Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,429,270,314
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,492	$ 8,068
Trade accounts receivable	977	1,168
Income and other tax receivables	435	574
Inventories:
Total materials and supplies, net	1,776	1,669
Mill and leach stockpiles	1,387	1,170
Product	1,507	1,658
Other current assets	608	523
Total current assets	16,182	14,830
Property, plant, equipment and mine development costs, net	31,200	30,345
Long-term mill and leach stockpiles	1,230	1,387
Other assets	1,501	1,460
Total assets	50,113	48,022
Current liabilities:
Accounts payable and accrued liabilities	3,853	3,495
Long-term Debt, Current Maturities	1,038	372
Accrued income taxes	507	1,541
Environmental And Asset Retirement Obligations, Current	317	264
Dividends Payable, Current	217	220
Total current liabilities	5,932	5,892
Long-term debt, less current portion	10,054	9,078
Deferred Income Tax Liabilities, Net	4,297	4,234
Environmental and asset retirement obligations, less current portion	4,170	4,116
Other liabilities	1,613	1,683
Total liabilities	26,066	25,003
Stockholders’ equity:
Common stock	161	160
Capital in excess of par value	25,661	25,875
Accumulated deficit	(5,008)	(7,375)
Accumulated other comprehensive loss	(386)	(388)
Common stock held in treasury	(5,539)	(4,292)
Total stockholders’ equity	14,889	13,980
Noncontrolling interests	9,158	9,039
Total equity	24,047	23,019
Total liabilities and equity	$ 50,113	$ 48,022

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 5,416	$ 5,748	$ 12,019	$ 10,598
Cost of sales:
Production and delivery	3,003	3,067	6,153	5,853
Depreciation, depletion and amortization	507	483	996	902
Metals inventory adjustments	18	0	18	1
Total cost of sales	3,528	3,550	7,167	6,756
Selling, general and administrative expenses	100	87	215	187
Mining exploration and research expenses	25	14	49	21
Environmental obligations and shutdown costs	29	33	45	38
Net gain on sales of assets	(2)	(3)	(2)	(3)
Total costs and expenses	3,680	3,681	7,474	6,999
Operating income	1,736	2,067	4,545	3,599
Interest expense, net	(156)	(148)	(283)	(293)
Gain/(Loss)	8	0	8	0
Other income, net	11	9	42	20
Income before income taxes and equity in affiliated companies’ net earnings	1,599	1,928	4,312	3,326
Provision for income taxes	(571)	(603)	(1,395)	(1,046)
Equity in affiliated companies’ net earnings	10	6	25	4
Net income	1,038	1,331	2,942	2,284
Net income (loss) attributable to noncontrolling interests	198	248	575	483
Net income attributable to common stockholders	$ 840	$ 1,083	$ 2,367	$ 1,801
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 0.58	$ 0.74	$ 1.63	$ 1.23
Earnings per share, diluted (in dollars per share)	$ 0.57	$ 0.73	$ 1.61	$ 1.21
Basic weighted-average shares of common stock outstanding	1,447	1,467	1,451	1,465
Diluted weighted-average shares of common shares outstanding	1,457	1,483	1,463	1,480
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.075	$ 0.30	$ 0.15

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,038	$ 1,331	$ 2,942	$ 2,284
Defined benefit plans:
Actuarial losses arising during the period	0	0	0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	0	(1)	0
Amortization of unrecognized amounts included in net periodic benefit costs	2	4	4	8
Foreign exchange losses	(1)	0	(1)	(1)
Other comprehensive income	1	4	2	6
Total comprehensive income	1,039	1,335	2,944	2,290
Total comprehensive income attributable to noncontrolling interests	(198)	(248)	(575)	(482)
Total comprehensive income (loss)	$ 841	$ 1,087	$ 2,369	$ 1,808

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net income	$ 2,942	$ 2,284
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	996	902
Metals inventory adjustments	18	1
Net gain on sales of assets	(2)	(3)
Stock-based compensation	62	56
Net charges for environmental and asset retirement obligations, including accretion	119	94
Payments for environmental and asset retirement obligations	(120)	(110)
Net charges for defined pension and postretirement plans	20	1
Pension plan contributions	(50)	(42)
Net gain on early extinguishment of debt	(8)	0
Deferred income taxes	63	79
Other, net	(17)	77
Changes in working capital and other:
Accounts receivable	314	(279)
Inventories	(40)	(299)
Other current assets	(99)	(12)
Accounts payable and accrued liabilities	185	272
Accrued income taxes and timing of other tax payments	(1,071)	505
Net cash provided by operating activities	3,312	3,470
Cash flow from investing activities:
Capital expenditures	(1,586)	(803)
Proceeds from sales of assets	96	16
Loans to PT Smelting for expansion	(34)	0
Acquisition of minority interest in PT Smelting	0	(33)
Other, net	(6)	(13)
Net cash used in investing activities	(1,530)	(833)
Cash flow from financing activities:
Proceeds from debt	4,666	160
Repayments of debt	(2,993)	(179)
Cash dividends and distributions paid:
Common stock	(438)	(111)
Noncontrolling interests	(513)	(93)
Treasury stock purchases	(1,185)	0
Contributions from noncontrolling interests	94	88
Proceeds from exercised stock options	106	184
Payments for withholding of employee taxes related to stock-based awards	55	19
Debt financing costs and other, net	(33)	(1)
Net cash (used in) provided by financing activities	(351)	29
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1,431	2,666
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	8,314	3,903
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	9,745	6,569
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(276)	(95)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(124)	(47)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(759)	(576)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(344)	(48)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(9)	(3)
Other Segments
Cash flow from investing activities:
Capital expenditures	(74)	(34)
Cerro Verde Royalty Dispute
Adjustments to reconcile net income to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	0	9
Payments for Cerro Verde royalty dispute	$ 0	$ (65)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2020		1,590.0				132.0
Balance at Dec. 31, 2020	$ 18,668	$ 159	$ 26,037	$ (11,681)	$ (583)	$ (3,758)	$ 10,174	$ 8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	11.0
Exercised and issued stock-based awards	$ 184	$ 1	183				184
Stock-based compensation, including the tender of shares	20		43			$ (19)	24	(4)
Dividends	(315)		(222)				(222)	(93)
Net loss attributable to common stockholders	1,801			1,801			1,801
Net income (loss) attributable to noncontrolling interests	483							483
Other comprehensive income	6				7		7	(1)
Balance (in shares) at Jun. 30, 2021		1,601.0				133.0
Balance at Jun. 30, 2021	20,935	$ 160	26,084	(9,880)	(576)	$ (3,777)	12,011	8,924
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares (in shares)						1.0
Contributions from noncontrolling interests	88		43				43	45
Balance (in shares) at Mar. 31, 2021		1,597.0				133.0
Balance at Mar. 31, 2021	$ 19,573	$ 160	26,080	(10,963)	(580)	$ (3,777)	10,920	8,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	4.0
Exercised and issued stock-based awards	$ 78		78				78
Stock-based compensation, including the tender of shares	13		14				14	(1)
Dividends	(111)		(111)				(111)
Net loss attributable to common stockholders	1,083			1,083			1,083
Net income (loss) attributable to noncontrolling interests	248							248
Other comprehensive income	4				4		4
Balance (in shares) at Jun. 30, 2021		1,601.0				133.0
Balance at Jun. 30, 2021	20,935	$ 160	26,084	(9,880)	(576)	$ (3,777)	12,011	8,924
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	47		23				23	24
Balance (in shares) at Dec. 31, 2021		1,603.0				146.0
Balance at Dec. 31, 2021	$ 23,019	$ 160	25,875	(7,375)	(388)	$ (4,292)	13,980	9,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	9.0
Exercised and issued stock-based awards	$ 113	$ 1	112				113
Stock-based compensation, including the tender of shares	$ (10)		63			$ (62)	1	(11)
Treasury stock purchases (in shares)	29.4					29.0
Treasury stock purchases	$ (1,185)					$ (1,185)	(1,185)
Dividends	(928)		(435)				(435)	(493)
Net loss attributable to common stockholders	2,367			2,367			2,367
Net income (loss) attributable to noncontrolling interests	575							575
Other comprehensive income	2				2		2	0
Balance (in shares) at Jun. 30, 2022		1,612.0				177.0
Balance at Jun. 30, 2022	24,047	$ 161	25,661	(5,008)	(386)	$ (5,539)	14,889	9,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares (in shares)						2.0
Contributions from noncontrolling interests	94		46				46	48
Balance (in shares) at Mar. 31, 2022		1,612.0				160.0
Balance at Mar. 31, 2022	24,042	$ 161	25,835	(5,848)	(387)	$ (4,895)	14,866	9,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	5		5				5
Stock-based compensation, including the tender of shares	$ 14		15				15	(1)
Treasury stock purchases (in shares)	17.1					17.0
Treasury stock purchases	$ (644)					$ (644)	(644)
Dividends	(456)		(217)				(217)	(239)
Net loss attributable to common stockholders	840			840			840
Net income (loss) attributable to noncontrolling interests	198							198
Other comprehensive income	1				1		1
Balance (in shares) at Jun. 30, 2022		1,612.0				177.0
Balance at Jun. 30, 2022	24,047	$ 161	25,661	$ (5,008)	$ (386)	$ (5,539)	14,889	9,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	$ 47		$ 23				$ 23	$ 24

General Information (Unaudited)	6 Months Ended
General Information (Unaudited)	Jun. 30, 2022
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Sale of Investments. In second-quarter 2022, Koboltti Chemicals Holdings Limited (KCHL), a 56-percent-owned subsidiary of FCX, sold all of the shares it owned in Jervois Global Limited for proceeds of $60 million. The shares were received in connection with the 2021 sale of KCHL's remaining cobalt business. Subsequent Events. FCX evaluated events after June 30, 2022, and through the date the consolidated financial statements were issued, and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

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

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income	$	1,038	$	1,331	$	2,942	$	2,284
Net income attributable to noncontrolling interests	(198)		(248)		(575)		(483)

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







Net income attributable to common stockholders	$	836	$	1,079	$	2,362	$	1,797


Basic weighted-average shares of common stock outstanding	1,447		1,467		1,451		1,465
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10		16		12		15
Diluted weighted-average shares of common stock outstanding	1,457		1,483		1,463		1,480




Basic net income per share attributable to common stockholders	$	0.58	$	0.74	$	1.63	$	1.23



Diluted net income per share attributable to common stockholders	$	0.57	$	0.73	$	1.61	$	1.21

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 excluded in second-quarter 2022. Excluded shares of common stock totaled 4 million shares in second-quarter 2021, 1 million shares for the first six months of 2022 and 7 million shares for the first six months of 2021.

Inventories, Including Long-Term Mill and Leach Stockpiles

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	June 30, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,776	$	1,669

Mill stockpiles	$	196	$	193
Leach stockpiles	1,191		977
Total current mill and leach stockpiles	$	1,387	$	1,170

Raw materials (primarily concentrate)	$	436	$	536
Work-in-process	155		195
Finished goods	916		927
Total product	$	1,507	$	1,658

Long-term inventories:
Mill stockpiles	$	201	$	226
Leach stockpiles	1,029		1,161
Total long-term mill and leach stockpilesb	$	1,230	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at June 30, 2022, and $36 million at December 31, 2021.

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

FCX recorded metals inventory adjustments totaling $18 million in the second quarter and first six months of 2022, associated with a stockpile write-off at Cerro Verde ($9 million) and net realizable value adjustments related to lower market prices for copper ($9 million). Refer to Note 9 for metals inventory adjustments by business segment.

El Abra Stockpile Recoveries. As discussed in FCX’s 2021 Form 10-K, processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper.

Following an analysis of recent recovery data and column testing results, El Abra revised its estimated recovery rate assumptions for specific ore types expected to be processed from its existing leach stockpile. The revised estimates resulted in a 135 million pound reduction in future estimated recoverable copper from this leach stockpile which is being phased out. This revision had an unfavorable impact on El Abra’s costs but did not have a significant impact on consolidated site production and delivery costs in second-quarter 2022 or the first six months of 2022.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Six Months Ended
	June 30,
	2022		2021
U.S. operations	$	(5)	$	(4)
International operations	(1,390)		(1,042)
Total	$	(1,395)	$	(1,046)

FCX’s consolidated effective income tax rate was 32 percent for the first six months of 2022 and 31 percent for the first six months of 2021. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Because of its U.S. tax position, FCX does not record a financial statement impact for income or losses generated in the U.S.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Debt and Equity

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	June 30, 2022		December 31, 2021



Senior notes and debentures:
Issued by FCX	$	7,697	$	8,268
Issued by PT-FI	2,976		—
Issued by Freeport Minerals Corporation	355		355
PT-FI Term Loan	—		432

Cerro Verde Term Loan	—		325
Other	64		70
Total debt	11,092		9,450
Less current portion of debt	(1,038)		(372)
Long-term debt	$	10,054	$	9,078

FCX Revolving Credit Facility. At June 30, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its unsecured revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.3 billion maturing April 2024 and $0.2 billion maturing April 2023. At June 30, 2022, FCX was in compliance with its revolving credit facility covenants.

Cerro Verde Credit Facility. In second-quarter 2022, Cerro Verde entered into a new $350 million, five-year, unsecured revolving credit facility and repaid the $325 million outstanding balance of its term loan. At June 30, 2022, Cerro Verde had no borrowings outstanding under its revolving credit facility and was in compliance with its revolving credit facility covenants.

Senior Notes issued by PT-FI. In April 2022, PT-FI completed the sale of $3.0 billion aggregate principal amount of unsecured senior notes, consisting of $750 million of 4.763% Senior Notes due 2027, $1.5 billion of 5.315% Senior Notes due 2032 and $750 million of 6.200% Senior Notes due 2052. PT-FI used $0.6 billion of the net proceeds to repay the borrowings under its term loan and expects to use the remaining net proceeds to finance its smelter projects.

PT-FI Credit Facility. In second-quarter 2022, PT-FI amended its five-year, unsecured revolving credit facility to, among other things, increase the availability to $1.3 billion. At June 30, 2022, PT-FI had no borrowings under its revolving credit facility and was in compliance with its revolving credit facility covenants.

As noted above, in second-quarter 2022, PT-FI repaid the principal balance of the term loan portion of its credit facility, which cannot be redrawn, and recorded a loss on early extinguishment of debt of $10 million.

Purchases of Senior Notes. In second-quarter 2022, FCX purchased certain of its senior notes in open-market transactions. A summary of these debt extinguishments follows:



	Principal Amount		Discounts/Deferred Issuance Costs		Book Value		Redemption Value		Gain/(Loss)

5.00% Senior Note due 2027	$	85	$	1	$	84	$	85	$	(1)
4.125% Senior Note due 2028	90		1		89		85		4
4.375% Senior Note due 2028	106		1		105		102		3
5.25% Senior Note due 2029	85		1		84		82		2
4.25% Senior Note due 2030	17		—		17		16		1
4.625% Senior Note due 2030	66		1		65		62		3
5.40% Senior Note due 2034	15		—		15		15		—
5.450% Senior Note due 2043	118		1		117		111		6
	$	582	$	6	$	576	$	558	$	18

From July 1, 2022, through August 5, 2022, FCX purchased an additional $291 million aggregate principal amount of its senior notes in open-market transactions, for a total redemption value of $273 million.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $189 million in second-quarter 2022, $165 million in second-quarter 2021, $342 million for the first six months of 2022 and $325 million for the first six months of 2021. The increase in consolidated interest costs (before capitalization) for the 2022 periods is primarily related to the senior notes issued by PT-FI in April 2022.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $33 million in second-quarter 2022, $17 million in second-quarter 2021, $59 million for the first six months of 2022 and $32 million for the first six months of 2021. The increase in capitalized interest costs for the 2022 periods resulted from increased construction and development projects in process.

Share Repurchase Program and Dividends. In second-quarter 2022, FCX acquired 17.1 million shares of its common stock under its share repurchase program for a total cost of $645 million ($37.66 average cost per share). For the first six months of 2022, FCX acquired 29.4 million shares of its common stock under its share repurchase program for a total cost of $1.2 billion ($40.32 average cost per share).

In July 2022, FCX’s Board of Directors (Board) authorized an increase in the share repurchase program from up to $3.0 billion to up to $5.0 billion. Through August 5, 2022, FCX has acquired 47.9 million shares of its common stock for a total cost of $1.8 billion ($38.35 average cost per share), and $3.2 billion remains available for repurchases under the program.

On June 22, 2022, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on August 1, 2022, to common stockholders of record as of July 15, 2022.

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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+ Details

Financial Instruments (Unaudited)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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

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

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

Derivatives Designated as Hedging Instruments – Fair Value Hedges

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2022 and 2021. At June 30, 2022, FCX held copper futures and swap contracts that qualified for hedge accounting for 103 million pounds at an average contract price of $4.36 per pound, with maturities through March 2024.

A summary of (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(89)	$	(11)	$	(78)	$	(8)
Hedged item – firm sales commitments	89		11		78		8

Realized (losses) gains:
Matured derivative financial instruments	(12)		28		2		52

Derivatives Not Designated as Hedging Instruments

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

A summary of FCX’s embedded derivatives at June 30, 2022, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	703	$	4.41	$	3.75	December 2022
Gold (thousands of ounces)	236	1,848		1,821		October 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	59	4.39		3.75		October 2022

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At June 30, 2022, Atlantic Copper held net copper forward sales contracts for 34 million pounds at an average contract price of $4.06 per pound, with maturities through August 2022.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	(720)	$	118	$	(502)	$	325
Gold and other metals	(33)		15		(11)		(13)
Copper forward contractsb	22		(5)		26		(13)

a.Amounts recorded in revenues.

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

Unsettled Derivative Financial Instruments

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


	June 30, 2022		December 31, 2021
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	12
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	38		64
Copper forward contracts	15		1
Total derivative assets	$	53	$	77

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	66	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	$	476	$	27


Copper forward contracts	4		1
Total derivative liabilities	$	546	$	28

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

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


	Assets				Liabilities
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	38	$	64	$	476	$	27

Copper derivatives	15		13		70		1
	53		77		546		28

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

Copper derivatives	4		1		4		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	38		61		476		24

Copper derivatives	11		12		66		—
	$	49	$	73	$	542	$	24

Balance sheet classification:
Trade accounts receivable	$	6	$	51	$	231	$	14
Other current assets	11		12		—		—


Accounts payable and accrued liabilities	32		10		308		10
Other liabilities	—		—		3		—
	$	49	$	73	$	542	$	24

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of June 30, 2022, the maximum amount of credit exposure associated with derivative transactions was $53 million.

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

In addition, as of June 30, 2022, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

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


	June 30, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	9,492	$	8,068
Restricted cash and restricted cash equivalents included in:
Other current assets	119		114
Other assets	134		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	9,745	$	8,314

a.Includes time deposits of $0.2 billion at each of June 30, 2022, and December 31, 2021

Fair Value Measurement

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

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

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At June 30, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	31		31		26		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	56		56		56		—		—		—
Government bonds and notes	39		39		—		—		39		—
Corporate bonds	36		36		—		—		36		—
Government mortgage-backed securities	28		28		—		—		28		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	186		186		56		8		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	38		38		—		—		38		—


Copper forward contracts	15		15		—		8		7		—




Total	53		53		—		8		45		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	79		67		—		—		—		67



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	476		476		—		—		476		—


Copper futures and swap contracts	66		66		—		61		5		—
Copper forward contracts	4		4		—		3		1		—


Total	546		546		—		64		482		—




Long-term debt, including current portiond	11,092		10,601		—		—		10,601		—


	At December 31, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	50	$	50	$	—	$	50	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	79		79		29		50		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	53		53		—		—		53		—
Corporate bonds	45		45		—		—		45		—
Government mortgage-backed securities	20		20		—		—		20		—
Asset-backed securities	18		18		—		—		18		—
Money market funds	8		8		—		8		—		—

Municipal bonds	1		1		—		—		1		—
Total	209		209		64		8		137		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	64		64		—		—		64		—
Copper futures and swap contracts	12		12		—		9		3		—
Copper forward contracts	1		1		—		1		—		—



Total	77		77		—		10		67		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	90		81		—		—		—		81



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	27		27		—		—		27		—


Copper forward contracts	1		1		—		1		—		—


Total	28		28		—		1		27		—




Long-term debt, including current portiond	9,450		10,630		—		—		10,630		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $119 million at June 30, 2022, and $114 million at December 31, 2021, and (ii) other assets of $134 million at June 30, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

c.Refer to Note 6 for further discussion and balance sheet classifications.

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

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

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

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

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

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

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

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $20 million at June 30, 2022, and December 31, 2021, and (ii) other assets totaled $59 million at June 30, 2022, and $70 million at December 31, 2021. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

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

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2022, as compared with those techniques used at December 31, 2021.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2022 follows (in millions):



Fair value at January 1, 2022	$	81
Net unrealized loss related to assets still held at the end of the period	(3)
Settlements	(11)
Fair value at June 30, 2022	$	67

- Definition

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

+ References + Details

Contingencies and Commitments	6 Months Ended
Contingencies and Commitments	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Asset Retirement Obligations (ARO) Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the Arizona Department of Environmental Quality (ADEQ). ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated approximately every six years and financial assurance mechanisms are required to be updated every two years. During the first six months of 2022, FCX’s Bagdad mine increased its ARO liability and asset retirement cost asset by $62 million, associated with its updated closure plan that was submitted to ADEQ for approval. Morenci is also preparing an update to its closure plan for submission to ADEQ, which is expected to result in increased costs that could be significant. FCX will continue updating its closure plans and closure cost estimates at other Arizona sites, and any such updates may also result in increased costs that could be significant. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2021 Form 10-K, other than the matter discussed below. Asbestos and Talc Claims. As previously disclosed, in 2021, Imerys obtained an injunction temporarily staying approximately 950 talc-related lawsuits against Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, which has been extended through at least January 2023. The interim stay is a component of the global settlement but there can be no assurance that the bankruptcy court will continue to impose the interim stay. Mediation to resolve open issues in the Imerys and Cyprus Mines bankruptcy cases is ongoing and expected to continue through 2022. Other Matters Smelter Development Progress. On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020, on PT-FI for failing to achieve physical development progress on its greenfield smelter as of July 31, 2020. On January 13, 2021, PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control causing a delay of the greenfield smelter’s development progress. PT-FI believes that its communications during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. In June 2021, the Indonesia government issued a ministerial decree for the calculation of an administrative fine for lack of smelter development in light of the COVID-19 pandemic. During 2021, PT-FI recorded charges totaling $16 million for a potential settlement of the administrative fine. On January 25, 2022, the Indonesia government submitted a new estimate of the administrative fine totaling $57 million. In March 2022, PT-FI paid the administrative fine and recorded a charge of $41 million in first-quarter 2022. Based on PT-FI’s revised smelter construction schedule, PT-FI does not believe any additional fines should be applied and will dispute any attempts by the Indonesia government to levy additional fines, which could be significant. PT-FI Export License. Export licenses are valid for a one-year period, subject to review and approval by the Indonesia government every six months, depending on smelter construction progress. In March 2022, PT-FI obtained a one-year extension of its concentrate export license through March 19, 2023, for two million metric tons of concentrate, the approval of which was based on PT-FI’s revised smelter construction schedule as modified to reflect impacts of the ongoing COVID-19 pandemic.

BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segment

BUSINESS SEGMENTS

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

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

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,694	$	2,076	$	5,385		$	3,785
Cathode	1,183		1,535		2,618			2,769
Rod and other refined copper products	1,071		833		2,187			1,517
Purchased coppera	104		310		174			528
Gold	909		597		1,720			1,115
Molybdenum	377		288		755			532
Other	165		203		353			456
Adjustments to revenues:
Treatment charges	(139)		(101)		(272)			(198)
Royalty expenseb	(111)		(82)		(206)			(145)
Export dutiesc	(84)		(44)		(182)		d	(73)
Revenues from contracts with customers	6,169		5,615		12,532			10,286
Embedded derivativese	(753)		133		(513)			312
Total consolidated revenues	$	5,416	$	5,748	$	12,019		$	10,598

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

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

c.Reflects PT-FI export duties.

d.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

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

- Definition

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

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+ Details

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

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income	$	1,038	$	1,331	$	2,942	$	2,284
Net income attributable to noncontrolling interests	(198)		(248)		(575)		(483)

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







Net income attributable to common stockholders	$	836	$	1,079	$	2,362	$	1,797


Basic weighted-average shares of common stock outstanding	1,447		1,467		1,451		1,465
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10		16		12		15
Diluted weighted-average shares of common stock outstanding	1,457		1,483		1,463		1,480




Basic net income per share attributable to common stockholders	$	0.58	$	0.74	$	1.63	$	1.23



Diluted net income per share attributable to common stockholders	$	0.57	$	0.73	$	1.61	$	1.21

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

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	June 30, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,776	$	1,669

Mill stockpiles	$	196	$	193
Leach stockpiles	1,191		977
Total current mill and leach stockpiles	$	1,387	$	1,170

Raw materials (primarily concentrate)	$	436	$	536
Work-in-process	155		195
Finished goods	916		927
Total product	$	1,507	$	1,658

Long-term inventories:
Mill stockpiles	$	201	$	226
Leach stockpiles	1,029		1,161
Total long-term mill and leach stockpilesb	$	1,230	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at June 30, 2022, and $36 million at December 31, 2021.

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

FCX recorded metals inventory adjustments totaling $18 million in the second quarter and first six months of 2022, associated with a stockpile write-off at Cerro Verde ($9 million) and net realizable value adjustments related to lower market prices for copper ($9 million). Refer to Note 9 for metals inventory adjustments by business segment.

El Abra Stockpile Recoveries. As discussed in FCX’s 2021 Form 10-K, processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper.

Following an analysis of recent recovery data and column testing results, El Abra revised its estimated recovery rate assumptions for specific ore types expected to be processed from its existing leach stockpile. The revised estimates resulted in a 135 million pound reduction in future estimated recoverable copper from this leach stockpile which is being phased out. This revision had an unfavorable impact on El Abra’s costs but did not have a significant impact on consolidated site production and delivery costs in second-quarter 2022 or the first six months of 2022.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

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

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


	Six Months Ended
	June 30,
	2022		2021
U.S. operations	$	(5)	$	(4)
International operations	(1,390)		(1,042)
Total	$	(1,395)	$	(1,046)

Debt and Equity (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	June 30, 2022		December 31, 2021



Senior notes and debentures:
Issued by FCX	$	7,697	$	8,268
Issued by PT-FI	2,976		—
Issued by Freeport Minerals Corporation	355		355
PT-FI Term Loan	—		432

Cerro Verde Term Loan	—		325
Other	64		70
Total debt	11,092		9,450
Less current portion of debt	(1,038)		(372)
Long-term debt	$	10,054	$	9,078

Schedule of Extinguishment of Debt

A summary of these debt extinguishments follows:



	Principal Amount		Discounts/Deferred Issuance Costs		Book Value		Redemption Value		Gain/(Loss)

5.00% Senior Note due 2027	$	85	$	1	$	84	$	85	$	(1)
4.125% Senior Note due 2028	90		1		89		85		4
4.375% Senior Note due 2028	106		1		105		102		3
5.25% Senior Note due 2029	85		1		84		82		2
4.25% Senior Note due 2030	17		—		17		16		1
4.625% Senior Note due 2030	66		1		65		62		3
5.40% Senior Note due 2034	15		—		15		15		—
5.450% Senior Note due 2043	118		1		117		111		6
	$	582	$	6	$	576	$	558	$	18

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

A summary of (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(89)	$	(11)	$	(78)	$	(8)
Hedged item – firm sales commitments	89		11		78		8

Realized (losses) gains:
Matured derivative financial instruments	(12)		28		2		52

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at June 30, 2022, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	703	$	4.41	$	3.75	December 2022
Gold (thousands of ounces)	236	1,848		1,821		October 2022
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	59	4.39		3.75		October 2022

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	(720)	$	118	$	(502)	$	325
Gold and other metals	(33)		15		(11)		(13)
Copper forward contractsb	22		(5)		26		(13)

a.Amounts recorded in revenues.

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

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

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


	June 30, 2022		December 31, 2021
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	12
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	38		64
Copper forward contracts	15		1
Total derivative assets	$	53	$	77

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	66	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	$	476	$	27


Copper forward contracts	4		1
Total derivative liabilities	$	546	$	28

Offsetting Assets

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


	Assets				Liabilities
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	38	$	64	$	476	$	27

Copper derivatives	15		13		70		1
	53		77		546		28

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

Copper derivatives	4		1		4		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	38		61		476		24

Copper derivatives	11		12		66		—
	$	49	$	73	$	542	$	24

Balance sheet classification:
Trade accounts receivable	$	6	$	51	$	231	$	14
Other current assets	11		12		—		—


Accounts payable and accrued liabilities	32		10		308		10
Other liabilities	—		—		3		—
	$	49	$	73	$	542	$	24

Offsetting Liabilities

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


	Assets				Liabilities
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	38	$	64	$	476	$	27

Copper derivatives	15		13		70		1
	53		77		546		28

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

Copper derivatives	4		1		4		1
	4		4		4		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	38		61		476		24

Copper derivatives	11		12		66		—
	$	49	$	73	$	542	$	24

Balance sheet classification:
Trade accounts receivable	$	6	$	51	$	231	$	14
Other current assets	11		12		—		—


Accounts payable and accrued liabilities	32		10		308		10
Other liabilities	—		—		3		—
	$	49	$	73	$	542	$	24

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

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


	June 30, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	9,492	$	8,068
Restricted cash and restricted cash equivalents included in:
Other current assets	119		114
Other assets	134		132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	9,745	$	8,314

a.Includes time deposits of $0.2 billion at each of June 30, 2022, and December 31, 2021

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At June 30, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	31		31		26		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	56		56		56		—		—		—
Government bonds and notes	39		39		—		—		39		—
Corporate bonds	36		36		—		—		36		—
Government mortgage-backed securities	28		28		—		—		28		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	186		186		56		8		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	38		38		—		—		38		—


Copper forward contracts	15		15		—		8		7		—




Total	53		53		—		8		45		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	79		67		—		—		—		67



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	476		476		—		—		476		—


Copper futures and swap contracts	66		66		—		61		5		—
Copper forward contracts	4		4		—		3		1		—


Total	546		546		—		64		482		—




Long-term debt, including current portiond	11,092		10,601		—		—		10,601		—


	At December 31, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	50	$	50	$	—	$	50	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	79		79		29		50		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	53		53		—		—		53		—
Corporate bonds	45		45		—		—		45		—
Government mortgage-backed securities	20		20		—		—		20		—
Asset-backed securities	18		18		—		—		18		—
Money market funds	8		8		—		8		—		—

Municipal bonds	1		1		—		—		1		—
Total	209		209		64		8		137		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	64		64		—		—		64		—
Copper futures and swap contracts	12		12		—		9		3		—
Copper forward contracts	1		1		—		1		—		—



Total	77		77		—		10		67		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	90		81		—		—		—		81



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	27		27		—		—		27		—


Copper forward contracts	1		1		—		1		—		—


Total	28		28		—		1		27		—




Long-term debt, including current portiond	9,450		10,630		—		—		10,630		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $119 million at June 30, 2022, and $114 million at December 31, 2021, and (ii) other assets of $134 million at June 30, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

c.Refer to Note 6 for further discussion and balance sheet classifications.

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Summary of Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2022 follows (in millions):



Fair value at January 1, 2022	$	81
Net unrealized loss related to assets still held at the end of the period	(3)
Settlements	(11)
Fair value at June 30, 2022	$	67

Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,694	$	2,076	$	5,385		$	3,785
Cathode	1,183		1,535		2,618			2,769
Rod and other refined copper products	1,071		833		2,187			1,517
Purchased coppera	104		310		174			528
Gold	909		597		1,720			1,115
Molybdenum	377		288		755			532
Other	165		203		353			456
Adjustments to revenues:
Treatment charges	(139)		(101)		(272)			(198)
Royalty expenseb	(111)		(82)		(206)			(145)
Export dutiesc	(84)		(44)		(182)		d	(73)
Revenues from contracts with customers	6,169		5,615		12,532			10,286
Embedded derivativese	(753)		133		(513)			312
Total consolidated revenues	$	5,416	$	5,748	$	12,019		$	10,598

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

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

c.Reflects PT-FI export duties.

d.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

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

Schedule of financial information by business segment

Financial Information by Business Segment



(In millions)

																					Atlantic				Corporate,
	North America Copper Mines				South America Mining														Copper				Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting				& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining				nations			Total
Three Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	17	$	30	$	47	$	702		$	180	$	882	$	1,920	a	$	—	$	1,753	$	433			$	381	b	$	5,416
Intersegment	730		1,078		1,808		134			—		134		58			144		8		—				(2,152)			—
Production and delivery	397		720		1,117		565			177		742		564			80		1,765		463			c	(1,728)			3,003
Depreciation, depletion and amortization	44		58		102		91			11		102		262			18		1		6				16			507

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—				—			18
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		5				62			100
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—				24			25
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—				42			29
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—				(2)			(2)
Operating income (loss)	318		322		640		169			(10)		159		1,122			46		(5)		(41)				(185)			1,736

Interest expense, net	—		—		—		4			—		4		13			—		—		2				137			156
Provision for (benefit from) income taxes	—		—		—		68			(7)		61		434			—		—		—				76			571
Total assets at June 30, 2022	2,839		5,338		8,177		8,379			1,843		10,222		20,679			1,702		300		1,078				7,955			50,113
Capital expenditures	63		83		146		35			33		68		388			8		2		32				219		d	863

Three Months Ended June 30, 2021
Revenues:
Unaffiliated customers	$	57	$	55	$	112	$	825		$	188	$	1,013	$	1,753	a	$	—	$	1,689	$	794			$	387	b	$	5,748
Intersegment	721		1,021		1,742		120			—		120		56			89		6		—				(2,013)			—
Production and delivery	351		574		925		494		e	106		600		528			56		1,691		775				(1,508)		c	3,067
Depreciation, depletion and amortization	40		61		101		82			12		94		247			17		1		8				15			483


Selling, general and administrative expenses	1		—		1		2			—		2		27			—		—		5				52			87
Mining exploration and research expenses	—		—		—		—			—		—		—			—		—		—				14			14
Environmental obligations and shutdown costs	1		—		1		—			—		—		—			—		—		—				32			33
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—				(3)			(3)
Operating income (loss)	385		441		826		367			70		437		1,007			16		3		6				(228)			2,067

Interest expense, net	—		—		—		12			—		12		6			—		—		2				128			148
Provision for income taxes	—		—		—		145			17		162		404			—		—		—				37			603
Total assets at June 30, 2021	2,635		5,288		7,923		8,795			1,795		10,590		18,135			1,740		271		1,117				5,660			45,436
Capital expenditures	22		47		69		23			3		26		286			2		—		7				43		d	433

a.Includes PT-FI's sales to PT Smelting totaling $827 million in second-quarter 2022 and $756 million in second-quarter 2021.

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

c.Includes charges associated with major maintenance turnarounds totaling $40 million at Atlantic Copper in second-quarter 2022 and $19 million at the Miami smelter in second-quarter 2021.

d.Includes capital expenditures for the greenfield smelter and precious metals refinery (collectively, the Indonesia smelter projects).

e.Includes nonrecurring charges totaling $69 million associated with labor-related costs at Cerro Verde.


(In millions)
																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Six Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	107	$	85	$	192	$	1,808		$	340	$	2,148	$	4,246	a	$	—	$	3,496	$	1,151		$	786	b	$	12,019
Intersegment	1,441		2,173		3,614		242			—		242		136			272		17		—			(4,281)			—
Production and delivery	760		1,375		2,135		1,123			289		1,412		1,190			155		3,519		1,185		c	(3,443)			6,153
Depreciation, depletion and amortization	88		119		207		178			21		199		510			34		2		12			32			996
Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		1		2		4			—		4		57			—		—		13			139			215
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			48			49
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			58			45

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	712		755		1,467		736			28		764		2,625			83		(8)		(59)			(327)			4,545

Interest expense, net	—		—		—		7			—		7		15			—		—		4			257			283
Provision for income taxes	—		—		—		295			7		302		1,020			—		—		—			73			1,395

Capital expenditures	136		140		276		68			56		124		759			9		4		43			371		d	1,586

Six Months Ended June 30, 2021
Revenues:
Unaffiliated customers	$	61	$	83	$	144	$	1,742		$	363	$	2,105	$	3,136	a	$	—	$	2,998	$	1,481		$	734	b	$	10,598
Intersegment	1,285		1,763		3,048		165			—		165		108			159		13		—			(3,493)			—
Production and delivery	620		1,054		1,674		930		e	209		1,139		983			113		3,007		1,448			(2,511)		c	5,853
Depreciation, depletion and amortization	74		107		181		171			24		195		446			32		2		15			31			902

Metals inventory adjustments	—		—		—		—			—		—		—			1		—		—			—			1
Selling, general and administrative expenses	1		1		2		4			—		4		53			—		—		12			116			187
Mining exploration and research expenses	—		—		—		—			—		—		—			—		—		—			21			21
Environmental obligations and shutdown costs	1		—		1		—			—		—		—			—		—		—			37			38

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(3)			(3)
Operating income (loss)	650		684		1,334		802			130		932		1,762			13		2		6			(450)			3,599

Interest expense, net	—		—		—		25			—		25		7			—		—		3			258			293
Provision for (benefit from) income taxes	—		—		—		318			38		356		719			—		—		—			(29)			1,046

Capital expenditures	32		63		95		43			4		47		576			3		1		13			68		d	803

a.Includes PT-FI's sales to PT Smelting totaling $1.7 billion for the first six months of 2022 and $1.5 billion for the first six months of 2021.

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

c.Includes charges associated with major maintenance turnarounds totaling $40 million at Atlantic Copper for the first six months of 2022 and $87 million at the Miami smelter for the first six months of 2021.

d.Primarily includes capital expenditures for the Indonesia smelter projects.

e.Includes nonrecurring charges totaling $69 million associated with labor-related costs at Cerro Verde.

General Information - Additional Information (Details) - Koboltti Chemical Holdings Limited $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Sale of stock, consideration received per transaction	$ 60
FCX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by parent	56.00%

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,038	$ 1,331	$ 2,942	$ 2,284
Net income attributable to noncontrolling interests	(198)	(248)	(575)	(483)
Undistributed dividends and earnings allocated to participating securities	(4)	(4)	(5)	(4)
Net income attributable to common stockholders	$ 836	$ 1,079	$ 2,362	$ 1,797
Basic weighted-average shares of common stock outstanding	1,447	1,467	1,451	1,465
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10	16	12	15
Diluted weighted-average shares of common stock outstanding	1,457	1,483	1,463	1,480
Earnings per share, basic (in dollars per share)	$ 0.58	$ 0.74	$ 1.63	$ 1.23
Earnings per share, diluted (in dollars per share)	$ 0.57	$ 0.73	$ 1.61	$ 1.21
Dilutive Securities Excluded from Computation of EPS Amount	0	4	1	7

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current inventories:
Total materials and supplies, net	$ 1,776	$ 1,669
Mill stockpiles	196	193
Leach stockpiles	1,191	977
Total current mill and leach stockpiles	1,387	1,170
Raw materials (primarily concentrate)	436	536
Work-in-process	155	195
Finished goods	916	927
Total product	1,507	1,658
Long-term inventories:
Mill stockpiles	201	226
Leach stockpiles	1,029	1,161
Total long-term mill and leach stockpiles	1,230	1,387
Inventory obsolescence reserves	$ 39	$ 36

Inventories, Including Long-Term Mill and Leach Stockpiles - Additional Information (Details) lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Apr. 01, 2022 lb	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Inventory [Line Items]
Metals inventory adjustments		$ 18	$ 0	$ 18	$ 1
Decrease in recoverable copper in leach stockpiles \| lb	135
Cerro Verde
Inventory [Line Items]
Metals inventory adjustments		9		9
Copper
Inventory [Line Items]
Metals inventory adjustments		$ (9)		$ (9)

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
U.S. operations			$ (5)	$ (4)
International operations			(1,390)	(1,042)
Total	$ (571)	$ (603)	$ (1,395)	$ (1,046)

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details)	6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	32.00%	31.00%

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 11,092	$ 9,450
Less current portion of debt	(1,038)	(372)
Long-term debt, less current portion	10,054	9,078
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	7,697	8,268
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt	2,976	0
Debentures \| Freeport McMoRan Corporation
Debt Instrument [Line Items]
Long-term debt	355	355
Line of Credit \| PT-FI Term Loan
Debt Instrument [Line Items]
Long-term debt	0	432
Line of Credit \| Cerro Verde
Debt Instrument [Line Items]
Long-term debt	0	325
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instrument [Line Items]
Long-term debt	$ 64	$ 70

Debt and Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 22, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 05, 2022	Jul. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt			$ 11,092		$ 11,092				$ 9,450
Repayments of debt					2,993	$ 179
Net gain on early extinguishment of debt			(8)	$ 0	(8)	0
Interest costs			$ 189	$ 165	$ 342	$ 325
Treasury stock purchases (in shares)			17.1		29.4
Shares repurchased			$ 645		$ 1,200
Cost per share repurchased (in dollars per share)			$ 37.66		$ 40.32
Stock repurchase program, authorized amount			$ 3,000		$ 3,000
Dividends declared per share of common stock (in dollars per share)	$ 0.15		$ 0.15	$ 0.075	$ 0.30	$ 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)							47.9
Shares repurchased							$ 1,800
Cost per share repurchased (in dollars per share)							$ 38.35
Stock repurchase program, authorized amount								$ 5,000
Remaining authorized shares repurchase amount							$ 3,200
Cerro Verde
Debt Instrument [Line Items]
Repayments of debt			$ 325
Unsecured Credit Facility \| PT-FI
Debt Instrument [Line Items]
Letter of credit			$ 0		$ 0
Debt instrument, term			5 years
Increase in line of credit			$ 1,300
Net gain on early extinguishment of debt			10
Unsecured Credit Facility \| Cerro Verde
Debt Instrument [Line Items]
Letter of credit			0		0
Line of credit facility, maximum borrowing capacity			$ 350		350
Debt instrument, term			5 years
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized			$ 33	$ 17	59	$ 32
Line of Credit \| Cerro Verde
Debt Instrument [Line Items]
Long-term debt			0		0				325
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit			8		8
Revolving credit facility, availability			1,500		1,500
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt			0		0
Revolving credit facility, availability			3,500		3,500
Line of Credit \| Revolving Credit Facility \| Maturing 2024
Debt Instrument [Line Items]
Revolving credit facility, availability			3,300		3,300
Line of Credit \| Revolving Credit Facility \| Maturing 2023
Debt Instrument [Line Items]
Revolving credit facility, availability			200		200
Senior Notes
Debt Instrument [Line Items]
Principal Amount			582		582
Net gain on early extinguishment of debt			(18)
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Principal Amount							$ 291
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt			$ 2,976		$ 2,976				$ 0
Repayments of debt		$ 600
Principal Amount		3,000
Senior Notes \| PT-FI \| 4.763% Senior Notes Due 2027
Debt Instrument [Line Items]
Principal Amount		750
Senior Notes \| PT-FI \| 5.315% Senior Notes Due 2032
Debt Instrument [Line Items]
Principal Amount		1,500
Senior Notes \| PT-FI \| 6.200% Senior Notes Due 2052
Debt Instrument [Line Items]
Principal Amount		$ 750

Debt and Equity - Purchase of Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 05, 2022
Debt Instrument [Line Items]
Gain/(Loss)	$ 8	$ 0	$ 8	$ 0
Senior Notes
Debt Instrument [Line Items]
Principal Amount	582		582
Discounts/Deferred Issuance Costs	6		6
Book Value	576
Redemption Value	558		558
Gain/(Loss)	18
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Principal Amount					$ 291
Redemption Value					$ 273
5.00% Senior Note due 2027 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	85		85
Discounts/Deferred Issuance Costs	1		1
Book Value	84
Redemption Value	85		85
Gain/(Loss)	(1)
4.125% Senior Note due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	90		90
Discounts/Deferred Issuance Costs	1		1
Book Value	89
Redemption Value	85		85
Gain/(Loss)	4
4.375% Senior Note due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	106		106
Discounts/Deferred Issuance Costs	1		1
Book Value	105
Redemption Value	102		102
Gain/(Loss)	3
5.25% Senior Note due 2029 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	85		85
Discounts/Deferred Issuance Costs	1		1
Book Value	84
Redemption Value	82		82
Gain/(Loss)	2
4.25% Senior Note due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	17		17
Discounts/Deferred Issuance Costs	0		0
Book Value	17
Redemption Value	16		16
Gain/(Loss)	1
4.625% Senior Note due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	66		66
Discounts/Deferred Issuance Costs	1		1
Book Value	65
Redemption Value	62		62
Gain/(Loss)	3
5.40% Senior Note due 2034 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	15		15
Discounts/Deferred Issuance Costs	0		0
Book Value	15
Redemption Value	15		15
Gain/(Loss)	0
5.450% Senior Note due 2043 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	118		118
Discounts/Deferred Issuance Costs	1		1
Book Value	117
Redemption Value	111		$ 111
Gain/(Loss)	$ 6

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2022 lb oz $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2021 USD ($)
Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (753)	$ 133	$ (513)	$ 312
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		(89)	(11)	(78)	(8)
Hedged item – firm sales commitments		89	11	78	8
Realized gains (losses):
Matured derivative financial instruments		$ (12)	28	$ 2	52
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	103
Derivative, Average Forward Price \| $ / lb	4.36	4.36		4.36
Copper Forward Contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	34
Derivative, Average Forward Price \| $ / lb	4.06	4.06		4.06
Copper Forward Contracts \| Not Designated as Hedging Instrument \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ 22	(5)	$ 26	(13)
Copper \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (720)	118	$ (502)	325
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	703
Derivative, Average Forward Price \| $ / lb	4.41	4.41		4.41
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.75	3.75		3.75
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	59
Derivative, Average Forward Price \| $ / lb	4.39	4.39		4.39
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.75	3.75		3.75
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	236
Derivative, Average Forward Price \| $ / oz	1,848	1,848		1,848
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,821	1,821		1,821
gold and other \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (33)	$ 15	$ (11)	$ (13)

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) lb oz $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 53	$ 53		$ 53		$ 77
Derivative Liability, Fair Value, Gross Liability	546	546		546		28
Derivative Asset, Fair Value, Gross Liability	4	4		4		4
Derivative Liability, Fair Value, Gross Asset	4	4		4		4
Derivative Asset	49	49		49		73
Derivative Liability	542	542		542		24
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	6	6		6		51
Derivative Liability	231	231		231		14
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	32	32		32		10
Derivative Liability	308	308		308		10
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	11	11		11		12
Derivative Liability	0	0		0		0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0		0		0
Derivative Liability	3	3		3		0
Commodity Contract
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		(12)	$ 28	2	$ 52
Derivative Asset, Fair Value, Gross Asset	15	15		15		13
Derivative Liability, Fair Value, Gross Liability	70	70		70		1
Derivative Asset, Fair Value, Gross Liability	4	4		4		1
Derivative Liability, Fair Value, Gross Asset	4	4		4		1
Derivative Asset	11	11		11		12
Derivative Liability	66	66		66		0
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	38	38		38		64
Derivative Liability, Fair Value, Gross Liability	476	476		476		27
Derivative Asset, Fair Value, Gross Liability	0	0		0		3
Derivative Liability, Fair Value, Gross Asset	0	0		0		3
Derivative Asset	38	38		38		61
Derivative Liability	476	476		476		24
Designated as Hedging Instrument [Member] \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 0		$ 0		12
Derivative, Nonmonetary Notional Amount, Mass \| lb	103
Derivative, Average Forward Price \| $ / lb	4.36	4.36		4.36
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 38	$ 38		$ 38		64
Derivative Liability, Fair Value, Gross Liability	$ 476	$ 476		$ 476		27
Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	34
Derivative, Average Forward Price \| $ / lb	4.06	4.06		4.06
Future \| Not Designated as Hedging Instrument \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 66	$ 66		$ 66		0
Commodity Contract \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	15	15		15		1
Derivative Liability, Fair Value, Gross Liability	$ 4	$ 4		$ 4		$ 1
Copper \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.75	3.75		3.75
Derivative, Nonmonetary Notional Amount, Mass \| lb	703
Derivative, Average Forward Price \| $ / lb	4.41	4.41		4.41
Copper \| Long [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.75	3.75		3.75
Derivative, Nonmonetary Notional Amount, Mass \| lb	59
Derivative, Average Forward Price \| $ / lb	4.39	4.39		4.39
Gold \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,821	1,821		1,821
Derivative, Nonmonetary Notional Amount, Mass \| oz	236
Derivative, Average Forward Price \| $ / oz	1,848	1,848		1,848
Sales \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (753)	133	$ (513)	312
Sales \| Copper \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(720)	118	(502)	325
Sales \| gold and other \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(33)	15	(11)	(13)
Cost of Sales [Member] \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ 22	$ (5)	$ 26	$ (13)

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 9,492	$ 8,068
Restricted Cash and Cash Equivalents, Current	119	114
Restricted Cash and Cash Equivalents, Noncurrent	134	132
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	9,745	8,314	$ 6,569	$ 3,903
Credit Derivative, Maximum Exposure, Undiscounted	53
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 200	$ 200

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investment securities (current and long-term):
Marketable Securities	$ 0
Other Assets, Current	608	$ 523
Other assets	1,501	1,460
Derivatives:
Derivative Asset	49	73
Derivatives: [Abstract]
Derivative Liability	542	24
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	26	29
Trust Assets Fair Value Disclosure	56	64
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	5	50
Trust Assets Fair Value Disclosure	8	8
Derivatives:
Derivative Asset	8	10
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	64	1
Long-term debt, including current portion	0	0
Level 2
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	122	137
Derivatives:
Derivative Asset	45	67
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	482	27
Long-term debt, including current portion	10,601	10,630
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	67	81
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Estimate of Fair Value Measurement
Investment securities (current and long-term):
Investments, Fair Value Disclosure	31	79
Trust Assets Fair Value Disclosure	186	209
Derivatives:
Derivative Asset	53	77
Discontinued Operation, Contingent Receivable	67	81
Derivatives: [Abstract]
Derivative Liability	546	28
Long-term debt, including current portion	10,601	10,630
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	31	79
Trust Assets Fair Value Disclosure	186	209
Derivatives:
Derivative Asset	53	77
Discontinued Operation, Contingent Receivable	79	90
Derivatives: [Abstract]
Derivative Liability	546	28
Long-term debt, including current portion	11,092	9,450
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	38	61
Derivatives: [Abstract]
Derivative Liability	476	24
Embedded Derivative Financial Instruments \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Level 1
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Level 2
Derivatives:
Derivative Asset	38	64
Derivatives: [Abstract]
Derivative Liability	476	27
Embedded Derivative Financial Instruments \| Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	38	64
Derivatives: [Abstract]
Derivative Liability	476	27
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	38	64
Derivatives: [Abstract]
Derivative Liability	476	27
Forward Contracts \| Level 1
Derivatives:
Derivative Asset	8	1
Forward Contracts \| Level 2
Derivatives:
Derivative Asset	7	0
Forward Contracts \| Level 3
Derivatives:
Derivative Asset	0	0
Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	15	1
Forward Contracts \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	15	1
Commodity Contract
Derivatives:
Derivative Asset	11	12
Derivatives: [Abstract]
Derivative Liability	66	0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset		0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 1
Derivatives:
Derivative Asset		9
Commodity Contract \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	3	1
Commodity Contract \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	61
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		3
Commodity Contract \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	0
Commodity Contract \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	5
Commodity Contract \| Level 3
Derivatives:
Derivative Asset		0
Commodity Contract \| Level 3 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		12
Commodity Contract \| Estimate of Fair Value Measurement \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	4	1
Commodity Contract \| Estimate of Fair Value Measurement \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	66
Commodity Contract \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		12
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	4	1
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	66
U.S. core fixed income fund \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	26	29
Trust Assets Fair Value Disclosure	56	64
U.S. core fixed income fund \| Level 1
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	26	29
Trust Assets Fair Value Disclosure	56	64
U.S. core fixed income fund \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	26	29
Trust Assets Fair Value Disclosure	56	64
Equity securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities		0
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities	5	50
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	5	50
Equity securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	5	50
Government bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	39	53
Government bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	39	53
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	39	53
Corporate bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	45
Corporate bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	45
Corporate bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	45
Government mortgage-backed securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	20
Government mortgage-backed securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	20
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	20
Asset-backed securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	16	18
Asset-backed securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	16	18
Asset-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	16	18
Money market funds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Money market funds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Money market funds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Collateralized Mortgage Backed Securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3
Municipal bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Municipal bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		0
Municipal bonds \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Municipal bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure		1
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Other Assets, Current	119	114
Other assets	134	132
Fair Value, Recurring [Member] \| Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	$ 0	$ 0

Fair Value Measurement - Unobservable inputs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 608	$ 523
Other Assets, Noncurrent	1,501	1,460
Gulf of Mexico Contingent Consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2022	81
Net unrealized loss related to assets still held at the end of the period	(3)
Settlements	(11)
Fair value at June 30, 2022	67
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable			$ 150
Other Assets, Current	20	20
Other Assets, Noncurrent	$ 59	$ 70

Commitment and Contingencies - Asset Retirement Obligations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Increase in ARO liability and asset retirement cost asset	$ 62
Frequency of closure costs updates	6 years
Frequency of financial assurance mechanism updates	2 years

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

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (139)	$ (101)	$ (272)	$ (198)
Royalty Expense	(111)	(82)	(206)	(145)
Export duties expense	84	44	182	73
Revenue from Contract with Customer, Excluding Assessed Tax	6,169	5,615	12,532	10,286
Revenues	5,416	5,748	$ 12,019	10,598
Number of Operating Segments \| segment			4
Indonesia \| Disputes
Revenue from External Customer [Line Items]
Export duties expense			$ 18
Sales \| Not Designated as Hedging Instrument
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(753)	133	(513)	312
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,694	2,076	5,385	3,785
Copper Cathode
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,183	1,535	2,618	2,769
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,071	833	2,187	1,517
Purchased Copper
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	104	310	174	528
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	909	597	1,720	1,115
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	377	288	755	532
Other Products Or Services
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 165	$ 203	$ 353	$ 456

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

3 Months Ended

6 Months Ended

Jun. 30, 2022

USD ($)

Jun. 30, 2021

USD ($)

Jun. 30, 2022

USD ($)

segment

Jun. 30, 2021

USD ($)

Dec. 31, 2021

USD ($)

Segment Reporting Information [Line Items]

Number of Operating Segments | segment

4

Revenues

$ 5,416

$ 5,748

$ 12,019

$ 10,598

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

(3,003)

(3,067)

(6,153)

(5,853)

Cost, Depreciation, Amortization and Depletion

507

483

996

902

Metals inventory adjustments

18

0

18

1

Selling, general and administrative expenses

(100)

(87)

(215)

(187)

Mining exploration and research expenses

25

14

49

21

Environmental obligations and shutdown costs

29

33

45

38

Net gain on sales of assets

(2)

(3)

(2)

(3)

Operating income

1,736

2,067

4,545

3,599

Interest expense, net

156

148

283

293

Provision for (benefit from) income taxes

571

603

1,395

1,046

Total assets

50,113

45,436

50,113

45,436

$ 48,022

Capital expenditures

863

433

$ 1,586

803

Business Segment

BUSINESS SEGMENTS

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

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

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,694	$	2,076	$	5,385		$	3,785
Cathode	1,183		1,535		2,618			2,769
Rod and other refined copper products	1,071		833		2,187			1,517
Purchased coppera	104		310		174			528
Gold	909		597		1,720			1,115
Molybdenum	377		288		755			532
Other	165		203		353			456
Adjustments to revenues:
Treatment charges	(139)		(101)		(272)			(198)
Royalty expenseb	(111)		(82)		(206)			(145)
Export dutiesc	(84)		(44)		(182)		d	(73)
Revenues from contracts with customers	6,169		5,615		12,532			10,286
Embedded derivativese	(753)		133		(513)			312
Total consolidated revenues	$	5,416	$	5,748	$	12,019		$	10,598