage-backed securities54 54 — — 54 — 
Government bonds and notes34 34 — — 34 — 
Corporate bonds31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total217 217 66 19 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position10 10 — — 10 — 
Copper forward contracts10 10 — 4 6 — 
Total20 20 — 4 16 — 
Contingent consideration for the sale of oil and gas properties3 3 — — — 3 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position60 60 — — 60 — 
Copper forward contracts28 28 — 17 11 — 
Copper forward contracts1 1 — 1 — — 
Total89 89 — 18 71 — 
Debtd
8,948 8,807 — — 8,807 — 
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) PTFI’s export proceeds ($0.3 billion at March 31, 2025, and $0.7 billion at December 31, 2024), and (ii) future talc-related litigation in accordance with a legal settlement ($0.2 billion at March 31, 2025).
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 copper forward price 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.

Debt 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 NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2025, as compared with those techniques used at December 31, 2024.
v3.25.1
Contingencies and Commitments
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments CONTINGENCIES AND COMMITMENTS
Litigation
There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2024 Form 10-K, other than the matter discussed below.

Asbestos and Talc Claims. In January 2025, the claimants in both the Imerys Talc America (Imerys) and Cyprus Mines Corporation (Cyprus Mines), bankruptcy cases approved a global settlement, which remains subject to bankruptcy court approvals in both cases. In accordance with the global settlement, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $195 million over seven years to a proposed claimant trust.

In addition, in 2024, Cyprus Mines and Imerys entered into a settlement agreement with Johnson & Johnson (J&J), which became effective in February 2025. In accordance with the settlement agreement, (i) all indemnity claims against J&J were released, and Imerys and Cyprus Mines waived claims against insurers that could lead to the insurers asserting claims against J&J; and (ii) J&J agreed to pay $505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties). In accordance with the settlement, Cyprus Mines received cash of $202 million in first-quarter 2025, with the remaining $51 million to be received by December 31, 2025.

At March 31, 2025, FCX had a total litigation reserve of $448 million associated with the global settlement, including $253 million associated with the J&J settlement.

Indonesia Regulatory Matters
Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia regulatory matters.

Concentrate Exports. On March 17, 2025, the Indonesia government granted PTFI a copper concentrate export license through September 16, 2025, for 1.4 million metric tons of copper concentrate, and PTFI re-commenced exports of copper concentrate. Pursuant to current regulations, PTFI is required to pay a 7.5% export duty on copper concentrate exports during 2025.

Export Proceeds. In accordance with a regulation issued by the Indonesia government in 2023, 30% of PTFI’s gross export proceeds were required to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. At March 31, 2025, FCX had $0.3 billion in time deposits held in Indonesia banks associated with the regulation that are classified as current restricted cash and cash equivalents until the respective maturity dates.
Effective March 1, 2025, the Indonesia government implemented a new regulation for export proceeds that requires 100% of export proceeds to be deposited in Indonesia banks for 12 months. The regulation allows the use of funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans. Because PTFI has the ability to utilize its exports proceeds to fund business requirements, amounts deposited after March 1, 2025, are not considered restricted and are classified as cash and cash equivalents.

Smelter Assurance. In March 2025, assurance bonds and funds required to be held in escrow to support commitment for smelter development, were released following approval from the Indonesia government that PTFI’s smelter development obligation had been met.

Administrative Fine. In March 2025, PTFI paid $59 million for an administrative fine that was previously assessed by the Indonesia government for delays in smelter development. The fine was fully accrued at year-end 2024.
Long-Term Mining Rights. Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources. Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s special mining business license (IUPK). PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PTFI.
v3.25.1
Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. 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 PTFI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

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 operating 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 operating 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 individual operating segment would be if it was an independent entity.
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2025 and 2024 follow:
Three Months Ended
March 31,
 20252024
Copper:
Cathode$2,025 $1,959 
Concentrate1,386 1,820 
Rod and other refined copper products960 953 
Purchased coppera
298 146 
Gold475 1,168 
Molybdenum442 417 
Silver and other139 153 
Adjustments to revenues:
Royalty expenseb
(68)(120)
PTFI export dutiesc
(55)(156)
Treatment charges(28)(129)
Revenues from contracts with customers5,574 6,211 
Embedded derivativesd
154 110 
Total consolidated revenues$5,728 $6,321 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Reflects an export duty of 7.5% on copper concentrate exports.
d.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,
United States Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2025           
Revenues:            
Unaffiliated customers$83 $108 $191 $917 $212 $1,129 $1,564 $— $1,624 $752 $468 
a
$5,728 
Intersegment494 945 1,439 174 73 247 6 177 8 3 (1,880)— 
Production and delivery419 793 1,212 587 201 788 578 

122 1,622 734 (1,300)
b
3,756 
Depreciation, depletion and amortization (DD&A)50 74 124 91 20 111 186 26 1 7 11 466 
Selling, general and administrative expenses
— 1 1 2 — 2 27 — — 9 115 154 
Exploration and research expenses6 6 12 2 2 4 2 — — — 21 39 
Environmental obligations and shutdown costs
(7)— (7)— — — — — — — 17 10 
Operating income (loss)109 179 288 409 62 471 777 29 9 5 (276)1,303 
Interest expense, net— — — 4 — 4 9 — — 11 46 70 
Other (expense) income, net(1)3 2 32 (1)31 16 — — (5)14 58 
Provision for income taxes— — — 171 22 193 288 — — 10 9 500 
Equity in affiliated companies’ net earnings (losses)— — — — — — 3 — — — (1)2 
Net income attributable to noncontrolling interests— — — 126 17 143 275 — — — 23 441 
Net income attributable to common stockholders352 
Total assets at March 31, 20253,239 6,950 10,189 8,166 2,073 10,239 28,006 2,021 364 1,448 3,755 56,022 
Capital expenditures59 196 255 74 11 85 704 19 17 43 49 1,172 
Three Months Ended March 31, 2024            
Revenues:            
Unaffiliated customers$37 $40 $77 $826 $208 $1,034 $2,648 

$— $1,489 $673 $400 
a
$6,321 
Intersegment540 885 1,425 

102 — 102 177 145 10 — (1,859)— 
Production and delivery459 765 1,224 603 170 773 861 119 1,487 650 

(1,270)
c
3,844 
DD&A48 64 112 92 16 108 335 16 1 7 16 595 
Selling, general and administrative expenses
— 1 1 2 — 2 31 — — 9 101 144 
Exploration and research expenses4 8 12 3 1 4 2 — — — 19 37 
Environmental obligations and shutdown costs
— — — — — — — — — — 67 67 
Operating income (loss)66 87 153 228 21 249 1,596 10 11 7 (392)1,634 
Interest expense, net— — — 5 — 5 1 — — 10 73 89 
Other (expense) income, net— (2)(2)11 13 24 38 — — 6 63 129 
Provision for (benefit from) income taxes— — — 91 12 103 409 
d
— — (13)13 512 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income (loss) attributable to noncontrolling interests— — — 76 14 90 600 
d
— — — (1)689 
Net income attributable to common stockholders473 
Total assets at March 31, 20243,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198 
Capital expenditures44 193 237 60 22 82 842 27 5 23 38 1,254 
Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of FCX’s U.S. copper mines and South America operations.
b.Includes charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter.
c.Includes charges totaling $109 million for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies.
d.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2025
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 Ended
March 31,
 20252024
Net income$793 $1,162 
Net income attributable to noncontrolling interests(441)(689)
Undistributed dividends and earnings allocated to participating securities(6)(5)
Net income attributable to common stockholders$346 $468 
Basic weighted-average shares of common stock outstanding
1,438 1,436 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 8 
Diluted weighted-average shares of common stock outstanding
1,444 1,444 
Net income per share attributable to common stockholders:
Basic$0.24 $0.33 
Diluted$0.24 $0.32 
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Three Months Ended
March 31,
 20252024
U.S.$2 

$(1)
International(502)(511)
Total$(500)$(512)
v3.25.1
Debt and Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 March 31,
2025		December 31, 2024
PTFI revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,283 5,281 
Issued by PTFI2,983 2,983 
Issued by Freeport Minerals Corporation352 353 
Atlantic Coppera
513 57 
Other23 24 
Total debt9,404 8,948 
Less current portion of debt(495)(41)
Long-term debt$8,909 $8,907 
a.Includes short-term lines of credit used for working capital requirements, with interest rates based on the Secured Overnight Financing Rate plus a spread.
v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 Ended
March 31,
 20252024
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments$81 $9 
Hedged item – firm sales commitments(81)(9)
Realized gains:  
Matured derivative financial instruments20 1 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2025, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)357 $4.30 $4.40 August 2025
Gold (thousands of ounces)99 2,991 3,130 April 2025
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)55 4.31 4.39 June 2025
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 Ended
March 31,
 20252024
Embedded derivatives in provisional sales contracts:a
Copper$116 $66 
Gold and other metals38 44 
Copper forward contractsb
(38)(9)
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:
March 31,
2025		December 31, 2024
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$56 $— 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts55 10 
Copper forward contracts3 10 
Total derivative assets$114 $20 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$3 $28 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts12 60 
Copper forward contracts— 1 
Total derivative liabilities$15 $89 
Offsetting Assets
A summary of these unsettled commodity contracts that are offset in the balance sheets follows:
AssetsLiabilities
March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$55 $10 $12 $60 
Copper derivatives59 10 3 29 
114 20 15 89 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts4 — 4 — 
4 — 4 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts51 10 8 60 
Copper derivatives59 10 3 29 
$110 $20 $11 $89 
Balance sheet classification:
Trade accounts receivable$49 $— $2 $53 
Other current assets57 10 — — 
Other assets2 — — — 
Accounts payable and accrued liabilities2 10 9 35 
Other liabilities— — — 1 
$110 $20 $11 $89 
Offsetting Liabilities
A summary of these unsettled commodity contracts that are offset in the balance sheets follows:
AssetsLiabilities
March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$55 $10 $12 $60 
Copper derivatives59 10 3 29 
114 20 15 89 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts4 — 4 — 
4 — 4 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts51 10 8 60 
Copper derivatives59 10 3 29 
$110 $20 $11 $89 
Balance sheet classification:
Trade accounts receivable$49 $— $2 $53 
Other current assets57 10 — — 
Other assets2 — — — 
Accounts payable and accrued liabilities2 10 9 35 
Other liabilities— — — 1 
$110 $20 $11 $89 
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:
March 31,
2025		December 31, 2024
Balance sheet components:
Cash and cash equivalents$4,385 $3,923 
Restricted cash and cash equivalents, currenta
460 888 
Restricted cash and cash equivalents, long-term - included in other assets103 100 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,948 $4,911 
a.Primarily includes (i) $0.3 billion at March 31, 2025, and $0.7 billion at December 31, 2024, of time deposits associated with 30% of PTFI’s export proceeds that was required to be temporarily deposited in Indonesia banks for 90 days in accordance with an Indonesia regulation, and (ii) $0.2 billion at March 31, 2025, designated for future talc-related litigation in accordance with a legal settlement. Refer to Note 7 for further discussion of these matters.
v3.25.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities13 13 — 13 — — 
Total41 41 28 13 — — 
Legally restricted funds:a
    
U.S. core fixed income fund68 68 68 — — — 
Government mortgage-backed securities52 52 — — 52 — 
Corporate bonds34 34 — — 34 — 
Government bonds and notes31 31 — — 31 — 
Money market funds22 22 — 22 — — 
Asset-backed securities14 14 — — 14 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total222 222 68 22 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position55 55 — — 55 — 
Copper futures and swap contracts56 56 — 37 19 — 
Copper forward contracts3 3 — 1 2 — 
       Total114 114 — 38 76 — 
Contingent consideration for the sale of oil and gas properties2 2 — — — 2 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position12 12 — — 12 — 
Copper futures and swap contracts3 3 — — 3 — 
Total15 15 — — 15 — 
Debtd
9,404 9,320 — — 9,320 — 
At December 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities9 9 — 9 — — 
Total36 36 27 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 66 66 66 — — — 
Government mortgage-backed securities54 54 — — 54 — 
Government bonds and notes34 34 — — 34 — 
Corporate bonds31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total217 217 66 19 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position10 10 — — 10 — 
Copper forward contracts10 10 — 4 6 — 
Total20 20 — 4 16 — 
Contingent consideration for the sale of oil and gas properties3 3 — — — 3 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position60 60 — — 60 — 
Copper forward contracts28 28 — 17 11 — 
Copper forward contracts1 1 — 1 — — 
Total89 89 — 18 71 — 
Debtd
8,948 8,807 — — 8,807 — 
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) PTFI’s export proceeds ($0.3 billion at March 31, 2025, and $0.7 billion at December 31, 2024), and (ii) future talc-related litigation in accordance with a legal settlement ($0.2 billion at March 31, 2025).
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.
v3.25.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2025 and 2024 follow:
Three Months Ended
March 31,
 20252024
Copper:
Cathode$2,025 $1,959 
Concentrate1,386 1,820 
Rod and other refined copper products960 953 
Purchased coppera
298 146 
Gold475 1,168 
Molybdenum442 417 
Silver and other139 153 
Adjustments to revenues:
Royalty expenseb
(68)(120)
PTFI export dutiesc
(55)(156)
Treatment charges(28)(129)
Revenues from contracts with customers5,574 6,211 
Embedded derivativesd
154 110 
Total consolidated revenues$5,728 $6,321 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Reflects an export duty of 7.5% on copper concentrate exports.
d.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,
United States Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2025           
Revenues:            
Unaffiliated customers$83 $108 $191 $917 $212 $1,129 $1,564 $— $1,624 $752 $468 
a
$5,728 
Intersegment494 945 1,439 174 73 247 6 177 8 3 (1,880)— 
Production and delivery419 793 1,212 587 201 788 578 

122 1,622 734 (1,300)
b
3,756 
Depreciation, depletion and amortization (DD&A)50 74 124 91 20 111 186 26 1 7 11 466 
Selling, general and administrative expenses
— 1 1 2 — 2 27 — — 9 115 154 
Exploration and research expenses6 6 12 2 2 4 2 — — — 21 39 
Environmental obligations and shutdown costs
(7)— (7)— — — — — — — 17 10 
Operating income (loss)109 179 288 409 62 471 777 29 9 5 (276)1,303 
Interest expense, net— — — 4 — 4 9 — — 11 46 70 
Other (expense) income, net(1)3 2 32 (1)31 16 — — (5)14 58 
Provision for income taxes— — — 171 22 193 288 — — 10 9 500 
Equity in affiliated companies’ net earnings (losses)— — — — — — 3 — — — (1)2 
Net income attributable to noncontrolling interests— — — 126 17 143 275 — — — 23 441 
Net income attributable to common stockholders352 
Total assets at March 31, 20253,239 6,950 10,189 8,166 2,073 10,239 28,006 2,021 364 1,448 3,755 56,022 
Capital expenditures59 196 255 74 11 85 704 19 17 43 49 1,172 
Three Months Ended March 31, 2024            
Revenues:            
Unaffiliated customers$37 $40 $77 $826 $208 $1,034 $2,648 

$— $1,489 $673 $400 
a
$6,321 
Intersegment540 885 1,425 

102 — 102 177 145 10 — (1,859)— 
Production and delivery459 765 1,224 603 170 773 861 119 1,487 650 

(1,270)
c
3,844 
DD&A48 64 112 92 16 108 335 16 1 7 16 595 
Selling, general and administrative expenses
— 1 1 2 — 2 31 — — 9 101 144 
Exploration and research expenses4 8 12 3 1 4 2 — — — 19 37 
Environmental obligations and shutdown costs
— — — — — — — — — — 67 67 
Operating income (loss)66 87 153 228 21 249 1,596 10 11 7 (392)1,634 
Interest expense, net— — — 5 — 5 1 — — 10 73 89 
Other (expense) income, net— (2)(2)11 13 24 38 — — 6 63 129 
Provision for (benefit from) income taxes— — — 91 12 103 409 
d
— — (13)13 512 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income (loss) attributable to noncontrolling interests— — — 76 14 90 600 
d
— — — (1)689 
Net income attributable to common stockholders473 
Total assets at March 31, 20243,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198 
Capital expenditures44 193 237 60 22 82 842 27 5 23 38 1,254 
v3.25.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income (loss) from continuing operations $ 793 $ 1,162
Net income attributable to noncontrolling interests (441) (689)
Undistributed dividends and earnings allocated to participating securities (6) (5)
Net income attributable to common stockholders $ 346 $ 468
Basic weighted-average shares of common stock outstanding 1,438 1,436
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 8
Diluted weighted-average shares of common stock outstanding 1,444 1,444
Earnings per share, basic (in dollars per share) $ 0.24 $ 0.33
Earnings per share, diluted (in dollars per share) $ 0.24 $ 0.32
Dilutive Securities Excluded from Computation of EPS Amount 0  
v3.25.1
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
U.S. $ 2 $ (1)
International (502) (511)
Total $ (500) $ (512)
v3.25.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Consolidated effective income tax rate (percent) 39.00% 31.00%
Tax benefit related to closure of tax audit   $ 182
v3.25.1
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 9,404 $ 8,948
Less current portion of debt (495) (41)
Long-term debt, less current portion 8,909 8,907
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt 513 57
Line of Credit | PT-FI | Unsecured Credit Facility    
Debt Instrument [Line Items]    
Line of credit 250 250
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,983 2,983
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 5,283 5,281
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 352 353
Other    
Debt Instrument [Line Items]    
Long-term debt $ 23 $ 24
v3.25.1
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended 3 Months Ended 41 Months Ended
Apr. 30, 2025
Mar. 31, 2025
Mar. 31, 2024
Apr. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Interest costs   $ 174,000,000 $ 175,000,000    
Interest costs capitalized   $ 104,000,000 $ 86,000,000    
Treasury stock purchases (in shares)   1.4      
Shares repurchased   $ 55,000,000      
Cost per share repurchased (in dollars per share)   $ 39.10      
Dividends declared per share of common stock (in dollars per share)   0.15 $ 0.15    
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) 0.8        
Cost per share repurchased (in dollars per share) $ 29.48        
Stock repurchase program, authorized amount $ 3,000,000,000     $ 3,000,000,000  
Common Stock, Shares, Outstanding 1,400.0     1,400.0  
Subsequent event | Share Repurchase Program          
Debt Instrument [Line Items]          
Treasury stock purchases (in shares)       51.0  
Cost per share repurchased (in dollars per share)       $ 38.50  
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity   $ 3,000,000,000.0      
Line of credit   0      
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity   500,000,000      
Line of Credit | Letter of Credit          
Debt Instrument [Line Items]          
Revolving credit facility, availability   1,500,000,000      
Line of credit   5,000,000      
Line of Credit | Unsecured Credit Facility | PT-FI          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity   1,750,000,000      
Line of credit   250,000,000     $ 250,000,000
Line of Credit | Unsecured Credit Facility | Cerro Verde          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity   350,000,000      
Line of credit   $ 0      
v3.25.1
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended
Jun. 30, 2023
oz
lb
Mar. 31, 2025
USD ($)
lb
$ / lb
$ / lb
$ / oz
Mar. 31, 2024
USD ($)
Commodity Contract      
Unrealized gains (losses):      
Derivative financial instruments   $ 81 $ 9
Hedged item – firm sales commitments   (81) (9)
Realized gains (losses):      
Matured derivative financial instruments   20 1
Matured derivative financial instruments   $ 20 1
Commodity Contract | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   118  
Derivative, Average Forward Price | $ / lb   4.64  
Forward Contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   97  
Derivative, Average Forward Price | $ / lb   4.42  
Realized gains (losses):      
Matured derivative financial instruments   $ (38) (9)
Matured derivative financial instruments   (38) (9)
Copper | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 116 66
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 357    
Derivative, Average Forward Price | $ / lb   4.30  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   4.40  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 55    
Derivative, Average Forward Price | $ / lb   4.31  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   4.39  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | oz 99    
Derivative, Average Forward Price | $ / oz   2,991  
Realized gains (losses):      
Derivative Average Market Price | $ / oz   3,130  
gold and other | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 38 $ 44
v3.25.1
Financial Instruments - Unsettled Derivatives (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 114 $ 20
Derivative Liability, Fair Value, Gross Liability 15 89
Derivative Asset, Fair Value, Gross Liability 4 0
Derivative Liability, Fair Value, Gross Asset 4 0
Derivative Asset 110 20
Derivative Liability 11 89
Trade accounts receivable    
Derivatives, Fair Value [Line Items]    
Derivative Asset 49 0
Derivative Liability 2 53
Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset 57 10
Derivative Liability 0 0
Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset 2 0
Derivative Liability 0 0
Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 2 10
Derivative Liability 9 35
Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 1
Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 59 10
Derivative Liability, Fair Value, Gross Liability 3 29
Derivative Asset 59 10
Derivative Liability 3 29
Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 55 10
Derivative Liability, Fair Value, Gross Liability 12 60
Derivative Asset, Fair Value, Gross Liability 4 0
Derivative Liability, Fair Value, Gross Asset 4 0
Derivative Asset 51 10
Derivative Liability 8 60
Designated as Hedging Instrument | Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 56 0
Derivative Liability, Fair Value, Gross Liability 3 28
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 55 10
Derivative Liability, Fair Value, Gross Liability 12 60
Not Designated as Hedging Instrument | Forward Contracts    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 3 10
Derivative Liability, Fair Value, Gross Liability $ 0 $ 1
v3.25.1
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Cash and Cash Equivalents [Line Items]        
Credit Derivative, Maximum Exposure, Undiscounted $ 114      
Cash and cash equivalents 4,385 $ 3,923    
Restricted cash and cash equivalents 460 888    
Restricted Cash and Cash Equivalents, Noncurrent 103 100    
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,948 $ 4,911 $ 6,063 $ 6,340
Export Proceeds, Percent 100.00% 30.00% 30.00%  
Designated For Export Proceeds        
Cash and Cash Equivalents [Line Items]        
Restricted cash and cash equivalents $ 300 $ 700    
Talc-Related Litigation        
Cash and Cash Equivalents [Line Items]        
Restricted cash and cash equivalents $ 200      
v3.25.1
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives:    
Derivative Asset $ 110 $ 20
Derivatives: [Abstract]    
Derivative Liability 11 89
Restricted cash and cash equivalents 460 888
Designated For Export Proceeds    
Derivatives: [Abstract]    
Restricted cash and cash equivalents 300 700
Talc-Related Litigation    
Derivatives: [Abstract]    
Restricted cash and cash equivalents 200  
Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 28 27
Trust Assets Fair Value Disclosure 68 66
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 13 9
Trust Assets Fair Value Disclosure 22 19
Derivatives:    
Derivative Asset 38 4
Discontinued Operation, Contingent Receivable 0 0
Derivatives: [Abstract]    
Derivative Liability 0 18
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 132 132
Derivatives:    
Derivative Asset 76 16
Discontinued Operation, Contingent Receivable 0 0
Derivatives: [Abstract]    
Derivative Liability 15 71
Long-term debt, including current portion 9,320 8,807
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 2 3
Derivatives: [Abstract]    
Derivative Liability 0 0
Long-term debt, including current portion 0 0
Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 41 36
Trust Assets Fair Value Disclosure 222 217
Derivatives:    
Derivative Asset 114 20
Discontinued Operation, Contingent Receivable 2 3
Derivatives: [Abstract]    
Derivative Liability 15 89
Long-term debt, including current portion 9,404 8,948
Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 41 36
Trust Assets Fair Value Disclosure 222 217
Derivatives:    
Derivative Asset 114 20
Discontinued Operation, Contingent Receivable 2 3
Derivatives: [Abstract]    
Derivative Liability 15 89
Long-term debt, including current portion 9,320 8,807
Embedded Derivative Financial Instruments    
Derivatives:    
Derivative Asset 51 10
Derivatives: [Abstract]    
Derivative Liability 8 60
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 55 10
Derivatives: [Abstract]    
Derivative Liability 12 60
Embedded Derivative Financial Instruments | Level 3    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 55 10
Derivatives: [Abstract]    
Derivative Liability 12 60
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 55 10
Derivatives: [Abstract]    
Derivative Liability 12 60
Commodity Contract    
Derivatives:    
Derivative Asset 59 10
Derivatives: [Abstract]    
Derivative Liability 3 29
Commodity Contract | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Commodity Contract | Level 1    
Derivatives:    
Derivative Asset 37  
Derivatives: [Abstract]    
Derivative Liability 0 17
Commodity Contract | Level 2    
Derivatives:    
Derivative Asset 19  
Derivatives: [Abstract]    
Derivative Liability 3 11
Commodity Contract | Level 3    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Commodity Contract | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 56  
Derivatives: [Abstract]    
Derivative Liability 3 28
Commodity Contract | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 56  
Derivatives: [Abstract]    
Derivative Liability 3 28
Forward Contracts | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability   0
Forward Contracts | Level 1    
Derivatives:    
Derivative Asset 1 4
Derivatives: [Abstract]    
Derivative Liability   1
Forward Contracts | Level 2    
Derivatives:    
Derivative Asset 2 6
Derivatives: [Abstract]    
Derivative Liability   0
Forward Contracts | Level 3    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability   0
Forward Contracts | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 3 10
Derivatives: [Abstract]    
Derivative Liability   1
Forward Contracts | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 3 10
Derivatives: [Abstract]    
Derivative Liability   1
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 68 66
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 | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 68 66
U.S. core fixed income fund | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 68 66
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 13 9
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 | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 13 9
Equity securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 13 9
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 52 54
Government mortgage-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 52 54
Government mortgage-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 52 54
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 34 31
Corporate bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 34 31
Corporate bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 34 31
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 34
Government bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 31 34
Government bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 31 34
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 22 19
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 | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 22 19
Money market funds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 22 19
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 14 12
Asset-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 14 12
Asset-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 14 12
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure $ 1 $ 1
v3.25.1
Contingencies and Commitments - Litigation (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12084 Months Ended
Feb. 28, 2025
Mar. 31, 2025
Dec. 31, 2025
Mar. 31, 3033
Asbestos And Talc Claims | Forecast        
Loss Contingencies [Line Items]        
Litigation Settlement, Term       7 years
Asbestos And Talc Claims | Johnson And Johnson        
Loss Contingencies [Line Items]        
Litigation Settlement, Amount Awarded to Other Party $ 505.0      
Asbestos And Talc Claims | Cyprus Mines        
Loss Contingencies [Line Items]        
Proceeds from Legal Settlements   $ 202.0    
Asbestos And Talc Claims | Cyprus Mines | Forecast        
Loss Contingencies [Line Items]        
Proceeds from Legal Settlements     $ 51.0  
Asbestos And Talc Claims | Cyprus Amax Minerals Company        
Loss Contingencies [Line Items]        
Loss Contingency Accrual   195.0    
Pending Litigation | Asbestos And Talc Claims        
Loss Contingencies [Line Items]        
Loss Contingency Accrual   448.0    
Pending Litigation | Future Talc-Related Claims        
Loss Contingencies [Line Items]        
Loss Contingency Accrual   $ 253.0    
v3.25.1
Contingencies and Commitments - Indonesia Regulatory Matters (Details)
metricTon in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
Dec. 31, 2023
Mar. 17, 2025
metricTon
May 30, 2024
Commitments and Contingencies Disclosure [Abstract]            
Export License, Volume | metricTon         1.4  
Export duty to be paid, percent   7.50%        
Export Proceeds, Percent   100.00% 30.00% 30.00%    
Time Deposits $ 300 $ 300        
Domestic ownership percentage           51.00%
Additional ownership percentage           10.00%
Loss contingency, charge $ 59          
v3.25.1
Business Segments (Product Revenue) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Revenue from External Customer [Line Items]    
Number of Operating Segments | segment 4  
Royalty expense $ (68) $ (120)
PT-FI export duties (55) (156)
Treatment charges (28) (129)
Revenues from contracts with customers 5,574 6,211
Revenues $ 5,728 6,321
Export duty to be paid, percent 7.50%  
Sales | Not Designated as Hedging Instrument    
Revenue from External Customer [Line Items]    
Matured derivative financial instruments $ 154 110
Copper Cathode    
Revenue from External Customer [Line Items]    
Revenue 2,025 1,959
Copper In Concentrates    
Revenue from External Customer [Line Items]    
Revenue 1,386 1,820
Refined Copper Products    
Revenue from External Customer [Line Items]    
Revenue 960 953
Purchased Copper    
Revenue from External Customer [Line Items]    
Revenue 298 146
Gold    
Revenue from External Customer [Line Items]    
Revenue 475 1,168
Molybdenum    
Revenue from External Customer [Line Items]    
Revenue 442 417
Silver And Other    
Revenue from External Customer [Line Items]    
Revenue $ 139 $ 153
v3.25.1
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Jan. 01, 2023
Segment Reporting Information [Line Items]        
Revenues $ 5,728 $ 6,321    
Production and delivery 3,756 3,844    
Depreciation, depletion and amortization (DD&A) 466 595    
Selling, general and administrative expenses 154 144    
Exploration and research expenses 39 37    
Environmental obligations and shutdown costs 10 67    
Operating income 1,303 1,634    
Interest expense, net 70 89    
Other Nonoperating Income (Expense) 58 129    
Provision for (benefit from) income taxes 500 512    
Equity in affiliated companies’ net earnings 2 0    
Net income (loss) attributable to noncontrolling interests 441 689    
Net loss attributable to common stockholders 352 473    
Total assets 56,022 54,198 $ 54,848  
Capital expenditures 1,172 1,254    
PT Freeport Indonesia        
Segment Reporting Information [Line Items]        
Provision for (benefit from) income taxes   182    
PT Freeport Indonesia | FCX        
Segment Reporting Information [Line Items]        
Noncontrolling interest, ownership percentage by parent     81.00% 48.76%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]        
Segment Reporting Information [Line Items]        
Noncontrolling interest, ownership percentage by parent     19.00%  
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 191 77    
Production and delivery 1,212 1,224    
Depreciation, depletion and amortization (DD&A) 124 112    
Selling, general and administrative expenses 1 1    
Exploration and research expenses 12 12    
Environmental obligations and shutdown costs (7) 0    
Operating income 288 153    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) 2 (2)    
Provision for (benefit from) income taxes 0 0    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 10,189 9,463    
Capital expenditures 255 237    
Operating Segments | South America        
Segment Reporting Information [Line Items]        
Revenues 1,129 1,034    
Production and delivery 788 773    
Depreciation, depletion and amortization (DD&A) 111 108    
Selling, general and administrative expenses 2 2    
Exploration and research expenses 4 4    
Environmental obligations and shutdown costs 0 0    
Operating income 471 249    
Interest expense, net 4 5    
Other Nonoperating Income (Expense) 31 24    
Provision for (benefit from) income taxes 193 103    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 143 90    
Total assets 10,239 10,035    
Capital expenditures 85 82    
Corporate And Eliminations        
Segment Reporting Information [Line Items]        
Revenues 468 400    
Production and delivery (1,300) (1,270)    
Depreciation, depletion and amortization (DD&A) 11 16    
Selling, general and administrative expenses 115 101    
Exploration and research expenses 21 19    
Environmental obligations and shutdown costs 17 67    
Operating income (276) (392)    
Interest expense, net 46 73    
Other Nonoperating Income (Expense) 14 63    
Provision for (benefit from) income taxes 9 13    
Equity in affiliated companies’ net earnings (1) 2    
Net income (loss) attributable to noncontrolling interests 23 (1)    
Total assets 3,755 4,042    
Capital expenditures 49 38    
Oil And Gas Charges 109      
Corporate And Eliminations | Miami Smelter        
Segment Reporting Information [Line Items]        
Production and delivery 73      
Intersegment        
Segment Reporting Information [Line Items]        
Revenues 0 0    
Intersegment | North America        
Segment Reporting Information [Line Items]        
Revenues 1,439 1,425    
Intersegment | South America        
Segment Reporting Information [Line Items]        
Revenues 247 102    
Morenci | Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 83 37    
Production and delivery 419 459    
Depreciation, depletion and amortization (DD&A) 50 48    
Selling, general and administrative expenses 0 0    
Exploration and research expenses 6 4    
Environmental obligations and shutdown costs (7) 0    
Operating income 109 66    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) (1) 0    
Provision for (benefit from) income taxes 0 0    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 3,239 3,148    
Capital expenditures 59 44    
Morenci | Intersegment | North America        
Segment Reporting Information [Line Items]        
Revenues 494 540    
Other Individually Immaterial Operating Segments | Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 108 40    
Production and delivery 793 765    
Depreciation, depletion and amortization (DD&A) 74 64    
Selling, general and administrative expenses 1 1    
Exploration and research expenses 6 8    
Environmental obligations and shutdown costs 0 0    
Operating income 179 87    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) 3 (2)    
Provision for (benefit from) income taxes 0 0    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 6,950 6,315    
Capital expenditures 196 193    
Other Individually Immaterial Operating Segments | Operating Segments | South America        
Segment Reporting Information [Line Items]        
Revenues 212 208    
Production and delivery 201 170    
Depreciation, depletion and amortization (DD&A) 20 16    
Selling, general and administrative expenses 0 0    
Exploration and research expenses 2 1    
Environmental obligations and shutdown costs 0 0    
Operating income 62 21    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) (1) 13    
Provision for (benefit from) income taxes 22 12    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 17 14    
Total assets 2,073 1,960    
Capital expenditures 11 22    
Other Individually Immaterial Operating Segments | Intersegment | North America        
Segment Reporting Information [Line Items]        
Revenues 945 885    
Other Individually Immaterial Operating Segments | Intersegment | South America        
Segment Reporting Information [Line Items]        
Revenues 73 0    
Cerro Verde | Operating Segments | South America        
Segment Reporting Information [Line Items]        
Revenues 917 826    
Production and delivery 587 603    
Depreciation, depletion and amortization (DD&A) 91 92    
Selling, general and administrative expenses 2 2    
Exploration and research expenses 2 3    
Environmental obligations and shutdown costs 0 0    
Operating income 409 228    
Interest expense, net 4 5    
Other Nonoperating Income (Expense) 32 11    
Provision for (benefit from) income taxes 171 91    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 126 76    
Total assets 8,166 8,075    
Capital expenditures 74 60    
Cerro Verde | Intersegment | South America        
Segment Reporting Information [Line Items]        
Revenues 174 102    
Grasberg Segment | Operating Segments | Indonesia        
Segment Reporting Information [Line Items]        
Revenues 1,564 2,648    
Production and delivery 578 861    
Depreciation, depletion and amortization (DD&A) 186 335    
Selling, general and administrative expenses 27 31    
Exploration and research expenses 2 2    
Environmental obligations and shutdown costs 0 0    
Operating income 777 1,596    
Interest expense, net 9 1    
Other Nonoperating Income (Expense) 16 38    
Provision for (benefit from) income taxes 288 409    
Equity in affiliated companies’ net earnings 3 (2)    
Net income (loss) attributable to noncontrolling interests 275 600    
Total assets 28,006 27,162    
Capital expenditures 704 842    
Grasberg Segment | Intersegment | Indonesia        
Segment Reporting Information [Line Items]        
Revenues 6 177    
Molybdenum        
Segment Reporting Information [Line Items]        
Capital expenditures 19 27    
Molybdenum | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 0 0    
Production and delivery 122 119    
Depreciation, depletion and amortization (DD&A) 26 16    
Selling, general and administrative expenses 0 0    
Exploration and research expenses 0 0    
Environmental obligations and shutdown costs 0 0    
Operating income 29 10    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) 0 0    
Provision for (benefit from) income taxes 0 0    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 2,021 1,885    
Capital expenditures 19 27    
Molybdenum | Intersegment        
Segment Reporting Information [Line Items]        
Revenues 177 145    
Rod and Refining Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 1,624 1,489    
Production and delivery 1,622 1,487    
Depreciation, depletion and amortization (DD&A) 1 1    
Selling, general and administrative expenses 0 0    
Exploration and research expenses 0 0    
Environmental obligations and shutdown costs 0 0    
Operating income 9 11    
Interest expense, net 0 0    
Other Nonoperating Income (Expense) 0 0    
Provision for (benefit from) income taxes 0 0    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 364 257    
Capital expenditures 17 5    
Rod and Refining Segment | Intersegment        
Segment Reporting Information [Line Items]        
Revenues 8 10    
Atlantic Copper Smelting and Refining Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 752 673    
Production and delivery 734 650    
Depreciation, depletion and amortization (DD&A) 7 7    
Selling, general and administrative expenses 9 9    
Exploration and research expenses 0 0    
Environmental obligations and shutdown costs 0 0    
Operating income 5 7    
Interest expense, net 11 10    
Other Nonoperating Income (Expense) (5) 6    
Provision for (benefit from) income taxes 10 (13)    
Equity in affiliated companies’ net earnings 0 0    
Net income (loss) attributable to noncontrolling interests 0 0    
Total assets 1,448 1,354    
Capital expenditures 43 23    
Atlantic Copper Smelting and Refining Segment | Intersegment        
Segment Reporting Information [Line Items]        
Revenues 3 0    
Corporate And Eliminations | Intersegment        
Segment Reporting Information [Line Items]        
Revenues $ (1,880) $ (1,859)