Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		1,429,327,191
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,578	$ 8,068
Trade accounts receivable	844	1,168
Income and other tax receivables	485	574
Inventories:
Total materials and supplies, net	1,873	1,669
Mill and leach stockpiles	1,369	1,170
Product	1,577	1,658
Other current assets	647	523
Total current assets	15,373	14,830
Property, plant, equipment and mine development costs, net	31,814	30,345
Long-term mill and leach stockpiles	1,194	1,387
Other assets	1,546	1,460
Total assets	49,927	48,022
Current liabilities:
Accounts payable and accrued liabilities	3,947	3,495
Long-term Debt, Current Maturities	1,032	372
Accrued income taxes	439	1,541
Environmental And Asset Retirement Obligations, Current	365	264
Dividends Payable, Current	216	220
Total current liabilities	5,999	5,892
Long-term debt, less current portion	9,658	9,078
Deferred Income Tax Liabilities, Net	4,316	4,234
Environmental and asset retirement obligations, less current portion	4,223	4,116
Other liabilities	1,550	1,683
Total liabilities	25,746	25,003
Stockholders’ equity:
Common stock	161	160
Capital in excess of par value	25,483	25,875
Accumulated deficit	(4,604)	(7,375)
Accumulated other comprehensive loss	(385)	(388)
Common stock held in treasury	(5,701)	(4,292)
Total stockholders’ equity	14,954	13,980
Noncontrolling interests	9,227	9,039
Total equity	24,181	23,019
Total liabilities and equity	$ 49,927	$ 48,022

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 5,003	$ 6,083	$ 17,022	$ 16,681
Cost of sales:
Production and delivery	3,366	3,009	9,519	8,862
Depreciation, depletion and amortization	508	528	1,504	1,430
Metals inventory adjustments	25	14	43	15
Total cost of sales	3,899	3,551	11,066	10,307
Selling, general and administrative expenses	98	102	313	289
Mining exploration and research expenses	38	15	87	36
Environmental obligations and shutdown costs	6	13	51	51
Net gain on sales of assets	0	(60)	(2)	(63)
Total costs and expenses	4,041	3,621	11,515	10,620
Operating income	962	2,462	5,507	6,061
Interest expense, net	(140)	(138)	(423)	(431)
Gain	20	0	28	0
Other income, net	25	36	67	56
Income before income taxes and equity in affiliated companies’ net earnings (losses)	867	2,360	5,179	5,686
Provision for income taxes	(315)	(628)	(1,710)	(1,674)
Equity in affiliated companies’ net earnings (losses)	8	(9)	33	(5)
Net income	560	1,723	3,502	4,007
Net income (loss) attributable to noncontrolling interests	156	324	731	807
Net income attributable to common stockholders	$ 404	$ 1,399	$ 2,771	$ 3,200
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 0.28	$ 0.95	$ 1.91	$ 2.18
Earnings per share, diluted (in dollars per share)	$ 0.28	$ 0.94	$ 1.90	$ 2.16
Basic weighted-average shares of common stock outstanding	1,431	1,469	1,444	1,466
Diluted weighted-average shares of common shares outstanding	1,439	1,484	1,455	1,481
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.075	$ 0.45	$ 0.225

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 560	$ 1,723	$ 3,502	$ 4,007
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	1	4	5	12
Foreign exchange losses	0	0	(1)	(1)
Other comprehensive income	1	4	3	10
Total comprehensive income	561	1,727	3,505	4,017
Total comprehensive income attributable to noncontrolling interests	(156)	(324)	(731)	(806)
Total comprehensive income (loss)	$ 405	$ 1,403	$ 2,774	$ 3,211

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flow from operating activities:
Net income	$ 3,502	$ 4,007
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,504	1,430
Metals inventory adjustments	43	15
Net gain on sales of assets	(2)	(63)
Stock-based compensation	75	79
Net charges for environmental and asset retirement obligations, including accretion	180	131
Payments for environmental and asset retirement obligations	(197)	(184)
Net charges for defined pension and postretirement plans	28	3
Pension plan contributions	(52)	(75)
Net gain on early extinguishment of debt	(28)	0
Deferred income taxes	83	96
Other, net	(86)	50
Changes in working capital and other:
Accounts receivable	456	(218)
Inventories	(184)	(310)
Other current assets	(71)	(77)
Accounts payable and accrued liabilities	84	123
Accrued income taxes and timing of other tax payments	(1,265)	849
Net cash provided by operating activities	4,070	5,435
Cash flow from investing activities:
Capital expenditures	(2,422)	(1,344)
Proceeds from sales of assets	102	21
Loans to PT Smelting for expansion	(51)	0
Acquisition of minority interest in PT Smelting	0	(33)
Other, net	(10)	(25)
Net cash used in investing activities	(2,381)	(1,231)
Cash flow from financing activities:
Proceeds from debt	5,366	633
Repayments of debt	(4,073)	(672)
Cash dividends and distributions paid:
Common stock	(652)	(220)
Noncontrolling interests	(625)	(187)
Treasury stock purchases	(1,347)	0
Contributions from noncontrolling interests	142	135
Proceeds from exercised stock options	106	189
Payments for withholding of employee taxes related to stock-based awards	55	19
Debt financing costs and other, net	(41)	(47)
Net cash used in financing activities	(1,179)	(188)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	510	4,016
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	8,824	7,919
Freeport Cobalt
Cash flow from investing activities:
Proceeds from sale of Freeport Cobalt	0	150
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(430)	(211)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(203)	(94)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(1,148)	(904)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(517)	(79)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(16)	(4)
Other Segments
Cash flow from investing activities:
Capital expenditures	(108)	(52)
Cerro Verde Royalty Dispute
Adjustments to reconcile net income to net cash provided by operating activities:
Payments for Cerro Verde royalty dispute	$ 0	$ (421)

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	$ 190	$ 1	189				190
Stock-based compensation, including the tender of shares	41		64			$ (19)	45	(4)
Dividends	(520)		(333)				(333)	(187)
Net loss attributable to common stockholders	3,200			3,200			3,200
Net income (loss) attributable to noncontrolling interests	807							807
Other comprehensive income	10				11		11	(1)
Balance (in shares) at Sep. 30, 2021		1,601.0				133.0
Balance at Sep. 30, 2021	22,531	$ 160	26,023	(8,481)	(572)	$ (3,777)	13,353	9,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares (in shares)						1.0
Contributions from noncontrolling interests	135		66				66	69
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]
Exercised and issued stock-based awards	6		6				6
Stock-based compensation, including the tender of shares	21		21				21
Dividends	(205)		(111)				(111)	(94)
Net loss attributable to common stockholders	1,399			1,399			1,399
Net income (loss) attributable to noncontrolling interests	324							324
Other comprehensive income	4				4		4
Balance (in shares) at Sep. 30, 2021		1,601.0				133.0
Balance at Sep. 30, 2021	22,531	$ 160	26,023	(8,481)	(572)	$ (3,777)	13,353	9,178
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	$ 2		75			$ (62)	13	(11)
Treasury stock purchases (in shares)	35.1					35.0
Treasury stock purchases	$ (1,347)					$ (1,347)	(1,347)
Dividends	(1,253)		(648)				(648)	(605)
Net loss attributable to common stockholders	2,771			2,771			2,771
Net income (loss) attributable to noncontrolling interests	731							731
Other comprehensive income	3				3		3
Balance (in shares) at Sep. 30, 2022		1,612.0				183.0
Balance at Sep. 30, 2022	24,181	$ 161	25,483	(4,604)	(385)	$ (5,701)	14,954	9,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares (in shares)						2.0
Contributions from noncontrolling interests	142		69				69	73
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	12		12				12
Treasury stock purchases (in shares)						6.0
Treasury stock purchases	(162)					$ (162)	(162)
Dividends	(325)		(213)				(213)	(112)
Net loss attributable to common stockholders	404			404			404
Net income (loss) attributable to noncontrolling interests	156							156
Other comprehensive income	1				1		1
Balance (in shares) at Sep. 30, 2022		1,612.0				183.0
Balance at Sep. 30, 2022	24,181	$ 161	25,483	$ (4,604)	$ (385)	$ (5,701)	14,954	9,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	$ 48		$ 23				$ 23	$ 25

General Information	9 Months Ended
General Information	Sep. 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 nine-month period ended September 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 September 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

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income	$	560	$	1,723	$	3,502	$	4,007
Net income attributable to noncontrolling interests	(156)		(324)		(731)		(807)

Undistributed dividends and earnings allocated to participating securities	(5)		(4)		(6)		(6)







Net income attributable to common stockholders	$	399	$	1,395	$	2,765	$	3,194


Basic weighted-average shares of common stock outstanding	1,431		1,469		1,444		1,466
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		15		11		15
Diluted weighted-average shares of common stock outstanding	1,439		1,484		1,455		1,481




Basic net income per share attributable to common stockholders	$	0.28	$	0.95	$	1.91	$	2.18



Diluted net income per share attributable to common stockholders	$	0.28	$	0.94	$	1.90	$	2.16

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. Excluded shares of common stock totaled 3 million shares in third-quarter 2022, 4 million shares in third-quarter 2021, 1 million shares for the first nine months of 2022 and 6 million shares for the first nine months of 2021.

Inventories, Including Long-Term Mill and Leach Stockpiles

9 Months Ended

Sep. 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):


	September 30, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,873	$	1,669

Mill stockpiles	$	202	$	193
Leach stockpiles	1,167		977
Total current mill and leach stockpiles	$	1,369	$	1,170

Raw materials (primarily concentrate)	$	353	$	536
Work-in-process	204		195
Finished goods	1,020		927
Total product	$	1,577	$	1,658

Long-term inventories:
Mill stockpiles	$	203	$	226
Leach stockpiles	991		1,161
Total long-term mill and leach stockpilesb	$	1,194	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $41 million at September 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 $25 million in third-quarter 2022, primarily associated with net realizable value (NRV) adjustments related to lower market prices for copper and higher costs associated with revised estimated recoverable copper at El Abra discussed below. Metal inventory adjustments totaled $43 million for the first nine months of 2022, including $33 million associated with NRV adjustments related to lower market prices for copper and $10 million for stockpile write-offs at Cerro Verde. FCX recorded charges for metals inventory adjustments totaling $15 million for the first nine months of 2021, primarily related to a leach stockpile adjustment. Refer to Note 9 for metals inventory adjustments by business segment.

El Abra Stockpile Adjustment. 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.

In second-quarter 2022, FCX’s El Abra mine 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 FCX’s consolidated site production and delivery costs for the 2022 periods.

Debt and Equity

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	September 30, 2022		December 31, 2021



Senior notes and debentures:
Issued by FCX	$	7,301	$	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	58		70
Total debt	10,690		9,450
Less current portion of debt	(1,032)		(372)
Long-term debt	$	9,658	$	9,078

Credit Facilities

FCX. At September 30, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its unsecured revolving credit facility and was in compliance with its revolving credit facility covenants.

In October 2022, FCX and PT-FI entered into a new $3.0 billion, five-year, unsecured revolving credit facility, which replaced FCX’s prior revolving credit facility that was scheduled to mature in April 2024. The new revolving credit facility matures on October 19, 2027. Under the terms of the new revolving credit facility, FCX and PT-FI may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion with PT-FI’s capacity limited to $500 million. Letters of credit may be issued up to $1.5 billion. Interest on loans made under the new revolving credit facility may, at the option of FCX or PT-FI, be determined based on the Secured Overnight Financing Rate plus a spread to be determined by reference to a grid based on FCX’s credit rating. The new revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the new revolving credit facility contains a total leverage ratio financial covenant. FCX does not expect any material income statement impact associated with the refinancing.

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

Cerro Verde. In May 2022, Cerro Verde entered into a new $350 million, five-year, unsecured revolving credit facility. At September 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

FCX. In May 2022, FCX began purchasing certain of its senior notes in open-market transactions and recorded gains on early extinguishment of debt totaling $20 million in third-quarter 2022 and $38 million for the first nine months of 2022. A summary of these debt extinguishments for the first nine months of 2022, follows (in millions):



	Principal Amount		Discounts/Deferred Issuance Costs		Book Value		Redemption Value		Gain

5.00% Senior Notes due 2027	$	103	$	1	$	102	$	102	$	—
4.125% Senior Notes due 2028	133		1		132		126		6
4.375% Senior Notes due 2028	166		2		164		158		6
5.25% Senior Notes due 2029	97		2		95		93		2
4.25% Senior Notes due 2030	76		1		75		71		4
4.625% Senior Notes due 2030	229		2		227		215		12
5.40% Senior Notes due 2034	20		—		20		20		—
5.450% Senior Notes due 2043	160		2		158		150		8
	$	984	$	11	$	973	$	935	$	38

From October 1, 2022, through November 4, 2022, FCX purchased an additional $78 million aggregate principal amount of its senior notes in open-market transactions, for a total redemption value of $72 million.

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.

Term Loans

PT-FI. In April 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.

Cerro Verde. In May 2022, Cerro Verde repaid the principal balance of its term loan, which cannot be redrawn.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $182 million in third-quarter 2022, $157 million in third-quarter 2021, $524 million for the first nine months of 2022 and $482 million for the first nine months of 2021. The increase in consolidated interest costs (before capitalization) for the 2022 periods, compared to the 2021 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 $42 million in third-quarter 2022, $19 million in third-quarter 2021, $101 million for the first nine months of 2022 and $51 million for the first nine months of 2021. The increase in capitalized interest costs for the 2022 periods resulted from increased construction and development projects in process, primarily at our Indonesia mining operations.

Share Repurchase Program and Dividends. 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. No shares have been purchased since July 11, 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), including 35.1 million shares of its common stock under its share repurchase program for a total cost of $1.3 billion ($38.36 average cost per share) for the first nine months of 2022. FCX has $3.2 billion available for repurchases under the program.

On September 21, 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 November 1, 2022, to common stockholders of record as of October 14, 2022.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of the Board and management, respectively, and are 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
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Financial Instruments

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2022 and 2021. At September 30, 2022, FCX held copper futures and swap contracts that qualified for hedge accounting for 96 million pounds at an average contract price of $3.93 per pound, with maturities through May 2024.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	17	$	(20)	$	(61)	$	(28)
Hedged item – firm sales commitments	(17)		20		61		28

Realized (losses) gains:
Matured derivative financial instruments	(50)		5		(48)		57

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 September 30, 2022, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	829	$	3.68	$	3.45	March 2023
Gold (thousands of ounces)	281	1,725		1,679		January 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	153	3.77		3.47		December 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 September 30, 2022, Atlantic Copper held net copper forward purchase contracts for 10 million pounds at an average contract price of $3.51 per pound, with maturities through November 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	(272)	$	(102)	$	(774)	$	223
Gold and other metals	(34)		(9)		(45)		(22)
Copper forward contractsb	5		1		31		(12)

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):


	September 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	68		64
Copper forward contracts	—		1
Total derivative assets	$	68	$	77

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	49	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	222		27


Copper forward contracts	1		1
Total derivative liabilities	$	272	$	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
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	68	$	64	$	222	$	27

Copper derivatives	—		13		50		1
	68		77		272		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	6		3		6		3

Copper derivatives	—		1		—		1
	6		4		6		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	62		61		216		24

Copper derivatives	—		12		50		—
	$	62	$	73	$	266	$	24

Balance sheet classification:
Trade accounts receivable	$	29	$	51	$	94	$	14
Other current assets	—		12		—		—


Accounts payable and accrued liabilities	33		10		169		10
Other liabilities	—		—		3		—
	$	62	$	73	$	266	$	24

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of September 30, 2022, the maximum amount of credit exposure associated with derivative transactions was $68 million.

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

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


	September 30, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	8,578	$	8,068
Restricted cash and cash equivalents included in:
Other current assets	112		114
Other assets	134		132
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	8,824	$	8,314

a.Includes time deposits of $0.4 billion at September 30, 2022, and $0.2 billion at December 31, 2021

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Nine Months Ended
	September 30,
	2022			2021
U.S. operations	$	(5)		$	(7)
International operations	(1,705)		a	(1,667)		b
Total	$	(1,710)		$	(1,674)

a.Includes a tax credit of $31 million ($16 million net of noncontrolling interest), primarily associated with completion of Cerro Verde’s 2016 tax audit.

b.Includes net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI) net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs, partly offset by a tax charge of $10 million associated with the audit of PT Freeport Indonesia’s (PT-FI) 2019 tax returns.

FCX’s consolidated effective income tax rate was 33 percent for the first nine months of 2022 and 29 percent for the first nine 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.

On August 16, 2022, the U.S. Inflation Reduction Act of 2022 (the Inflation Reduction Act) was signed into law, which includes, among other provisions, (i) a new corporate alternative minimum tax of 15 percent on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period, and (ii) a new excise tax of 1 percent on the fair market value of net corporate stock repurchases. The provisions of the Inflation Reduction Act are effective for tax years beginning after December 31, 2022. FCX continues to analyze the impacts of the Inflation Reduction Act on its future results of operations.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurement

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 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, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At September 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	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	30		30		25		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	55		55		55		—		—		—
Government bonds and notes	35		35		—		—		35		—
Corporate bonds	33		33		—		—		33		—
Government mortgage-backed securities	27		27		—		—		27		—
Asset-backed securities	17		17		—		—		17		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	178		178		55		8		115		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset position	68		68		—		—		68		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	71		60		—		—		—		60



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	222		222		—		—		222		—


Copper futures and swap contracts	49		49		—		42		7		—
Copper forward contracts	1		1		—		1		—		—


Total	272		272		—		43		229		—




Long-term debt, including current portiond	10,690		9,578		—		—		9,578		—


	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 $112 million at September 30, 2022, and $114 million at December 31, 2021, and (ii) other assets of $134 million at September 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. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

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

Fixed income securities (government securities, corporate bonds, asset-backed securities, 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 September 30, 2022, and December 31, 2021, and (ii) other assets totaled $51 million at September 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 September 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 nine 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	(2)
Settlements	(19)
Fair value at September 30, 2022	$	60

- 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	9 Months Ended
Contingencies and Commitments	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	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 nine months of 2022, FCX’s Morenci and Bagdad mines increased each of their ARO liability and asset retirement cost asset by $117 million and $65 million, respectively, associated with their updated closure strategies and plans for stockpiles and tailings impoundments that were submitted to ADEQ for approval. 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. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases. The settlement agreement has now been executed by all parties as of the end of October 2022. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in 2019 for the initial payment of $15 million. In connection with execution of the settlement agreement by all parties, the FCX affiliates will fund the $15 million initial payment and be fully released and dismissed from all 13 pending cases. 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 the end of 2022, and FCX expects the overall process for its global settlement to continue into 2023. 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 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

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTSFCX 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 third quarters and first nine months of 2022 and 2021 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,091	$	2,531	$	7,476		$	6,316
Cathode	1,255		1,463		3,873			4,232
Rod and other refined copper products	755		1,048		2,942			2,565
Purchased coppera	168		124		342			652
Gold	858		741		2,578			1,856
Molybdenum	304		372		1,059			904
Other	174		210		527			666
Adjustments to revenues:
Treatment charges	(132)		(126)		(404)			(324)
Royalty expenseb	(83)		(97)		(289)			(242)
PT-FI export duties	(81)		(72)		(263)		c	(145)
Revenues from contracts with customers	5,309		6,194		17,841			16,480
Embedded derivativesd	(306)		(111)		(819)			201
Total consolidated revenues	$	5,003	$	6,083	$	17,022		$	16,681

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

d.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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings per Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income	$	560	$	1,723	$	3,502	$	4,007
Net income attributable to noncontrolling interests	(156)		(324)		(731)		(807)

Undistributed dividends and earnings allocated to participating securities	(5)		(4)		(6)		(6)







Net income attributable to common stockholders	$	399	$	1,395	$	2,765	$	3,194


Basic weighted-average shares of common stock outstanding	1,431		1,469		1,444		1,466
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		15		11		15
Diluted weighted-average shares of common stock outstanding	1,439		1,484		1,455		1,481




Basic net income per share attributable to common stockholders	$	0.28	$	0.95	$	1.91	$	2.18



Diluted net income per share attributable to common stockholders	$	0.28	$	0.94	$	1.90	$	2.16

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

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	September 30, 2022		December 31, 2021
Current inventories:
Total materials and supplies, neta	$	1,873	$	1,669

Mill stockpiles	$	202	$	193
Leach stockpiles	1,167		977
Total current mill and leach stockpiles	$	1,369	$	1,170

Raw materials (primarily concentrate)	$	353	$	536
Work-in-process	204		195
Finished goods	1,020		927
Total product	$	1,577	$	1,658

Long-term inventories:
Mill stockpiles	$	203	$	226
Leach stockpiles	991		1,161
Total long-term mill and leach stockpilesb	$	1,194	$	1,387

a.Materials and supplies inventory was net of obsolescence reserves totaling $41 million at September 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 $25 million in third-quarter 2022, primarily associated with net realizable value (NRV) adjustments related to lower market prices for copper and higher costs associated with revised estimated recoverable copper at El Abra discussed below. Metal inventory adjustments totaled $43 million for the first nine months of 2022, including $33 million associated with NRV adjustments related to lower market prices for copper and $10 million for stockpile write-offs at Cerro Verde. FCX recorded charges for metals inventory adjustments totaling $15 million for the first nine months of 2021, primarily related to a leach stockpile adjustment. Refer to Note 9 for metals inventory adjustments by business segment.

El Abra Stockpile Adjustment. 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.

In second-quarter 2022, FCX’s El Abra mine 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 FCX’s consolidated site production and delivery costs for the 2022 periods.

Debt and Equity (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	September 30, 2022		December 31, 2021



Senior notes and debentures:
Issued by FCX	$	7,301	$	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	58		70
Total debt	10,690		9,450
Less current portion of debt	(1,032)		(372)
Long-term debt	$	9,658	$	9,078

Schedule of Extinguishment of Debt

A summary of these debt extinguishments for the first nine months of 2022, follows (in millions):



	Principal Amount		Discounts/Deferred Issuance Costs		Book Value		Redemption Value		Gain

5.00% Senior Notes due 2027	$	103	$	1	$	102	$	102	$	—
4.125% Senior Notes due 2028	133		1		132		126		6
4.375% Senior Notes due 2028	166		2		164		158		6
5.25% Senior Notes due 2029	97		2		95		93		2
4.25% Senior Notes due 2030	76		1		75		71		4
4.625% Senior Notes due 2030	229		2		227		215		12
5.40% Senior Notes due 2034	20		—		20		20		—
5.450% Senior Notes due 2043	160		2		158		150		8
	$	984	$	11	$	973	$	935	$	38

Financial Instruments (Tables)

9 Months Ended

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	17	$	(20)	$	(61)	$	(28)
Hedged item – firm sales commitments	(17)		20		61		28

Realized (losses) gains:
Matured derivative financial instruments	(50)		5		(48)		57

Schedule of Derivative Instruments

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


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	829	$	3.68	$	3.45	March 2023
Gold (thousands of ounces)	281	1,725		1,679		January 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	153	3.77		3.47		December 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Embedded derivatives in provisional sales contracts:a
Copper	$	(272)	$	(102)	$	(774)	$	223
Gold and other metals	(34)		(9)		(45)		(22)
Copper forward contractsb	5		1		31		(12)

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):


	September 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	68		64
Copper forward contracts	—		1
Total derivative assets	$	68	$	77

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	49	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	222		27


Copper forward contracts	1		1
Total derivative liabilities	$	272	$	28

Offsetting Assets

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


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

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	68	$	64	$	222	$	27

Copper derivatives	—		13		50		1
	68		77		272		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	6		3		6		3

Copper derivatives	—		1		—		1
	6		4		6		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	62		61		216		24

Copper derivatives	—		12		50		—
	$	62	$	73	$	266	$	24

Balance sheet classification:
Trade accounts receivable	$	29	$	51	$	94	$	14
Other current assets	—		12		—		—


Accounts payable and accrued liabilities	33		10		169		10
Other liabilities	—		—		3		—
	$	62	$	73	$	266	$	24

Offsetting Liabilities

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


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

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	68	$	64	$	222	$	27

Copper derivatives	—		13		50		1
	68		77		272		28

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	6		3		6		3

Copper derivatives	—		1		—		1
	6		4		6		4

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	62		61		216		24

Copper derivatives	—		12		50		—
	$	62	$	73	$	266	$	24

Balance sheet classification:
Trade accounts receivable	$	29	$	51	$	94	$	14
Other current assets	—		12		—		—


Accounts payable and accrued liabilities	33		10		169		10
Other liabilities	—		—		3		—
	$	62	$	73	$	266	$	24

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

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


	September 30, 2022		December 31, 2021
Balance sheet components:
Cash and cash equivalentsa	$	8,578	$	8,068
Restricted cash and cash equivalents included in:
Other current assets	112		114
Other assets	134		132
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	8,824	$	8,314

a.Includes time deposits of $0.4 billion at September 30, 2022, and $0.2 billion at 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 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):


	Nine Months Ended
	September 30,
	2022			2021
U.S. operations	$	(5)		$	(7)
International operations	(1,705)		a	(1,667)		b
Total	$	(1,710)		$	(1,674)

a.Includes a tax credit of $31 million ($16 million net of noncontrolling interest), primarily associated with completion of Cerro Verde’s 2016 tax audit.

b.Includes net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI) net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs, partly offset by a tax charge of $10 million associated with the audit of PT Freeport Indonesia’s (PT-FI) 2019 tax returns.

Fair Value Measurement (Tables)

9 Months Ended

Sep. 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, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions):


	At September 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	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	30		30		25		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	55		55		55		—		—		—
Government bonds and notes	35		35		—		—		35		—
Corporate bonds	33		33		—		—		33		—
Government mortgage-backed securities	27		27		—		—		27		—
Asset-backed securities	17		17		—		—		17		—
Money market funds	8		8		—		8		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	178		178		55		8		115		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset position	68		68		—		—		68		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	71		60		—		—		—		60



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	222		222		—		—		222		—


Copper futures and swap contracts	49		49		—		42		7		—
Copper forward contracts	1		1		—		1		—		—


Total	272		272		—		43		229		—




Long-term debt, including current portiond	10,690		9,578		—		—		9,578		—


	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 $112 million at September 30, 2022, and $114 million at December 31, 2021, and (ii) other assets of $134 million at September 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 nine 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	(2)
Settlements	(19)
Fair value at September 30, 2022	$	60

Business Segments (Tables)

9 Months Ended

Sep. 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 third quarters and first nine months of 2022 and 2021 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,091	$	2,531	$	7,476		$	6,316
Cathode	1,255		1,463		3,873			4,232
Rod and other refined copper products	755		1,048		2,942			2,565
Purchased coppera	168		124		342			652
Gold	858		741		2,578			1,856
Molybdenum	304		372		1,059			904
Other	174		210		527			666
Adjustments to revenues:
Treatment charges	(132)		(126)		(404)			(324)
Royalty expenseb	(83)		(97)		(289)			(242)
PT-FI export duties	(81)		(72)		(263)		c	(145)
Revenues from contracts with customers	5,309		6,194		17,841			16,480
Embedded derivativesd	(306)		(111)		(819)			201
Total consolidated revenues	$	5,003	$	6,083	$	17,022		$	16,681

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

d.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 September 30, 2022
Revenues:
Unaffiliated customers	$	18	$	74	$	92	$	666	$	215	$	881	$	1,726	a	$	—	$	1,436	$	604		$	264	b	$	5,003
Intersegment	551		805		1,356		83		—		83		72			127		7		5			(1,650)			—
Production and delivery	408		736		1,144		579		221		800		663			94		1,450		604			(1,389)			3,366
Depreciation, depletion and amortization	44		56		100		84		14		98		265			18		1		8			18			508

Metals inventory adjustments	2		1		3		2		20		22		—			—		—		—			—			25
Selling, general and administrative expenses	—		1		1		2		—		2		26			—		—		6			63			98
Mining exploration and research expenses	—		—		—		—		—		—		—			—		—		—			38			38
Environmental obligations and shutdown costs	—		1		1		—		—		—		—			—		—		—			5			6

Operating income (loss)	115		84		199		82		(40)		42		844			15		(8)		(9)			(121)			962

Interest expense, net	—		1		1		5		—		5		15			—		—		4			115			140
Provision for (benefit from) income taxes	—		—		—		3		(18)		(15)		343			—		—		—			(13)			315
Total assets at September 30, 2022	2,996		5,456		8,452		8,390		1,826		10,216		20,496			1,701		216		1,082			7,764			49,927
Capital expenditures	71		83		154		41		38		79		389			7		2		17			188		c	836

Three Months Ended September 30, 2021
Revenues:
Unaffiliated customers	$	16	$	64	$	80	$	979	$	149	$	1,128	$	1,961	a	$	—	$	1,697	$	783		$	434	b	$	6,083
Intersegment	711		1,020		1,731		95		—		95		81			151		7		—			(2,065)			—
Production and delivery	312		592		904		533		97		630		569			70		1,701		765			(1,630)			3,009
Depreciation, depletion and amortization	40		54		94		101		10		111		280			19		1		7			16			528

Metals inventory adjustments	13		—		13		—		—		—		—			—		—		—			1			14
Selling, general and administrative expenses	—		1		1		2		—		2		28			—		—		5			66			102
Mining exploration and research expenses	—		1		1		—		—		—		—			—		—		—			14			15
Environmental obligations and shutdown costs	(1)		(1)		(2)		—		—		—		—			—		—		—			15			13
Net gain on sales of assets	—		—		—		—		—		—		—			—		—		—			(60)		d	(60)
Operating income (loss)	363		437		800		438		42		480		1,165			62		2		6			(53)			2,462

Interest expense, net	—		1		1		6		—		6		1			—		—		1			129			138
Provision for (benefit from) income taxes	—		—		—		197		24		221		382		e	—		—		(1)			26			628
Total assets at September 30, 2021	2,586		5,244		7,830		8,554		1,843		10,397		18,592			1,726		278		1,067			7,027			46,917
Capital expenditures	42		74		116		41		6		47		328			1		1		5			43		c	541

a.Includes PT-FI's sales to PT Smelting totaling $572 million in third-quarter 2022 and $795 million in third-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 capital expenditures for the greenfield smelter and precious metals refinery (collectively, the Indonesia smelter projects).

d.Represents the gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland (Freeport Cobalt).

e.Includes net tax benefits of $69 million associated with the release of a portion of the valuation allowances recorded against PT RTI NOLs.


(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
Nine Months Ended September 30, 2022
Revenues:
Unaffiliated customers	$	125	$	159	$	284	$	2,474		$	555	$	3,029	$	5,972	a	$	—	$	4,932	$	1,755		$	1,050	b	$	17,022
Intersegment	1,992		2,978		4,970		325			—		325		208			399		24		5			(5,931)			—
Production and delivery	1,168		2,111		3,279		1,702			510		2,212		1,853			249		4,969		1,789		c	(4,832)			9,519
Depreciation, depletion and amortization	132		175		307		262			35		297		775			52		3		20			50			1,504
Metals inventory adjustments	2		8		10		11			22		33		—			—		—		—			—			43
Selling, general and administrative expenses	1		2		3		6			—		6		83			—		—		19			202			313
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			86			87
Environmental obligations and shutdown costs	(13)		1		(12)		—			—		—		—			—		—		—			63			51

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	827		839		1,666		818			(12)		806		3,469			98		(16)		(68)			(448)			5,507

Interest expense, net	—		1		1		12			—		12		30			—		—		8			372			423
Provision for (benefit from) income taxes	—		—		—		298			(11)		287		1,363			—		—		—			60			1,710

Capital expenditures	207		223		430		109			94		203		1,148			16		6		60			559		d	2,422

Nine Months Ended September 30, 2021
Revenues:
Unaffiliated customers	$	77	$	147	$	224	$	2,721		$	512	$	3,233	$	5,097	a	$	—	$	4,695	$	2,264		$	1,168	b	$	16,681
Intersegment	1,996		2,783		4,779		260			—		260		189			310		20		—			(5,558)			—
Production and delivery	932		1,646		2,578		1,463		e	306		1,769		1,552			183		4,708		2,213			(4,141)		c	8,862
Depreciation, depletion and amortization	114		161		275		272			34		306		726			51		3		22			47			1,430

Metals inventory adjustments	13		—		13		—			—		—		—			1		—		—			1			15
Selling, general and administrative expenses	1		2		3		6			—		6		81			—		—		17			182			289
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			35			36
Environmental obligations and shutdown costs	—		(1)		(1)		—			—		—		—			—		—		—			52			51

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(63)		f	(63)
Operating income (loss)	1,013		1,121		2,134		1,240			172		1,412		2,927			75		4		12			(503)			6,061

Interest expense, net	—		1		1		31			—		31		8			—		—		4			387			431
Provision for (benefit from) income taxes	—		—		—		515			62		577		1,101		g	—		—		(1)			(3)			1,674

Capital expenditures	74		137		211		84			10		94		904			4		2		18			111		d	1,344

a.Includes PT-FI's sales to PT Smelting totaling $2.3 billion for both the first nine months of 2022 and 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 $41 million at Atlantic Copper in 2022 and $87 million at the Miami smelter in 2021.

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

e.Includes nonrecurring charges totaling $74 million associated with labor-related costs at Cerro Verde.

f.Includes a $60 million gain on the sale of Freeport Cobalt.

g.Includes net tax benefits of $69 million associated with the release of the valuation allowances recorded against PT RTI NOLs.

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 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 560	$ 1,723	$ 3,502	$ 4,007
Net income attributable to noncontrolling interests	(156)	(324)	(731)	(807)
Undistributed dividends and earnings allocated to participating securities	(5)	(4)	(6)	(6)
Net income attributable to common stockholders	$ 399	$ 1,395	$ 2,765	$ 3,194
Basic weighted-average shares of common stock outstanding	1,431	1,469	1,444	1,466
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8	15	11	15
Diluted weighted-average shares of common stock outstanding	1,439	1,484	1,455	1,481
Earnings per share, basic (in dollars per share)	$ 0.28	$ 0.95	$ 1.91	$ 2.18
Earnings per share, diluted (in dollars per share)	$ 0.28	$ 0.94	$ 1.90	$ 2.16
Dilutive Securities Excluded from Computation of EPS Amount	3	4	1	6

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current inventories:
Total materials and supplies, net	$ 1,873	$ 1,669
Mill stockpiles	202	193
Leach stockpiles	1,167	977
Total current mill and leach stockpiles	1,369	1,170
Raw materials (primarily concentrate)	353	536
Work-in-process	204	195
Finished goods	1,020	927
Total product	1,577	1,658
Long-term inventories:
Mill stockpiles	203	226
Leach stockpiles	991	1,161
Total long-term mill and leach stockpiles	1,194	1,387
Inventory obsolescence reserves	$ 41	$ 36

Inventories, Including Long-Term Mill and Leach Stockpiles - Additional Information (Details) lb in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Apr. 01, 2022 lb	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Inventory [Line Items]
Metals inventory adjustments		$ 25	$ 14	$ 43	$ 15
Decrease in recoverable copper in leach stockpiles \| lb	135
Cerro Verde
Inventory [Line Items]
Metals inventory adjustments				10
Copper
Inventory [Line Items]
Metals inventory adjustments				$ (33)

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 10,690	$ 9,450
Less current portion of debt	(1,032)	(372)
Long-term debt, less current portion	9,658	9,078
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	7,301	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	$ 58	$ 70

Debt and Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended			3 Months Ended		9 Months Ended		11 Months Ended
	Sep. 21, 2022	Oct. 31, 2022	May 31, 2022	Apr. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Nov. 04, 2022	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt					$ 10,690		$ 10,690		$ 10,690				$ 9,450
Repayments of debt							4,073	$ 672
Net gain on early extinguishment of debt					(20)	$ 0	(28)	0
Interest costs					182	$ 157	$ 524	$ 482
Stock repurchase program, authorized amount											$ 5,000	$ 3,000
Treasury stock purchases (in shares)							35.1		47.9
Shares repurchased							$ 1,300		$ 1,800
Cost per share repurchased (in dollars per share)							$ 38.36		$ 38.35
Remaining authorized shares repurchase amount					$ 3,200		$ 3,200		$ 3,200
Dividends declared per share of common stock (in dollars per share)	$ 0.15				$ 0.15	$ 0.075	$ 0.45	$ 0.225
Base cash dividend (in dollars per share)	0.075
Variable cash dividend (in dollars per share)	$ 0.075
Unsecured Credit Facility \| PT-FI
Debt Instrument [Line Items]
Letter of credit					$ 0		$ 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		0
Line of credit facility, maximum borrowing capacity			$ 350
Debt instrument, term			5 years
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized					42	$ 19	101	$ 51
Line of Credit \| Cerro Verde
Debt Instrument [Line Items]
Long-term debt					0		0		0				325
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit					8		8		8
Line of Credit \| Letter of Credit \| Subsequent event
Debt Instrument [Line Items]
Revolving credit facility, availability		$ 1,500
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt					0		0		0
Line of Credit \| Revolving Credit Facility \| October 2022 Unsecured Revolving Credit Facility \| Subsequent event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000
Debt instrument, term		5 years
Line of Credit \| Revolving Credit Facility \| PT-FI \| October 2022 Unsecured Revolving Credit Facility \| Subsequent event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500
Senior Notes
Debt Instrument [Line Items]
Principal Amount					984		984		984
Net gain on early extinguishment of debt					(20)		(38)
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Principal Amount										$ 78
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt					$ 2,976		$ 2,976		$ 2,976				$ 0
Principal Amount				3,000
Repayments of debt				600
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 04, 2022
Debt Instrument [Line Items]
Gain	$ 20	$ 0	$ 28	$ 0
Senior Notes
Debt Instrument [Line Items]
Principal Amount	984		984
Discounts/Deferred Issuance Costs	11		11
Book Value			973
Redemption Value	935		935
Gain	20		38
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Principal Amount					$ 78
Redemption Value					$ 72
5.00% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	103		103
Discounts/Deferred Issuance Costs	1		1
Book Value			102
Redemption Value	102		102
Gain			0
4.125% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	133		133
Discounts/Deferred Issuance Costs	1		1
Book Value			132
Redemption Value	126		126
Gain			6
4.375% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	166		166
Discounts/Deferred Issuance Costs	2		2
Book Value			164
Redemption Value	158		158
Gain			6
5.25% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	97		97
Discounts/Deferred Issuance Costs	2		2
Book Value			95
Redemption Value	93		93
Gain			2
4.25% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	76		76
Discounts/Deferred Issuance Costs	1		1
Book Value			75
Redemption Value	71		71
Gain			4
4.625% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	229		229
Discounts/Deferred Issuance Costs	2		2
Book Value			227
Redemption Value	215		215
Gain			12
5.40% Senior Notes due 2034 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	20		20
Discounts/Deferred Issuance Costs	0		0
Book Value			20
Redemption Value	20		20
Gain			0
5.450% Senior Notes due 2043 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	160		160
Discounts/Deferred Issuance Costs	2		2
Book Value			158
Redemption Value	$ 150		150
Gain			$ 8

Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2022 lb oz $ / oz $ / lb $ / lb	Sep. 30, 2022 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2021 USD ($)
Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (306)	$ (111)	$ (819)	$ 201
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		17	(20)	(61)	(28)
Hedged item – firm sales commitments		(17)	20	61	28
Realized gains (losses):
Matured derivative financial instruments		$ (50)	5	$ (48)	57
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	96
Derivative, Average Forward Price \| $ / lb	3.93	3.93		3.93
Copper Forward Contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	10
Derivative, Average Forward Price \| $ / lb	3.51	3.51		3.51
Copper Forward Contracts \| Not Designated as Hedging Instrument \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ 5	1	$ 31	(12)
Copper \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (272)	(102)	$ (774)	223
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	829
Derivative, Average Forward Price \| $ / lb	3.68	3.68		3.68
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.45	3.45		3.45
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	153
Derivative, Average Forward Price \| $ / lb	3.77	3.77		3.77
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.47	3.47		3.47
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	281
Derivative, Average Forward Price \| $ / oz	1,725	1,725		1,725
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,679	1,679		1,679
gold and other \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (34)	$ (9)	$ (45)	$ (22)

Financial Instruments - Unsettled Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) lb oz $ / oz $ / lb $ / lb	Sep. 30, 2022 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / oz $ / lb $ / lb	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 68	$ 68		$ 68		$ 77
Derivative Liability, Fair Value, Gross Liability	272	272		272		28
Derivative Asset, Fair Value, Gross Liability	6	6		6		4
Derivative Liability, Fair Value, Gross Asset	6	6		6		4
Derivative Asset	62	62		62		73
Derivative Liability	266	266		266		24
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	29	29		29		51
Derivative Liability	94	94		94		14
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	33	33		33		10
Derivative Liability	169	169		169		10
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0		0		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		(50)	$ 5	(48)	$ 57
Derivative Asset, Fair Value, Gross Asset	0	0		0		13
Derivative Liability, Fair Value, Gross Liability	50	50		50		1
Derivative Asset, Fair Value, Gross Liability	0	0		0		1
Derivative Liability, Fair Value, Gross Asset	0	0		0		1
Derivative Asset	0	0		0		12
Derivative Liability	50	50		50		0
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	68	68		68		64
Derivative Liability, Fair Value, Gross Liability	222	222		222		27
Derivative Asset, Fair Value, Gross Liability	6	6		6		3
Derivative Liability, Fair Value, Gross Asset	6	6		6		3
Derivative Asset	62	62		62		61
Derivative Liability	216	216		216		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	96
Derivative, Average Forward Price \| $ / lb	3.93	3.93		3.93
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 68	$ 68		$ 68		64
Derivative Liability, Fair Value, Gross Liability	$ 222	$ 222		$ 222		27
Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	10
Derivative, Average Forward Price \| $ / lb	3.51	3.51		3.51
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	$ 49	$ 49		$ 49		0
Commodity Contract \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0		0		1
Derivative Liability, Fair Value, Gross Liability	$ 1	$ 1		$ 1		$ 1
Copper \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.45	3.45		3.45
Derivative, Nonmonetary Notional Amount, Mass \| lb	829
Derivative, Average Forward Price \| $ / lb	3.68	3.68		3.68
Copper \| Long [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.47	3.47		3.47
Derivative, Nonmonetary Notional Amount, Mass \| lb	153
Derivative, Average Forward Price \| $ / lb	3.77	3.77		3.77
Gold \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,679	1,679		1,679
Derivative, Nonmonetary Notional Amount, Mass \| oz	281
Derivative, Average Forward Price \| $ / oz	1,725	1,725		1,725
Sales \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (306)	(111)	$ (819)	201
Sales \| Copper \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(272)	(102)	(774)	223
Sales \| gold and other \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		(34)	(9)	(45)	(22)
Cost of Sales [Member] \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ 5	$ 1	$ 31	$ (12)

Financial Instruments - Derivative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 8,578	$ 8,068
Restricted Cash and Cash Equivalents, Current	112	114
Restricted Cash and Cash Equivalents, Noncurrent	134	132
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	8,824	8,314	$ 7,919	$ 3,903
Credit Derivative, Maximum Exposure, Undiscounted	68
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 400	$ 200

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
U.S. operations			$ (5)	$ (7)
International operations			(1,705)	(1,667)
Total	$ (315)	$ (628)	(1,710)	(1,674)
Foreign Tax Authority [Member]
Income Tax Disclosure [Abstract]
Net income tax expense (benefit)			(31)	83
Change in valuation allowance		69		69
Tax charge (credit) resulting from prior period tax positions				24
Tax settlement				10
Noncontrolling Interest [Line Items]
Net income tax expense (benefit)			31	(83)
Change in valuation allowance		$ (69)		(69)
Tax settlement				10
Tax charge (credit) resulting from prior period tax positions				(24)
Foreign Tax Authority [Member] \| Net Income Attributable to Common Stock
Income Tax Disclosure [Abstract]
Net income tax expense (benefit)			(16)	66
Noncontrolling Interest [Line Items]
Net income tax expense (benefit)			$ 16	$ (66)

Income Taxes - Additional Information (Details)	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	33.00%	29.00%

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investment securities (current and long-term):
Marketable Securities	$ 0
Other Assets, Current	647	$ 523
Other assets	1,546	1,460
Derivatives:
Derivative Asset	62	73
Derivatives: [Abstract]
Derivative Liability	266	24
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	25	29
Trust Assets Fair Value Disclosure	55	64
Derivatives:
Derivative Asset		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		10
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	43	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	115	137
Derivatives:
Derivative Asset		67
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	229	27
Long-term debt, including current portion	9,578	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
Discontinued Operation, Contingent Receivable	60	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	30	79
Trust Assets Fair Value Disclosure	178	209
Derivatives:
Derivative Asset		77
Discontinued Operation, Contingent Receivable	60	81
Derivatives: [Abstract]
Derivative Liability	272	28
Long-term debt, including current portion	9,578	10,630
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	30	79
Trust Assets Fair Value Disclosure	178	209
Derivatives:
Derivative Asset		77
Discontinued Operation, Contingent Receivable	71	90
Derivatives: [Abstract]
Derivative Liability	272	28
Long-term debt, including current portion	10,690	9,450
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	62	61
Derivatives: [Abstract]
Derivative Liability	216	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	68	64
Derivatives: [Abstract]
Derivative Liability	222	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	68	64
Derivatives: [Abstract]
Derivative Liability	222	27
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	68	64
Derivatives: [Abstract]
Derivative Liability	222	27
Forward Contracts \| Level 1
Derivatives:
Derivative Asset		1
Forward Contracts \| Level 2
Derivatives:
Derivative Asset		0
Forward Contracts \| Level 3
Derivatives:
Derivative Asset		0
Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		1
Forward Contracts \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		1
Commodity Contract
Derivatives:
Derivative Asset	0	12
Derivatives: [Abstract]
Derivative Liability	50	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	1	1
Commodity Contract \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	42
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		3
Commodity Contract \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	7
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	1	1
Commodity Contract \| Estimate of Fair Value Measurement \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	49
Commodity Contract \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		12
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	1
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	49
U.S. core fixed income fund \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	25	29
Trust Assets Fair Value Disclosure	55	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	25	29
Trust Assets Fair Value Disclosure	55	64
U.S. core fixed income fund \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	25	29
Trust Assets Fair Value Disclosure	55	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	35	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	35	53
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	35	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	33	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	33	45
Corporate bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	33	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	27	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	27	20
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	27	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	17	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	17	18
Asset-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	17	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	112	114
Other assets	$ 134	132
Fair Value, Recurring [Member] \| Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		$ 0

Fair Value Measurement - Unobservable inputs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 647	$ 523
Other Assets, Noncurrent	1,546	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	(2)
Settlements	(19)
Fair value at September 30, 2022	60
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	$ 51	$ 70

Contingencies and Commitments - Asset Retirement Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Frequency of closure costs updates	6 years
Frequency of financial assurance mechanism updates	2 years
Morenci
Other Commitments [Line Items]
Increase in ARO liability and asset retirement cost asset	$ 117
Bagdad
Other Commitments [Line Items]
Increase in ARO liability and asset retirement cost asset	$ 65

Contingencies and Commitments - Litigation (Details) - Settled litigation $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) litigation
FCX affiliates
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	13
Louisiana Parishes Coastal Erosion Cases
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	42
Louisiana Parishes Coastal Erosion Cases \| FCX affiliates
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	13
Charges for Cerro Verde royalty dispute \| $	$ 15
Litigation settlement, agreed to pay, initial payment \| $	$ 15

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	Jun. 30, 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		9 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Revenue from External Customer [Line Items]
Treatment charges	$ (132)	$ (126)	$ (404)	$ (324)
Royalty expense	(83)	(97)	(289)	(242)
PT-FI export duties	(81)	(72)	(263)	(145)
Revenues from contracts with customers	5,309	6,194	17,841	16,480
Revenues	5,003	6,083	$ 17,022	16,681
Number of Operating Segments \| segment			4
Indonesia \| Disputes
Revenue from External Customer [Line Items]
PT-FI export duties			$ (18)
Sales \| Not Designated as Hedging Instrument
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(306)	(111)	(819)	201
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue	2,091	2,531	7,476	6,316
Copper Cathode
Revenue from External Customer [Line Items]
Revenue	1,255	1,463	3,873	4,232
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue	755	1,048	2,942	2,565
Purchased Copper
Revenue from External Customer [Line Items]
Revenue	168	124	342	652
Gold
Revenue from External Customer [Line Items]
Revenue	858	741	2,578	1,856
Molybdenum
Revenue from External Customer [Line Items]
Revenue	304	372	1,059	904
Other Products Or Services
Revenue from External Customer [Line Items]
Revenue	$ 174	$ 210	$ 527	$ 666

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2022

USD ($)

segment

Sep. 30, 2021

USD ($)

Dec. 31, 2021

USD ($)

Segment Reporting Information [Line Items]

Number of Operating Segments | segment

4

Revenues

$ 5,003

$ 6,083

$ 17,022

$ 16,681

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

(3,366)

(3,009)

(9,519)

(8,862)

Cost, Depreciation, Amortization and Depletion

508

528

1,504

1,430

Metals inventory adjustments

25

14

43

15

Selling, general and administrative expenses

(98)

(102)

(313)

(289)

Mining exploration and research expenses

38

15

87

36

Environmental obligations and shutdown costs

6

13

51

Net gain on sales of assets

0

(60)

(2)

(63)

Operating income

962

2,462

5,507

6,061

Interest expense, net

140

138

423

431

Provision for (benefit from) income taxes

315

628

1,710

1,674

Total assets

49,927

46,917

49,927

46,917

$ 48,022

Capital expenditures

836

541

$ 2,422

1,344

Business Segments

BUSINESS SEGMENTSFCX 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 third quarters and first nine months of 2022 and 2021 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022			2021
Copper:
Concentrate	$	2,091	$	2,531	$	7,476		$	6,316
Cathode	1,255		1,463		3,873			4,232
Rod and other refined copper products	755		1,048		2,942			2,565
Purchased coppera	168		124		342			652
Gold	858		741		2,578			1,856
Molybdenum	304		372		1,059			904
Other	174		210		527			666
Adjustments to revenues:
Treatment charges	(132)		(126)		(404)			(324)
Royalty expenseb	(83)		(97)		(289)			(242)
PT-FI export duties	(81)		(72)		(263)		c	(145)
Revenues from contracts with customers	5,309		6,194		17,841			16,480
Embedded derivativesd	(306)		(111)		(819)			201
Total consolidated revenues	$	5,003	$	6,083	$	17,022		$	16,681