
Portions of the registrant’s proxy statement for its 2025 annual meeting of stockholders are incorporated by reference into Part III of this report.

Entity Central Index Key

0000831259

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

FY

Amendment Flag

false

ICFR Auditor Attestation Flag

true

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 25,455	$ 22,855	$ 22,780
Cost of sales:
Production and delivery	15,554	13,627	13,070
Depreciation, depletion and amortization	2,241	2,068	2,019
Total cost of sales	17,795	15,695	15,089
Selling, general and administrative expenses	513	479	420
Exploration Expense	156	137	115
Environmental obligations and shutdown costs	127	319	121
Net gain on sales of assets	0	0	(2)
Total costs and expenses	18,591	16,630	15,743
Operating income	6,864	6,225	7,037
Interest expense, net	(319)	(515)	(560)
Net gain on early extinguishment of debt	0	10	31
Other income, net	362	286	207
Income before income taxes and equity in affiliated companies’ net earnings	6,907	6,006	6,715
Provision for (benefit from) income taxes	(2,523)	(2,270)	(2,267)
Equity in affiliated companies’ net earnings	15	15	31
Net income	4,399	3,751	4,479
Net income attributable to noncontrolling interests	(2,510)	(1,903)	(1,011)
Net income attributable to common stockholders	$ 1,889	$ 1,848	$ 3,468
Net income per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.31	$ 1.28	$ 2.40
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.30	$ 1.28	$ 2.39
Weighted-average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	1,438	1,434	1,441
Weighted Average Number of Shares Outstanding, Diluted	1,445	1,443	1,451
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 4,399	$ 3,751	$ 4,479
Defined benefit plans:
Actuarial (losses) gains arising during the period, net of taxes	(44)	39	62
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	0	1
Amortization of unrecognized amounts included in net periodic benefit costs	3	5	8
Foreign exchange losses	(1)	0	(1)
Other comprehensive (loss) income	(42)	44	68
Total comprehensive income	4,357	3,795	4,547
Total comprehensive income attributable to noncontrolling interests	(2,508)	(1,901)	(1,011)
Total comprehensive income attributable to common stockholders	$ 1,849	$ 1,894	$ 3,536

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities:
Net income	$ 4,399	$ 3,751	$ 4,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,241	2,068	2,019
Net charges for environmental and asset retirement obligations, including accretion	622	295	369
Payments for environmental and asset retirement obligations	234	250	274
Stock-based compensation	109	109	95
Net charges for defined pension and postretirement plans	35	62	45
Pension plan contributions	(78)	(75)	(54)
Net gain on early extinguishment of debt	0	(10)	(31)
Deferred income taxes	(76)	182	36
Changes in deferred profit on PT Freeport Indonesia’s sales to PT Smelting	0	(112)	(14)
Charges for social investment programs at PT Freeport Indonesia	103	84	84
Payments for social investment programs at PT Freeport Indonesia	(54)	(44)	(11)
Impairment of oil and gas properties	69	67	0
Other, net	53	(33)	(3)
Changes in working capital and other:
Accounts receivable	460	166	56
Inventories	(638)	(873)	(573)
Other current assets	(41)	(29)	(12)
Accounts payable and accrued liabilities	143	(161)	(73)
Accrued income taxes and timing of other tax payments	47	17	(999)
Net cash provided by (used in) operating activities	7,160	5,279	5,139
Cash flow from investing activities:
Capital expenditures	(4,808)	(4,824)	(3,469)
Proceeds from sales of assets
Proceeds from sales of assets	19	27	108
Acquisition of additional ownership interest in Cerro Verde	(210)	0	0
Loans to PT Smelting for expansion	(28)	(129)	(65)
Other, net	(1)	(30)	(14)
Net cash provided by (used in) investing activities	(5,028)	(4,956)	(3,440)
Cash flow from financing activities:
Proceeds from debt	2,251	1,781	5,735
Repayments of debt	(2,731)	(2,980)	(4,515)
Finance lease payments	(41)	(3)	(7)
Cash dividends and distributions paid:
Common stock	(865)	(863)	(866)
Noncontrolling interests	(1,833)	(625)	(840)
Treasury stock purchases	(59)	0	(1,347)
Contributions from noncontrolling interests	0	50	189
Proceeds from exercised stock options	29	47	125
Payments for withholding of employee taxes related to stock-based awards	(35)	(50)	(55)
Other, net	0	(7)	(42)
Net cash used in financing activities	(3,284)	(2,650)	(1,623)
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(1,152)	(2,327)	76
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,911	6,063	8,390
North America copper mines
Cash flow from investing activities:
Capital expenditures	(1,033)	(761)	(597)
South America operations
Cash flow from investing activities:
Capital expenditures	(375)	(368)	(304)
Indonesia operations
Cash flow from investing activities:
Capital expenditures	(2,908)	(3,411)	(2,381)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(117)	(84)	(33)
Other
Cash flow from investing activities:
Capital expenditures	(375)	(200)	(154)
Asbestos Contamination in Talc-Based Personal Care Products
Adjustments to reconcile net income to net cash provided by operating activities:
Talc-related litigation charges	$ 0	$ 65	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,923	$ 4,758
Restricted cash and cash equivalents	888	1,208
Trade accounts receivable	578	1,209
Value added and other tax receivables	564	455
Inventories:
Total materials and supplies, net	2,382	2,169
Mill and leach stockpiles	1,388	1,419
Product	3,038	2,472
Other current assets	535	375
Total current assets	13,296	14,065
Property, plant, equipment and mine development costs, net	38,514	35,295
Long-term mill and leach stockpiles	1,225	1,336
Other assets	1,813	1,810
Total assets	54,848	52,506
Current liabilities:
Accounts payable and accrued liabilities	4,057	3,729
Accrued income taxes	859	786
Current portion of environmental and asset retirement obligations	320	316
Dividends payable	219	218
Current portion of debt	41	766
Total current liabilities	5,496	5,815
Long-term debt, less current portion	8,907	8,656
Environmental and asset retirement obligations, less current portion	5,404	4,624
Deferred income taxes	4,376	4,453
Other liabilities	1,887	1,648
Total liabilities	26,070	25,196
Stockholders’ equity:
Common stock, par value $0.10, 1,624 shares and 1,619 shares issued, respectively	162	162
Capital in excess of par value	23,797	24,637
Accumulated deficit	(170)	(2,059)
Accumulated other comprehensive loss	(314)	(274)
Common stock held in treasury – 187 shares and 184 shares, respectively, at cost	(5,894)	(5,773)
Total stockholders’ equity	17,581	16,693
Noncontrolling interests	11,197	10,617
Total equity	28,778	27,310
Total liabilities and equity	$ 54,848	$ 52,506

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,624	1,619
Share repurchased (in shares)	187	184

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumu- lated Other Compre-hensive Loss	Common Stock Held in Treasury	Total Stock- holders’ Equity	Non- controlling Interests
Balance (in shares) at Dec. 31, 2021		1,603				146
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)		10
Exercised and issued stock-based awards	132	$ 1	131				132
Stock-based compensation, including tax benefit and the tender of shares	15		88			$ (62)	26	(11)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						2
Treasury stock purchases	(1,347)					$ (1,347)	(1,347)
Treasury stock purchases (in shares)						35
Dividends	(1,684)		(864)				(864)	(820)
Net income attributable to common stockholders	3,468			3,468			3,468
Net income attributable to noncontrolling interests	1,011							1,011
Other comprehensive income	68				68		68	0
Balance (in shares) at Dec. 31, 2022		1,613				183
Balance at Dec. 31, 2022	24,871	$ 161	25,322	(3,907)	(320)	$ (5,701)	15,555	9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	189		92				92	97
Exercised and issued stock-based awards (in shares)		6
Exercised and issued stock-based awards	69	$ 1	68				69
Stock-based compensation, including tax benefit and the tender of shares	14		87			$ (72)	15	(1)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Dividends	(1,489)		(864)				(864)	(625)
Net income attributable to common stockholders	1,848			1,848			1,848
Net income attributable to noncontrolling interests	1,903							1,903
Other comprehensive income	44				46		46	(2)
Balance (in shares) at Dec. 31, 2023		1,619				184
Balance at Dec. 31, 2023	27,310	$ 162	24,637	(2,059)	(274)	$ (5,773)	16,693	10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	50		24				24	26
Exercised and issued stock-based awards (in shares)		5				1
Exercised and issued stock-based awards	56		56				56
Stock-based compensation, including tax benefit and the tender of shares	26		92			$ (62)	30	(4)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Treasury stock purchases	(59)					$ (59)	(59)
Treasury stock purchases (in shares)						1
Acquisition of additional ownership interest in Cerro Verde	(215)		(125)				(125)	(90)
Dividends	(2,699)		(866)				(866)	(1,833)
Changes in noncontrolling interests	2		3				3	(1)
Net income attributable to common stockholders	1,889			1,889			1,889
Net income attributable to noncontrolling interests	2,510							2,510
Other comprehensive income	(42)				(40)		(40)	(2)
Balance (in shares) at Dec. 31, 2024		1,624				187
Balance at Dec. 31, 2024	$ 28,778	$ 162	$ 23,797	$ (170)	$ (314)	$ (5,894)	$ 17,581	$ 11,197

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2024, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary PT Freeport Indonesia (PT-FI) and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCX’s conclusion to consolidate PT-FI.

FMC’s unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PT-FI’s investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts.

Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci and Cerro Verde copper mines, the integrated Indonesia operations (including the Grasberg minerals district and PT-FI’s new smelter and precious metals refinery (PMR) - collectively - PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining (Atlantic Copper, S.L.U. (Atlantic Copper)). Refer to Note 14 for further discussion.

Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include mineral reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations (AROs); estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates.

Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical exchange rates. Gains and losses resulting from translation of such account balances are included in other income, net, as are gains and losses from foreign currency transactions. Foreign currency net gains totaled $17 million in 2024, $20 million in 2023 and $9 million in 2022.

Cash and Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.

Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. FCX’s restricted cash and cash equivalents are primarily related to a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with Indonesia regulations, assurance bonds to support PT-FI’s commitment for smelter development in Indonesia, and guarantees and commitments for certain mine closure obligations. Refer to Notes 10 and 12 for further information.

Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV).

Product. Product inventories represent copper, gold, and molybdenum products in various salable forms that are valued based on the weighted-average cost of source material plus applicable conversion costs at our processing facilities. Product inventories include labor and benefits, supplies, energy, depreciation, depletion, amortization, site overhead costs and other necessary costs associated with the extraction and processing of ore, such as mining, milling, smelting, leaching, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. Product inventories exclude corporate general and administrative costs.

Materials and Supplies, net. Materials and supplies inventory of $2.4 billion at December 31, 2024, and $2.2 billion at December 31, 2023, is net of obsolescence reserves totaling $54 million at December 31, 2024, and $41 million at December 31, 2023.

Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Estimated metals in stockpiles not expected to be recovered within the next 12 months are classified as long-term. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities (i.e., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process (i.e., leach, mill or concentrate leach) regardless of the number of stockpile systems at that site.

Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles.

Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately.

Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 80% depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80% of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years.

Process rates and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Recovery adjustments 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. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper.

Based on an annual review of mill and leach stockpiles, FCX increased its estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 164 million pounds in 2024 and 73 million pounds in 2023. These revised estimates did not have a material impact on the weighted-average cost per pound of recoverable copper or FCX’s consolidated site production and delivery costs in 2024 or 2023.

Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs. Additionally, interest expense allocable to the cost of developing mines and to constructing new facilities is capitalized until assets are ready for their intended use.

Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance (i.e., turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on total estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. Depreciation, depletion and amortization using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment.

Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential.

Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 3 for further discussion.

Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows (i.e., Level 3 measurement).

Deferred Mining Costs. Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.

Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 10 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation.

Environmental obligations assumed in the 2007 acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur.

FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly.

Asset Retirement Obligations. FCX records the fair value of estimated AROs associated with tangible long-lived assets in the period incurred. AROs associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life.

For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition.

For non-operating properties and operating mines whose reclamation-related assets have been fully depreciated, changes to the ARO are recorded in production and delivery costs.

At least annually, FCX reviews its ARO estimates for changes in the projected timing of certain reclamation and closure/restoration costs, changes in cost estimates and additional AROs incurred during the period. Refer to Note 10 for further discussion.

Revenue Recognition. FCX recognizes revenue for its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 12 for further discussion). For provisionally priced sales, 90% to 100% of the provisional invoice amount is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices.

FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 14 for a summary of revenue by product type.

Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment.

The majority of FCX’s molybdenum sales are priced based on the Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment.

Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards (i.e., cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 8 for further discussion.

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 undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the year. 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 for the years ended December 31 follow:


	2024		2023		2022
Net income	$	4,399	$	3,751	$	4,479
Net income attributable to noncontrolling interests	(2,510)		(1,903)		(1,011)

Undistributed dividends and earnings allocated to participating securities	(6)		(6)		(7)






Net income attributable to common stockholders	$	1,883	$	1,842	$	3,461

(shares in millions)
Basic weighted-average shares of common stock outstanding	1,438		1,434		1,441
Add shares issuable upon exercise or vesting of dilutive stock options, PSUs and RSUs	7		9		10


Diluted weighted-average shares of common stock outstanding	1,445		1,443		1,451


Net income per share attributable to common stockholders:
Basic	$	1.31	$	1.28	$	2.40



Diluted	$	1.30	$	1.28	$	2.39

Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the year are excluded from the computation of diluted net income per share of common stock. Excluded shares of common stock associated with outstanding stock options totaled less than 1 million shares in 2024 and 2023 and 1 million shares in 2022.

Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred.

New Accounting Standards. We did not adopt any new accounting standards in 2024 that had a material impact on our consolidated financial statements.

Segment Reporting. In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standards update (ASU) related to segment reporting that requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2024, and subsequent interim consolidated financial statements, and did not materially impact FCX’s segment reporting as presented within Note 14.

Income Taxes. In December 2023, the FASB issued an ASU requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2025.

Disaggregation of Expenses. In November 2024, the FASB issued an ASU requiring entities to provide disaggregated disclosures of specified categories of expenses that are included in relevant line items on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2027, and subsequent interim consolidated financial statements.

Subsequent Events. FCX evaluated events after December 31, 2024, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Ownership In Subsidiaries And Joint Ventures	OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES Ownership in Subsidiaries. FCX owns 100% of FMC. FMC produces copper and molybdenum from mines in North America and South America. At December 31, 2024, FMC’s operating mines in North America were Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami located in Arizona; Tyrone and Chino located in New Mexico; and Henderson and Climax located in Colorado. FMC has a 72% interest in Morenci (refer to “Joint Ventures. Sumitomo and SMM Morenci, Inc.”) and owns 100% of the other North America mines. At December 31, 2024, operating mines in South America were Cerro Verde (55.08% owned - refer to “Cerro Verde” below) located in Peru and El Abra (51% owned) located in Chile. At December 31, 2024, FMC’s net assets totaled $17.4 billion and its accumulated deficit totaled $13.5 billion. FCX had no loans to FMC outstanding at December 31, 2024 and 2023. FCX owns 48.76% of PT-FI (refer to “PT-FI Divestment” below). At December 31, 2024, PT-FI’s net assets totaled $16.6 billion and its retained earnings totaled $12.1 billion. FCX had no loans to PT-FI outstanding at December 31, 2024 and 2023. FCX owns 100% of Atlantic Copper (FCX’s smelting and refining unit in Spain). At December 31, 2024, Atlantic Copper’s net assets totaled $132 million and its accumulated deficit totaled $407 million. FCX had loans to Atlantic Copper outstanding totaling $644 million at December 31, 2024, and $611 million at December 31, 2023. Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing FCX’s ownership interest in Cerro Verde to 55.08% from 53.56%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $90 million, with $125 million recorded to capital in excess to par value, including a $5 million deferred tax impact. PT-FI Divestment. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership (the 2018 Transaction). Pursuant to the divestment agreement and related documents, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, acquired all of Rio Tinto plc’s (Rio Tinto) interests associated with its joint venture with PT-FI (the former Rio Tinto Joint Venture) and 100% of FCX’s interests in PT Indonesia Papua Metal Dan Mineral (PTI). In connection with the 2018 Transaction, PT-FI acquired all of the common stock of PT Rio Tinto Indonesia that held the former Rio Tinto Joint Venture interest. After the 2018 Transaction, MIND ID’s (26.24%) and PTI’s (25.00%) collective share ownership of PT-FI totals 51.24% and FCX’s share ownership totals 48.76%. The arrangements provide for FCX and the other pre-transaction PT-FI shareholders (i.e., MIND ID) to retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture. As a result, FCX’s economic interest, including the attribution of net income or loss and dividends paid, in PT-FI approximated 81% through 2022 and is 48.76% in 2023 and thereafter (see “Attribution of PT-FI Net Income or Loss” below). FCX, PT-FI, PTI and MIND ID entered into a shareholders agreement (the PT-FI Shareholders Agreement), which includes provisions related to the governance and management of PT-FI. FCX considered the terms of the PT-FI Shareholders Agreement and related governance structure, including whether MIND ID has substantive participating rights, and concluded that FCX has retained control and would continue to consolidate PT-FI in its financial statements following the 2018 Transaction. Among other terms, the governance arrangements under the PT-FI Shareholders Agreement transfers control over the management of PT-FI’s mining operations to an operating committee, which is controlled by FCX. Additionally, as discussed above, the existing PT-FI shareholders retained the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture, so that FCX’s economic interest in the project through 2041 will not be significantly affected by the 2018 Transaction. FCX believes its conclusion to continue to consolidate PT-FI in its financial statements is in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-X, Rule 3A-02 (a), which provides for situations in which consolidation of an entity, notwithstanding the lack of majority ownership, is necessary to present fairly the financial position and results of operations of the registrant, because of the existence of a parent-subsidiary relationship by means other than recorded ownership of voting stock. Attribution of PT-FI Net Income or Loss. FCX concluded that the attribution of PT-FI’s net income or loss from December 21, 2018 (the date of the divestment transaction), through December 31, 2022 (the Initial Period), should be based on FCX’s and MIND ID’s economic interest, as previously discussed. PT-FI’s cumulative net income during the Initial Period totaled $6.0 billion, of which $4.9 billion was attributed to FCX. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for MIND ID and 25.00% for PTI), except for net income in 2023 associated with the sale of approximately 190,000 ounces of gold because PT-FI did not achieve the Gold Target (as defined in the PT-FI Shareholders Agreement), and net income in 2024 associated with the closure of its 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (refer to Note 9), which were attributed approximately 81% to FCX. For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages. Joint Ventures. Sumitomo and SMM Morenci, Inc. FMC owns a 72% undivided interest in Morenci via an unincorporated joint venture. The remaining 28% is owned by Sumitomo (15%) and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FMC purchased 15 million pounds during 2024 and 46 million pounds during 2023 of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $63 million and $177 million, respectively. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $23 million at December 31, 2024, and $17 million at December 31, 2023. PT Smelting. PT Smelting is an Indonesia company that owns a copper smelter and refinery in Gresik, Indonesia. In 1996, PT-FI entered into a joint venture and shareholder agreement with Mitsubishi Materials Corporation (MMC) to jointly construct the PT Smelting facilities. PT Smelting commenced operations in 1999. In December 2023, PT Smelting completed the expansion of its capacity by 30% to process approximately 1.3 million metric tons of copper concentrate per year. The project was funded by PT-FI with loans totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s common stock ownership in PT Smelting to 66% from 39.5%. MMC owns the remaining 34% of PT Smelting’s outstanding common stock and serves as the operator of the facilities. FCX has determined that PT Smelting is a variable interest entity, however, as mutual consent of both PT-FI and MMC is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. As PT-FI has the ability to exercise significant influence over PT Smelting, PT-FI is continuing to account for its investment in PT Smelting under the equity method (refer to Note 4). PT-FI’s maximum exposure to loss is its investment in PT Smelting (refer to Note 4). PT-FI’s equity in PT Smelting’s earnings totaled $8 million in 2024, $10 million in 2023 and $24 million in 2022. Beginning January 1, 2023, PT-FI’s commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties (i.e., there are no further sales from PT-FI to PT Smelting). PT-FI recorded tolling-related charges of $326 million in 2024 and $183 million in 2023.

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment, Net [Abstract]

Property, Plant, Equipment and Mining Development Costs, Net

PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET

The components of net property, plant, equipment and mine development costs follow:


	December 31,
	2024		2023
Proven and probable mineral reserves	$	7,159	$	7,160
VBPP	358		359
Mine development and other	12,828		12,265
Buildings and infrastructure	10,667		10,165
Machinery and equipment	16,337		15,246
Mobile equipment	5,597		4,986
Construction in progress	9,364		6,945
Oil and gas properties	27,485		27,441
Total	89,795		84,567
Accumulated depreciation, depletion and amortizationa	(51,281)		(49,272)
Property, plant, equipment and mine development costs, net	$	38,514	$	35,295

a.Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2024 and 2023.

FCX recorded $1.6 billion for VBPP in connection with its 2007 acquisition of FMC (excluding $0.6 billion associated with mining operations that were subsequently sold) and transferred $0.8 billion to proven and probable mineral reserves through 2024 (approximately $1 million in both 2024 and 2023). Cumulative impairments of and adjustments to VBPP total $0.5 billion, which were primarily recorded in 2008.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including the construction and development of PT-FI’s new downstream processing facilities, totaled $391 million in 2024, $267 million in 2023 and $150 million in 2022.

During the three-year period ended December 31, 2024, no material impairments of FCX’s long-lived mining assets were recorded.

OTHER ASSETS

12 Months Ended

Dec. 31, 2024

Other Assets [Abstract]

Other Assets Disclosure

OTHER ASSETS

The components of other assets follow:


	December 31,
	2024		2023
Intangible assetsa	$	428	$	422
Legally restricted trust assetsb	217		212
Disputed tax assessments:c
Cerro Verde	275		274
PT-FI	10		10
Investments:
PT Smeltingd	354		123
Fixed income, equity securities and other	102		84
Restricted time depositse	100		97

Cloud computing arrangements	151		76
Long-term receivable for taxesf	43		70
Long-term employee receivables	24		26
Prepaid rent and deposits	9		39
Loans to PT Smelting for expansiond	—		233
Contingent consideration associated with sales of assetsg	—		38


Other	100		106
Total other assets	$	1,813	$	1,810

a.Indefinite-lived intangible assets totaled $214 million at December 31, 2024 and 2023. Definite-lived intangible assets totaled $214 million at December 31, 2024, and $208 million at December 31, 2023, which were net of accumulated amortization totaling $46 million and $43 million, respectively.

b.Reflects amounts held in trusts for AROs related to properties in New Mexico (refer to Note 10).

c.Refer to Note 10.

d.Refer to Note 2.

e.Relates to PT-FI’s regulatory commitments (refer to Notes 10 and 12).

f.Includes tax overpayments and refunds not expected to be realized within the next 12 months.

g.Refer to Note 13.

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Accrued Liabilities

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The components of accounts payable and accrued liabilities follow:


	December 31,
	2024		2023
Accounts payable	$	2,789	$	2,466
Salaries, wages and other compensation	361		343
Accrued interesta	135		146
Pension, postretirement, postemployment and other employee benefitsb	128		129
Leasesb,c	98		84
Deferred revenue	91		161
Accrued taxes, other than income taxes	81		88
Community development programs	75		58
PT-FI administrative fined	59		55
PT-FI contingenciese	49		67
MIND ID indemnificationf	49		—
Litigation accruals	34		51



Other	108		81
Total accounts payable and accrued liabilities	$	4,057	$	3,729

a.Third-party interest paid, net of capitalized interest, was $206 million in 2024, $419 million in 2023 and $417 million in 2022.

b.Refer to Note 7 for long-term portion.

c.Refer to Note 11.

d.Refer to Note 10.

e.Primarily reflects Indonesia tax matters. Refer to Note 10.

f.Refer to Note 11. At December 31, 2023, the MIND ID indemnification balance was included in other long-term liabilities (refer to Note 7).

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

DEBT

FCX’s debt at December 31, 2024, is net of reductions of $58 million ($67 million at December 31, 2023) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:


	December 31,
	2024		2023

Revolving credit facilities:
FCX	$	—	$	—
PT-FI	250		—
Cerro Verde	—		—

Senior notes and debentures:
Issued by FCX:
4.55% Senior Notes due 2024	—		730
5.00% Senior Notes due 2027	449		448
4.125% Senior Notes due 2028	484		483
4.375% Senior Notes due 2028	431		430
5.25% Senior Notes due 2029	469		468
4.25% Senior Notes due 2030	447		446
4.625% Senior Notes due 2030	589		588
5.40% Senior Notes due 2034	724		723
5.450% Senior Notes due 2043	1,688		1,689
Issued by PT-FI:
4.763% Senior Notes due 2027	747		746
5.315% Senior Notes due 2032	1,491		1,490
6.200% Senior Notes due 2052	745		744
Issued by FMC:
7 1/8% Debentures due 2027	115		115
9 1/2% Senior Notes due 2031	119		121
6 1/8% Senior Notes due 2034	119		118









Other	81		83
Total debt	8,948		9,422
Less current portion of debt	(41)		(766)
Long-term debt	$	8,907	$	8,656

Revolving Credit Facilities.

FCX. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PT-FI’s borrowing capacity. At December 31, 2024, there were no borrowings and $7 million in letters of credit issued under FCX’s revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PT-FI, be determined based on the Secured Overnight Financing Rate (SOFR) plus a spread to be determined by reference to a grid based on FCX’s credit rating.

The 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 revolving credit facility contains a total leverage ratio financial covenant.

PT-FI. At December 31, 2024, PT-FI had $250 million in borrowings outstanding under its $1.75 billion senior unsecured revolving credit facility that matures in November 2028. PT-FI’s revolving credit facility is available for its general corporate purposes, including to fund PT-FI’s projects related to its new downstream processing facilities. Interest on loans made under PT-FI’s revolving credit facility are determined based on the SOFR plus a margin.

PT-FI’s revolving credit facility contains customary affirmative covenants and representations and also contains standard negative covenants that, among other things, restrict, subject to certain exceptions, the ability of PT-FI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains

financial covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements.

Cerro Verde. At December 31, 2024, Cerro Verde had no borrowings outstanding under its $350 million senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants.

At December 31, 2024, FCX, PT-FI and Cerro Verde were in compliance with their respective credit facility’s covenants.

Senior Notes.

FCX. In November 2024, FCX repaid $0.7 billion for the balance of its maturing 4.55% Senior Notes.

In 2023, FCX purchased $0.2 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $0.2 billion and recorded gains on early extinguishment of debt of $10 million. In 2022, FCX purchased $1.1 billion aggregate principal amount of its senior notes in open market transactions for a total cost of $1.0 billion and recorded gains on early extinguishment of debt of $44 million. FCX has not purchased senior notes in open-market transactions since July 2023.

The senior notes listed below are redeemable in whole or in part, at the option of FCX, at specified redemption prices prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date
5.00% Senior Notes due 2027						September 1, 2025
4.125% Senior Notes due 2028						March 1, 2026
4.375% Senior Notes due 2028						August 1, 2026
5.25% Senior Notes due 2029						September 1, 2027

The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below, and at 100% of principal two years before maturity.


Debt Instrument						Date




4.25% Senior Notes due 2030						March 1, 2025
4.625% Senior Notes due 2030						August 1, 2025

The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date

5.40% Senior Notes due 2034						May 14, 2034
5.450% Senior Notes due 2043						September 15, 2042

FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness.

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 recorded a loss on early extinguishment of debt of $10 million in 2022. PT-FI used the remaining net proceeds to finance its downstream processing facilities.

The senior notes listed below are redeemable in whole or in part, at the option of PT-FI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date
4.763% Senior Notes due 2027						March 14, 2027
5.315% Senior Notes due 2032						January 14, 2032
6.200% Senior Notes due 2052						October 14, 2051

Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2024, total $41 million in 2025, $5 million in 2026, $1.3 billion in 2027, $1.2 billion in 2028, $477 million in 2029 and $6.0 billion thereafter.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2024

Other Liabilities, Including Employee Benefits [Abstract]

Other Liabilities

LIABILITIES, INCLUDING EMPLOYEE BENEFITS

The components of other liabilities follow:


	December 31,
	2024		2023
Leasesa	$	692	$	347
Pension, postretirement, postemployment and other employment benefitsb	689		704
Litigation accruals	163		163
Provision for tax positions	136		174


Social investment programs	111		79
Indemnification of MIND IDa	—		75


Other	96		106
Total other liabilities	$	1,887	$	1,648

a.Refer to Note 5 for current portion and Note 11 for further discussion.

b.Refer to Note 5 for current portion.

Pension Plans. Following is a discussion of FCX’s pension plans.

FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. Effective September 1, 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that participants no longer accrue any additional benefits.

FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time.

FCX’s primary investment objectives for the FMC plan assets held in a master trust (Master Trust) are to maintain funds sufficient to pay all benefit and expense obligations when due, minimize the volatility of the plan’s funded status to the extent practical, and to maintain prudent levels of risk consistent with the plan’s investment policy. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (22%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (7%); and cash equivalents (1%).

The expected rate of return on plan assets is evaluated at least annually, taking into consideration asset allocation, historical and expected future performance on the types of assets held in the Master Trust, and the current economic environment. Based on these factors, FCX expects the pension assets will earn an average of 5.20% per annum beginning January 1, 2025, which is based on the target asset allocation and long-term capital market return expectations.

For estimation purposes, FCX assumes the long-term asset mix for these plans generally will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension costs, the funded status of the

plans and the need for future cash contributions. A lower-than-expected return on assets also would decrease plan assets and increase the amount of recorded pension costs in future years. When calculating the expected return on plan assets, FCX uses the market value of assets.

Among the assumptions used to estimate the pension benefit obligation is a discount rate used to calculate the present value of expected future benefit payments for service to date. The discount rate assumption for FCX’s U.S. plans is designed to reflect yields on high-quality, fixed-income investments for a given duration. The determination of the discount rate for these plans is based on expected future benefit payments together with the Mercer Yield Curve – Above Mean. The Mercer Yield Curve – Above Mean is constructed from the bonds in the Mercer Pension Discount Curve that have a yield higher than the regression mean yield curve. The Mercer Yield Curve – Above Mean consists of spot (i.e., zero coupon) interest rates at one-half-year increments for each of the next 30 years and is developed based on pricing and yield information for high-quality corporate bonds. Changes in the discount rate are reflected in FCX’s benefit obligation and, therefore, in future pension costs.

SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay.

PT-FI Plan. PT-FI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PT-FI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 16,081 rupiah to one U.S. dollar on December 31, 2024, and 15,339 rupiah to one U.S. dollar on December 31, 2023. Indonesia labor laws require that companies provide a minimum severance to employees upon employment termination based on the reason for termination and the employee’s years of service. PT-FI’s pension benefit obligation includes benefits determined in accordance with this law. PT-FI’s expected rate of return on plan assets is evaluated at least annually, taking into consideration its long-range estimated return for the plan based on the asset mix. Based on these factors, PT-FI expects its pension assets will earn an average of 7% per annum beginning January 1, 2025. The discount rate assumption for PT-FI’s plan is based on the Indonesia Government Security Yield Curve. Changes in the discount rate are reflected in PT-FI’s benefit obligation and, therefore, in future pension costs.

Plan Information. FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows:


	December 31,
	2024		2023
Projected and accumulated benefit obligation	$	1,734	$	1,828

Fair value of plan assets	1,379		1,475

Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:


	FCX						PT-FI
	2024			2023			2024			2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,880		$	1,884		$	221		$	215
Service cost	16			15			12			11
Interest cost	93			98			14			14
Actuarial (gains) losses	(76)			15			(3)			3
Foreign exchange losses (gains)	—			1			(11)			4


Benefits and administrative expenses paid	(133)			(133)			(23)			(27)
Other	—			—			3			1
Benefit obligation at end of year	1,780			1,880			213			221

Change in plan assets:
Fair value of plan assets at beginning of year	1,537			1,483			203			205
Actual return on plan assets	(31)			121			1			11
Employer contributionsa	63			65			14			9

Foreign exchange gains (losses)	—			1			(10)			4
Benefits and administrative expenses paid	(133)			(133)			(23)			(26)
Fair value of plan assets at end of year	1,436			1,537			185			203
Funded status	$	(344)		$	(343)		$	(28)		$	(18)

Accumulated benefit obligation	$	1,780		$	1,878		$	165		$	182

Weighted-average assumptions used to determine benefit obligations:

Discount rate	5.67		%	5.15		%	7.00		%	6.75		%
Rate of compensation increase	N/A			N/A			4.00		%	4.00		%

Balance sheet classification of funded status:
Other assets	$	11		$	9		$	—		$	—
Accounts payable and accrued liabilities	(3)			(3)			—			—
Other liabilities	(352)			(349)			(28)			(18)
Total	$	(344)		$	(343)		$	(28)		$	(18)

a.Employer contributions for 2025 are currently expected to approximate $64 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar).

The actuarial gain of $76 million in 2024 and loss of $15 million in 2023 for the FCX pension plans primarily resulted from the changes in the discount rate, which were 5.67% at December 31, 2024, 5.15% at December 31, 2023, and 5.41% at December 31, 2022.

The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow:


	2024			2023			2022
Weighted-average assumptions:a
Discount rate	5.15		%	5.41		%	2.85		%
Expected return on plan assets	5.75		%	5.00		%	3.00		%

Service cost	$	16		$	15		$	15
Interest cost	93			98			71
Expected return on plan assets	(86)			(72)			(62)

Amortization of net actuarial losses	13			15			15
Net periodic benefit cost	$	36		$	56		$	39

a.The assumptions shown relate only to the FMC Retirement Plan.

The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow:


	2024			2023			2022
Weighted-average assumptions:
Discount rate	6.75		%	7.00		%	6.50		%
Expected return on plan assets	7.00		%	7.00		%	7.00		%
Rate of compensation increase	4.00		%	4.00		%	4.00		%

Service cost	$	12		$	11		$	12
Interest cost	14			14			14
Expected return on plan assets	(13)			(14)			(15)
Amortization of prior service cost	—			2			1
Amortization of net actuarial gains	(1)			(1)			(1)
Special termination benefit	—			1			2
Net periodic benefit cost	$	12		$	13		$	13

The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income, net in the consolidated statements of income.

Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:


	2024				2023
	Before Taxes		After Taxes and Noncontrolling Interests		Before Taxes		After Taxes and Noncontrolling Interests
Net actuarial losses	$	421	$	289	$	382	$	257
Prior service costs	(4)		(4)		(1)		(2)
	$	417	$	285	$	381	$	255

Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3).

A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows:


	Fair Value at December 31, 2024
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	395	$	395	$	—	$	—	$	—












Short-term investments	37		37		—		—		—

Fixed income:
Corporate bonds	624		—		—		624		—
Government bonds	238		—		—		238		—


Private equity investments	68		68		—		—		—
Other investments	57		—		1		56		—
Total investments	1,419		$	500	$	1	$	918	$	—

Cash and receivables	20
Payables	(3)
Total pension plan net assets	$	1,436


	Fair Value at December 31, 2023
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	417	$	417	$	—	$	—	$	—









Short-term investments	24		24		—		—		—








Fixed income:
Corporate bonds	677		—		—		677		—
Government bonds	276		—		—		276		—

Private equity investments	67		67		—		—		—
Other investments	63		—		1		62		—
Total investments	1,524		$	508	$	1	$	1,015	$	—

Cash and receivables	17
Payables	(4)
Total pension plan net assets	$	1,537

Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value.

Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions.

Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs.

Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term.

A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Government bonds	$	96	$	96	$	—	$	—
Common stocks	53		53		—		—
Mutual funds	12		12		—		—
Total investments	161		$	161	$	—	$	—

Cash and receivablesa	24

Total pension plan net assets	$	185


	Fair Value at December 31, 2023
	Total		Level 1		Level 2		Level 3
Government bonds	$	102	$	102	$	—	$	—
Common stocks	67		67		—		—
Mutual funds	12		12		—		—
Total investments	181		$	181	$	—	$	—

Cash and receivablesa	22

Total pension plan net assets	$	203

a.Cash consists primarily of short-term time deposits.

Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PT-FI plan. There have been no changes to the techniques used to measure fair value.

Government bonds, common stocks and mutual funds are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

The techniques described above may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The expected benefit payments for FCX’s and PT-FI’s pension plans follow:


	FCX		PT-FIa
2025	$	126	$	14
2026	190		27
2027	129		29
2028	129		31
2029	129		28
2030 through 2034	633		133

a.Based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar.

Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service.

The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $5 million (included in accounts payable and accrued liabilities) and a long-term portion of $31 million (included in other liabilities) at December 31, 2024, and a current portion of $5 million and a long-term portion of $34 million at December 31, 2023.

FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $43 million (included in other liabilities) at December 31, 2024, and a current portion of $7 million and a long-term portion of $46 million at December 31, 2023.

FCX also sponsors a retirement savings plan for most of its U.S. employees. The plan allows employees to contribute a portion of their income in accordance with specified guidelines. The savings plan is a qualified 401(k) plan for all U.S. salaried and non-bargained hourly employees. Participants exercise control and direct the investment of their contributions and account balances among various investment options under the plan. FCX contributes to the plan and matches a percentage of employee contributions up to certain limits. For employees whose eligible compensation exceeds certain levels, FCX provides a nonqualified unfunded defined contribution plan, which had a liability balance of $69 million at December 31, 2024, and $62 million at December 31, 2023, all of which was included in other liabilities.

The costs charged to operations for the employee savings plan totaled $131 million in 2024, $119 million in 2023 and $101 million in 2022. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.

Employee Benefits

LIABILITIES, INCLUDING EMPLOYEE BENEFITS

The components of other liabilities follow:


	December 31,
	2024		2023
Leasesa	$	692	$	347
Pension, postretirement, postemployment and other employment benefitsb	689		704
Litigation accruals	163		163
Provision for tax positions	136		174


Social investment programs	111		79
Indemnification of MIND IDa	—		75


Other	96		106
Total other liabilities	$	1,887	$	1,648