FREEPORT-MCMORAN INC, 10-K filed on 2/15/2022
Annual Report
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COVER PAGE - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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 Public Float     $ 48.6
Entity Common Stock, Shares Outstanding   1,454,781,055  
Documents Incorporated by Reference [Text Block]
Portions of the registrant’s proxy statement for its 2022 annual meeting of stockholders are incorporated by reference into Part III of this report.
    
Entity Central Index Key 0000831259    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
ICFR Auditor Attestation Flag true    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Auditor [Line Items]  
Auditor Name Ernst & Young LLP
Auditor Location Phoenix, Arizona
Auditor Firm ID 42
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Revenues $ 22,845 $ 14,198 $ 14,402
Cost of sales:      
Production and delivery 12,016 10,031 11,534
Depreciation, depletion and amortization 1,998 1,528 1,412
Metals inventory adjustments 16 96 179
Total cost of sales 14,030 11,655 13,125
Selling, general and administrative expenses 383 370 394
Exploration Expense 55 50 104
Environmental obligations and shutdown costs 91 159 105
Net gain on sales of assets (80) (473) (417)
Total costs and expenses 14,479 11,761 13,311
Operating income 8,366 2,437 1,091
Interest expense, net (602) (598) (620)
Net loss on early extinguishment of debt 0 (101) (27)
Other (expense) income, net (105) 59 (138)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings 7,659 1,797 306
Provision for (benefit from) income taxes (2,299) (944) (510)
Equity in affiliated companies’ net earnings 5 12 12
Net income (loss) from continuing operations 5,365 865 (192)
Net income from discontinued operations 0 0 3
Net income (loss) 5,365 865 (189)
Net income from continuing operations attributable to noncontrolling interests (1,059) (266) (50)
Net income (loss) attributable to common stockholders $ 4,306 $ 599 $ (239)
Basic net income (loss) per share attributable to common stockholders:      
Income (Loss) from Continuing Operations, Per Basic Share $ 2.93 $ 0.41 $ (0.17)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share 0 0 0
Earnings per share, basic (in dollars per share) 2.93 0.41 (0.17)
Diluted net income (loss) per share attributable to common stockholders:      
Income (Loss) from Continuing Operations, Per Diluted Share 2.90 0.41 (0.17)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share 0 0 0
Earnings Per Share, Diluted $ 2.90 $ 0.41 $ (0.17)
Weighted Average Number of Shares Outstanding, Basic 1,466 1,453 1,451
Weighted Average Number of Shares Outstanding, Diluted 1,482 1,461 1,451
Dividends declared per share of common stock (in dollars per share) $ 0.375 $ 0 $ 0.20
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 5,365 $ 865 $ (189)
Defined benefit plans:      
Actuarial gains (losses) arising during the period, net of taxes 179 46 (116)
Amortization or curtailment of unrecognized amounts included in net periodic benefit costs 18 45 47
Foreign exchange (losses) gains (1) (1) 1
Other comprehensive income (loss) 196 90 (68)
Total comprehensive income (loss) 5,561 955 (257)
Total comprehensive income attributable to noncontrolling interests (1,060) (263) (53)
Total comprehensive income (loss) attributable to common stockholders $ 4,501 $ 692 $ (310)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flow from operating activities:      
Net income (loss) $ 5,365 $ 865 $ (189)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,998 1,528 1,412
Metals inventory adjustments 16 96 179
Net gain on sales of assets (80) (473) (417)
Stock-based compensation 98 99 63
Net charges for environmental and asset retirement obligations, including accretion 540 181 221
Payments for environmental and asset retirement obligations 273 216 244
Net charges for defined pension and postretirement plans 4 65 108
Pension plan contributions (109) (121) (75)
Net loss on early extinguishment of debt 0 101 27
Deferred income taxes (171) 181 29
Charges for Cerro Verde royalty dispute 11 32 65
Payments for Cerro Verde royalty dispute (421) (139) (187)
Other, net (18) 23 141
Changes in working capital and other:      
Accounts receivable (472) 132 119
Inventories (618) 42 259
Other current assets (101) (27) 60
Accounts payable and accrued liabilities 495 115 (60)
Accrued income taxes and timing of other tax payments 1,451 403 (29)
Net cash provided by (used in) operating activities 7,715 3,017 1,482
Cash flow from investing activities:      
Capital expenditures (2,115) (1,961) (2,652)
Proceeds from sales of assets      
Proceeds from sales of assets 247 704 561
Loans to PT Smelting for expansion (36) 0 0
Acquisition of minority interest in PT Smelting (33) 0 0
Other, net (27) (7) (12)
Net cash provided by (used in) investing activities (1,964) (1,264) (2,103)
Cash flow from financing activities:      
Proceeds from debt 1,201 3,531 1,879
Repayments of debt (1,461) (3,724) (3,197)
Cash dividends and distributions paid:      
Common stock (331) (73) (291)
Noncontrolling interests (583) 0 (82)
Treasury stock purchases (488) 0 0
Contributions from noncontrolling interests 182 156 165
Proceeds from exercised stock options 210 51 2
Payments for withholding of employee taxes related to stock-based awards (29) (17) (8)
Other, net (41) (52) (24)
Net cash used in financing activities (1,340) (128) (1,556)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 4,411 1,625 (2,177)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 8,314 3,903 2,278
North America copper mines      
Cash flow from investing activities:      
Capital expenditures (342) (428) (877)
South America      
Cash flow from investing activities:      
Capital expenditures (162) (183) (256)
Indonesia mining      
Cash flow from investing activities:      
Capital expenditures (1,296) (1,161) (1,369)
Corporate, Other and Eliminations, Indonesia Smelter      
Cash flow from investing activities:      
Capital expenditures (222) (105) 0
Molybdenum mines      
Cash flow from investing activities:      
Capital expenditures (6) (19) (19)
Other      
Cash flow from investing activities:      
Capital expenditures (87) (65) (131)
Asbestos Contamination in Talc-Based Personal Care Products      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Charge for talc-related litigation $ 0 $ 130 $ 0
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CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 8,068 $ 3,657
Trade accounts receivable 1,168 892
Income and other tax receivables 574 520
Inventories:    
Total materials and supplies, net 1,669 1,594
Mill and leach stockpiles 1,170 1,014
Product 1,658 1,285
Other current assets 523 341
Total current assets 14,830 9,303
Property, plant, equipment and mine development costs, net 30,345 29,818
Long-term mill and leach stockpiles 1,387 1,463
Other assets 1,460 1,560
Total assets 48,022 42,144
Current liabilities:    
Accounts payable and accrued liabilities 3,495 2,708
Accrued income taxes 1,541 324
Current portion of debt 372 34
Current portion of environmental and asset retirement obligations 264 351
Dividends payable 220 0
Total current liabilities 5,892 3,417
Long-term debt, less current portion 9,078 9,677
Deferred income taxes 4,234 4,408
Environmental and asset retirement obligations, less current portion 4,116 3,705
Other liabilities 1,683 2,269
Total liabilities 25,003 23,476
Stockholders’ equity:    
Common stock, par value $0.10, 1,603 shares and 1,590 shares issued, respectively 160 159
Capital in excess of par value 25,875 26,037
Accumulated deficit (7,375) (11,681)
Accumulated other comprehensive loss (388) (583)
Common stock held in treasury - 146 shares and 132 shares, respectively, at cost (4,292) (3,758)
Total stockholders’ equity 13,980 10,174
Noncontrolling interests 9,039 8,494
Total equity 23,019 18,668
Total liabilities and equity $ 48,022 $ 42,144
Common Stock, Shares, Issued 1,603 1,590
Common Stock, Par or Stated Value Per Share $ 0.10 $ 0.10
Treasury Stock, Shares 146 132
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2021
Dec. 31, 2020
Stockholders’ equity:    
Common Stock, Par or Stated Value Per Share $ 0.10 $ 0.10
Common Stock, Shares, Issued 1,603 1,590
Treasury Stock, Shares 146 132
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital in Excess of Par Value
Accumulated Deficit
Accumulated Other Comprehensive Loss
Common Stock Held in Treasury
Total Stockholders’ Equity
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018   1,579       130    
Balance at Dec. 31, 2018 $ 17,892 $ 158 $ 26,013 $ (12,041) $ (605) $ (3,727) $ 9,798 $ 8,094
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   3            
Exercised and issued stock-based awards 1   1       1  
Stock-based compensation, including tax benefit and the tender of shares 44   50     $ (7) 43 1
Stock-based compensation, including tax benefit and the tender of shares (in shares)           1    
Dividends (364)   (291)       (291) (73)
Changes in noncontrolling interests (12)   (1)       (1) (11)
Adjustment for deferred taxes (22)   (22)       (22)  
Net loss attributable to common stockholders (239)     (239)     (239)  
Net income attributable to noncontrolling interests 50             50
Other comprehensive (loss) income (68)       (71)   (71) 3
Balance (in shares) at Dec. 31, 2019   1,582       131    
Balance at Dec. 31, 2019 17,448 $ 158 25,830 (12,280) (676) $ (3,734) 9,298 8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Proceeds from (Payments to) Noncontrolling Interests 166   80       80 86
Exercised and issued stock-based awards (in shares)   8            
Exercised and issued stock-based awards 58 $ 1 57       58  
Stock-based compensation, including tax benefit and the tender of shares 50   74     $ (24) 50  
Stock-based compensation, including tax benefit and the tender of shares (in shares)           1    
Changes in noncontrolling interests 1             1
Net loss attributable to common stockholders 599     599     599  
Net income attributable to noncontrolling interests 266             266
Other comprehensive (loss) income 90       93   93 (3)
Balance (in shares) at Dec. 31, 2020   1,590       132    
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]                
Proceeds from (Payments to) Noncontrolling Interests 156   76       76 80
Exercised and issued stock-based awards (in shares)   13            
Exercised and issued stock-based awards 226 $ 1 225       226  
Stock-based compensation, including tax benefit and the tender of shares 24   75     $ (46) 29 (5)
Stock-based compensation, including tax benefit and the tender of shares (in shares)           1    
Treasury stock purchases (488)         $ (488) (488)  
Treasury stock purchases (in shares)           13    
Dividends (1,154)   (551)       (551) (603)
Net loss attributable to common stockholders 4,306     4,306     4,306  
Net income attributable to noncontrolling interests 1,059             1,059
Other comprehensive (loss) income 196       195   195 1
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]                
Proceeds from (Payments to) Noncontrolling Interests $ 182   $ 89       $ 89 $ 93
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)
 12 Months Ended
Dec. 31, 2020
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 percent of the voting rights and/or has control over the subsidiary. As of December 31, 2021, the most significant entities that FCX consolidates include its 48.76 percent-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Note 3 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 3 for further discussion). Investments in unconsolidated companies owned 20 percent or more are recorded using the equity method. Investments in unconsolidated companies owned less than 20 percent, 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 mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 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 minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and 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 rates. Gains and losses resulting from translation of such account balances are included in other (expense) income, net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $66 million in 2021, $34 million in 2020 and $24 million in 2019.

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

Restricted Cash and Restricted Cash Equivalents. FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for the development of a greenfield smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. Restricted cash and restricted 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. Restricted cash and restricted cash equivalents are comprised of bank deposits and money market funds.
Inventories.  Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV).

Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. 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., solution extraction and electrowinning (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.

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 90 percent 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 percent 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 periodically as additional information becomes available and as related technology changes. 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.

Product. Product inventories include raw materials, work-in-process and finished goods. Corporate general and administrative costs are not included in inventory costs.

Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations.

Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs.

Finished goods for mining operations represent salable products (e.g., copper and molybdenum concentrate, copper anode, copper cathode, copper rod, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process (i.e., not raw materials) 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, SX/EW, refining, roasting and chemical processing.
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 mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties 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 cost of goods sold. 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 in 2007. 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 5 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 12 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 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 asset retirement obligations (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 cost of sales. 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 without reserves, changes to the ARO are recorded in earnings.

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 12 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 14 for further discussion). For provisionally priced sales, 90 percent to 100 percent 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 16 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 average published Metals Week 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 on the graded-vesting method over the vesting period. Refer to Note 10 for further discussion.

Earnings Per Share.  FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) 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 year. Diluted net income (loss) 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 anti-dilutive.
Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow:
 202120202019 
Net income (loss) from continuing operations$5,365 $865 $(192)
Net income from continuing operations attributable to noncontrolling interests
(1,059)(266)(50)
Accumulated dividends and undistributed earnings allocated to participating securities
(7)(3)(3)
Net income (loss) from continuing operations attributable to common stockholders4,299 596 (245)
Net income from discontinued operations— — 3 
Net income (loss) attributable to common stockholders$4,299 $596 $(242)
Basic weighted-average shares of common stock outstanding (millions)
1,466 1,453 1,451 
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions)
16 8 

— 
a
Diluted weighted-average shares of common stock outstanding (millions)
1,482 1,461 1,451 
Basic net income (loss) per share attributable to common stockholders:
Continuing operations$2.93 $0.41 $(0.17)
Discontinued operations— — — 
$2.93 $0.41 $(0.17)
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations$2.90 $0.41 $(0.17)
Discontinued operations— — — 
$2.90 $0.41 $(0.17)
a.Excludes approximately 11 million shares of common stock in 2019 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.

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 (loss) per share of common stock. Stock options for 5 million shares of common stock in 2021, 31 million shares in 2020 and 42 million shares in 2019 were excluded.

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.

Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to other, net on FCX’s consolidated statements of cash flows to conform with the current year presentation. Additionally, FCX has revised prior year amounts related to activities associated with its reserve for unrecognized tax benefits in conjunction with uncertain tax positions. See Note 11 for further detail.

Subsequent Events. FCX evaluated events after December 31, 2021, and through the date the 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 financial statements.
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS
 12 Months Ended
Dec. 31, 2021
Dispositions And Acquisitions [Abstract]  
DISPOSITIONS AND ACQUISITIONS ACQUISITIONS AND DISPOSITIONS
Cobalt Business. In September 2021, FCX’s 56-percent-owned subsidiary, Koboltti Chemicals Holdings Limited (KCHL), completed the sale of its remaining cobalt business based in Kokkola, Finland (Freeport Cobalt) to Jervois Global Limited (Jervois) for $208 million (before post-closing adjustments), consisting of cash consideration of $173 million and 7 percent of Jervois common stock (valued at $35 million at the time of closing). At closing, Freeport Cobalt’s assets included cash of approximately $20 million and other net assets of $125 million. FCX recorded a gain of $60 million ($34 million to net income attributable to common stock) in 2021 associated with this transaction. In addition, KCHL will have the right to receive contingent consideration of up to $40 million based on the future performance of Freeport Cobalt. Any gain related to the contingent consideration will be recognized when received.

In fourth-quarter 2019, FCX completed the sale of its cobalt refinery in Kokkola, Finland, and related cobalt cathode precursor business (consisting of approximately $271 million of assets and $63 million of liabilities at the time of closing) to Umicore for total cash consideration of approximately $200 million, including approximately $50 million of working capital. FCX recorded a gain of $59 million in 2019 ($33 million to net loss attributable to common stock) associated with this transaction.

Following these transactions, FCX no longer has cobalt operations.

PT Smelting. On April 30, 2021, PT-FI acquired 14.5 percent of the outstanding common stock of PT Smelting, a smelter and refinery in Gresik, Indonesia, for $33 million, increasing its ownership interest from 25.0 percent to 39.5 percent. The remaining outstanding shares of PT Smelting continue to be owned by Mitsubishi Materials Corporation. PT-FI has continued to account for its investment in PT Smelting using the equity method since it does not have control over PT Smelting.

On November 30, 2021, PT-FI entered into a convertible loan agreement to fund the expansion of PT Smelting’s current capacity by 30 percent to 1.3 million metric tons of concentrate per year. Upon completion of the expansion project, targeted for year-end 2023, PT-FI’s loan will convert into PT Smelting equity resulting in a majority ownership interest and consolidation of PT Smelting in FCX’s consolidated financial statements.

Kisanfu Transaction. In December 2020, FCX completed the sale of its interests in the Kisanfu undeveloped project to a wholly owned subsidiary of China Molybdenum Co., Ltd. (CMOC) for $550 million, with after-tax net cash proceeds totaling $415 million. The Kisanfu project, located in the Democratic Republic of Congo, is an undeveloped cobalt and copper resource. FCX did not have any proven and probable mineral reserves associated with the Kisanfu project. FCX recorded a gain of $486 million in 2020 associated with this transaction.

Timok Transaction. In 2016, FCX sold an interest in the upper zone of the Timok exploration project in Serbia (the 2016 Transaction).

In December 2019, FCX completed the sale of its interest in the lower zone of the Timok exploration project to an affiliate of the purchaser in the 2016 Transaction, for cash consideration of $240 million at closing plus the right to future contingent payments of up to $150 million. These future contingent payments will be based on the future sale of products (as defined in the agreement) from the Timok lower zone. For a period of 12 months after the third anniversary of the initial sale of products from the Timok lower zone, the purchaser can settle, or FCX can demand payment of, such deferred payment obligation, in each case, for a total of $60 million. As these deferred payments are contingent upon future production (the Timok lower zone project is still pre-operational) and would result in gain recognition, no amounts were recorded upon the closing of the transaction. Subsequent recognition will be based on the gain contingency model, in which the consideration would be recorded in the period in which all contingencies are resolved and the gain is realized. This is expected to be when FCX (i) is provided periodic product sales information by the purchaser or (ii) gives notice to the purchaser or receives notice from the purchaser regarding the settlement of the deferred payments for $60 million.

In addition, in lieu of payment upon achievement of defined development milestones provided for in the 2016 Transaction, the purchaser agreed to pay $107 million in three installment payments of $45 million (collected in 2020), $50 million (collected in 2021), and $12 million by March 31, 2022. As a result of this transaction, FCX recorded a gain of $343 million in 2019, consisting of the cash consideration ($240 million) and the aggregate discounted amount of the three installment payments ($103 million).
TF Holdings Limited - Discontinued Operations. In 2016, FCX completed the sale of its 70 percent interest in TF Holdings Limited (TFHL) to CMOC for $2.65 billion in cash (before closing adjustments) and contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeded $3.50 per pound and $60 million if the average cobalt price exceeded $20 per pound, both during the 24-month period ending December 31, 2019.

The contingent consideration was considered a derivative, and the fair value was adjusted through December 31, 2019. FCX realized and collected in January 2020 contingent consideration of $60 million because the average cobalt price exceeded $20 per pound during the 24-month period ending December 31, 2019 (no amount was realized associated with the copper price). Gains resulting from changes in the fair value of the contingent consideration derivative totaling $3 million in 2019 were included in net income from discontinued operations and primarily resulted from fluctuations in cobalt prices. In accordance with accounting guidance, FCX reported the results from TFHL as discontinued operations in the consolidated statements of operations because the disposal represented a strategic shift that had a major effect on operations.
v3.22.0.1
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Ownership In Subsidiaries And Joint Ventures OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURE
Ownership in Subsidiaries.  FMC produces copper and molybdenum from mines in North America and South America. At December 31, 2021, 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 percent interest in Morenci (refer to “Joint Venture - Sumitomo and SMM Morenci, Inc.”) and owns 100 percent of the other North America mines. At December 31, 2021, operating mines in South America were Cerro Verde (53.56 percent owned) located in Peru and El Abra (51 percent owned) located in Chile. At December 31, 2021, FMC’s net assets totaled $18.4 billion and its accumulated deficit totaled $12.6 billion. FCX had $111 million in loans outstanding to FMC outstanding at December 31, 2021.

FCX owns 48.76 percent of PT-FI (refer to “PT-FI Divestment”). At December 31, 2021, PT-FI’s net assets totaled $12.7 billion and its retained earnings totaled $8.4 billion. FCX had no loans to PT-FI outstanding at December 31, 2021.

FCX owns 100 percent of the outstanding Atlantic Copper (FCX’s wholly owned smelting and refining unit in Spain) common stock. At December 31, 2021, Atlantic Copper’s net assets totaled $167 million and its accumulated deficit totaled $379 million. FCX had $274 million in loans to Atlantic Copper outstanding at December 31, 2021.

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 Indonesia Asahan Aluminium (Persero) (PT Inalum, also known as 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 percent of FCX's interests in PT Indonesia Papua Metal Dan Mineral (PTI - formerly known as PT Indocopper Investama).

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 transaction, PT Inalum’s (26.24 percent) and PTI’s (25.00 percent) collective share ownership of PT-FI totals 51.24 percent and FCX's share ownership totals 48.76 percent. The arrangements provide for FCX and the other pre-transaction PT-FI shareholders (i.e., PT Inalum and PTI) 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 in PT-FI is expected to approximate 81 percent through 2022 and 48.67 percent thereafter (see further discussion below).

FCX, PT-FI, PTI and PT Inalum 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 PT Inalum has substantive participating rights, and concluded that it 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 will retain 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 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 record ownership of voting stock.

Attribution of PT-FI Net Income or Loss. FCX has 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 the economics replacement agreement, as previously discussed. The economics replacement agreement entitles FCX to approximately 81 percent of PT-FI dividends paid during the Initial Period, with the remaining 19 percent paid to the noncontrolling interests. PT-FI paid dividends totaling $1.3 billion during 2021, of which $1.0 billion was paid to FCX. No other dividends have been paid by PT-FI during the Initial Period. PT-FI’s net income for 2021 totaled $2.4 billion, of which $2.0 billion was attributed to FCX, and $765 million for 2020, of which $621 million was attributed to FCX. PT-FI’s net loss for 2019 totaled $203 million, of which $165 million was attributed to FCX. PT-FI’s cumulative net income from December 21, 2018, through December 31, 2021, totaled $2.9 billion, of which $2.3 billion was attributed to FCX.

The above-described attribution of PT-FI’s net income or loss applies only through the Initial Period. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss will be based on equity ownership percentages (48.76 percent for FCX, 26.24 percent for PT Inalum and 25.00 percent for PTI).

For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages.

Joint Venture. Sumitomo and SMM Morenci, Inc. FMC owns a 72 percent undivided interest in Morenci via an unincorporated joint venture. The remaining 28 percent is owned by Sumitomo (15 percent) and SMM Morenci, Inc. (13 percent). Each partner takes in kind its share of Morenci’s production. FMC purchased 82 million pounds of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $349 million during 2021. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $20 million at December 31, 2021, and $15 million at December 31, 2020.
v3.22.0.1
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventories, Including Long-Term Mill And Leach Stockpiles INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES
The components of inventories follow:
 December 31,
 20212020
Current inventories:
Total materials and supplies, neta
$1,669 $1,594 
Mill stockpiles$193 $205 
Leach stockpiles977 809 
Total current mill and leach stockpiles$1,170 $1,014 
Raw materials (primarily concentrate)$536 $366 
Work-in-process195 174 
Finished goods927 745 
Total product$1,658 $1,285 
Long-term inventories:
Mill stockpiles$226 $223 
Leach stockpiles1,161 1,240 
Total long-term mill and leach stockpilesb
$1,387 $1,463 
a.Materials and supplies inventory was net of obsolescence reserves totaling $36 million at December 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded NRV inventory adjustments to decrease metals inventory carrying values totaling $16 million in 2021, primarily associated with stockpiles no longer expected to be leached; $96 million in 2020, associated with lower market prices for copper ($58 million) and molybdenum ($38 million); and $179 million in 2019, associated with lower market prices for molybdenum ($84 million), cobalt ($58 million) and copper ($37 million). Refer to Note 16 for metals inventory adjustments by business segment.
FCX's Morenci mine has experienced improved recoveries at certain of its leach stockpiles and following an analysis of column testing results, Morenci concluded it had sufficient evidence to increase its estimated recoveries for certain of its leach stockpiles effective July 1, 2021. As a result of the revised recoveries, Morenci increased its estimated recoverable copper in leach stockpiles, net to its joint venture interest, by 191 million pounds. The effect of this change in estimate reduced site production and delivery costs and increased net income by $112 million ($0.08 per share) in 2021.
v3.22.0.1
PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET
 12 Months Ended
Dec. 31, 2021
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,
 20212020
Proven and probable mineral reserves$7,142 $7,142 
VBPP376 376 
Mine development and other11,309 10,686 
Buildings and infrastructure9,412 9,214 
Machinery and equipment14,399 14,235 
Mobile equipment4,605 4,495 
Construction in progress2,477 1,454 
Oil and gas properties27,298 27,281 
Total77,018 74,883 
Accumulated depreciation, depletion and amortizationa
(46,673)(45,065)
Property, plant, equipment and mine development costs, net$30,345 $29,818 
a.Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2021 and 2020.

FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition in 2007 (excluding $634 million associated with mining operations that were subsequently sold) and transferred $811 million to proven and probable mineral reserves through 2021 (none in 2021 and less than $0.1 million in 2020). Cumulative impairments of and adjustments to VBPP total $497 million, which were primarily recorded in 2008.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, totaled $72 million in 2021, $147 million in 2020 and $149 million in 2019.

During the three-year period ended December 31, 2021, no material impairments of FCX’s long-lived mining assets were recorded.
v3.22.0.1
OTHER ASSETS
 12 Months Ended
Dec. 31, 2021
Other Assets [Abstract]  
Other Assets Disclosure OTHER ASSETS
The components of other assets follow:
 December 31,
 20212020
Intangible assetsa
$412 $401 
Legally restricted fundsb
209 213 
Disputed tax assessments:c
Cerro Verde237 190 
PT-FI57 143 
Long-term receivable for taxesd
84 106 
Investments:  
Assurance bonde
132 148 
Fixed income, equity securities and other74 70 
PT Smeltingf
26 77 
Contingent consideration associated with sales of assetsg
70 96 
Loans to PT Smeltingh
36 — 
Long-term employee receivables20 19 
Other103 97 
Total other assets$1,460 $1,560 
a.Indefinite-lived intangible assets totaled $215 million at December 31, 2021 and 2020. Accumulated amortization of definite-lived intangible assets totaled $35 million at December 31, 2021, and $32 million at December 31, 2020.
b.Includes $208 million at December 31, 2021, and $212 million at December 31, 2020, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion).
c.Refer to Note 12 for further discussion.
d.Includes tax overpayments and refunds not expected to be realized within the next 12 months.
e.Relates to PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion).
f.PT-FI’s ownership in PT Smelting is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $126 million at December 31, 2021, and $39 million at December 31, 2020. Trade accounts receivable from PT Smelting totaled $411 million at December 31, 2021, and $265 million at December 31, 2020.
g.Refer to Note 15 for further discussion.
h.Refer to Note 2 for further discussion.
v3.22.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2021
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,
 20212020
Accounts payable$2,035 $1,473 
Salaries, wages and other compensation334 312 
PT-FI contingenciesa
259 196 
Accrued interestb
203 243 
Deferred revenue191 65 
Pension, postretirement, postemployment and other employee benefitsc
190 91 
Accrued taxes, other than income taxes64 76 
Leasesd
38 38 
Litigation accruals28 86 
Other153 128 
Total accounts payable and accrued liabilities$3,495 $2,708 
a.Refer to Note 12 for further discussion.
b.Third-party interest paid, net of capitalized interest, was $640 million in 2021, $472 million in 2020 and $591 million in 2019.
c.Refer to Note 9 for long-term portion.
d.Refer to Note 13 for further discussion.
v3.22.0.1
DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt DEBT
FCX’s debt at December 31, 2021, included additions of $9 million ($10 million at December 31, 2020) for unamortized fair value adjustments, and is net of reductions of $86 million ($85 million at December 31, 2020) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:
 December 31,
 20212020
Revolving credit facility$— $— 
Senior notes and debentures:  
Issued by FCX:
3.55% Senior Notes due 2022— 523 
3.875% Senior Notes due 2023995 994 
4.55% Senior Notes due 2024728 728 
5.00% Senior Notes due 2027594 593 
4.125% Senior Notes due 2028693 691 
4.375% Senior Notes due 2028643 642 
5.25% Senior Notes due 2029593 593 
4.25% Senior Notes due 2030593 592 
4.625% Senior Notes due 2030841 840 
5.40% Senior Notes due 2034742 742 
5.450% Senior Notes due 20431,846 1,845 
Issued by FMC:
71/8% Debentures due 2027
115 115 
9½% Senior Notes due 2031123 124 
61/8% Senior Notes due 2034
117 117 
PT-FI Term Loan432 — 
Cerro Verde Term Loan325 523 
Other 70 49 
Total debt9,450 9,711 
Less current portion of debt(372)(34)
Long-term debt$9,078 $9,677 

Revolving Credit Facility. At December 31, 2021, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. For PT-FI, $500 million of FCX’s revolving credit facility is available.

FCX’s revolving credit facility contains customary affirmative covenants and representations, and also contains a number of negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX’s or its subsidiaries’ abilities to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. FCX’s revolving credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage. At December 31, 2021, FCX was in compliance with its revolving credit facility covenants.

In December 2021, Freeport-McMoRan Oil & Gas LLC, a 100-percent-owned subsidiary of FCX Oil & Gas LLC (FM O&G) and indirect subsidiary of FCX, was released as co-borrower from FCX’s revolving credit facility and released as guarantor from all of the indentures relating to FCX’s outstanding senior notes.

Interest on loans made under the revolving credit facility is, at the option of FCX, determined based on the adjusted London Interbank Offered rate (LIBOR) or the alternate base rate (each as defined in the revolving credit facility) plus a spread to be determined by reference to FCX’s credit ratings.

Certain of FCX’s debt agreements, including its revolving credit facility, reference LIBOR which is being phased out and replaced with alternative reference rates. FCX does not expect the transition from LIBOR and other interbank offered rates to have a material impact on its consolidated financial results.
Senior Notes. In December 2021, FCX redeemed all of its outstanding $524 million aggregate principal amount of 3.55% Senior Notes due 2022, at a redemption price equal to 100 percent of the principal amount of the notes outstanding, plus accrued and unpaid interest.

In July 2020, FCX completed the sale of $650 million of 4.375% Senior Notes due 2028 and $850 million of 4.625% Senior Notes due 2030 for proceeds, net of underwriting fees, totaling $1.485 billion. Interest on these senior notes is payable semiannually on February 1 and August 1 of each year. FCX used $1.4 billion of the net proceeds from this offering to purchase a portion of its outstanding 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. The remaining net proceeds from this offering were used for general corporate purposes.

In March 2020, FCX completed the sale of $700 million of 4.125% Senior Notes due 2028 and $600 million of 4.25% Senior Notes due 2030 for proceeds, net of underwriting fees, totaling $1.285 billion. Interest on these senior notes is payable semiannually on March 1 and September 1 of each year. FCX used a portion of the net proceeds from this offering to purchase a portion of its 4.00% Senior Notes due 2021 and its 3.55% Senior Notes due 2022 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. In April 2020, FCX used the remaining net proceeds to fund the make-whole redemption of all of its remaining 4.00% Senior Notes due 2021 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with the transaction.

Listed below are the FCX senior notes, redeemed in full or purchased during the three-year period ended December 31, 2021.

Principal AmountNet AdjustmentsBook ValueRedemption/Tender ValueLoss
Year Ended December 31, 2021
FCX 3.55% Senior Notes due 2022$524 $— $524 $524 $— 
Year Ended December 31, 2020
FCX 4.00% Senior Notes due 2021$195 $(1)$194 $205 $11 
FCX 3.55% Senior Notes due 20221,356 (6)1,350 1,391 41 
FCX 3.875% Senior Notes due 2023927 (4)923 964 41 
FCX 4.55% Senior Notes due 2024120 (1)119 126 7 
Total$2,598 $(12)$2,586 $2,686 $100 
Year Ended December 31, 2019
FCX 3.100% Senior Notes due 2020$1,000 $(2)$998 $1,003 $5 
FCX 6.875% Senior Notes due 2023728 34 762 768 6 
FCX 4.00% Senior Notes due 2021405 (2)403 418 15 
FCX 3.55% Senior Notes due 202212 — 12 12 — 
Total$2,145 $30 $2,175 $2,201 $26 

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 percent of principal two years before maturity.

Debt InstrumentDate
5.00% Senior Notes due 2027September 1, 2022
4.125% Senior Notes due 2028March 1, 2023
4.375% Senior Notes due 2028August 1, 2023
5.25% Senior Notes due 2029September 1, 2024
4.25% Senior Notes due 2030March 1, 2025
4.625% Senior Notes due 2030August 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 percent of principal.
Debt InstrumentDate
3.875% Senior Notes due 2023December 15, 2022
4.55% Senior Notes due 2024August 14, 2024
5.40% Senior Notes due 2034May 14, 2034
5.450% Senior Notes due 2043September 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 Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. The term loan allows for borrowings up to $667 million within the first three years, and then amortizes in four installments, with 15 percent of the outstanding balance due in January 2025, 15 percent due in July 2025, 35 percent due in January 2026 and the remaining 35 percent due in July 2026. The $333 million revolving credit facility is available for drawings until June 2026. Amounts drawn under the credit facility bear interest at LIBOR plus a margin of 1.875% or 2.125%, as defined by the agreement.

PT-FI’s credit facility contains customary affirmative covenants and representations and also contains standard 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 ratios governing maximum total leverage and minimum interest expense coverage and certain environmental and social compliance requirements. At December 31, 2021, PT-FI was in compliance with its credit facility covenants.

As of December 31, 2021, $443 million ($432 million net of debt issuance costs) was drawn under the PT-FI Term Loan and no amounts were drawn under the revolving credit facility.

Cerro Verde Term Loan. Repayments of the Cerro Verde Term Loan totaled $200 million in 2021, $305 million in 2020 and $200 million in 2019, with the remaining balance of $325 million due on the maturity date of June 19, 2022. Interest under the Term Loan is based on LIBOR plus a spread based on Cerro Verde’s total net debt to EBITDA ratio as defined in the agreement. The interest rate on Cerro Verde’s Term Loan was 2.00 percent at December 31, 2021.

Cerro Verde Shareholder Loans. In December 2014, Cerro Verde entered into loan agreements with three of its shareholders for borrowings up to $800 million due June 2024. No amounts were outstanding at December 31, 2021 and 2020, and availability under these agreements totals $200 million at December 31, 2021.

Maturities.  Maturities of debt instruments based on the principal amounts and terms outstanding at December 31, 2021, total $372 million in 2022, $997 million in 2023, $735 million in 2024, $137 million in 2025, $314 million in 2026 and $7.0 billion thereafter.
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2021
Other Liabilities, Including Employee Benefits [Abstract]  
Other Liabilities OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS
The components of other liabilities follow:
 December 31,
 20212020
Pension, postretirement, postemployment and other employment benefitsa
$845 $1,213 
Leasesb
281 190 
Provision for tax positions232 261 
Litigation accruals131 110 
Indemnification of PT Inalumb
78 42 
Cerro Verde royalty disputec
— 376 
Other116 77 
Total other liabilities$1,683 $2,269 
a.Refer to Note 7 for current portion.
b.Refer to Note 13 for further discussion.
c.Refer to Note 12 for further discussion.
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. See below for discussion of a 2020 plan amendment.

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. Historically, FMC plan assets have been invested in a balanced portfolio of return-seeking assets and risk-mitigating assets, with the allocation between these portfolios dependent on the funded status of the plan. During 2021, FCX reallocated essentially all of the portfolio to risk-mitigating assets with the objective of minimizing funded-status volatility. The risk-mitigating assets are allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50 percent); long-duration U.S. government/credit (20 percent); core fixed income (16 percent); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (STRIPS) (13 percent); and cash equivalents (1 percent).

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 3.00 percent per annum beginning January 1, 2022, which was 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 chief executive officer. 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 14,198 rupiah to one U.S. dollar on December 31, 2021, and 14,034 rupiah to one U.S. dollar on December 31, 2020. 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 7.00 percent per annum beginning January 1, 2022. 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,
 20212020
Projected benefit obligation$2,476 $2,666 
Accumulated benefit obligation2,476 2,664 
Fair value of plan assets1,988 1,884 
Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:
FCXPT-FI
 2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$2,722 $2,576 $238 $217 
Service cost12 37 13 11 
Interest cost66 77 14 14 
Actuarial (gains) losses(117)308 (3)12 
Plan amendments— — (2)— 
Foreign exchange (gains) losses(1)1 (3)(2)
Curtailment— (154)— — 
Benefits and administrative expenses paid(129)(123)(20)(14)
Benefit obligation at end of year2,553 2,722 237 238 
Change in plan assets:    
Fair value of plan assets at beginning of year1,946 1,677 251 254 
Actual return on plan assets150 272 8 13 
Employer contributionsa
105 119 4 2 
Foreign exchange (losses) gains(1)1 (3)(4)
Benefits and administrative expenses paid(129)(123)(20)(14)
Fair value of plan assets at end of year2,071 1,946 240 251 
Funded status$(482)$(776)$3 $13 
Accumulated benefit obligation$2,551 $2,719 $194 $194 
Weighted-average assumptions used to determine benefit obligations:    
Discount rate2.85 %2.50 %6.50 %6.25 %
Rate of compensation increase— %— %4.00 %4.00 %
Balance sheet classification of funded status:    
Other assets$6 $7 $3 $13 
Accounts payable and accrued liabilities(4)(4)— — 
Other liabilities(484)(779)— — 
Total$(482)$(776)$3 $13 
a.Employer contributions for 2022 are currently expected to approximate $112 million for the FCX plans and $1 million for the PT-FI plan (based on a December 31, 2021, exchange rate of 14,198 Indonesia rupiah to one U.S. dollar), and are subject to change.

In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, participants no longer accrue any additional benefits. As a result, FCX remeasured its pension assets and benefit obligation as of July 31, 2020. The discount rate and expected long-term rate of return on the plan assets used for the July 31, 2020, remeasurement were 2.40 percent and 6.25 percent, respectively. The remeasurement and curtailment resulted in the projected benefit obligation increasing by $184 million and plan assets increasing by $103 million. In addition, FCX recognized a curtailment loss of $4 million in 2020.

During 2021, the actuarial gain of $117 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.50 percent to 2.85 percent. During 2020, the actuarial loss of $308 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 3.40 percent to 2.50 percent, offset by the FMC Retirement Plan amendment to discontinue additional benefits.
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:
 202120202019
Weighted-average assumptions:a
   
Discount rate2.50 %2.98 %4.40 %
Expected return on plan assets5.25 %6.25 %6.50 %
Rate of compensation increase— %3.25 %3.25 %
Service cost$12 $37 $42 
Interest cost66 77 95 
Expected return on plan assets(98)(105)(90)
Amortization of net actuarial losses25 45 48 
Curtailment loss— 4 — 
Net periodic benefit cost$5 $58 $95 
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:
 202120202019
Weighted-average assumptions:   
Discount rate6.25 %7.25 %8.25 %
Expected return on plan assets7.75 %7.75 %8.25 %
Rate of compensation increase4.00 %4.00 %4.00 %
Service cost$13 $11 $12 
Interest cost14 14 17 
Expected return on plan assets(19)(19)(17)
Amortization of prior service cost1 2 1 
Amortization of net actuarial gains(1)(3)(1)
Net periodic benefit cost$8 $5 $12 

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

Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:
20212020
 
Before Taxes
After Taxes and Noncontrolling Interests
Before Taxes
After Taxes and Noncontrolling Interests
Net actuarial losses$488 $369 $673 $558 
Prior service costs2 — 6 1 
$490 $369 $679 $559 

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, 2021
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:    
    Fixed income securities$522 $522 $— $— $— 
    Real estate property72 72 — — — 
    Short-term investments38 38 — — — 
Fixed income:    
Corporate bonds911 — — 911 — 
Government bonds437 — — 437 — 
Private equity investments11 11 — — — 
Other investments74 — 1 73 — 
Total investments2,065 $643 $1 $1,421 $— 
Cash and receivables18 
Payables(12)
Total pension plan net assets$2,071 

 Fair Value at December 31, 2020
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:      
Global equity$527 $527 $— $— $— 
Fixed income securities404 404 — — — 
International small-cap equity76 76 — — — 
Real estate property59 59 — — — 
U.S. real estate securities51 51 — — — 
Short-term investments51 51 — — — 
U.S. small-cap equity25 25 — — — 
Fixed income:
Corporate bonds381 — — 381 — 
Government bonds181 — — 181 — 
Global large-cap equity securities109 — 109 — — 
Private equity investments10 10 — — — 
Other investments55 — 1 54 — 
Total investments1,929 $1,203 $110 $616 $— 
Cash and receivables100 
Payables(83)
Total pension plan net assets$1,946 

Following is a description of the pension plan asset categories 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 (except the real estate property fund) primarily require up to a two-business-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. Redemptions of the real estate property fund are allowed once per quarter (with a 30-calendar-day notice), subject to available cash.
Fixed income investments include government and corporate 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.

Common stocks included in global large-cap equity securities and preferred stocks included in other investments 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.

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, 2021
 TotalLevel 1Level 2Level 3
Government bonds$114 $114 $— $— 
Common stocks80 80 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
29 
Payables(1)
Total pension plan net assets$240 

 Fair Value at December 31, 2020
 TotalLevel 1Level 2Level 3
Government bonds$117 $117 $— $— 
Common stocks77 77 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
41 
Payables(2)
Total pension plan net assets$251 
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
2022$127 $17 
2023178 27 
2024130 30 
2025131 27 
2026132 30 
2027 through 2031653 146 
a.Based on a December 31, 2021, exchange rate of 14,198 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 $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $57 million (included in other liabilities) at December 31, 2021, and a current portion of $7 million and a long-term portion of $69 million at December 31, 2020.

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 $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $35 million (included in other liabilities) at December 31, 2021, and a current portion of $6 million and a long-term portion of $42 million at December 31, 2020.

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 $51 million at December 31, 2021, and $49 million at December 31, 2020, all of which was included in other liabilities.

The costs charged to operations for the employee savings plan totaled $95 million in 2021, $40 million in 2020 and $85 million in 2019. The costs were lower in 2020, compared with 2021 and 2019, because of a temporary suspension of FCX contributions implemented as part of FCX’s April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.
Employee Benefits OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS
The components of other liabilities follow:
 December 31,
 20212020
Pension, postretirement, postemployment and other employment benefitsa
$845 $1,213 
Leasesb
281 190 
Provision for tax positions232 261 
Litigation accruals131 110 
Indemnification of PT Inalumb
78 42 
Cerro Verde royalty disputec
— 376 
Other116 77 
Total other liabilities$1,683 $2,269 
a.Refer to Note 7 for current portion.
b.Refer to Note 13 for further discussion.
c.Refer to Note 12 for further discussion.
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. See below for discussion of a 2020 plan amendment.

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. Historically, FMC plan assets have been invested in a balanced portfolio of return-seeking assets and risk-mitigating assets, with the allocation between these portfolios dependent on the funded status of the plan. During 2021, FCX reallocated essentially all of the portfolio to risk-mitigating assets with the objective of minimizing funded-status volatility. The risk-mitigating assets are allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50 percent); long-duration U.S. government/credit (20 percent); core fixed income (16 percent); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (STRIPS) (13 percent); and cash equivalents (1 percent).

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 3.00 percent per annum beginning January 1, 2022, which was 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 chief executive officer. 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 14,198 rupiah to one U.S. dollar on December 31, 2021, and 14,034 rupiah to one U.S. dollar on December 31, 2020. 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 7.00 percent per annum beginning January 1, 2022. 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,
 20212020
Projected benefit obligation$2,476 $2,666 
Accumulated benefit obligation2,476 2,664 
Fair value of plan assets1,988 1,884 
Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:
FCXPT-FI
 2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$2,722 $2,576 $238 $217 
Service cost12 37 13 11 
Interest cost66 77 14 14 
Actuarial (gains) losses(117)308 (3)12 
Plan amendments— — (2)— 
Foreign exchange (gains) losses(1)1 (3)(2)
Curtailment— (154)— — 
Benefits and administrative expenses paid(129)(123)(20)(14)
Benefit obligation at end of year2,553 2,722 237 238 
Change in plan assets:    
Fair value of plan assets at beginning of year1,946 1,677 251 254 
Actual return on plan assets150 272 8 13 
Employer contributionsa
105 119 4 2 
Foreign exchange (losses) gains(1)1 (3)(4)
Benefits and administrative expenses paid(129)(123)(20)(14)
Fair value of plan assets at end of year2,071 1,946 240 251 
Funded status$(482)$(776)$3 $13 
Accumulated benefit obligation$2,551 $2,719 $194 $194 
Weighted-average assumptions used to determine benefit obligations:    
Discount rate2.85 %2.50 %6.50 %6.25 %
Rate of compensation increase— %— %4.00 %4.00 %
Balance sheet classification of funded status:    
Other assets$6 $7 $3 $13 
Accounts payable and accrued liabilities(4)(4)— — 
Other liabilities(484)(779)— — 
Total$(482)$(776)$3 $13 
a.Employer contributions for 2022 are currently expected to approximate $112 million for the FCX plans and $1 million for the PT-FI plan (based on a December 31, 2021, exchange rate of 14,198 Indonesia rupiah to one U.S. dollar), and are subject to change.

In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, participants no longer accrue any additional benefits. As a result, FCX remeasured its pension assets and benefit obligation as of July 31, 2020. The discount rate and expected long-term rate of return on the plan assets used for the July 31, 2020, remeasurement were 2.40 percent and 6.25 percent, respectively. The remeasurement and curtailment resulted in the projected benefit obligation increasing by $184 million and plan assets increasing by $103 million. In addition, FCX recognized a curtailment loss of $4 million in 2020.

During 2021, the actuarial gain of $117 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.50 percent to 2.85 percent. During 2020, the actuarial loss of $308 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 3.40 percent to 2.50 percent, offset by the FMC Retirement Plan amendment to discontinue additional benefits.
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:
 202120202019
Weighted-average assumptions:a
   
Discount rate2.50 %2.98 %4.40 %
Expected return on plan assets5.25 %6.25 %6.50 %
Rate of compensation increase— %3.25 %3.25 %
Service cost$12 $37 $42 
Interest cost66 77 95 
Expected return on plan assets(98)(105)(90)
Amortization of net actuarial losses25 45 48 
Curtailment loss— 4 — 
Net periodic benefit cost$5 $58 $95 
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:
 202120202019
Weighted-average assumptions:   
Discount rate6.25 %7.25 %8.25 %
Expected return on plan assets7.75 %7.75 %8.25 %
Rate of compensation increase4.00 %4.00 %4.00 %
Service cost$13 $11 $12 
Interest cost14 14 17 
Expected return on plan assets(19)(19)(17)
Amortization of prior service cost1 2 1 
Amortization of net actuarial gains(1)(3)(1)
Net periodic benefit cost$8 $5 $12 

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

Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:
20212020
 
Before Taxes
After Taxes and Noncontrolling Interests
Before Taxes
After Taxes and Noncontrolling Interests
Net actuarial losses$488 $369 $673 $558 
Prior service costs2 — 6 1 
$490 $369 $679 $559 

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, 2021
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:    
    Fixed income securities$522 $522 $— $— $— 
    Real estate property72 72 — — — 
    Short-term investments38 38 — — — 
Fixed income:    
Corporate bonds911 — — 911 — 
Government bonds437 — — 437 — 
Private equity investments11 11 — — — 
Other investments74 — 1 73 — 
Total investments2,065 $643 $1 $1,421 $— 
Cash and receivables18 
Payables(12)
Total pension plan net assets$2,071 

 Fair Value at December 31, 2020
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:      
Global equity$527 $527 $— $— $— 
Fixed income securities404 404 — — — 
International small-cap equity76 76 — — — 
Real estate property59 59 — — — 
U.S. real estate securities51 51 — — — 
Short-term investments51 51 — — — 
U.S. small-cap equity25 25 — — — 
Fixed income:
Corporate bonds381 — — 381 — 
Government bonds181 — — 181 — 
Global large-cap equity securities109 — 109 — — 
Private equity investments10 10 — — — 
Other investments55 — 1 54 — 
Total investments1,929 $1,203 $110 $616 $— 
Cash and receivables100 
Payables(83)
Total pension plan net assets$1,946 

Following is a description of the pension plan asset categories 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 (except the real estate property fund) primarily require up to a two-business-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. Redemptions of the real estate property fund are allowed once per quarter (with a 30-calendar-day notice), subject to available cash.
Fixed income investments include government and corporate 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.

Common stocks included in global large-cap equity securities and preferred stocks included in other investments 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.

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, 2021
 TotalLevel 1Level 2Level 3
Government bonds$114 $114 $— $— 
Common stocks80 80 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
29 
Payables(1)
Total pension plan net assets$240 

 Fair Value at December 31, 2020
 TotalLevel 1Level 2Level 3
Government bonds$117 $117 $— $— 
Common stocks77 77 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
41 
Payables(2)
Total pension plan net assets$251 
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
2022$127 $17 
2023178 27 
2024130 30 
2025131 27 
2026132 30 
2027 through 2031653 146 
a.Based on a December 31, 2021, exchange rate of 14,198 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 $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $57 million (included in other liabilities) at December 31, 2021, and a current portion of $7 million and a long-term portion of $69 million at December 31, 2020.

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 $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $35 million (included in other liabilities) at December 31, 2021, and a current portion of $6 million and a long-term portion of $42 million at December 31, 2020.

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 $51 million at December 31, 2021, and $49 million at December 31, 2020, all of which was included in other liabilities.

The costs charged to operations for the employee savings plan totaled $95 million in 2021, $40 million in 2020 and $85 million in 2019. The costs were lower in 2020, compared with 2021 and 2019, because of a temporary suspension of FCX contributions implemented as part of FCX’s April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Notes)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Stock-Based Compensation STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
FCX’s authorized shares of capital stock total 3.05 billion shares, consisting of 3.0 billion shares of common stock and 50 million shares of preferred stock.

Financial Policy. In February 2021, FCX’s Board of Directors (Board) adopted a financial policy for the allocation of cash flows aligned with FCX’s strategic objectives of maintaining a strong balance sheet and increasing cash returns to shareholders while advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50 percent of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for additional smelting capacity in Indonesia).

In February 2021, the Board reinstated a cash dividend on FCX’s common stock (base dividend), and on November 1, 2021, the Board approved (i) a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock and (ii) a variable cash dividend on FCX’s common stock for 2022.

In fourth-quarter 2021, FCX acquired 12.7 million shares under the share repurchase program for a total cost of $488 million ($38.32 per share). Through February 15, 2022, FCX acquired 18.2 million shares of its common stock for a total cost of $710 million ($39.10 per share) and $2.3 billion remains available for repurchases.

On December 22, 2021, FCX declared dividends totaling $0.15 per share on its common stock, which was paid on February 1, 2022, to common stockholders of record as of January 14, 2022. This payment includes a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable cash dividend.

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

Accumulated Other Comprehensive Loss. A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows:
Defined Benefit PlansTranslation AdjustmentTotal
Balance at January 1, 2019$(615)$10 $(605)
Amounts arising during the perioda,b
(118)— (118)
Amounts reclassifiedc
47 — 47 
Balance at December 31, 2019(686)10 (676)
Amounts arising during the perioda,b
47 — 47 
Amounts reclassifiedc
46 — 46 
Balance at December 31, 2020(593)10 (583)
Amounts arising during the perioda,b
176 — 176 
Amounts reclassifiedc
19 — 19 
Balance at December 31, 2021$(398)$10 $(388)
a.Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(111) million for 2019, $40 million for 2020 and $174 million for 2021.
b.Includes tax (benefit) provision totaling $(8) million for 2019, $7 million for 2020 and $2 million for 2021.
c.Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2019, 2020 and 2021.

Stock Award Plans.  FCX currently has awards outstanding under various stock-based compensation plans. The stockholder-approved 2016 Stock Incentive Plan (the 2016 Plan) provides for the issuance of stock options, stock appreciation rights, restricted stock, RSUs, PSUs and other stock-based awards for up to 72 million common shares. As of December 31, 2021, 30.7 million shares were available for grant under the 2016 Plan, and no shares were available under other plans.
Stock-Based Compensation Cost. Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows:
202120202019
Selling, general and administrative expenses$64 $70 $48 
Production and delivery34 29 15 
Total stock-based compensation98 99 63 
Tax benefit and noncontrolling interests’ sharea
(5)(5)(4)
Impact on net income (loss)$93 $94 $59 
a. Charges in the U.S. are not expected to generate a future tax benefit.

Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant. Stock options vest in one-third annual increments beginning one year from the date of grant. The award agreements provide that participants will receive the following year’s vesting upon retirement. Therefore, on the date of grant, FCX accelerates one year of amortization for retirement-eligible employees. The award agreements also provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control.

A summary of stock options outstanding as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of
Options		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
Balance at January 137,100,098 $25.58 
Granted598,000 28.14 
Exercised(11,527,957)19.48 
Expired/Forfeited(4,347,579)51.15 
Balance at December 3121,822,562 23.78 4.3$411 
Vested and exercisable at December 3117,119,081 26.62 3.4$278 

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option valuation model. Expected volatility is based on implied volatilities from traded options on FCX’s common stock and historical volatility of FCX’s common stock. FCX uses historical data to estimate future option exercises, forfeitures and expected life. When appropriate, separate groups of employees who have similar historical exercise behavior are considered separately for valuation purposes. The expected dividend rate is calculated using the expected annual dividend at the date of grant. The risk-free interest rate is based on Federal Reserve rates in effect for bonds with maturity dates equal to the expected term of the option.

Information related to stock options during the years ended December 31 follows:
 202120202019
Weighted-average assumptions used to value stock option awards:
Expected volatility58.1 %47.7 %47.8 %
Expected life of options (in years)5.905.836.10
Expected dividend rate2.5 %1.7 %1.8 %
Risk-free interest rate0.6 %1.5 %2.5 %
Weighted-average grant-date fair value (per option)$11.92 $4.72 $4.87 
Intrinsic value of options exercised$194 $82 $3 
Fair value of options vested$16 $28 $26 

As of December 31, 2021, FCX had $5 million of total unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted-average period of approximately 1.0 years.

Stock-Settled PSUs and RSUs. Beginning in 2014, FCX’s executive officers received annual grants of PSUs that vest after three years. The total grant date target shares related to the PSU grants were 0.7 million for 2019, 0.8 million for 2020 and 0.3 million for 2021, of which the executive officers will earn (i) between 0 percent and 200
percent of the target shares based on achievement of financial metrics and (ii) +/- up to 25 percent of the target shares based on FCX’s total shareholder return compared to the total shareholder return of a peer group. All of FCX’s executive officers who hold PSUs are retirement eligible, and their PSU awards are therefore non-forfeitable. As such, FCX charges the estimated fair value of the PSU awards to expense at the time the financial and operational, if applicable, metrics are established.

FCX grants RSUs that vest over a period of three years or at the end of three years to certain employees. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. FCX also grants RSUs to its directors, which vest on the first anniversary of the date of grant. The fair value of the RSUs is amortized over the vesting period or the period until the director becomes retirement eligible, whichever is shorter. Upon a director’s retirement, all of their unvested RSUs immediately vest. For retirement-eligible directors, the fair value of RSUs is recognized in earnings on the date of grant.

The award agreements provide for accelerated vesting of all RSUs held by directors if there is a change of control (as defined in the award agreements) and for accelerated vesting of all RSUs held by employees if they experience a qualifying termination within one year following a change of control.

Dividends attributable to RSUs and PSUs accrue and are paid if the award vests. A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of AwardsWeighted-Average Grant-Date Fair Value Per AwardAggregate
Intrinsic
Value
Balance at January 17,523,022 $16.79  
Granted2,121,755 29.15  
Vested(1,814,976)15.72  
Forfeited(28,916)20.29  
Balance at December 317,800,885 20.38 $326 

The total fair value of stock-settled RSUs and PSUs granted was $62 million during 2021, $47 million during 2020 and $24 million during 2019. The total intrinsic value of stock-settled RSUs and PSUs vested was $56 million during 2021, $18 million during 2020 and $26 million during 2019. As of December 31, 2021, FCX had $17 million of total unrecognized compensation cost related to unvested stock-settled RSUs expected to be recognized over approximately 1.2 years.

Cash-Settled RSUs. Cash-settled RSUs are similar to stock-settled RSUs, but are settled in cash rather than in shares of common stock. These cash-settled RSUs generally vest over three years of service. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these cash-settled RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. The cash-settled RSUs are classified as liability awards, and the fair value of these awards is remeasured each reporting period until the vesting dates. The award agreements for cash-settled RSUs provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control.

Dividends attributable to cash-settled RSUs accrue and are paid if the award vests. A summary of outstanding cash-settled RSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of AwardsWeighted-Average Grant-Date Fair Value Per AwardAggregate
Intrinsic
Value
Balance at January 11,521,097 $12.92  
Granted308,600 28.00 
Vested(753,574)13.94 
Forfeited(22,199)15.37  
Balance at December 311,053,924 16.56 $44 
The total grant-date fair value of cash-settled RSUs was $9 million during 2021, $11 million during 2020 and $10 million during 2019. The intrinsic value of cash-settled RSUs vested was $24 million during 2021, $11 million during 2020 and $8 million during 2019. The accrued liability associated with cash-settled RSUs consisted of a current portion of $26 million (included in accounts payable and accrued liabilities) and a long-term portion of $6 million (included in other liabilities) at December 31, 2021, and a current portion of $22 million and a long-term portion of $6 million at December 31, 2020.

Other Information. The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31:
 202120202019
FCX shares tendered to pay the exercise price   
and/or the minimum required withholding taxesa
1,358,101 1,193,183 670,508 
Cash received from stock option exercises$210 $51 $2 
Actual tax benefit realized for tax deductions$9 $2 $1 
Amounts FCX paid for employee taxes$29 $17 $8 
a.Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required withholding taxes.
v3.22.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following:
 202120202019
U.S.$1,861 $(40)$(287)
Foreign5,798 1,837 593 
Total$7,659 $1,797 $306 

Income taxes are provided on the earnings of FCX’s material foreign subsidiaries under the assumption that these earnings will be distributed. FCX has not provided deferred income taxes for other differences between the book and tax carrying amounts of its investments in material foreign subsidiaries as FCX considers its ownership positions to be permanent in duration, and quantification of the related deferred tax liability is not practicable. 

FCX’s provision for income taxes for the years ended December 31 consists of the following:
 202120202019
Current income taxes:   
Federal$— $53 
a
$(23)
b,c
State(11)(1)3 
Foreign(2,460)(816)
d
(462)
Total current(2,471)(764)(482)
Deferred income taxes:   
Federal(184)3 48 
State(4)5 8 
Foreign(23)(306)(101)
Total deferred(211)(298)(45)
Adjustments193 
e
37 12 
Operating loss carryforwards190 81 5 
Provision for income taxes$(2,299)$(944)$(510)
a.Includes a credit of $53 million associated with the reversal of the charge discussed in footnote c below.
b.As a result of the 2017 Tax Cuts and Jobs Act (the Act) guidance released in 2019, FCX recorded a $29 million credit.
c.Includes a charge of $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project.
d.Includes a charge of $135 million associated with the gain on sale of Kisanfu.
e.Primarily reflects the release of valuation allowances on NOLs at PT Rio Tinto (see below).
A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows:
 202120202019
 AmountPercentAmountPercentAmountPercent
U.S. federal statutory tax rate$(1,608)(21)%$(377)(21)%$(64)(21)%
Valuation allowancea
221 3 (210)(12)(149)(49)
PT Rio Tinto valuation allowancea
189 2 — — — — 
PT-FI historical tax disputesb
(193)(3)(8)— (145)(47)
Percentage depletion221 3 104 6 118 39 
Effect of foreign rates different than the U.S.
federal statutory rate(328)(4)(109)(6)(64)(21)
Withholding and other impacts on
foreign earnings(678)(9)(193)(11)(55)(18)
Adjustment to deferred taxes— — — — (49)
c
(16)
Non-deductible permanent differences— — — — (47)(15)
Uncertain tax positions13 — (15)(1)(47)(15)
U.S. tax reform— — — — 29 
d
9 
Foreign tax credit limitation(11)— 28 2 (16)(5)
State income taxes(14)— (2)— 16 6 
Cerro Verde historical tax disputese
— — (39)(2)2 1 
Timok exploration project sale — — 53 3 (15)(5)
Sale of Kisanfu— — (135)(8)— — 
Other items, net(111)(1)(41)(3)(24)(9)
Provision for income taxes$(2,299)(30)%$(944)(53)%$(510)(166)%
a.Refer to “Valuation Allowance” below.
b.Refer to “Income Tax Matters” below.
c.Represents net charges primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles.
d.As a result of the Act guidance released in 2019, FCX recorded a $29 million credit.
e.Refer to Note 12 for further discussion.

FCX paid federal, state and foreign income taxes totaling $1.3 billion in 2021, $397 million in 2020 and $610 million in 2019. FCX received refunds of federal, state and foreign income taxes of $109 million in 2021, $265 million in 2020 and $306 million in 2019.
The components of deferred taxes follow:
 December 31,
 20212020
Deferred tax assets:  
Foreign tax credits$1,536 $1,641 
Accrued expenses1,193 1,194 
Net operating losses (NOLs)2,220 2,443 
Employee benefit plans105 177 
Other252 227 
Deferred tax assets5,306 5,682 
Valuation allowances(4,087)(4,732)
Net deferred tax assets1,219 950 
Deferred tax liabilities:  
Property, plant, equipment and mine development costs(4,492)(4,489)
Undistributed earnings(807)(694)
Other(152)(175)
Total deferred tax liabilities(5,451)(5,358)
Net deferred tax liabilities$(4,232)$(4,408)

Tax Attributes. At December 31, 2021, FCX had (i) U.S. foreign tax credits of $1.5 billion that will expire between 2022 and 2027, (ii) U.S. federal net operating losses (NOLs) of $6.1 billion that primarily expire between 2036 and 2037, of which $0.2 billion can be carried forward indefinitely, (iii) U.S. state NOLs of $10.9 billion that primarily expire between 2022 and 2041, (iv) Spanish NOLs of $0.5 billion that can be carried forward indefinitely and (v) Indonesia NOLs of $0.9 billion that expire between 2022 and 2026.

Valuation Allowances. On the basis of available information at December 31, 2021, including positive and negative evidence, FCX has provided valuation allowances for certain of its deferred tax assets where it believes it is more- likely-than-not that some portion or all of such assets will not be realized. Valuation allowances totaled $4.1 billion at December 31, 2021, and covered all of FCX’s U.S. foreign tax credits and U.S. federal NOLs, substantially all of its U.S. state NOLs, and a portion of its foreign NOLs. Valuation allowances totaled $4.7 billion at December 31, 2020, and covered all of FCX’s U.S. foreign tax credits, U.S. federal NOLs, foreign net operating losses and substantially all of its U.S. state NOLs.

The valuation allowance related to FCX’s U.S. foreign tax credits totaled $1.5 billion at December 31, 2021. FCX has operations in tax jurisdictions where statutory income taxes and withholding taxes are in excess of the U.S. federal income tax rate. Valuation allowances are recognized on foreign tax credits for which no benefit is expected to be realized.

The valuation allowance related to FCX’s U.S. federal, state and foreign NOLs totaled $2.0 billion and other deferred tax assets totaled $561 million at December 31, 2021. NOLs and deferred tax assets represent future deductions for which a benefit will only be realized to the extent these deductions offset future income. FCX develops an estimate of which future tax deductions will be realized and recognizes a valuation allowance to the extent these deductions are not expected to be realized in future periods.

Valuation allowances will continue to be carried on U.S. foreign tax credits, U.S. federal, state and foreign NOLs and U.S. federal, state and foreign deferred tax assets, until such time that (i) FCX generates taxable income against which any of the assets, credits or NOLs can be used, (ii) forecasts of future income provide sufficient positive evidence to support reversal of the valuation allowances or (iii) FCX identifies a prudent and feasible means of securing the benefit of the assets, credits or net operating losses that can be implemented.

The $645 million net decrease in the valuation allowances during 2021 is primarily related to a $219 million decrease associated with U.S. federal NOLs utilized during 2021, a $105 million decrease related to expirations of U.S. foreign tax credits and $228 million decrease associated with PT Rio Tinto NOLs resulting from positive evidence supporting future taxable income against which net operating losses can be used. Changes in assumptions about future taxable income against which PT Rio Tinto NOLs can be utilized resulted from delays in timing of the anticipated merger of PT Rio Tinto into PT-FI.
Other Events. In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world announced measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021, enacted on March 11, 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the years ended December 31, 2021 and 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax (AMT). FCX collected U.S. AMT refunds of $24 million in 2021 and $244 million in 2020. FCX continues to evaluate income tax accounting considerations of COVID-19 measures as they develop, including any impact on its measurement of existing deferred tax assets and deferred tax liabilities. FCX will recognize any impact from COVID-19 related changes to tax laws in the period in which the new legislation is enacted.

Indonesia Tax Matters. In 2018, PT-FI received unfavorable Indonesia Tax Court decisions with respect to its appeal of capitalized mine development costs on its 2012 and 2014 corporate income tax returns. PT-FI appealed those decisions to the Indonesia Supreme Court. In 2019, the Indonesia Supreme Court communicated an unfavorable ruling regarding the treatment of mine development costs on PT-FI’s 2014 tax return. During the fourth quarter of 2019, PT-FI met with the Indonesia Tax Office and developed a framework for resolution of the disputed matters. On December 30, 2019, PT-FI made a payment of $250 million based on its understanding of the framework for resolution of disputes arising from the audits of the tax years 2012 through 2016, as well as tax years 2017 and 2018. Additional administrative steps would need to be completed by both PT-FI and the Indonesia Tax Office in order to implement the resolution.

During October 2021, PT-FI participated in discussions with the Indonesia tax office regarding progress on the framework for resolution of disputes arising from the audits of tax years 2012 through 2016. As a result of these discussions and the revised positions taken by both the Indonesia tax office and PT-FI, FCX believes it can no longer conclude a resolution of all of the disputed tax items at a more-likely-than-not threshold. PT-FI will continue to engage with the Indonesia tax office in pursuit of certain aspects of the original framework for resolution.

During 2019, in conjunction with the framework for resolution, PT-FI recorded net charges totaling $304 million, including $123 million for non-deductible penalties recorded to other (expense) income, net, $78 million for non-deductible interest recorded to interest expense, net and $103 million to provision for income tax expense, primarily for the impact of a reduction in the statutory rate on PT-FI’s deferred tax assets.

During 2020, in connection with progress of the framework for resolution, PT-FI recorded additional net charges of $46 million, including $9 million for non-deductible penalties recorded to other (expense) income, net and $35 million for non-deductible interest recorded to interest expense, net, and $2 million to provision for income tax expense.

During 2021, mostly in connection with the October 2021 meeting with the Indonesia tax office and the progress of the framework for resolution, PT-FI recorded total additional net charges of $384 million, including $155 million for non-deductible penalties recorded to other (expense) income, net, $43 million for non-deductible interest recorded to interest expense, net, and $186 million to provision for income tax expense.

Peru Tax Matters. SUNAT (National Superintendency of Customs and Administration), the Peru national tax authority, has assessed mining royalties on ore processed by the Cerro Verde concentrator for the period December 2006 to December 2013, which Cerro Verde has contested on the basis that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concessions, irrespective of the method used for processing those minerals. Refer to Note 12 for further discussion of the Cerro Verde royalty dispute.

In December 2016, the Peru parliament passed tax legislation that, in part, modified the applicable tax rates established in its December 2014 tax legislation, which progressively decreased the corporate income tax rate to 26 percent in 2019 and thereafter, and also increased the dividend tax rate on distributions to 9.3 percent in 2019 and thereafter. Under the tax legislation, which was effective January 1, 2017, the corporate income tax rate was 29.5 percent, and the dividend tax rate on distributions of earnings was 5 percent. Cerro Verde’s current mining stability agreement subjects it to a stable income tax rate of 32 percent through the expiration of the agreement on December 31, 2028. The tax rate on dividend distributions is not stabilized by the agreement.
Chile Tax Matters. In September 2014, the Chile legislature approved a tax reform package that implemented a dual tax system, which was amended in January 2016. Under previous rules, FCX’s share of income from Chile operations was subject to an effective 35 percent tax rate allocated between income taxes and dividend withholding taxes. Under the amended tax reform package, FCX’s Chile operation is subject to the “Partially-Integrated System,” resulting in FCX’s share of income from El Abra being subject to progressively increasing effective tax rates of 35 percent through 2019 and 44.5 percent in 2020 and thereafter. In November 2017, the progression of increasing tax rates was delayed by the Chile legislature so that the 35 percent rate continued through 2021, increasing to 44.5 percent in 2022 and thereafter. In January 2020, the Chile legislature approved a tax reform package that would further delay the 44.5 percent rate until 2027 and thereafter. 

In 2010, the Chile legislature approved an increase in mining royalty taxes to help fund earthquake reconstruction activities, education and health programs. Beginning in 2018, and through 2023 mining royalty rates at FCX’s El Abra mine are based on a sliding scale of 5 to 14 percent (depending on a defined operational margin).

Uncertain Tax Positions. FCX accounts for uncertain income tax positions using a threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FCX’s policy associated with uncertain tax positions is to record accrued interest in interest expense and accrued penalties in other (expense) income, net rather than in the provision for income taxes.

A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows. The balance at year-end December 31, 2019, was revised by $115 million and the balance at year-end December 31, 2020, was revised by $179 million to adjust for amounts paid on accruals not yet settled.
202120202019
Balance at beginning of year$474 $491 $494 
Additions:
Prior year tax positions330 56 86 
Current year tax positions71 60 11 
Decreases:
Prior year tax positions(30)(82)(75)
Settlements with taxing authorities(37)(51)(25)
Balance at end of year$808 $474 $491 

The total amount of accrued interest and penalties associated with unrecognized tax benefits was $620 million at December 31, 2021, primarily relating to unrecognized tax benefits associated with cost recovery methods and royalties and other related mining taxes, and $307 million at December 31, 2020, and $339 million at December 31, 2019.

The reserve for unrecognized tax benefits of $808 million at December 31, 2021, included $694 million ($465 million net of income tax benefits and valuation allowances) that, if recognized, would reduce FCX’s provision for income taxes. Changes in the reserve for unrecognized tax benefits associated with current and prior-year tax positions were primarily related to uncertainties associated with FCX's tax treatment of cost recovery methods. There continues to be uncertainty related to the timing of settlements with taxing authorities, but if additional settlements are agreed upon during the year 2022, FCX could experience a change in its reserve for unrecognized tax benefits.

FCX or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:
JurisdictionYears Subject to ExaminationAdditional Open Years
U.S. Federal2017-20182014-2016, 2019-2021
Indonesia2011-20182020-2021
Peru20162017-2021
Chile20202018-2019, 2021
v3.22.0.1
CONTINGENCIES
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Environmental. FCX subsidiaries are subject to various national, state and local environmental laws and regulations that govern emissions of air pollutants; discharges of water pollutants; generation, handling, storage and disposal of hazardous substances, hazardous wastes and other toxic materials; and remediation, restoration and reclamation of environmental contamination. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC in 2007, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is also subject to claims where the release of hazardous substances is alleged to have damaged natural resources (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2021, FCX had more than 100 active remediation projects, including NRD claims, in 24 U.S. states. The aggregate environmental obligation for approximately 60 percent of the active remediation projects totaled less than $20 million at December 31, 2021.

A summary of changes in estimated environmental obligations for the years ended December 31 follows:
 202120202019
Balance at beginning of year$1,584 $1,561 $1,511 
Accretion expensea
104 102 102 
Additionsb
60 38 23 
Reductionsb
(20)(58)(1)
Spending(64)(59)(74)
Balance at end of year1,664 1,584 1,561 
Less current portion(64)(83)(106)
Long-term portion$1,600 $1,501 $1,455 
a.Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis.
b.Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Adjustments primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.

Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $89 million in 2022, $80 million in 2023, $105 million in 2024, $98 million in 2025, $100 million in 2026 and $3.2 billion thereafter. The amount and timing of these estimated payments will change as a result of changes in regulatory requirements, changes in scope and timing of remediation activities, the settlement of environmental matters and as actual spending occurs.

At December 31, 2021, FCX’s environmental obligations totaled $1.7 billion, including $1.5 billion recorded on a discounted basis for those obligations assumed in the FMC acquisition at fair value. On an undiscounted and de-escalated basis, these obligations totaled $3.7 billion. FCX estimates it is reasonably possible that these obligations could range between $3.3 billion and $4.2 billion on an undiscounted and de-escalated basis.

At December 31, 2021, the most significant environmental obligations were associated with the Pinal Creek site in Arizona; the Newtown Creek site in New York City; historical smelter sites principally located in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania; and uranium mining sites in the western U.S. The recorded environmental obligations for these sites totaled $1.4 billion at December 31, 2021. FCX may also be
subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows.

Pinal Creek. The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping is expected to continue for many years.

Newtown Creek. From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, EPA notified PDRC, four other companies and the City of New York that EPA considers them PRPs under CERCLA. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and four other companies (the Newtown Creek Group, NCG) and the City of New York entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify remedial options. The NCG’s RI/FS work and efforts to identify other PRPs are ongoing. The NCG submitted a final draft RI report in October 2021, which is currently under review by EPA. The NCG expects to submit a draft FS report to EPA in late 2025 and currently expects EPA to select a creek-wide remedy in 2026, with the actual remediation construction starting several years later. In July 2019, the NCG entered into an AOC with EPA to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an early interim remedy for that section of the creek. In July 2021, EPA terminated the FFS, which effectively means remediation of the lower creek will be performed at the same time as the site-wide remedy. FCX’s environmental liability balance for the creek was $318 million at December 31, 2021. The final costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX.

Historical Smelter Sites. FCX subsidiaries and their predecessors at various times owned or operated copper, zinc and lead smelters or refineries in states including Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. For some of these former processing sites, certain FCX subsidiaries have been advised by EPA or state agencies that they may be liable for costs of investigating and, if appropriate, remediating environmental conditions associated with these former processing facilities. At other sites, certain FCX subsidiaries have entered into state voluntary remediation programs to investigate and, if appropriate, remediate on-site and off-site conditions associated with the facilities. The historical processing sites are in various stages of assessment and remediation. At some of these sites, disputes with local residents and elected officials regarding alleged health effects or the effectiveness of remediation efforts have resulted in litigation of various types, and similar litigation at other sites is possible.

From 1920 until 1986, United States Metals Refining Company (USMR), an indirect wholly owned subsidiary of FCX, owned and operated a copper smelter and refinery in the Borough of Carteret, New Jersey. Since the early 1980s, the site has been the subject of environmental investigation and remediation, under the direction and supervision of the New Jersey Department of Environmental Protection (NJDEP). On-site contamination is in the later stages of remediation. In 2012, after receiving a request from NJDEP, USMR also began investigating and remediating off-site properties, which is ongoing. As a result of off-site soil sampling in public and private areas near the former Carteret smelter, FCX established an environmental obligation for known and potential off-site environmental remediation. Assessments of sediments in the adjacent Arthur Kill and sampling and analysis within the offsite area as we obtain access to residential properties are ongoing and could result in additional adjustments to the related environmental remediation obligation in future periods. The extent of contamination and potential remedial actions are uncertain and may take several years to evaluate.
On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc., Docket No. 734-17, was filed in the Superior Court of New Jersey against USMR, FCX, and Amax Realty Development, Inc. The defendants removed this litigation to the U.S. District Court for the District of New Jersey, where it remains pending, and FMC was added as a defendant. The suit alleges that USMR generated and disposed of smelter waste at the site and allegedly released contaminants on-site and off-site through discharges to surface water and air emissions over a period of decades and seeks unspecified compensatory and punitive damages for economic losses, including diminished property values, additional soil investigation and remediation and other damages. In January 2020, the parties completed briefing on the plaintiffs’ motion for class certification. The judge indicated in late 2021 that the plaintiffs may submit rebuttal expert reports, which will likely result in additional discovery and refiling of a new briefing on class certification. This will likely delay the court’s decision on class certification. FCX continues to vigorously defend this matter.

Uranium Mining Sites. During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation. In 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. Government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for 94 former uranium mining sites on tribal lands. Under the terms of the Consent Decree executed in May 2017, and approved by the U.S. District Court for the District of Arizona, the U.S. contributed $335 million into a trust fund to cover the government’s initial share of the costs, and FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the 94 sites. The program is expected to take more than 20 years to complete. In 2020, FCX reduced its associated obligation and recorded a $47 million credit to operating income to reflect the discounting effect of the recent and expected pace of project work under post-COVID-19 pandemic conditions. By letter dated September 29, 2021, EPA also informed an FCX subsidiary that it does not expect to have funds sufficient to remediate sites covered by a bankruptcy settlement with Tronox and EPA considers a subsidiary of FCX to be potentially liable for 23 of these sites. FCX is also conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on approximately 15,000 mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. A similar agreement is in place with the U.S. Forest Service for mine features on U.S. Forest Service land. Either BLM or the U.S Forest Service may request additional assessment or remediation activities for other claims with mining features. FCX will update this obligation when it has a sufficient number of remedy decisions from the BLM or the U.S Forest Service to support a reasonably certain range of outcomes. FCX expects it will take several years to complete this work.

AROs. FCX’s ARO estimates are reflected on a third-party cost basis and are based on FCX’s legal obligation to retire tangible, long-lived assets. A summary of changes in FCX’s AROs for the years ended December 31 follows:
 202120202019
Balance at beginning of year$2,472 $2,505 $2,547 
Liabilities incurred2 7 20 
Settlements and revisions to cash flow estimates, net331 
a
(13)(5)
Accretion expense112 131 118 
Dispositions— 

(2)(5)
Spending(201)(156)(170)
Balance at end of year2,716 2,472 2,505 
Less current portion(200)(268)(330)
Long-term portion$2,516 $2,204 $2,175 
a.Includes an adjustment at PT-FI totaling $397 million, see further discussion below.

ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if
determined to be economically beneficial. The methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time.

Financial Assurance. New Mexico, Arizona, Colorado and other states, as well as federal regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. FCX has satisfied financial assurance requirements by using a variety of mechanisms, primarily involving parent company performance guarantees and financial capability demonstrations, but also including trust funds, surety bonds, letters of credit and other collateral. The applicable regulations specify financial strength tests that are designed to confirm a company’s or guarantor’s financial capability to fund estimated reclamation and closure costs. The amount of financial assurance FCX subsidiaries are required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At December 31, 2021, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $1.5 billion, of which $0.9 billion was in the form of guarantees issued by FCX and FMC. At December 31, 2021, FCX had trust assets totaling $208 million (included in other assets), which are legally restricted to be used to satisfy its financial assurance obligations for its mining properties in New Mexico. In addition, FCX subsidiaries have financial assurance obligations for its oil and gas properties associated with plugging and abandoning wells and facilities totaling $424 million. Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure.

New Mexico Environmental and Reclamation Programs. FCX’s New Mexico operations are regulated under the New Mexico Water Quality Act and regulations adopted by the Water Quality Control Commission. In connection with discharge permits, the New Mexico Environment Department (NMED) has required each of these operations to submit closure plans for NMED’s approval. The closure plans must include measures to assure meeting applicable groundwater quality standards following the closure of discharging facilities and to abate groundwater or surface water contamination to meet applicable standards. FCX’s New Mexico operations also are subject to regulation under the 1993 New Mexico Mining Act (the Mining Act) and the related rules that are administered by the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. Under the Mining Act, mines are required to obtain approval of reclamation plans. In 2020, the agencies approved updates to the closure plan and financial assurance instruments and completed a permit renewal for Chino. In 2021, the agencies approved updates to the closure plan and financial assurance instruments, and completed a permit renewal for Tyrone. At December 31, 2021, FCX had accrued reclamation and closure costs of $510 million for its New Mexico operations. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material.

Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the 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 every six years and financial assurance mechanisms are required to be updated every two years. Morenci’s APP requires updated stockpile reclamation plans in 2022, which are expected to result in increased closure costs. Bagdad’s APP also requires an updated cost estimate for its closure plan in 2022, which is expected to result in increased closure costs. FCX will continue updating its closure strategy and closure cost estimates at other Arizona sites and intends to submit an updated tailings dam system closure cost for Bagdad according to a schedule to be determined by ADEQ.

Portions of Arizona mining facilities that operated after January 1, 1986, also are subject to the Arizona Mined Land Reclamation Act (AMLRA). AMLRA requires reclamation to achieve stability and safety consistent with post-mining land use objectives specified in a reclamation plan. Reclamation plans must be approved by the State Mine Inspector and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. FCX will continue to evaluate options for future reclamation and closure activities at its operating and non-operating sites, which are likely to result in adjustments to FCX’s AROs, and those adjustments
could be material. At December 31, 2021, FCX had accrued reclamation and closure costs of $363 million for its Arizona operations.

Colorado Reclamation Programs. FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder. Under the Reclamation Act, mines are required to obtain approval of plans for reclamation of lands affected by mining operations to be performed during mining or upon cessation of mining operations. In March 2020, the Division of Reclamation, Mining, and Safety (DRMS) approved Henderson’s proposed update to its closure plan and closure cost estimate. As of December 31, 2021, FCX had accrued reclamation and closure costs of $153 million for its Colorado operations.

In 2019, Colorado enacted legislation that requires proof of an end date for water treatment as a condition of permit authorizations for new mining operations and expansions beyond current permit authorizations. While this requirement does not apply to existing operations, it may lead to changes in long-term water management requirements at Climax and Henderson operations and AROs. In accordance with its permit from DRMS, Climax will submit an updated reclamation plan and cost estimate in 2024.

Chile Reclamation and Closure Programs. El Abra is subject to regulation under the Mine Closure Law administered by the Chile Mining and Geology Agency. In compliance with the requirement for five-year updates, in November 2018, El Abra submitted an updated plan with closure cost estimates based on the existing approved closure plan. Approval of the updated closure plan and cost estimates was received in August 2020, and did not result in a material increase to closure costs. At December 31, 2021, FCX had accrued reclamation and closure costs of $82 million for its El Abra operation.

Peru Reclamation and Closure Programs. Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines. Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, in 2017 Cerro Verde submitted its closure plan and cost estimate updated for the mine expansion, which was approved in February 2018. At December 31, 2021, FCX had accrued reclamation and closure costs of $141 million for its Cerro Verde operation.

Indonesia Reclamation and Closure Programs. The ultimate amount of reclamation and closure costs to be incurred at PT-FI’s operations will be determined based on applicable laws and regulations and PT-FI’s assessment of appropriate remedial activities under the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred at the end of mining activities, which are currently estimated to continue through 2041. The construction time frame for reclamation of the West Wanagon overburden stockpile has been extended from 2025 to 2029 because safety constraints for working in steep and difficult terrain has reduced labor and equipment operating efficiencies. The time frame extension resulted in longer and escalating fixed costs, combined with additional anticipated volumes of stockpile material to be moved. As a result of the change in estimated costs, an ARO adjustment of $397 million was recorded in 2021, with $340 million charged to production and delivery costs, as it relates to the depleted Grasberg open pit. At December 31, 2021, FCX had accrued reclamation and closure costs of $1.1 billion for its PT-FI operations.

Indonesia government regulations issued in 2010 require a company to provide a mine closure guarantee in the form of a time deposit placed in a state-owned bank in Indonesia. In December 2018, PT-FI, in conjunction with the issuance of its special mining license (IUPK), submitted a revised mine closure plan to Indonesia’s Department of Energy and Mineral Resources to reflect the extension of operations to 2041. At December 31, 2021, PT-FI had restricted time deposits totaling $113 million for mine closure and reclamation guarantees.

Oil and Gas Properties. Substantially all of FM O&G’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove equipment and facilities from leased acreage, and restore land in accordance with applicable local, state and federal laws. Following several sales transactions, FM O&G’s remaining operating areas primarily include offshore California and the Gulf of Mexico (GOM). As of December 31, 2021, FM O&G AROs cover 135 wells and approximately 100 platforms and other structures and it had accrued reclamation and closure costs of $337 million.
Litigation. In addition to the material pending legal proceedings discussed below and above under “Environmental,” we are involved periodically in ordinary routine litigation incidental to our business and not required to be disclosed, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. SEC regulations require us to disclose environmental proceedings involving a governmental authority if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. Management does not believe, based on currently available information, that the outcome of any current pending legal proceeding will have a material adverse effect on FCX’s financial condition, although individual or cumulative outcomes could be material to FCX’s operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period.

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. The state of Louisiana, through the Attorney General and separately through the Louisiana Department of Natural Resources, intervened in the litigation in support of the parishes’ claims. Specifically, the cases alleged the defendants failed to obtain and/or comply with required coastal use permits in violation of the Louisiana State and Local Coastal Resources Management Act of 1978, and sought unspecified damages for the alleged statutory violations, and restoration of the properties at issue to their original condition. Certain FCX affiliates were named as defendants in two of the five cases that had been set for trial, both originally filed on November 8, 2013: Parish of Plaquemines v. ConocoPhillips Company et al., 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-982, Div. B and Parish of Plaquemines v. Hilcorp Energy Company et al., 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-999, Div. B. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases. The maximum out-of-pocket settlement payment will be $23.5 million with the initial payment of $15 million to be paid upon execution of the settlement agreement. The initial payment will be held in trust and later deposited into a newly formed Coastal Zone Recovery Fund (the Fund) if the state of Louisiana passes enabling legislation to establish the Fund. The settlement agreement will also require the FCX affiliates to pay into the Fund twenty annual installments of $4.25 million beginning in 2023 provided the state of Louisiana passes the enabling legislation. The first two of those annual installments are conditioned only on the enactment of the enabling legislation within three years of execution of the settlement agreement, but all subsequent installments are also conditioned on the FCX affiliates receiving simultaneous reimbursement on a dollar-for-dollar basis from the proceeds of environmental credit sales generated by the Fund, resulting in the $23.5 million maximum total payment obligation. The settlement agreement must be executed by all parties, including authorized representatives of the six south Louisiana parishes originally plaintiffs in the suit and certain other non-plaintiff Louisiana parishes and the state of Louisiana. 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, which will be paid upon execution of the settlement agreement. The settlement agreement has been executed by the FCX affiliates, several of the Louisiana parishes, and the state of Louisiana. FCX is continuing its efforts to obtain signatures from or on behalf of the remaining parishes to finalize the settlement. Upon execution of the settlement agreement by all parties, the FCX affiliates will be fully released and dismissed from all 13 pending cases.

Asbestos and Talc Claims. Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes there is a reasonable possibility that losses may have been incurred related to these matters; however, FCX also believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion.

There has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining and processing from 1964 until 1992 when it exited
its talc business by conveying it to a third party in two related transactions. Those transactions involved (1) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (2) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A. In accordance with the terms of the 1992 transactions and subsequent agreements, Imerys undertook the defense and indemnification of Cyprus Mines and CAMC in talc lawsuits.

Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which has historically acknowledged those indemnification obligations and took responsibility for all cases tendered to it. However, in February 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys stopped defending the talc lawsuits against Cyprus Mines and CAMC. In addition, Imerys took the position that it alone owns, and has the sole right to access, the proceeds of the legacy insurance coverage of Cyprus Mines and CAMC for talc liabilities. In March 2019, Cyprus Mines and CAMC challenged this position and obtained emergency relief from the bankruptcy court to gain access to the insurance until the question of ownership and contractual access could be decided in an adversary proceeding before the bankruptcy court, which is currently on hold.

On December 22, 2020, Imerys filed an amended bankruptcy plan disclosing a global settlement with Cyprus Mines and CAMC, which provides a framework for a full and comprehensive resolution of all current and future potential liabilities arising out of the Cyprus Mines talc business, including claims against FCX, its affiliates, Cyprus Mines, and CAMC.

In 2021, Imerys obtained an injunction temporarily staying approximately 950 talc-related lawsuits against CAMC and Cyprus Mines, which has been extended through June 2022. 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.

On January 23, 2021, Imerys filed the form of a settlement and release agreement to be entered into by CAMC, Cyprus Mines, FCX, Imerys and the other debtors, tort claimants’ committee and future claims representative in the Imerys bankruptcy. In accordance with the global settlement, among other things, (1) CAMC will pay a total of $130 million in cash to a settlement trust in seven annual installments, which will be guaranteed by FCX; (2) CAMC and Cyprus Mines and their affiliates will contribute to the settlement trust all rights that they have to the proceeds of certain legacy insurance policies as well as indemnity rights they have against Johnson & Johnson, and (3) Cyprus Mines will file for Chapter 11 bankruptcy protection with CAMC paying expenses of Cyprus Mines’ bankruptcy process, subject to certain limitations. On February 11, 2021, Cyprus Mines filed for Chapter 11 bankruptcy protection. In connection with executing the settlement and release agreement, FCX concluded that it has a probable loss and, in 2020, recorded a $130 million charge to environmental obligations and shutdown costs.

In October 2021, Johnson & Johnson announced it established a new subsidiary to hold and manage its cosmetic talc liabilities, which entity subsequently filed for Chapter 11 bankruptcy protection. This filing could further slow and complicate FCX’s efforts to implement a resolution.

FCX’s global settlement is subject to, among other things, votes by claimants in both the Imerys and Cyprus Mines bankruptcy cases as well as bankruptcy court approvals in both cases, and there can be no assurance that the global settlement will be successfully implemented. FCX has a $130 million liability balance at December 31, 2021, associated with the proposed settlement.

Tax and Other Matters. FCX’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. FCX and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The final taxes paid may be dependent upon many factors, including negotiations with taxing authorities. In certain jurisdictions, FCX pays a portion of the disputed amount before formally appealing an assessment. Such payment is recorded as a receivable if FCX believes the amount is collectible.

Cerro Verde Royalty Dispute. SUNAT assessed mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. No royalty assessments can be issued for the years after 2013, as Cerro Verde began paying royalties on all of its production in January 2014 under its new 15-year stability
agreement. Cerro Verde contested each of these assessments because it believes that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals.

Since 2014, Cerro Verde has been paying under protest the disputed assessments mostly under installment payment programs provided under Peruvian law. During 2021, Cerro Verde made payments totaling $421 million, which was the balance of its royalty dispute liabilities.

On February 28, 2020, FCX filed on its own behalf and on behalf of Cerro Verde international arbitration proceedings against the Government of Peru under the United States-Peru Trade Promotion Agreement. The hearing on the merits is scheduled to take place in May 2023. In April 2020, SMM Cerro Verde Netherlands B.V., another shareholder of Cerro Verde, filed another international arbitration proceeding against the Government of Peru under the Netherlands-Peru Bilateral Investment Treaty. The hearing on the merits is scheduled to take place in February 2023.
    
Other Peru Tax Matters. Cerro Verde has also received assessments from SUNAT for additional taxes, penalties and interest related to various audit exceptions for income and other taxes. Cerro Verde has filed or will file objections to the assessments because it believes it has properly determined and paid its taxes. A summary of these assessments follows:
Tax YearTax Assessment
Penalties and Interest
Total
2003 to 2008$48 $130 $178 
200956 52 108 
201054 122 176 
2011 and 201241 72 113 
201348 65 113 
2014 to 20165 28 33 
$252 $469 $721 

As of December 31, 2021, Cerro Verde had paid $642 million on these disputed tax assessments. A reserve has been applied against these payments totaling $405 million, resulting in a net receivable of $237 million (included in other assets), which Cerro Verde believes is collectible.

Cerro Verde’s income tax assessments, penalties and interest included in the table above totaled $0.6 billion at December 31, 2021, of which $0.3 billion has not been recorded.

Indonesia Tax Matters. PT-FI has received assessments from the Indonesia tax authorities for additional taxes and interest related to various audit exceptions for income and other taxes. PT-FI has filed objections to the assessments because it believes it has properly determined and paid its taxes. Excluding surface water tax assessments discussed below and the Indonesia government’s previous imposition of a 7.5 percent export duty that PT-FI paid under protest during the period April 2017 to December 21, 2018 (refer to Note 13), a summary of these assessments, including potential penalties follows:
Tax YearTax AssessmentPenalties and InterestTotal
2005$62 $30 $92 
200748 23 71 
2008 and 201128 36 64 
2012 and 201341 43 84 
2014 and 2015121 — 121 
2016257 483 740 
2017 and 201948 47 95 
$605 $662 $1,267 

As of December 31, 2021, PT-FI had paid $278 million on these disputed tax assessments. A reserve has been applied against these payments totaling $221 million, resulting in a net receivable of $57 million (included in other assets).

PT-FI’s income tax assessments, penalties and interest included in the table above totaled $1.1 billion at December 31, 2021, of which $0.5 billion has not been recorded.
Surface Water Taxes. PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to surface water taxes for the period from January 2011 through December 2018. As a result, PT-FI offered to pay one trillion rupiah to settle these historical surface water tax disputes and charged $69 million to production and delivery costs in December 2018. In May 2019, PT-FI agreed to a final settlement of 1.394 trillion rupiah (approximately $99 million) and recorded an incremental charge of $28 million. PT-FI paid 708.5 billion rupiah ($50 million) in October 2019, and paid the balance of 685.5 billion rupiah ($48 million) during 2021.

Export Duty Matter. In April 2017, PT-FI entered into a memorandum of understanding with the Indonesia government (the 2017 MOU) confirming that the former contract of work (COW) would continue to be valid and honored until replaced by a mutually agreed IUPK and investment stability agreement and agreed to continue to pay export duties of 5 percent on copper concentrate export sales until completion of the divestment and new IUPK. Subsequently, the Customs Office of the Minister of Finance refused to recognize the 5 percent export duty agreed to under the 2017 MOU and imposed a 7.5 percent export duty under the Ministry of Finance regulations. PT-FI paid $155 million for these duties under protest and appealed the disputed amounts to the Indonesia Tax Court. The Indonesia Tax Court subsequently ruled in favor of PT-FI related to the cases involving $29 million of the disputed amounts, which were refunded by the Indonesia Customs Office to PT-FI. The Indonesia Customs Office appealed the Indonesia Tax Court decisions on these cases to the Indonesia Supreme Court. On October 29, 2019, the Indonesia Supreme Court posted on its website rulings unfavorable to PT-FI for certain of the appealed cases involving approximately half of the $29 million that had been refunded to PT-FI. As a result of the October 2019 ruling, FCX recorded a charge of $155 million in 2019 to fully reserve for this matter.

Withholding Tax Assessments. In January 2019, the Indonesia Supreme Court posted on its website an unfavorable decision related to a PT-FI 2005 withholding tax matter. PT-FI had also received an unfavorable Indonesia Supreme Court decision in November 2017. PT-FI currently has other pending cases at the Indonesia Supreme Court related to withholding taxes for employees and other service providers for the year 2005 and the year 2007, which total $47 million (based on the exchange rate as of December 31, 2021, and included in accounts payable and accrued liabilities in the consolidated balance sheet at December 31, 2021), including penalties and interest.

Smelter Development Progress. As a result of COVID-19 mitigation measures, there have been disruptions to work and travel schedules of international contractors and restrictions on access to the proposed physical site of the greenfield smelter in Gresik, Indonesia. PT-FI continues to discuss with the Indonesia government a deferred schedule for the greenfield smelter in light of the ongoing COVID-19 pandemic. Refer to Note 13 for discussion of PT-FI’s commitment for the development of additional smelting capacity in Indonesia under the terms of its IUPK.

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 the 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. On February 15, 2022, PT-FI responded to the Indonesia government with a revised calculation of $37 million. PT-FI expects to record a charge in the first quarter of 2022 for an amount in excess of the previously recorded $16 million.

Letters of Credit, Bank Guarantees and Surety Bonds.  Letters of credit and bank guarantees totaled $239 million at December 31, 2021, primarily associated with environmental obligations, AROs and for copper concentrate shipments from PT-FI to Atlantic Copper as required by Indonesia regulations. In addition, FCX had surety bonds totaling $492 million at December 31, 2021, primarily associated with environmental obligations and AROs.
Insurance.  FCX purchases a variety of insurance products to mitigate potential losses, which typically have specified deductible amounts or self-insured retentions and policy limits. FCX generally is self-insured for U.S. workers’ compensation, but purchases excess insurance up to statutory limits. An actuarial analysis is performed twice a year on the various casualty insurance programs covering FCX’s U.S.-based mining operations, including workers’ compensation, to estimate expected losses. At December 31, 2021, FCX’s liability for expected losses under these insurance programs totaled $62 million, which consisted of a current portion of $11 million (included in accounts payable and accrued liabilities) and a long-term portion of $51 million (included in other liabilities). In addition, FCX has receivables of $26 million (a current portion of $7 million included in other accounts receivable and a long-term portion of $19 million included in other assets) for expected claims associated with these losses to be filed with insurance carriers. FCX’s oil and gas operations are subject to all of the risks normally incidental to the production of oil and gas, including well blowouts, cratering, explosions, oil spills, releases of gas or well fluids, fires, pollution and releases of toxic gas, each of which could result in damage to or destruction of oil and gas wells, production facilities or other property, or injury to persons. While FCX is not fully insured against all risks related to its oil and gas operations, its insurance policies provide limited coverage for losses or liabilities relating to pollution, with broader coverage for sudden and accidental occurrences. FCX is self-insured for named windstorms in the GOM.
v3.22.0.1
COMMITMENTS AND GUARANTEES
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND GUARANTEES COMMITMENTS AND GUARANTEES
Leases. Effective January 1, 2019, FCX adopted the new Accounting Standards Update (ASU) for lease accounting, and nearly all of FCX’s leases were considered operating leases under the new ASU. FCX leases various types of properties, including land, offices and equipment under non-cancelable leases.

The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow:
December 31,
20212020
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)
$277 $207 
Short-term lease liabilities (included in accounts payable and accrued liabilities)
$38 $38 
Long-term lease liabilities (included in other liabilities)281 
a
190 
Total lease liabilities
$319 $228 
a.Includes a land lease by PT-FI for the greenfield smelter totaling $126 million. This is FCX’s only significant finance lease.

Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, for the two years ended December 31 follow:
202120202019
Operating leases$42 $42 $55 
Variable and short-term leases62 74 79 
Total operating lease costs
$104 $116 $134 

FCX payments included in operating cash flows for its lease liabilities totaled $54 million in 2021, $36 million in 2020 and $38 million in 2019. FCX payments included in financing cash flows for its lease liabilities totaled $25 million in 2021 and $4 million in both 2020 and 2019. As of December 31, 2021, the weighted-average discount rate used to determine the lease liabilities was 4.2 percent (5.4 percent as of December 31, 2020) and the weighted-average remaining lease term was 12.4 years (7.7 years as of December 31, 2020).
The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2021, follow:
2022$46 
202335 
202473 
202527 
202624 
Thereafter194 
Total payments399 
Less amount representing interest(80)
Present value of net minimum lease payments319 
Less current portion(38)
Long-term portion$281 

Contractual Obligations.  At December 31, 2021, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.3 billion, primarily comprising the procurement of copper concentrate ($3.1 billion), transportation services ($0.4 billion) and electricity ($0.3 billion). Some of FCX’s unconditional purchase obligations are settled based on the prevailing market rate for the service or commodity purchased. In some cases, the amount of the actual obligation may change over time because of market conditions. Obligations for copper concentrate provide for deliveries of specified volumes to Atlantic Copper at market-based prices. Transportation obligations are primarily for South America contracted ocean freight. Electricity obligations are primarily for long-term power purchase agreements in North America and contractual minimum demand at the South America mines.

FCX’s unconditional purchase obligations by year total $1.6 billion in 2022, $1.5 billion in 2023, $0.5 billion in 2024, $0.2 billion in 2025, $0.2 billion in 2026 and $0.3 billion thereafter. During the three-year period ended December 31, 2021, FCX fulfilled its minimum contractual purchase obligations.

IUPK - Indonesia. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership. Concurrent with the closing of the transaction, the Indonesia government granted PT-FI an IUPK to replace its former COW, enabling PT-FI to conduct operations in the Grasberg minerals district through 2041. Under the terms of the IUPK, PT-FI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PT-FI completing the development of additional smelting capacity in Indonesia by the end of 2023 (an extension of which has been requested due to COVID-19 mitigation measures subject to the approval of the Indonesia government, refer to Note 12), and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041, assuming the additional extension is received. In addition, FCX, as a foreign investor, has rights to resolve investment disputes with the Indonesia government through international arbitration.

The key fiscal terms set forth in the IUPK include a 25 percent corporate income tax rate, a 10 percent profits tax on net income, and royalty rates of 4 percent for copper, 3.75 percent for gold and 3.25 percent for silver. PT-FI’s royalties totaled $319 million in 2021, $160 million in 2020 and $106 million in 2019.

Dividend distributions from PT-FI to FCX totaled $1.0 billion in 2021 and are subject to a 10 percent withholding tax. There were no dividend distributions from PT-FI to FCX in 2020 or 2019.

The IUPK requires PT-FI to pay export duties of 5 percent, declining to 2.5 percent when smelter development progress exceeds 30 percent and eliminated when development progress for additional smelting capacity in Indonesia exceeds 50 percent. PT-FI had previously agreed to and has been paying export duties since July 2014 (refer to Note 12 for further discussion of disputed export duties). PT-FI’s export duties charged against revenues totaled $218 million in 2021, $92 million in 2020 and $66 million in 2019 (excluding $155 million associated with the historical export duty matter discussed in Note 12).

The IUPK also requires PT-FI to pay surface water taxes of $15 million annually, which began in 2019 and are recognized in production and delivery costs.
In connection with a memorandum of understanding previously entered into with the Indonesia government in July 2014, PT-FI provided an assurance bond to support its commitment to construct a greenfield smelter in Indonesia ($132 million based on exchange rate as of December 31, 2021).

In March 2021, PT-FI received a one-year extension of its export license through March 15, 2022. In December 2021, PT Smelting received a twelve-month extension of its anodes slimes export license, which expires December 9, 2022, subject to review and approval by the Indonesia government every six months.

Chiyoda Contract. In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of a greenfield smelter in Gresik, Indonesia with an estimated contract cost of $2.8 billion. During 2021, PT-FI progressed site preparation activities and expects engineering procurement and construction activities to advance during 2022 and 2023. Construction of the greenfield smelter is expected to be completed as soon as feasible in 2024, which is subject to no additional COVID-19-related disruptions and other factors.

PT-FI Tolling Agreement. PT-FI entered into a tolling agreement with PT Smelting that will be effective January 1, 2023, and will replace the current concentrate sales agreements between PT-FI and PT Smelting. Under the tolling agreement, PT-FI will pay PT Smelting to smelt and refine its concentrate and will retain title to all products for sale to third parties.

Indemnification. The PT-FI divestment agreement, discussed in Note 3, provides that FCX will indemnify PT Inalum and PTI from any losses (reduced by receipts) arising from any tax disputes of PT-FI disclosed to PT Inalum in a Jakarta, Indonesia tax court letter limited to PTI’s respective percentage share at the time the loss is finally incurred. Any net obligations arising from any tax settlement would be paid on December 21, 2025. FCX had accrued $78 million as of December 31, 2021, and $42 million as of December 31, 2020, (included in other liabilities in the consolidated balance sheets) related to this indemnification.

Community Development Programs.  FCX has adopted policies that govern its working relationships with the communities where it operates. These policies are designed to guide its practices and programs in a manner that respects and promotes basic human rights and the culture of the local people impacted by FCX’s operations. FCX continues to make significant expenditures on community development, education, training and cultural programs.

In 1996, PT-FI established the Freeport Partnership Fund for Community Development (Partnership Fund) through which PT-FI has made available funding and technical assistance to support community development initiatives in the areas of health, education, economic development and local infrastructure of the area. Throughout 2019, PT-FI consulted with key stakeholders to restructure the management of the Partnership Fund in compliance with PT-FI’s IUPK. Throughout the restructuring process, PT-FI continued its contributions to ensure no disruptions in implementation of approved projects. Beginning in February 2020, the Partnership Fund is managed by a legally-recognized Indonesia foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK). PT-FI charged $75 million in 2021, $36 million in 2020 and $28 million in 2019 to cost of sales for this commitment.

Guarantees.  FCX provides certain financial guarantees (including indirect guarantees of the indebtedness of others) and indemnities.

Prior to its acquisition by FCX, FMC and its subsidiaries have, as part of merger, acquisition, divestiture and other transactions, from time to time, indemnified certain sellers, buyers or other parties related to the transaction from and against certain liabilities associated with conditions in existence (or claims associated with actions taken) prior to the closing date of the transaction. As part of these transactions, FMC indemnified the counterparty from and against certain excluded or retained liabilities existing at the time of sale that would otherwise have been transferred to the party at closing. These indemnity provisions generally now require FCX to indemnify the party against certain liabilities that may arise in the future from the pre-closing activities of FMC for assets sold or purchased. The indemnity classifications include environmental, tax and certain operating liabilities, claims or litigation existing at closing and various excluded liabilities or obligations. Most of these indemnity obligations arise from transactions that closed many years ago, and given the nature of these indemnity obligations, it is not possible to estimate the maximum potential exposure. Except as described in the following sentence, FCX does not consider any of such obligations as having a probable likelihood of payment that is reasonably estimable, and accordingly, has not recorded any obligations associated with these indemnities. With respect to FCX’s environmental indemnity obligations, any expected costs from these guarantees are accrued when potential environmental obligations are considered by management to be probable and the costs can be reasonably estimated.
v3.22.0.1
FINANCIAL INSTRUMENTS (Notes)
 12 Months Ended
Dec. 31, 2021
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.

In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provided for fixed pricing of $2.34 per pound of copper on approximately 60 percent of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses totaling $24 million for the year ended December 31, 2020. There were no remaining forward sales contracts after June 30, 2020.

A discussion of FCX’s other 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 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 year ended December 31, 2021. At December 31, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 78 million pounds at an average contract price of $4.30 per pound, with maturities through October 2023.

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 the unrealized gains (losses) on the related hedged item follows (in millions):
 202120202019
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments$(4)$9 $15 
Hedged item - firm sales commitments4 (9)(15)
Realized gains (losses):
Matured derivative financial instruments
65 22 (8)
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 LME copper price or the COMEX copper price and the 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 price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price
fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at December 31, 2021, follows:
OpenAverage Price
Per Unit		Maturities
 PositionsContractMarketThrough
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)682 $4.37 $4.42 July 2022
Gold (thousands of ounces)223 1,797 1,822 March 2022
Embedded derivatives in provisional purchase contracts:    
Copper (millions of pounds)132 4.38 4.42 April 2022

Copper Forward Contracts. Atlantic Copper 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 December 31, 2021, Atlantic Copper held net copper forward sales contracts for 2 million pounds at an average contract price of $4.53 per pound, with maturities through March 2022.

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 202120202019
Embedded derivatives in provisional sales contractsa:
 Copper$425 $259 $34 
 Gold and other(2)45 20 
Copper forward contractsb
(15)3 (7)
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:
 December 31,
 20212020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:  
Copper futures and swap contracts$12 $15 
Derivatives not designated as hedging instruments:  
Embedded derivatives in provisional sales/purchase contracts64 169 
Copper forward contracts1 — 
Total derivative assets$77 $184 
Commodity Derivative Liabilities:  
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts$27 $21 
Copper forward contracts1 — 
Total derivative liabilities$28 $21 

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 sheet follows (in millions):
Assets at December 31,Liabilities at December 31,
2021202020212020
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$64 $169 $27 $21 
Copper derivatives13 15 1 — 
77 184 28 21 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 1 3 1 
Copper derivatives1 — 1 — 
4 1 4 1 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts61 168 24 20 
Copper derivatives12 15 — — 
$73 $183 $24 $20 
Balance sheet classification:
Trade accounts receivable$51 $168 $14 $— 
Other current assets12 15 — — 
Accounts payable and accrued liabilities10 — 10 20 
$73 $183 $24 $20 

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 December 31, 2021, the maximum amount of credit exposure associated with derivative transactions was $77 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and debt. The carrying value for cash and cash equivalents (which included time deposits of $0.2 billion at December 31, 2021, and $0.3 billion at December 31, 2020), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 15 for the fair values of investment securities, legally restricted funds and debt).

In addition, as of December 31, 2021, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 15 for the related fair values).
Trade Accounts Receivable Agreements. In first-quarter 2021, PT-FI entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting. The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at December 31, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold.

Gross amounts sold under these arrangements totaled $431 million in 2021. Discounts on the sold receivables totaled $2 million in 2021.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):
December 31,
20212020
Balance sheet components:
Cash and cash equivalents$8,068 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets114 97 
Other assets132 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows
$8,314 $3,903 
v3.22.0.1
FAIR VALUE MEASUREMENT (Notes)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 for 2021.

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 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 NAV as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 14) follows:
 At December 31, 2021
CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
    
Equity securities$50 $50 $— $50 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total79 79 29 50 — — 
Legally restricted funds:a
    
U.S. core fixed income fund64 64 64 — — — 
Government bonds and notes53 53 — — 53 — 
Corporate bonds45 45 — — 45 — 
Government mortgage-backed securities20 20 — — 20 — 
Asset-backed securities18 18 — — 18 — 
Money market funds8 8 — 8 — — 
Municipal bonds1 1 — — 1 — 
Total209 209 64 8 137 — 
Derivatives:
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positionc
64 64 — — 64 — 
Copper futures and swap contractsc
12 12 — 9 3 — 
Copper forward contractsc
1 1 — 1 — — 
Total77 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 position27 27 — — 27 — 
Copper forward contracts1 1 — 1 — — 
Total28 28 — 1 27 — 
Long-term debt, including current portiond
9,450 10,630 — — 10,630 — 
At December 31, 2020
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
    
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities7 7 — 7 — — 
Total 36 36 29 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government bonds and notes49 49 — — 49 — 
Corporate bonds43 43 — — 43 — 
Government mortgage-backed securities30 30 — — 30 — 
Asset-backed securities16 16 — — 16 — 
Money market funds5 5 — 5 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total213 213 65 5 143 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positionc
169 169 — — 169 — 
Copper futures and swap contractsc
15 15 — 13 2 — 
Total184 184 — 13 171 — 
Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa
108 88 — — — 88 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase
contracts in a gross liability position21 21 — — 21 — 
Long-term debt, including current portiond
9,711 10,994 — — 10,994 — 
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 $114 million at December 31, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at December 31, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion).
c.Refer to Note 14 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

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

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

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

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.
FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using only 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 14 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 14 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 future 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 December 31, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $70 million at December 31, 2021, and $96 million at December 31, 2020. 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 NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at December 31, 2021, as compared to those techniques used at December 31, 2020.

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, for the years ended December 31 follows:
202120202019
Balance at beginning of year$88 $108 $127 
Net unrealized gains (losses) related to assets still held at the end of the year12 (6)2 
Settlements(19)(14)(21)
Balance at end of year$81 $88 $108 
v3.22.0.1
BUSINESS SEGMENTS INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow:
 202120202019
Copper:
Concentrate$8,705 $4,294 $4,566 
Cathode5,900 4,204 3,656 
Rod and other refined copper products3,369 2,052 2,110 
Purchased coppera
757 821 1,060 
Gold2,580 1,702 1,620 
Molybdenum1,283 848 1,169 
Otherb
821 592 905 
Adjustments to revenues:
Treatment charges(445)(362)(404)
Royalty expensec
(330)(165)(113)
Export dutiesd
(218)(92)(221)
Revenues from contracts with customers22,422 13,894 14,348 
Embedded derivativese
423 304 54 
Total consolidated revenues$22,845 $14,198 $14,402 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with silver and cobalt.
c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Reflects PT-FI export duties. The year 2019 includes charges totaling $155 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed export duties (refer to Note 12).
e.Refer to Note 14 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Geographic Area. Information concerning financial data by geographic area follows:
December 31,
 20212020
Long-lived assets:a
  
Indonesia$16,288 $15,567 
U.S.8,292 8,420 
Peru6,827 6,989 
Chile1,110 1,172 
Other261 290 
Total$32,778 $32,438 
a.Excludes deferred tax assets and intangible assets.
Years Ended December 31,
 202120202019
Revenues:a
   
U.S.$7,168 $5,248 $5,107 
Switzerland3,682 2,032 2,223 
Indonesia3,132 1,760 1,894 
Japan2,372 1,205 1,181 
Spain1,495 785 884 
China1,044 692 531 
United Kingdom 659 491 233 
Germany469 248 311 
Chile343 221 242 
Korea270 89 140 
Egypt268 153 123 
Philippines264 34 73 
India207 152 107 
Other1,472 1,088 1,353 
Total$22,845 $14,198 $14,402 
a.Revenues are attributed to countries based on the location of the customer.
Major Customers and Affiliated Companies. Copper concentrate sales to PT Smelting totaled 14 percent of FCX’s consolidated revenues in 2021, 12 percent in 2020 and 13 percent in 2019, and they are the only customer that accounted for 10 percent or more of FCX’s consolidated revenues during the three years ended December 31, 2021.

Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations totaling $1.4 billion in 2021, $0.9 billion in 2020 and $1.0 billion in 2019, and PT-FI’s sales to PT Smelting totaling $3.1 billion in 2021, $1.8 billion in 2020 and $1.9 billion in 2019.

Labor Matters. As of December 31, 2021, approximately 31 percent of FCX’s global labor force was covered by collective bargaining agreements, and approximately 14 percent was covered by agreements that will or were scheduled to expire during 2022. In February 2022, PT-FI completed negotiations with its unions on a new two-year collective bargaining agreement that is effective through March 2024.

Business Segments. FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, 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 PT-FI’s sales to PT Smelting (on 25.0 percent prior to April 30, 2021, and 39.5 percent thereafter) 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.

North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Safford (including Lone Star), Bagdad, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining segment. In addition to copper, certain of FCX’s North America copper mines also produce molybdenum concentrate, gold and silver.

The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. During 2021, the Morenci mine produced 43 percent of FCX’s North America copper and 16 percent of FCX’s consolidated copper production.

South America Mining. South America mining includes two operating copper mines - Cerro Verde in Peru and El Abra in Chile. These operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations.

The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. During 2021, the Cerro Verde mine produced 85 percent of FCX’s South America copper and 23 percent of FCX’s consolidated copper production.
Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. During 2021, PT-FI’s Grasberg minerals district produced 35 percent of FCX’s consolidated copper production and 99 percent of FCX’s consolidated gold production.
 
Molybdenum Mines. Molybdenum mines include the wholly owned Henderson underground mine and Climax open-pit mine, both in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products.

Rod & Refining. The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery and two rod mills, which are combined in accordance with segment reporting aggregation guidance. These operations process copper produced at FCX’s North America copper mines and purchased copper into copper cathode and rod. At times these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

Atlantic Copper Smelting & Refining. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2021, Atlantic Copper purchased 18 percent of its concentrate requirements from FCX’s North America copper mines, 7 percent from FCX’s South America mining operations and 9 percent from FCX’s Indonesia mining operations, with the remainder purchased from unaffiliated third parties.
Corporate, Other & Eliminations. Corporate, Other & Eliminations consists of FCX’s other mining, oil and gas operations and other corporate and elimination items, which include the Miami smelter, Freeport Cobalt (until the sale of it in September 2021), molybdenum conversion facilities in the U.S. and Europe, the greenfield smelter and PMR in Indonesia, certain non-operating copper mines in North America (Ajo, Bisbee and Tohono in Arizona) and other mining support entities.
Financial Information by Business Segment
North America Copper MinesSouth America Mining     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Year Ended December 31, 2021          
Revenues:           
Unaffiliated customers$82 $180 $262 $3,736 $720 $4,456 $7,241 $— $6,356 $2,961 $1,569 
a
$22,845 
Intersegment2,728 3,835 6,563 460 — 

460 282 444 29 — (7,778)— 
Production and delivery1,226 2,235 3,461 2,000 
b
429 2,429 2,425 
c
253 6,381 2,907 (5,840)
d
12,016 
Depreciation, depletion and amortization152 217 369 366 47 413 1,049 67 5 28 67 1,998 
Metals inventory adjustments13 — 13 — — — — 1 — — 2 16 
Selling, general and administrative expenses2 2 4 8 — 8 111 — — 24 236 

383 
Mining exploration and research expenses— 1 1 — — — — — — — 54 55 
Environmental obligations and shutdown costs— (1)(1)— — — — — — — 92 91 
Net gain on sales of assets— — — — — — — — — (19)(61)
e
(80)
Operating income (loss)1,417 1,561 2,978 1,822 244 2,066 3,938 123 (1)21 

(759)8,366 
Interest expense, net— 1 1 28 

— 28 48 — — 6 519 602 
Provision for (benefit from) income taxes— — — 730 

90 820 1,524 
f
— — — (45)2,299 
Total assets at December 31, 20212,708 5,208 7,916 8,694 1,921 10,615 18,971 1,713 228 1,318 7,261 48,022 
Capital expenditures135 207 342 132 30 162 1,296 6 2 34 273 
g
2,115 
a.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.
b.Includes nonrecurring charges totaling $92 million associated with labor-related charges at Cerro Verde for agreements reached with its hourly employees.
c.Includes charges totaling $340 million associated with unfavorable ARO change. Refer to Note 12 for further discussion.
d.Includes charges associated with the major maintenance turnaround at the Miami Smelter totaling $87 million.
e.Includes a $60 million gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland. Refer to Note 2 for further discussion.
f.Includes net tax benefits of $189 million associated with the release of a portion of the valuation allowance recorded against PT Rio Tinto NOLs. Refer to Note 11 for further discussion.
g.Includes capital expenditures for the Indonesia smelter projects of $222 million.
North America Copper MinesSouth America Mining     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Year Ended December 31, 2020           
Revenues:            
Unaffiliated customers$29 $48 $77 $2,282 $431 $2,713 $3,534 $— $4,781 $2,020 $1,073 
a
$14,198 
Intersegment2,015 2,272 4,287 242 — 242 80 222 33 17 (4,881)— 
Production and delivery1,269 1,831 3,100 1,599 379 1,978 1,606 230 4,819 1,962 (3,664)10,031 
Depreciation, depletion and amortization166 189 355 367 54 421 580 57 16 29 70 1,528 
Metals inventory adjustments4 48 52 — 3 3 — 10 3 — 28 96 
Selling, general and administrative expenses2 2 4 6 — 6 108 — — 21 231 370 
Mining exploration and research expenses— 2 2 — — — — — — — 48 50 
Environmental obligations and shutdown costs— (1)(1)— — — — — 1 — 159 
b
159 
Net gain on sales of assets— — — — — — — — — — (473)
c
(473)
Operating income (loss)603 249 852 552 
d
(5)547 1,320 (75)(25)
d
25 (207)
d
2,437 
d
Interest expense, net2 — 2 139 — 139 39 
e
— — 6 412 598 
Provision for income taxes— — — 238 1 239 606 — — 2 97 
f
944 
Total assets at December 31, 20202,574 5,163 7,737 8,474 1,678 10,152 16,918 1,760 211 877 4,489 42,144 
Capital expenditures102 326 428 141 42 183 1,161 19 6 29 135 
g
1,961 
a.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.
b.Includes charges totaling $130 million associated with a framework for the resolution of all current and future potential talc-related litigation. Refer to Note 12 for further discussion.
c.Includes a $486 million gain associated with the sale of FCX’s interests in the Kisanfu undeveloped project. Refer to Note 2 for further discussion.
d.Includes charges totaling $258 million associated with (i) idle facility costs (Cerro Verde), contract cancellation and other charges directly related to the COVID-19 pandemic and (ii) the April 2020 revised operating plans (including employee separation costs). These charges were primarily recorded in the Cerro Verde segment ($89 million), Corporate, Other & Eliminations ($57 million) and the Rod & Refining segment ($30 million).
e.Includes charges totaling $35 million associated with PT-FI's historical contested tax audits. Refer to Note 12 for further discussion.
f.Includes tax charges totaling $135 million associated with the sale of the Kisanfu undeveloped project, partly offset by tax credits of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project.
g.Includes capital expenditures for the Indonesia smelter projects of $105 million.
North America Copper MinesSouth America Mining     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Year Ended December 31, 2019           
Revenues:            
Unaffiliated customers$143 $224 $367 $2,576 $499 $3,075 $2,713 
a
$— $4,457 $2,063 $1,727 
b
$14,402 
Intersegment1,864 2,155 4,019 313 — 

313 58 344 26 5 (4,765)— 
Production and delivery1,376 1,943 3,319 1,852 474 2,326 2,055 
c
299 4,475 1,971 (2,911)

11,534 
Depreciation, depletion and amortization171 178 349 406 68 474 406 62 9 28 84 1,412 
Metals inventory adjustments1 29 30 2 — 2 5 50 — — 92 179 
Selling, general and administrative expenses2 2 4 8 — 8 125 — — 20 237 394 
Mining exploration and research expenses— 2 2 — — — — — — — 102 104 
Environmental obligations and shutdown costs1 — 1 — — — — — — — 104 105 
Net gain on sales of assets— — — — — — — — — — (417)
d
(417)
Operating income (loss)456 225 681 621 (43)578 180 (67)(1)49 (329)1,091 
Interest expense, net3 1 4 114 — 114 82 
c
— — 22 398 620 
Provision for (benefit from) income taxes— — — 250 (11)239 167 
c
— — 5 99 
e
510 
Total assets at December 31, 20192,880 5,109 7,989 8,612 1,676 10,288 16,345 1,798 193 761 3,435 

40,809 
Capital expenditures231 646 877 232 24 256 1,369 19 5 34 92 

2,652 
a.Includes charges totaling $155 million associated with an unfavorable Indonesia Supreme Court ruling related to PT-FI export duties. Refer to Note 12 for further discussion.
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 net charges totaling $28 million in production and delivery costs for an adjustment to the settlement of the historical surface water tax matters with the local regional tax authority in Papua, Indonesia, and $78 million in interest expense and $103 million of tax charges in provision for income taxes associated with PT-FI’s historical contested tax disputes. Refer to Note 12 for further discussion.
d.Includes net gains totaling $343 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project and $59 million for the sale of a portion of Freeport Cobalt. Refer to Note 2 for further discussion.
e.Includes tax charges totaling $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project and $49 million primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles.
v3.22.0.1
SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION
 12 Months Ended
Dec. 31, 2021
Supplementary Mineral Reserve Information [Abstract]  
Estimated Recoverable Proven and Probable Reserves by Location SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)
Recoverable proven and probable mineral reserves as of December 31, 2021, have been prepared using industry accepted practice and conform to the disclosure requirements under Subpart 1300 of SEC Regulation S-K. FCX’s proven and probable mineral reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable mineral reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry. Mineral reserves, as used in the reserve data presented here, mean an estimate of tonnage and grade of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. Proven mineral reserves are the economically mineable part of a measured mineral resource. To classify an estimate as a proven mineral reserve, the qualified person must possess a high degree of confidence of tonnage, grade and quality. Probable mineral reserves are the economically mineable part of an indicated or, in some cases, a measured mineral resource. The qualified person’s level of confidence will be lower in determining a probable mineral reserve than it would be in determining a proven mineral reserve. To classify an estimate as a probable mineral reserve, the qualified person’s confidence must still be sufficient to demonstrate that extraction is economically viable considering reasonable investment and market assumptions.

FCX’s mineral reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to optimize economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies.

Estimated recoverable proven and probable mineral reserves at December 31, 2021, were determined using metals price assumptions of $2.50 per pound for copper, $1,200 per ounce for gold and $10 per pound for molybdenum. For the three-year period ended December 31, 2021, LME copper settlement prices averaged $3.25 per pound, London PM gold prices averaged $1,654 per ounce and the weekly average price for molybdenum quoted by Metals Week averaged $11.97 per pound.

The recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recoveries and smelter recoveries, where applicable.
Estimated Recoverable Proven and Probable Mineral Reserves
at December 31, 2021
Coppera
(billion pounds)
Gold
(million ounces)
Molybdenum
(billion pounds)
North America43.0 0.5 2.69 
South America31.9 — 0.69 
Indonesiab
32.2 26.6 — 
Consolidated basisc,d
107.2 27.1 3.39 
Net equity interestb,e
76.2 14.2 3.06 
a.Estimated consolidated recoverable copper reserves included 1.8 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles.
b.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PT-FI’s current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 13 for discussion of PT-FI’s IUPK). As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PT-FI expects to mine 48 percent of aggregate proven and probable recoverable mineral reserves at December 31, 2021, representing 53 percent of FCX’s net equity share of recoverable copper reserves and 55 percent of FCX’s net equity share of recoverable gold reserves.
c.Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 346 million ounces of silver, which were determined using $15 per ounce.
d.May not foot because of rounding.
e.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX's net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent for 2022 and 48.76 percent from 2023 through 2041. Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 230 million ounces of silver.
Estimated Recoverable Proven and Probable Mineral Reserves
at December 31, 2021
Average Ore Grade
Per Metric Tona
Recoverable Proven and
Probable Mineral Reservesb
Orea
(million metric tons)
Copper (%)Gold (grams)Molybdenum (%)Copper
(billion pounds)		Gold
(million ounces)		Molybdenum
(billion pounds)
North America         
Production stage:        
Morenci3,918 0.23 —  — 
c
13.1 —  0.15 
Sierrita2,430 0.23 — 
c
0.02 10.3 0.1  1.02 
Bagdad2,534 0.32 — 
c
0.02 15.5 0.2  0.92 
Safford, including Lone Star685 0.45 — — 5.2 —  — 
Chino, including Cobre308 0.44 0.03 — 2.5 0.3  — 
Climax151 — —  0.15 — —  0.46 
Henderson54 — —  0.16 — —  0.17 
Tyrone19 0.28 —  — 0.2 —  — 
Miami— — —  — — 
c
—  — 
South America         
Production stage:        
Cerro Verde3,999 0.36 —  0.01 27.9 —  0.69 
El Abra732 0.42 —  — 4.1 —  — 
Indonesiad
        
Production stage:      
Grasberg Block Cave857 1.06 0.71  — 16.7 12.6  — 
Deep Mill Level Zone412 0.85 0.73  — 6.6 7.6  — 
Big Gossan51 2.26 0.97  — 2.3 1.1  — 
Development stage:        
Kucing Liar351 1.03 0.91  — 6.6 5.3  — 
Total 100% basise
16,501 110.8 27.1 3.43 
Consolidated basisf
     107.2 27.1  3.39 
FCX’s net equity interestg
     76.2 14.2  3.06 
a.Excludes material contained in stockpiles.
b.Includes estimated recoverable metals contained in stockpiles.
c.Amounts not shown because of rounding.
d.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK.
e.Totals may not foot because of rounding.
f.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 3 for further discussion).
g.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX’s net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent for 2022 and 48.76 percent from 2023 through 2041.
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
  Additions (Deductions)   
 Balance atCharged toCharged toOther Balance at
 Beginning ofCosts andOther(Deductions) End of
 YearExpenseAccountsAdditions Year
Reserves and allowances deducted      
from asset accounts:      
Valuation allowance for deferred tax assets      
Year Ended December 31, 2021$4,732 $(596)
a
$(49)
b
$— 

$4,087 
Year Ended December 31, 20204,576 200 
c
(16)
b
(28)
d
4,732 
Year Ended December 31, 20194,507 50 
e
19 
b
— 

4,576 
Reserves for non-income taxes:      
Year Ended December 31, 2021$82 $18 $— $(41)
f
$59 
Year Ended December 31, 202058 21 (1)4 
f
82 
Year Ended December 31, 201962 — — (4)
f
58 
a.Primarily relates to a $219 million decrease associated with U.S. federal net operating losses (NOLs) utilized during 2021, a $105 million decrease related to expiration of U.S. foreign tax credits, and a $228 million decrease associated with PT Rio Tinto NOLs resulting from positive evidence supporting future taxable income against which NOLs can be used.
b.Relates to a valuation allowance for tax benefits primarily associated with actuarial (gains) losses for U.S. defined benefit plans included in other comprehensive income (loss).
c.Primarily relates to a $250 million increase in U.S. federal NOL carryforwards, partly offset by a $75 million decrease in U.S. foreign tax credits associated with expirations, and a $11 million decrease in U.S. deferred tax assets for which no benefit is expected to be realized.
d.Relates to sale of interest in Kisanfu.
e.Primarily relates to a $208 million increase in U.S. federal deferred tax assets for which no benefit is expected to be realized, partly offset by a $98 million decrease in U.S. foreign tax credits associated with expirations and prior-year adjustments, and a $44 million decrease in U.S. federal and state NOL carryforwards
f.Represents amounts paid or adjustments to reserves based on revised estimates.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation
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 percent of the voting rights and/or has control over the subsidiary. As of December 31, 2021, the most significant entities that FCX consolidates include its 48.76 percent-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Note 3 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 3 for further discussion). Investments in unconsolidated companies owned 20 percent or more are recorded using the equity method. Investments in unconsolidated companies owned less than 20 percent, 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 Business Segments.  FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 for further discussion.
Use of Estimates 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 minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and 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 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 rates. Gains and losses resulting from translation of such account balances are included in other (expense) income, net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $66 million in 2021, $34 million in 2020 and $24 million in 2019.
Cash Equivalents Cash Equivalents.  Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted Cash and Restricted Cash Equivalents. FCX’s restricted cash and restricted cash equivalents are primarily related to PT-FI’s commitment for the development of a greenfield smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. Restricted cash and restricted 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. Restricted cash and restricted cash equivalents are comprised of bank deposits and money market funds.
Inventories
Inventories.  Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV).

Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. 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., solution extraction and electrowinning (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.

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 90 percent 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 percent 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 periodically as additional information becomes available and as related technology changes. 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.

Product. Product inventories include raw materials, work-in-process and finished goods. Corporate general and administrative costs are not included in inventory costs.

Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations.

Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs.
Finished goods for mining operations represent salable products (e.g., copper and molybdenum concentrate, copper anode, copper cathode, copper rod, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process (i.e., not raw materials) 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, SX/EW, refining, roasting and chemical processing.
Property, Plant, Equipment and Mine Development Costs
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 mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties 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 cost of goods sold. 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 in 2007. 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 5 for further discussion.
Impairment of Long-Lived Mining Assets 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 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 Expenditures
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 12 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 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
Asset Retirement Obligations.  FCX records the fair value of estimated asset retirement obligations (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 cost of sales. 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 without reserves, changes to the ARO are recorded in earnings.
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 12 for further discussion.
Revenue Recognition
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 14 for further discussion). For provisionally priced sales, 90 percent to 100 percent 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 16 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 average published Metals Week 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 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 on the graded-vesting method over the vesting period. Refer to Note 10 for further discussion.
Earnings Per Share Earnings Per Share.  FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) 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 year. Diluted net income (loss) 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 anti-dilutive.
Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow:
 202120202019 
Net income (loss) from continuing operations$5,365 $865 $(192)
Net income from continuing operations attributable to noncontrolling interests
(1,059)(266)(50)
Accumulated dividends and undistributed earnings allocated to participating securities
(7)(3)(3)
Net income (loss) from continuing operations attributable to common stockholders4,299 596 (245)
Net income from discontinued operations— — 3 
Net income (loss) attributable to common stockholders$4,299 $596 $(242)
Basic weighted-average shares of common stock outstanding (millions)
1,466 1,453 1,451 
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions)
16 8 

— 
a
Diluted weighted-average shares of common stock outstanding (millions)
1,482 1,461 1,451 
Basic net income (loss) per share attributable to common stockholders:
Continuing operations$2.93 $0.41 $(0.17)
Discontinued operations— — — 
$2.93 $0.41 $(0.17)
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations$2.90 $0.41 $(0.17)
Discontinued operations— — — 
$2.90 $0.41 $(0.17)
a.Excludes approximately 11 million shares of common stock in 2019 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.

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 (loss) per share of common stock. Stock options for 5 million shares of common stock in 2021, 31 million shares in 2020 and 42 million shares in 2019 were excluded.
New Accounting Standards
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.

Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to other, net on FCX’s consolidated statements of cash flows to conform with the current year presentation. Additionally, FCX has revised prior year amounts related to activities associated with its reserve for unrecognized tax benefits in conjunction with uncertain tax positions. See Note 11 for further detail.

Subsequent Events. FCX evaluated events after December 31, 2021, and through the date the 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 financial statements.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of diluted earnings per share
Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow:
 202120202019 
Net income (loss) from continuing operations$5,365 $865 $(192)
Net income from continuing operations attributable to noncontrolling interests
(1,059)(266)(50)
Accumulated dividends and undistributed earnings allocated to participating securities
(7)(3)(3)
Net income (loss) from continuing operations attributable to common stockholders4,299 596 (245)
Net income from discontinued operations— — 3 
Net income (loss) attributable to common stockholders$4,299 $596 $(242)
Basic weighted-average shares of common stock outstanding (millions)
1,466 1,453 1,451 
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions)
16 8 

— 
a
Diluted weighted-average shares of common stock outstanding (millions)
1,482 1,461 1,451 
Basic net income (loss) per share attributable to common stockholders:
Continuing operations$2.93 $0.41 $(0.17)
Discontinued operations— — — 
$2.93 $0.41 $(0.17)
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations$2.90 $0.41 $(0.17)
Discontinued operations— — — 
$2.90 $0.41 $(0.17)
a.Excludes approximately 11 million shares of common stock in 2019 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.
v3.22.0.1
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Tables)
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Components of Inventories
The components of inventories follow:
 December 31,
 20212020
Current inventories:
Total materials and supplies, neta
$1,669 $1,594 
Mill stockpiles$193 $205 
Leach stockpiles977 809 
Total current mill and leach stockpiles$1,170 $1,014 
Raw materials (primarily concentrate)$536 $366 
Work-in-process195 174 
Finished goods927 745 
Total product$1,658 $1,285 
Long-term inventories:
Mill stockpiles$226 $223 
Leach stockpiles1,161 1,240 
Total long-term mill and leach stockpilesb
$1,387 $1,463 
a.Materials and supplies inventory was net of obsolescence reserves totaling $36 million at December 31, 2021, and $32 million at December 31, 2020.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.
v3.22.0.1
PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment, Net [Abstract]  
Property, Plant, Equipment and Mining Development Costs, Net
The components of net property, plant, equipment and mine development costs follow:
 December 31,
 20212020
Proven and probable mineral reserves$7,142 $7,142 
VBPP376 376 
Mine development and other11,309 10,686 
Buildings and infrastructure9,412 9,214 
Machinery and equipment14,399 14,235 
Mobile equipment4,605 4,495 
Construction in progress2,477 1,454 
Oil and gas properties27,298 27,281 
Total77,018 74,883 
Accumulated depreciation, depletion and amortizationa
(46,673)(45,065)
Property, plant, equipment and mine development costs, net$30,345 $29,818 
v3.22.0.1
OTHER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2021
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets follow:
 December 31,
 20212020
Intangible assetsa
$412 $401 
Legally restricted fundsb
209 213 
Disputed tax assessments:c
Cerro Verde237 190 
PT-FI57 143 
Long-term receivable for taxesd
84 106 
Investments:  
Assurance bonde
132 148 
Fixed income, equity securities and other74 70 
PT Smeltingf
26 77 
Contingent consideration associated with sales of assetsg
70 96 
Loans to PT Smeltingh
36 — 
Long-term employee receivables20 19 
Other103 97 
Total other assets$1,460 $1,560 
a.Indefinite-lived intangible assets totaled $215 million at December 31, 2021 and 2020. Accumulated amortization of definite-lived intangible assets totaled $35 million at December 31, 2021, and $32 million at December 31, 2020.
b.Includes $208 million at December 31, 2021, and $212 million at December 31, 2020, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion).
c.Refer to Note 12 for further discussion.
d.Includes tax overpayments and refunds not expected to be realized within the next 12 months.
e.Relates to PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion).
f.PT-FI’s ownership in PT Smelting is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $126 million at December 31, 2021, and $39 million at December 31, 2020. Trade accounts receivable from PT Smelting totaled $411 million at December 31, 2021, and $265 million at December 31, 2020.
g.Refer to Note 15 for further discussion.
h.Refer to Note 2 for further discussion.
v3.22.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Additional information regarding accounts payable and accrued liabilities
The components of accounts payable and accrued liabilities follow:
 December 31,
 20212020
Accounts payable$2,035 $1,473 
Salaries, wages and other compensation334 312 
PT-FI contingenciesa
259 196 
Accrued interestb
203 243 
Deferred revenue191 65 
Pension, postretirement, postemployment and other employee benefitsc
190 91 
Accrued taxes, other than income taxes64 76 
Leasesd
38 38 
Litigation accruals28 86 
Other153 128 
Total accounts payable and accrued liabilities$3,495 $2,708 
a.Refer to Note 12 for further discussion.
b.Third-party interest paid, net of capitalized interest, was $640 million in 2021, $472 million in 2020 and $591 million in 2019.
c.Refer to Note 9 for long-term portion.
d.Refer to Note 13 for further discussion.
v3.22.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt Components The components of debt follow:
 December 31,
 20212020
Revolving credit facility$— $— 
Senior notes and debentures:  
Issued by FCX:
3.55% Senior Notes due 2022— 523 
3.875% Senior Notes due 2023995 994 
4.55% Senior Notes due 2024728 728 
5.00% Senior Notes due 2027594 593 
4.125% Senior Notes due 2028693 691 
4.375% Senior Notes due 2028643 642 
5.25% Senior Notes due 2029593 593 
4.25% Senior Notes due 2030593 592 
4.625% Senior Notes due 2030841 840 
5.40% Senior Notes due 2034742 742 
5.450% Senior Notes due 20431,846 1,845 
Issued by FMC:
71/8% Debentures due 2027
115 115 
9½% Senior Notes due 2031123 124 
61/8% Senior Notes due 2034
117 117 
PT-FI Term Loan432 — 
Cerro Verde Term Loan325 523 
Other 70 49 
Total debt9,450 9,711 
Less current portion of debt(372)(34)
Long-term debt$9,078 $9,677 
Schedule of Extinguishment of Debt
Listed below are the FCX senior notes, redeemed in full or purchased during the three-year period ended December 31, 2021.

Principal AmountNet AdjustmentsBook ValueRedemption/Tender ValueLoss
Year Ended December 31, 2021
FCX 3.55% Senior Notes due 2022$524 $— $524 $524 $— 
Year Ended December 31, 2020
FCX 4.00% Senior Notes due 2021$195 $(1)$194 $205 $11 
FCX 3.55% Senior Notes due 20221,356 (6)1,350 1,391 41 
FCX 3.875% Senior Notes due 2023927 (4)923 964 41 
FCX 4.55% Senior Notes due 2024120 (1)119 126 7 
Total$2,598 $(12)$2,586 $2,686 $100 
Year Ended December 31, 2019
FCX 3.100% Senior Notes due 2020$1,000 $(2)$998 $1,003 $5 
FCX 6.875% Senior Notes due 2023728 34 762 768 6 
FCX 4.00% Senior Notes due 2021405 (2)403 418 15 
FCX 3.55% Senior Notes due 202212 — 12 12 — 
Total$2,145 $30 $2,175 $2,201 $26 
Debt Instrument Redemption
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 percent of principal two years before maturity.

Debt InstrumentDate
5.00% Senior Notes due 2027September 1, 2022
4.125% Senior Notes due 2028March 1, 2023
4.375% Senior Notes due 2028August 1, 2023
5.25% Senior Notes due 2029September 1, 2024
4.25% Senior Notes due 2030March 1, 2025
4.625% Senior Notes due 2030August 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 percent of principal.
Debt InstrumentDate
3.875% Senior Notes due 2023December 15, 2022
4.55% Senior Notes due 2024August 14, 2024
5.40% Senior Notes due 2034May 14, 2034
5.450% Senior Notes due 2043September 15, 2042
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2021
Other Liabilities, Including Employee Benefits [Abstract]  
Components of Other Liabilities
The components of other liabilities follow:
 December 31,
 20212020
Pension, postretirement, postemployment and other employment benefitsa
$845 $1,213 
Leasesb
281 190 
Provision for tax positions232 261 
Litigation accruals131 110 
Indemnification of PT Inalumb
78 42 
Cerro Verde royalty disputec
— 376 
Other116 77 
Total other liabilities$1,683 $2,269 
a.Refer to Note 7 for current portion.
b.Refer to Note 13 for further discussion.
c.Refer to Note 12 for further discussion.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets 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,
 20212020
Projected benefit obligation$2,476 $2,666 
Accumulated benefit obligation2,476 2,664 
Fair value of plan assets1,988 1,884 
Schedule of Changes Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan
Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:
FCXPT-FI
 2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$2,722 $2,576 $238 $217 
Service cost12 37 13 11 
Interest cost66 77 14 14 
Actuarial (gains) losses(117)308 (3)12 
Plan amendments— — (2)— 
Foreign exchange (gains) losses(1)1 (3)(2)
Curtailment— (154)— — 
Benefits and administrative expenses paid(129)(123)(20)(14)
Benefit obligation at end of year2,553 2,722 237 238 
Change in plan assets:    
Fair value of plan assets at beginning of year1,946 1,677 251 254 
Actual return on plan assets150 272 8 13 
Employer contributionsa
105 119 4 2 
Foreign exchange (losses) gains(1)1 (3)(4)
Benefits and administrative expenses paid(129)(123)(20)(14)
Fair value of plan assets at end of year2,071 1,946 240 251 
Funded status$(482)$(776)$3 $13 
Accumulated benefit obligation$2,551 $2,719 $194 $194 
Weighted-average assumptions used to determine benefit obligations:    
Discount rate2.85 %2.50 %6.50 %6.25 %
Rate of compensation increase— %— %4.00 %4.00 %
Balance sheet classification of funded status:    
Other assets$6 $7 $3 $13 
Accounts payable and accrued liabilities(4)(4)— — 
Other liabilities(484)(779)— — 
Total$(482)$(776)$3 $13 
a.Employer contributions for 2022 are currently expected to approximate $112 million for the FCX plans and $1 million for the PT-FI plan (based on a December 31, 2021, exchange rate of 14,198 Indonesia rupiah to one U.S. dollar), and are subject to change.
Schedule of Assumptions Used
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:
 202120202019
Weighted-average assumptions:a
   
Discount rate2.50 %2.98 %4.40 %
Expected return on plan assets5.25 %6.25 %6.50 %
Rate of compensation increase— %3.25 %3.25 %
Service cost$12 $37 $42 
Interest cost66 77 95 
Expected return on plan assets(98)(105)(90)
Amortization of net actuarial losses25 45 48 
Curtailment loss— 4 — 
Net periodic benefit cost$5 $58 $95 
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:
 202120202019
Weighted-average assumptions:   
Discount rate6.25 %7.25 %8.25 %
Expected return on plan assets7.75 %7.75 %8.25 %
Rate of compensation increase4.00 %4.00 %4.00 %
Service cost$13 $11 $12 
Interest cost14 14 17 
Expected return on plan assets(19)(19)(17)
Amortization of prior service cost1 2 1 
Amortization of net actuarial gains(1)(3)(1)
Net periodic benefit cost$8 $5 $12 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:
20212020
 
Before Taxes
After Taxes and Noncontrolling Interests
Before Taxes
After Taxes and Noncontrolling Interests
Net actuarial losses$488 $369 $673 $558 
Prior service costs2 — 6 1 
$490 $369 $679 $559 
Schedule of Allocation of Plan Assets
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, 2021
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:    
    Fixed income securities$522 $522 $— $— $— 
    Real estate property72 72 — — — 
    Short-term investments38 38 — — — 
Fixed income:    
Corporate bonds911 — — 911 — 
Government bonds437 — — 437 — 
Private equity investments11 11 — — — 
Other investments74 — 1 73 — 
Total investments2,065 $643 $1 $1,421 $— 
Cash and receivables18 
Payables(12)
Total pension plan net assets$2,071 

 Fair Value at December 31, 2020
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:      
Global equity$527 $527 $— $— $— 
Fixed income securities404 404 — — — 
International small-cap equity76 76 — — — 
Real estate property59 59 — — — 
U.S. real estate securities51 51 — — — 
Short-term investments51 51 — — — 
U.S. small-cap equity25 25 — — — 
Fixed income:
Corporate bonds381 — — 381 — 
Government bonds181 — — 181 — 
Global large-cap equity securities109 — 109 — — 
Private equity investments10 10 — — — 
Other investments55 — 1 54 — 
Total investments1,929 $1,203 $110 $616 $— 
Cash and receivables100 
Payables(83)
Total pension plan net assets$1,946 
A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:
 Fair Value at December 31, 2021
 TotalLevel 1Level 2Level 3
Government bonds$114 $114 $— $— 
Common stocks80 80 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
29 
Payables(1)
Total pension plan net assets$240 

 Fair Value at December 31, 2020
 TotalLevel 1Level 2Level 3
Government bonds$117 $117 $— $— 
Common stocks77 77 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
41 
Payables(2)
Total pension plan net assets$251 
a.Cash consists primarily of short-term time deposits.
Schedule of Expected Benefit Payments
The expected benefit payments for FCX’s and PT-FI’s pension plans follow:
FCX
PT-FIa
2022$127 $17 
2023178 27 
2024130 30 
2025131 27 
2026132 30 
2027 through 2031653 146 
a.Based on a December 31, 2021, exchange rate of 14,198 Indonesia rupiah to one U.S. dollar.
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows:
Defined Benefit PlansTranslation AdjustmentTotal
Balance at January 1, 2019$(615)$10 $(605)
Amounts arising during the perioda,b
(118)— (118)
Amounts reclassifiedc
47 — 47 
Balance at December 31, 2019(686)10 (676)
Amounts arising during the perioda,b
47 — 47 
Amounts reclassifiedc
46 — 46 
Balance at December 31, 2020(593)10 (583)
Amounts arising during the perioda,b
176 — 176 
Amounts reclassifiedc
19 — 19 
Balance at December 31, 2021$(398)$10 $(388)
a.Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(111) million for 2019, $40 million for 2020 and $174 million for 2021.
b.Includes tax (benefit) provision totaling $(8) million for 2019, $7 million for 2020 and $2 million for 2021.
c.Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2019, 2020 and 2021.
Compensation costs charged against earnings Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows:
202120202019
Selling, general and administrative expenses$64 $70 $48 
Production and delivery34 29 15 
Total stock-based compensation98 99 63 
Tax benefit and noncontrolling interests’ sharea
(5)(5)(4)
Impact on net income (loss)$93 $94 $59 
a. Charges in the U.S. are not expected to generate a future tax benefit.
Summary of stock options and SARs outstanding and changes during the period
A summary of stock options outstanding as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of
Options		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
Balance at January 137,100,098 $25.58 
Granted598,000 28.14 
Exercised(11,527,957)19.48 
Expired/Forfeited(4,347,579)51.15 
Balance at December 3121,822,562 23.78 4.3$411 
Vested and exercisable at December 3117,119,081 26.62 3.4$278 
Weighted average assumptions used to value stock option awards
Information related to stock options during the years ended December 31 follows:
 202120202019
Weighted-average assumptions used to value stock option awards:
Expected volatility58.1 %47.7 %47.8 %
Expected life of options (in years)5.905.836.10
Expected dividend rate2.5 %1.7 %1.8 %
Risk-free interest rate0.6 %1.5 %2.5 %
Weighted-average grant-date fair value (per option)$11.92 $4.72 $4.87 
Intrinsic value of options exercised$194 $82 $3 
Fair value of options vested$16 $28 $26 
Summary Of Outstanding Stock-settled RSUs and PSUs A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of AwardsWeighted-Average Grant-Date Fair Value Per AwardAggregate
Intrinsic
Value
Balance at January 17,523,022 $16.79  
Granted2,121,755 29.15  
Vested(1,814,976)15.72  
Forfeited(28,916)20.29  
Balance at December 317,800,885 20.38 $326 
Summary of Outstanding Cash-Settled RSUs and PSUs A summary of outstanding cash-settled RSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:
Number of AwardsWeighted-Average Grant-Date Fair Value Per AwardAggregate
Intrinsic
Value
Balance at January 11,521,097 $12.92  
Granted308,600 28.00 
Vested(753,574)13.94 
Forfeited(22,199)15.37  
Balance at December 311,053,924 16.56 $44 
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31:
 202120202019
FCX shares tendered to pay the exercise price   
and/or the minimum required withholding taxesa
1,358,101 1,193,183 670,508 
Cash received from stock option exercises$210 $51 $2 
Actual tax benefit realized for tax deductions$9 $2 $1 
Amounts FCX paid for employee taxes$29 $17 $8 
a.Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required withholding taxes.
v3.22.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income before income taxes and equity in affiliated companies' net earnings
Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following:
 202120202019
U.S.$1,861 $(40)$(287)
Foreign5,798 1,837 593 
Total$7,659 $1,797 $306 
Schedule of Benefit from (Provision for) income taxes
FCX’s provision for income taxes for the years ended December 31 consists of the following:
 202120202019
Current income taxes:   
Federal$— $53 
a
$(23)
b,c
State(11)(1)3 
Foreign(2,460)(816)
d
(462)
Total current(2,471)(764)(482)
Deferred income taxes:   
Federal(184)3 48 
State(4)5 8 
Foreign(23)(306)(101)
Total deferred(211)(298)(45)
Adjustments193 
e
37 12 
Operating loss carryforwards190 81 5 
Provision for income taxes$(2,299)$(944)$(510)
a.Includes a credit of $53 million associated with the reversal of the charge discussed in footnote c below.
b.As a result of the 2017 Tax Cuts and Jobs Act (the Act) guidance released in 2019, FCX recorded a $29 million credit.
c.Includes a charge of $53 million associated with the sale of FCX’s interest in the lower zone of the Timok exploration project.
d.Includes a charge of $135 million associated with the gain on sale of Kisanfu.
e.Primarily reflects the release of valuation allowances on NOLs at PT Rio Tinto (see below).
Reconciliation of the U.S. federal statutory tax rate to effective income tax rate
A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows:
 202120202019
 AmountPercentAmountPercentAmountPercent
U.S. federal statutory tax rate$(1,608)(21)%$(377)(21)%$(64)(21)%
Valuation allowancea
221 3 (210)(12)(149)(49)
PT Rio Tinto valuation allowancea
189 2 — — — — 
PT-FI historical tax disputesb
(193)(3)(8)— (145)(47)
Percentage depletion221 3 104 6 118 39 
Effect of foreign rates different than the U.S.
federal statutory rate(328)(4)(109)(6)(64)(21)
Withholding and other impacts on
foreign earnings(678)(9)(193)(11)(55)(18)
Adjustment to deferred taxes— — — — (49)
c
(16)
Non-deductible permanent differences— — — — (47)(15)
Uncertain tax positions13 — (15)(1)(47)(15)
U.S. tax reform— — — — 29 
d
9 
Foreign tax credit limitation(11)— 28 2 (16)(5)
State income taxes(14)— (2)— 16 6 
Cerro Verde historical tax disputese
— — (39)(2)2 1 
Timok exploration project sale — — 53 3 (15)(5)
Sale of Kisanfu— — (135)(8)— — 
Other items, net(111)(1)(41)(3)(24)(9)
Provision for income taxes$(2,299)(30)%$(944)(53)%$(510)(166)%
a.Refer to “Valuation Allowance” below.
b.Refer to “Income Tax Matters” below.
c.Represents net charges primarily to adjust deferred taxes on historical balance sheet items in accordance with tax accounting principles.
d.As a result of the Act guidance released in 2019, FCX recorded a $29 million credit.
e.Refer to Note 12 for further discussion.
Components of deferred tax assets and liabilities
The components of deferred taxes follow:
 December 31,
 20212020
Deferred tax assets:  
Foreign tax credits$1,536 $1,641 
Accrued expenses1,193 1,194 
Net operating losses (NOLs)2,220 2,443 
Employee benefit plans105 177 
Other252 227 
Deferred tax assets5,306 5,682 
Valuation allowances(4,087)(4,732)
Net deferred tax assets1,219 950 
Deferred tax liabilities:  
Property, plant, equipment and mine development costs(4,492)(4,489)
Undistributed earnings(807)(694)
Other(152)(175)
Total deferred tax liabilities(5,451)(5,358)
Net deferred tax liabilities$(4,232)$(4,408)
Reserve for unrecognized tax benefits, interest and penalties
A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows. The balance at year-end December 31, 2019, was revised by $115 million and the balance at year-end December 31, 2020, was revised by $179 million to adjust for amounts paid on accruals not yet settled.
202120202019
Balance at beginning of year$474 $491 $494 
Additions:
Prior year tax positions330 56 86 
Current year tax positions71 60 11 
Decreases:
Prior year tax positions(30)(82)(75)
Settlements with taxing authorities(37)(51)(25)
Balance at end of year$808 $474 $491 
Summary of income tax examinations The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:
JurisdictionYears Subject to ExaminationAdditional Open Years
U.S. Federal2017-20182014-2016, 2019-2021
Indonesia2011-20182020-2021
Peru20162017-2021
Chile20202018-2019, 2021
A summary of these assessments follows:
Tax YearTax Assessment
Penalties and Interest
Total
2003 to 2008$48 $130 $178 
200956 52 108 
201054 122 176 
2011 and 201241 72 113 
201348 65 113 
2014 to 20165 28 33 
$252 $469 $721 
Excluding surface water tax assessments discussed below and the Indonesia government’s previous imposition of a 7.5 percent export duty that PT-FI paid under protest during the period April 2017 to December 21, 2018 (refer to Note 13), a summary of these assessments, including potential penalties follows:
Tax YearTax AssessmentPenalties and InterestTotal
2005$62 $30 $92 
200748 23 71 
2008 and 201128 36 64 
2012 and 201341 43 84 
2014 and 2015121 — 121 
2016257 483 740 
2017 and 201948 47 95 
$605 $662 $1,267 
v3.22.0.1
CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Environmental Obligations
A summary of changes in estimated environmental obligations for the years ended December 31 follows:
 202120202019
Balance at beginning of year$1,584 $1,561 $1,511 
Accretion expensea
104 102 102 
Additionsb
60 38 23 
Reductionsb
(20)(58)(1)
Spending(64)(59)(74)
Balance at end of year1,664 1,584 1,561 
Less current portion(64)(83)(106)
Long-term portion$1,600 $1,501 $1,455 
a.Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis.
b.Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Adjustments primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.
Schedule of Asset Retirement Obligations A summary of changes in FCX’s AROs for the years ended December 31 follows:
 202120202019
Balance at beginning of year$2,472 $2,505 $2,547 
Liabilities incurred2 7 20 
Settlements and revisions to cash flow estimates, net331 
a
(13)(5)
Accretion expense112 131 118 
Dispositions— 

(2)(5)
Spending(201)(156)(170)
Balance at end of year2,716 2,472 2,505 
Less current portion(200)(268)(330)
Long-term portion$2,516 $2,204 $2,175 
a.Includes an adjustment at PT-FI totaling $397 million, see further discussion below.
Summary of income tax examinations The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:
JurisdictionYears Subject to ExaminationAdditional Open Years
U.S. Federal2017-20182014-2016, 2019-2021
Indonesia2011-20182020-2021
Peru20162017-2021
Chile20202018-2019, 2021
A summary of these assessments follows:
Tax YearTax Assessment
Penalties and Interest
Total
2003 to 2008$48 $130 $178 
200956 52 108 
201054 122 176 
2011 and 201241 72 113 
201348 65 113 
2014 to 20165 28 33 
$252 $469 $721 
Excluding surface water tax assessments discussed below and the Indonesia government’s previous imposition of a 7.5 percent export duty that PT-FI paid under protest during the period April 2017 to December 21, 2018 (refer to Note 13), a summary of these assessments, including potential penalties follows:
Tax YearTax AssessmentPenalties and InterestTotal
2005$62 $30 $92 
200748 23 71 
2008 and 201128 36 64 
2012 and 201341 43 84 
2014 and 2015121 — 121 
2016257 483 740 
2017 and 201948 47 95 
$605 $662 $1,267 
v3.22.0.1
COMMITMENTS AND GUARANTEES Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Assets And Liabilities, Lessee [Table Text Block]
The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow:
December 31,
20212020
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)
$277 $207 
Short-term lease liabilities (included in accounts payable and accrued liabilities)
$38 $38 
Long-term lease liabilities (included in other liabilities)281 
a
190 
Total lease liabilities
$319 $228 
a.Includes a land lease by PT-FI for the greenfield smelter totaling $126 million. This is FCX’s only significant finance lease.
Lease, Cost [Table Text Block]
Operating lease costs, primarily included in production and delivery expense in the consolidated statement of operations, for the two years ended December 31 follow:
202120202019
Operating leases$42 $42 $55 
Variable and short-term leases62 74 79 
Total operating lease costs
$104 $116 $134 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2021, follow:
2022$46 
202335 
202473 
202527 
202624 
Thereafter194 
Total payments399 
Less amount representing interest(80)
Present value of net minimum lease payments319 
Less current portion(38)
Long-term portion$281 
v3.22.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):
December 31,
20212020
Balance sheet components:
Cash and cash equivalents$8,068 $3,657 
Restricted cash and restricted cash equivalents included in:
Other current assets114 97 
Other assets132 149 
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows
$8,314 $3,903 
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized gains (losses) on the related hedged item follows (in millions):
 202120202019
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments$(4)$9 $15 
Hedged item - firm sales commitments4 (9)(15)
Realized gains (losses):
Matured derivative financial instruments
65 22 (8)
Schedule of Derivative Instruments A summary of FCX’s embedded derivatives at December 31, 2021, follows:
OpenAverage Price
Per Unit		Maturities
 PositionsContractMarketThrough
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)682 $4.37 $4.42 July 2022
Gold (thousands of ounces)223 1,797 1,822 March 2022
Embedded derivatives in provisional purchase contracts:    
Copper (millions of pounds)132 4.38 4.42 April 2022
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 202120202019
Embedded derivatives in provisional sales contractsa:
 Copper$425 $259 $34 
 Gold and other(2)45 20 
Copper forward contractsb
(15)3 (7)
a.Amounts recorded in revenues.
b.Amounts recorded in cost of sales as production and delivery costs.
Fair Values of Unsettled Derivative Financial Instruments
A summary of the fair values of unsettled commodity derivative financial instruments follows:
 December 31,
 20212020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:  
Copper futures and swap contracts$12 $15 
Derivatives not designated as hedging instruments:  
Embedded derivatives in provisional sales/purchase contracts64 169 
Copper forward contracts1 — 
Total derivative assets$77 $184 
Commodity Derivative Liabilities:  
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts$27 $21 
Copper forward contracts1 — 
Total derivative liabilities$28 $21 
Offsetting Liabilities [Table Text Block]
A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
Assets at December 31,Liabilities at December 31,
2021202020212020
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$64 $169 $27 $21 
Copper derivatives13 15 1 — 
77 184 28 21 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 1 3 1 
Copper derivatives1 — 1 — 
4 1 4 1 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts61 168 24 20 
Copper derivatives12 15 — — 
$73 $183 $24 $20 
Balance sheet classification:
Trade accounts receivable$51 $168 $14 $— 
Other current assets12 15 — — 
Accounts payable and accrued liabilities10 — 10 20 
$73 $183 $24 $20 
Offsetting Assets [Table Text Block]
A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
Assets at December 31,Liabilities at December 31,
2021202020212020
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$64 $169 $27 $21 
Copper derivatives13 15 1 — 
77 184 28 21 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3 1 3 1 
Copper derivatives1 — 1 — 
4 1 4 1 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts61 168 24 20 
Copper derivatives12 15 — — 
$73 $183 $24 $20 
Balance sheet classification:
Trade accounts receivable$51 $168 $14 $— 
Other current assets12 15 — — 
Accounts payable and accrued liabilities10 — 10 20 
$73 $183 $24 $20 
v3.22.0.1
FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2021
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 NAV as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 14) follows:
 At December 31, 2021
CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
    
Equity securities$50 $50 $— $50 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total79 79 29 50 — — 
Legally restricted funds:a
    
U.S. core fixed income fund64 64 64 — — — 
Government bonds and notes53 53 — — 53 — 
Corporate bonds45 45 — — 45 — 
Government mortgage-backed securities20 20 — — 20 — 
Asset-backed securities18 18 — — 18 — 
Money market funds8 8 — 8 — — 
Municipal bonds1 1 — — 1 — 
Total209 209 64 8 137 — 
Derivatives:
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positionc
64 64 — — 64 — 
Copper futures and swap contractsc
12 12 — 9 3 — 
Copper forward contractsc
1 1 — 1 — — 
Total77 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 position27 27 — — 27 — 
Copper forward contracts1 1 — 1 — — 
Total28 28 — 1 27 — 
Long-term debt, including current portiond
9,450 10,630 — — 10,630 — 
At December 31, 2020
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
    
U.S. core fixed income fund$29 $29 $29 $— $— $— 
Equity securities7 7 — 7 — — 
Total 36 36 29 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government bonds and notes49 49 — — 49 — 
Corporate bonds43 43 — — 43 — 
Government mortgage-backed securities30 30 — — 30 — 
Asset-backed securities16 16 — — 16 — 
Money market funds5 5 — 5 — — 
Collateralized mortgage-backed securities4 4 — — 4 — 
Municipal bonds1 1 — — 1 — 
Total213 213 65 5 143 — 
Derivatives:    
Embedded derivatives in provisional sales/purchase
contracts in a gross asset positionc
169 169 — — 169 — 
Copper futures and swap contractsc
15 15 — 13 2 — 
Total184 184 — 13 171 — 
Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa
108 88 — — — 88 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase
contracts in a gross liability position21 21 — — 21 — 
Long-term debt, including current portiond
9,711 10,994 — — 10,994 — 
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 $114 million at December 31, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at December 31, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion).
c.Refer to Note 14 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.
Fair Value, Assets Measured on Recurring Basis, 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, for the years ended December 31 follows:
202120202019
Balance at beginning of year$88 $108 $127 
Net unrealized gains (losses) related to assets still held at the end of the year12 (6)2 
Settlements(19)(14)(21)
Balance at end of year$81 $88 $108 
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Revenues by product FCX’s revenues attributable to the products it sold for the years ended December 31 follow:
 202120202019
Copper:
Concentrate$8,705 $4,294 $4,566 
Cathode5,900 4,204 3,656 
Rod and other refined copper products3,369 2,052 2,110 
Purchased coppera
757 821 1,060 
Gold2,580 1,702 1,620 
Molybdenum1,283 848 1,169 
Otherb
821 592 905 
Adjustments to revenues:
Treatment charges(445)(362)(404)
Royalty expensec
(330)(165)(113)
Export dutiesd
(218)(92)(221)
Revenues from contracts with customers22,422 13,894 14,348 
Embedded derivativese
423 304 54 
Total consolidated revenues$22,845 $14,198 $14,402 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with silver and cobalt.
c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Reflects PT-FI export duties. The year 2019 includes charges totaling $155 million primarily associated with an unfavorable Indonesia Supreme Court ruling related to certain disputed export duties (refer to Note 12).
e.Refer to Note 14 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Long-lived assets by geographic area Information concerning financial data by geographic area follows:
December 31,
 20212020
Long-lived assets:a
  
Indonesia$16,288 $15,567 
U.S.8,292 8,420 
Peru6,827 6,989 
Chile1,110 1,172 
Other261 290 
Total$32,778 $32,438 
a.Excludes deferred tax assets and intangible assets
Revenues by geographic area of customer
Years Ended December 31,
 202120202019
Revenues:a
   
U.S.$7,168 $5,248 $5,107 
Switzerland3,682 2,032 2,223 
Indonesia3,132 1,760 1,894 
Japan2,372 1,205 1,181 
Spain1,495 785 884 
China1,044 692 531 
United Kingdom 659 491 233 
Germany469 248 311 
Chile343 221 242 
Korea270 89 140 
Egypt268 153 123 
Philippines264 34 73 
India207 152 107 
Other1,472 1,088 1,353 
Total$22,845 $14,198 $14,402 
a.Revenues are attributed to countries based on the location of the customer.
Schedule of financial information by business segment
Financial Information by Business Segment
North America Copper MinesSouth America Mining     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalMiningMinesRefining& RefiningnationsTotal
Year Ended December 31, 2021          
Revenues:           
Unaffiliated customers$82 $180 $262 $3,736 $720 $4,456 $7,241 $— $6,356 $2,961 $1,569 
a
$22,845 
Intersegment2,728 3,835 6,563 460 — 

460 282 444 29 — (7,778)— 
Production and delivery1,226 2,235 3,461 2,000 
b
429 2,429 2,425 
c
253 6,381 2,907 (5,840)
d
12,016 
Depreciation, depletion and amortization152 217 369 366 47 413 1,049 67 5 28 67 1,998 
Metals inventory adjustments13 — 13 — — — — 1 — — 2 16 
Selling, general and administrative expenses2 2 4 8 — 8 111 — — 24 236 

383 
Mining exploration and research expenses— 1 1 — — — — — — — 54 55 
Environmental obligations and shutdown costs— (1)(1)— — — — — — — 92 91 
Net gain on sales of assets— — — — — — — — — (19)(61)
e
(80)
Operating income (loss)1,417 1,561 2,978 1,822 244 2,066 3,938 123 (1)21 

(759)8,366 
Interest expense, net— 1 1 28 

— 28 48 — — 6 519 602 
Provision for (benefit from) income taxes— — — 730 

90 820 1,524 
f
— — — (45)2,299 
Total assets at December 31, 20212,708 5,208 7,916 8,694 1,921 10,615 18,971 1,713 228 1,318 7,261 48,022 
Capital expenditures135 207 342 132 30 162 1,296 6 2 34 273 
g
2,115 
a.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.
b.Includes nonrecurring charges totaling $92 million associated with labor-related charges at Cerro Verde for agreements reached with its hourly employees.
c.Includes charges totaling $340 million associated with unfavorable ARO change. Refer to Note 12 for further discussion.
d.Includes charges associated with the major maintenance turnaround at the Miami Smelter totaling $87 million.
e.Includes a $60 million gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland. Refer to Note 2 for further discussion.
f.Includes net tax benefits of $189 million associated with the release of a portion of the valuation allowance recorded against PT Rio Tinto NOLs. Refer to Note 11 for further discussion.
g.Includes capital expenditures for the Indonesia smelter projects of $222 million.
v3.22.0.1
SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2021
Mineral Industries Disclosures [Abstract]  
Schedule Of Estimated Recoverable Proven And Probable Reserves By Location
Estimated Recoverable Proven and Probable Mineral Reserves
at December 31, 2021
Coppera
(billion pounds)
Gold
(million ounces)
Molybdenum
(billion pounds)
North America43.0 0.5 2.69 
South America31.9 — 0.69 
Indonesiab
32.2 26.6 — 
Consolidated basisc,d
107.2 27.1 3.39 
Net equity interestb,e
76.2 14.2 3.06 
a.Estimated consolidated recoverable copper reserves included 1.8 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles.
b.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PT-FI’s current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 13 for discussion of PT-FI’s IUPK). As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PT-FI expects to mine 48 percent of aggregate proven and probable recoverable mineral reserves at December 31, 2021, representing 53 percent of FCX’s net equity share of recoverable copper reserves and 55 percent of FCX’s net equity share of recoverable gold reserves.
c.Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 346 million ounces of silver, which were determined using $15 per ounce.
d.May not foot because of rounding.
e.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX's net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent for 2022 and 48.76 percent from 2023 through 2041. Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 230 million ounces of silver.
Supplementary Reserve Information at 100% Basis by Location
Estimated Recoverable Proven and Probable Mineral Reserves
at December 31, 2021
Average Ore Grade
Per Metric Tona
Recoverable Proven and
Probable Mineral Reservesb
Orea
(million metric tons)
Copper (%)Gold (grams)Molybdenum (%)Copper
(billion pounds)		Gold
(million ounces)		Molybdenum
(billion pounds)
North America         
Production stage:        
Morenci3,918 0.23 —  — 
c
13.1 —  0.15 
Sierrita2,430 0.23 — 
c
0.02 10.3 0.1  1.02 
Bagdad2,534 0.32 — 
c
0.02 15.5 0.2  0.92 
Safford, including Lone Star685 0.45 — — 5.2 —  — 
Chino, including Cobre308 0.44 0.03 — 2.5 0.3  — 
Climax151 — —  0.15 — —  0.46 
Henderson54 — —  0.16 — —  0.17 
Tyrone19 0.28 —  — 0.2 —  — 
Miami— — —  — — 
c
—  — 
South America         
Production stage:        
Cerro Verde3,999 0.36 —  0.01 27.9 —  0.69 
El Abra732 0.42 —  — 4.1 —  — 
Indonesiad
        
Production stage:      
Grasberg Block Cave857 1.06 0.71  — 16.7 12.6  — 
Deep Mill Level Zone412 0.85 0.73  — 6.6 7.6  — 
Big Gossan51 2.26 0.97  — 2.3 1.1  — 
Development stage:        
Kucing Liar351 1.03 0.91  — 6.6 5.3  — 
Total 100% basise
16,501 110.8 27.1 3.43 
Consolidated basisf
     107.2 27.1  3.39 
FCX’s net equity interestg
     76.2 14.2  3.06 
a.Excludes material contained in stockpiles.
b.Includes estimated recoverable metals contained in stockpiles.
c.Amounts not shown because of rounding.
d.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK.
e.Totals may not foot because of rounding.
f.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 3 for further discussion).
g.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). FCX’s net equity interest for estimated metal quantities in Indonesia reflects approximately 81 percent for 2022 and 48.76 percent from 2023 through 2041.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 21, 2018
Schedule of Significant Accounting Policies [Line Items]        
Number of operating segments | segment 4      
Foreign currency transaction gains (losses), before tax | $ $ 66 $ 34 $ 24  
Building        
Schedule of Significant Accounting Policies [Line Items]        
Property, plant, equipment and mine development, useful life 50 years      
Machinery and equipment | Minimum        
Schedule of Significant Accounting Policies [Line Items]        
Property, plant, equipment and mine development, useful life 3 years      
Machinery and equipment | Maximum        
Schedule of Significant Accounting Policies [Line Items]        
Property, plant, equipment and mine development, useful life 50 years      
PT Freeport Indonesia        
Schedule of Significant Accounting Policies [Line Items]        
Ownership percentage of subsidiary       48.76%
Copper        
Schedule of Significant Accounting Policies [Line Items]        
Percentage of ultimate copper recovery from leach stockpiles 90.00%      
Percentage of copper ultimately recoverable from newly placed material on active stockpiles extracted during the first year 80.00%      
PT Freeport Indonesia | PT Freeport Indonesia        
Schedule of Significant Accounting Policies [Line Items]        
Ownership percentage of subsidiary 48.76%      
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Net income (loss) from continuing operations $ 5,365 $ 865 $ (192)
Net income from continuing operations attributable to noncontrolling interests (1,059) (266) (50)
Accumulated dividends and undistributed earnings allocated to participating securities (7) (3) (3)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 4,299 596 (245)
Net income from discontinued operations 0 0 3
Net Income (Loss) Available to Common Stockholders, Diluted $ 4,299 $ 596 $ (242)
Weighted Average Number of Shares Outstanding, Basic 1,466 1,453 1,451
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 16 8 0
Weighted Average Number of Shares Outstanding, Diluted 1,482 1,461 1,451
Basic net income (loss) per share attributable to common stockholders:      
Income (Loss) from Continuing Operations, Per Basic Share $ 2.93 $ 0.41 $ (0.17)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share 0 0 0
Earnings per share, basic (in dollars per share) 2.93 0.41 (0.17)
Diluted net income (loss) per share attributable to common stockholders:      
Income (Loss) from Continuing Operations, Per Diluted Share 2.90 0.41 (0.17)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share 0 0 0
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share     0
Earnings Per Share, Diluted $ 2.90 $ 0.41 $ (0.17)
Potential anti-dilutive securities     11
Outstanding options with exercise prices greater than market price of common stock 5 31 42
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS (PT Smelting) (Details)
t in Millions, $ in Millions
Sep. 01, 2021
USD ($)
Apr. 30, 2021
USD ($)
Dec. 31, 2021
Nov. 30, 2021
t
Asset Acquisition [Line Items]        
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 35.0      
PT Smelting        
Asset Acquisition [Line Items]        
Ownership percentage   39.50% 25.00%  
PT Smelting        
Asset Acquisition [Line Items]        
Percentage of voting interest   14.50%    
Payments to Acquire Additional Interest in Subsidiaries   $ 33.0    
Expansion Of Smelter Capacity, Percent       30.00%
Expansion Of Smelter Capacity | t       1.3
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS (Freeport Cobalt) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 01, 2021
Dec. 31, 2021
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 35    
Jervois      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Divestiture of Business, Percent of Shares Owned 7.00%    
Koboltti Chemicals Holdings Limited      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Ownership percentage of subsidiary 56.00%    
Freeport Cobalt      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Consideration $ 208    
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents 20    
Gain (Loss) on Disposition of Business   $ 60 $ 59
Business Combination, Contingent Consideration, Asset 40    
Disposal Group, Including Discontinued Operation, Other Assets 125    
Proceeds from Divestiture of Businesses $ 173    
Freeport Cobalt | Net Loss Attributable To Common Stock      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gain (Loss) on Disposition of Business     33
Freeport Cobalt | Net Income Attributable To Common Stock      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gain (Loss) on Disposition of Business   $ 34  
Freeport Cobalt | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Disposal Group, Including Discontinued Operation, Assets     271
Disposal Group, Including Discontinued Operation, Liabilities     63
Disposal Group, Including Discontinued Operation, Consideration     200
Disposal Group, Including Discontinued Operation, Consideration, Working Capital     $ 50
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS - Kisanfu Transaction (Details) - Kisanfu [Member] - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Sale of Interest in Projects, Pretax $ 550  
Proceeds from Sale of Investment Projects $ 415  
Gain (Loss) on Sale of Interest in Projects   $ 486
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS (Timok) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Jul. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Nov. 01, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Proceeds from sales of assets         $ 247 $ 704 $ 561  
Disposed of by Sale, Discontinued Operations | Timok, Lower Zone [Member]                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Proceeds from divestiture, net       $ 240        
Divestiture of Businesses, Deferred Payments Receivable       150     150  
Divestiture of Businesses, Deferred Payments Receivable, Demand Amount       $ 60     $ 60  
Disposed of by Sale, Discontinued Operations | Timok, Upper Zone [Member]                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Divestiture of Businesses, Contingent Consideration               $ 107
Proceeds from sales of assets   $ 50 $ 45          
Disposed of by Sale, Discontinued Operations | Timok                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Proceeds from divestiture, net         240      
Divestiture of Businesses, Contingent Consideration   $ 103     $ 103      
Gain (Loss) on Disposition of Business           $ 343    
Forecast | Disposed of by Sale, Discontinued Operations | Timok, Upper Zone [Member]                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Proceeds from sales of assets $ 12              
v3.22.0.1
DISPOSITIONS AND ACQUISITIONS (TF Holdings Limited) (Details)
$ in Millions
 12 Months Ended
Nov. 16, 2016
USD ($)
Dec. 31, 2020
USD ($)
Jan. 31, 2020
USD ($)
Nov. 30, 2016
USD ($)
$ / lb
Nov. 15, 2016
Disposed of by Sale, Discontinued Operations | TF Holdings Limited          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Proceeds from divestiture, net $ 2,650        
Contingent receivable       $ 120  
Chainge in fair value of contingent consideration   $ 3      
TF Holdings Limited          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Ownership percentage         70.00%
Copper | Disposed of by Sale, Discontinued Operations | TF Holdings Limited          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Contingent receivable       60  
Cobalt | Disposed of by Sale, Discontinued Operations | TF Holdings Limited          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Contingent receivable     $ 60 $ 60  
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb       20  
Maximum | Copper | Disposed of by Sale, Discontinued Operations | TF Holdings Limited          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb       3.50  
v3.22.0.1
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Ownership in Subsidiaries (Details) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Dec. 21, 2018
Summary of investment holdings [Line Items]      
Retained Earnings (Accumulated Deficit) $ 7,375,000,000 $ 11,681,000,000  
PT Freeport Indonesia      
Summary of investment holdings [Line Items]      
Net assets (liabilities) in subsidiary 12,700,000,000    
Retained Earnings (Accumulated Deficit) $ (8,400,000,000)    
Morenci      
Summary of investment holdings [Line Items]      
Ownership percentage 72.00%    
Other North America [Member]      
Summary of investment holdings [Line Items]      
Ownership percentage 100.00%    
Cerro Verde [Member]      
Summary of investment holdings [Line Items]      
Ownership percentage 53.56%    
El Abra [Member]      
Summary of investment holdings [Line Items]      
Ownership percentage 51.00%    
Freeport Minerals Corporation [Member]      
Summary of investment holdings [Line Items]      
Loans outstanding $ 111,000,000    
Freeport Minerals Corporation [Member] | Subsidiaries [Member]      
Summary of investment holdings [Line Items]      
Net assets (liabilities) in subsidiary 18,400,000,000    
Retained Earnings (Accumulated Deficit) $ 12,600,000,000    
PT Freeport Indonesia      
Summary of investment holdings [Line Items]      
Ownership percentage 48.76%   81.00%
Loans outstanding $ 0    
Atlantic Copper [Member]      
Summary of investment holdings [Line Items]      
Ownership percentage 100.00%    
Net assets (liabilities) in subsidiary $ 167,000,000    
Retained Earnings (Accumulated Deficit) 379,000,000    
Loans outstanding $ 274,000,000    
v3.22.0.1
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - PT-FI Divestment (Details) - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Jan. 01, 2023
Feb. 15, 2022
Dec. 21, 2018
Summary of investment holdings [Line Items]              
Net income (loss) $ 5,365 $ 865 $ (189)        
Payments of Dividends     0        
PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership percentage 48.76%           81.00%
Net income (loss) $ 2,400 765 203 $ 2,900      
Net Income (Loss) Attributable to Parent 2,000 621 $ 165 $ 2,300      
Payments of Dividends 1,300            
PT Freeport Indonesia | Intersegment Eliminations [Member]              
Summary of investment holdings [Line Items]              
Payments of Dividends $ 1,000 $ 0          
Forecast | PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership percentage         48.76%    
PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership percentage of subsidiary             48.76%
PT Freeport Indonesia | Forecast              
Summary of investment holdings [Line Items]              
Ownership percentage of subsidiary           81.00%  
PT Freeport Indonesia | Forecast | Beyond 2022              
Summary of investment holdings [Line Items]              
Ownership percentage of subsidiary           48.67%  
PT Freeport Indonesia | PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership percentage of subsidiary 48.76%            
PT Freeport Indonesia, Subsidiary | PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership percentage             19.00%
Interest In PT Indocopper Investama | PT Indonesia Asahan Aluminium (Persero) (Inalum)              
Summary of investment holdings [Line Items]              
Percentage of voting interest             100.00%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum)              
Summary of investment holdings [Line Items]              
Ownership interest by parent subsequent to business acquisition             26.24%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum) | Forecast              
Summary of investment holdings [Line Items]              
Ownership percentage         26.24%    
PT Freeport Indonesia | PT Indonesia Papua Metal dan Mineral              
Summary of investment holdings [Line Items]              
Ownership interest by parent subsequent to business acquisition             25.00%
PT Freeport Indonesia | PT Indonesia Papua Metal dan Mineral | Forecast              
Summary of investment holdings [Line Items]              
Ownership percentage         25.00%    
PT Freeport Indonesia | PT Freeport Indonesia              
Summary of investment holdings [Line Items]              
Ownership interest by parent subsequent to business acquisition             51.24%
v3.22.0.1
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Joint Venture (Details)
lb in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
lb
Dec. 31, 2020
USD ($)
May 31, 2016
Sumitomo Metal Mining Co., Ltd. [Member]      
Summary of investment holdings [Line Items]      
Due from Joint Ventures, Current   $ 15  
Freeport-McMoRan Corporation [Member]      
Summary of investment holdings [Line Items]      
Number of pounds of copper purchased from Sumitomo (in pounds) | lb 82    
Sumitomo Metal Mining, Ltd. and SMM Morenci Inc. [Member]      
Summary of investment holdings [Line Items]      
Dollar value of pounds purchased from Sumitomo $ 349    
Due from Joint Ventures, Current $ 20    
Morenci      
Summary of investment holdings [Line Items]      
Ownership percentage 72.00%    
Ownership percentage 28.00%    
Morenci | Sumitomo Metal Mining Co., Ltd. [Member]      
Summary of investment holdings [Line Items]      
Ownership percentage 15.00%    
Morenci | SMM Morenci Inc.      
Summary of investment holdings [Line Items]      
Ownership percentage     13.00%
v3.22.0.1
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Components of Inventories) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
lb
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Components of Inventories [Line Items]      
Total materials and supplies, net $ 1,669 $ 1,594  
Mill stockpiles 193 205  
Inventory, Ore Stockpiles on Leach Pads, Gross 977 809  
Total current mill and leach stockpiles 1,170 1,014  
Raw materials (primarily concentrate) 536 366  
Work-in-process 195 174  
Finished goods 927 745  
Total product 1,658 1,285  
Mill stockpiles 226 223  
Leach stockpiles 1,161 1,240  
Total long-term inventories 1,387 1,463  
Inventory obsolescence reserves 36 32  
Metals inventory adjustments $ 16 96 $ 179
Increase in recoverable copper in leach stockpiles | lb 191,000,000    
Increase in net income as a result of recoverable inventory $ 112    
Increase in earnings per share as a result of increased recoverable inventory | $ / shares $ 0.08    
Molybdenum      
Components of Inventories [Line Items]      
Metals inventory adjustments   (38) (84)
Cobalt      
Components of Inventories [Line Items]      
Metals inventory adjustments     (58)
Copper      
Components of Inventories [Line Items]      
Metals inventory adjustments   $ (58) $ (37)
v3.22.0.1
PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Schedule of PPE) (Details) - USD ($)
 12 Months Ended 156 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 30, 2008
Dec. 31, 2007
Dec. 31, 2019
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs $ 77,018,000,000 $ 74,883,000,000        
Accumulated depreciation, depletion and amortization (46,673,000,000) (45,065,000,000)        
Property, plant, equipment and mining development costs, net 30,345,000,000 29,818,000,000        
Proven and probable reserves [Member]            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 7,142,000,000 7,142,000,000        
Transfer From Value Beyond Proven And Probable Reserves To Proven And Probable Reserves 0 100,000       $ 811,000,000
Value beyond proven and probable reserves (VBPP) [Member]            
Property, Plant and Equipment [Line Items]            
Payments to Acquire Mineral Rights         $ 1,600,000,000  
Property, plant, equipment and mining development costs 376,000,000 376,000,000        
Property, Plant and Equipment, Transfers and Changes       $ 497,000,000    
Mine development and other            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 11,309,000,000 10,686,000,000        
Buildings and infrastructure            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 9,412,000,000 9,214,000,000        
Machinery and equipment            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 14,399,000,000 14,235,000,000        
Mobile equipment            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 4,605,000,000 4,495,000,000        
Construction in progress            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 2,477,000,000 1,454,000,000        
Oil and Gas Properties [Member]            
Property, Plant and Equipment [Line Items]            
Property, plant, equipment and mining development costs 27,298,000,000 27,281,000,000        
Accumulated depreciation, depletion and amortization (27,300,000,000) (27,300,000,000)        
Discontinued Operations            
Property, Plant and Equipment [Line Items]            
Payments to Acquire Mineral Rights         $ 634,000,000  
Mining Operations [Member]            
Property, Plant and Equipment [Line Items]            
Capitalized interest $ 72,000,000 $ 147,000,000 $ 149,000,000      
v3.22.0.1
OTHER ASSETS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule Of Other Assets [Line Items]      
Intangible Assets, Net (Excluding Goodwill) $ 412 $ 401  
Legally restricted fundsg 209 213  
Long-term receivable for taxes 84 106  
Investments: [Abstract]      
Assurance bond 132 148  
Available-for-sale Securities, Noncurrent 74 70  
Materials, Supplies, and Other 20 19  
Other 103 97  
Total other assets 1,460 1,560  
Loans to PT Smelting 36 0  
Indefinite-lived Intangible Assets (Excluding Goodwill) 215 215  
Finite-Lived Intangible Assets, Accumulated Amortization 35 32  
Equity in affiliated companies’ net earnings 5 12 $ 12
PT-FI      
Schedule Of Other Assets [Line Items]      
Long-term receivable for taxes 57 143  
Cerro Verde      
Schedule Of Other Assets [Line Items]      
Long-term receivable for taxes 237 190  
PT Smelting      
Investments: [Abstract]      
PT Smelting 26 77  
Equity in affiliated companies’ net earnings 126 39  
Accounts Receivable, before Allowance for Credit Loss, Current 411 265  
NEW MEXICO      
Investments: [Abstract]      
Legally restricted funds for asset retirement obligations at New Mexico mines 208 212  
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas      
Investments: [Abstract]      
Total other assets $ 70 $ 96  
v3.22.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]      
Accounts payable $ 2,035 $ 1,473  
Salaries, wages and other compensation 334 312  
PT-FI contingencies 259 196  
Accrued interestb 203 243  
Deferred revenue 191 65  
Pension, postretirement, postemployment and other employee benefits 190 91  
Accrued taxes, other than income taxes 64 76  
Leases 38 38  
Litigation accruals 28 86  
Other 153 128  
Accounts payable and accrued liabilities 3,495 2,708  
Cash interest paid, net $ 640 $ 472 $ 591
v3.22.0.1
DEBT - Components of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Debt Instruments [Line Items]      
Long-term Debt $ 9,450 $ 9,711  
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months (372) (34)  
Long-term debt 9,078 9,677  
4.00% Senior Notes Due 2021      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage     4.00%
Senior Notes [Member] | 3.55% Senior Notes Due 2022      
Debt Instruments [Line Items]      
Long-term Debt $ 0 523  
Debt Instrument, Interest Rate, Stated Percentage 3.55%    
Senior Notes [Member] | 3.875% Senior Notes due March 2023      
Debt Instruments [Line Items]      
Long-term Debt $ 995 994  
Debt Instrument, Interest Rate, Stated Percentage 3.875%    
Senior Notes [Member] | senior notes 4.55 [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 728 728  
Debt Instrument, Interest Rate, Stated Percentage 4.55%    
Senior Notes [Member] | Senior Notes due 2027, 5% [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 594 593  
Debt Instrument, Interest Rate, Stated Percentage 5.00%    
Senior Notes [Member] | Senior Notes Due 2028, 4.125% [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 693 691  
Debt Instrument, Interest Rate, Stated Percentage 4.125%    
Senior Notes [Member] | Senior Notes Due 2028, 4.375%      
Debt Instruments [Line Items]      
Long-term Debt $ 643 642  
Debt Instrument, Interest Rate, Stated Percentage 4.375%    
Senior Notes [Member] | Senior Notes due 2029, 5.25% [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 593 593  
Debt Instrument, Interest Rate, Stated Percentage 5.25%    
Senior Notes [Member] | Senior Notes Due 2030, 4.25%      
Debt Instruments [Line Items]      
Long-term Debt $ 593 592  
Debt Instrument, Interest Rate, Stated Percentage 4.25%    
Senior Notes [Member] | Senior Notes Due 2030, 4.625%      
Debt Instruments [Line Items]      
Long-term Debt $ 841 840  
Debt Instrument, Interest Rate, Stated Percentage 4.625%    
Senior Notes [Member] | Senior Notes due 2034 5 point 4 percent [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 742 742  
Debt Instrument, Interest Rate, Stated Percentage 5.40%    
Senior Notes [Member] | 5.450% Senior Notes due March 2043 [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 1,846 $ 1,845  
Debt Instrument, Interest Rate, Stated Percentage 5.45%    
Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   6.125%  
Senior Notes [Member] | 3.100% Senior Notes due March 2020 [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 3.10%    
Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 6.50% 6.50%  
Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 6.625% 6.625%  
Senior Notes [Member] | 4.00% Senior Notes Due 2021      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 4.00%    
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 6.75% 6.75%  
Senior Notes [Member] | 6.875% Senior Notes due 2023      
Debt Instruments [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 6.875% 6.875%  
Other Debt [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 70 $ 49  
Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Debt 0 0  
Cerro Verde | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Debt 325 523  
Freeport McMoRan Corporation [Member] | Senior Notes [Member] | Senior Notes Due 2031 [Member]      
Debt Instruments [Line Items]      
Long-term Debt 123 124  
Freeport McMoRan Corporation [Member] | Senior Notes [Member] | Senior Notes Due 2034 [Member]      
Debt Instruments [Line Items]      
Long-term Debt 117 117  
Freeport McMoRan Corporation [Member] | Debentures [Member] | Debentures Due 2027 [Member]      
Debt Instruments [Line Items]      
Long-term Debt 115 115  
PT-FI | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 432 $ 0  
v3.22.0.1
DEBT - Revolving Credit Facility (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Jul. 31, 2021
Debt Instruments [Line Items]      
Liabilities, Fair Value Adjustment $ 9 $ 10  
Debt Issuance Costs, Net 86 85  
Long-term Debt $ 9,450 9,711  
Freeport-McMoRan Oil & Gas      
Debt Instruments [Line Items]      
Ownership percentage 100.00%    
Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Debt $ 0 $ 0  
Long-term Line of Credit     $ 333
Line of Credit Facility, Remaining Borrowing Capacity 3,500    
Revolving Credit Facility [Member] | Line of Credit [Member] | PT Freeport Indonesia      
Debt Instruments [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity 500    
Revolving Credit Facility [Member] | Line of Credit Maturing April 2024 [Member]      
Debt Instruments [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity 3,280    
Revolving Credit Facility [Member] | Line of Credit Maturing April 2023 [Member]      
Debt Instruments [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity 220    
Letter of Credit [Member] | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Line of Credit 8    
Line of Credit Facility, Maximum Borrowing Capacity $ 1,500    
v3.22.0.1
DEBT - Senior Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 30, 2021
Debt Instruments [Line Items]            
Long-term Debt     $ 9,450,000,000 $ 9,711,000,000    
Proceeds from (Repayments of) Debt $ 1,485,000,000          
Proceeds from debt   $ 1,285,000,000 $ 1,201,000,000 $ 3,531,000,000 $ 1,879,000,000  
Senior Notes, due 2022, 2023, and 4.55% due 2024 [Member]            
Debt Instruments [Line Items]            
Debt Instrument, Repurchase Amount 1,400,000,000         $ 524,000,000
Senior Notes Due 2028, 4.125% [Member]            
Debt Instruments [Line Items]            
Proceeds from debt   700,000,000        
Senior Notes Due 2030, 4.25%            
Debt Instruments [Line Items]            
Proceeds from debt   $ 600,000,000        
4.00% Senior Notes Due 2021            
Debt Instruments [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage   4.00%        
Senior Notes Due 2028, 4.375%            
Debt Instruments [Line Items]            
Proceeds from debt 650,000,000          
Senior Notes Due 2030, 4.625%            
Debt Instruments [Line Items]            
Proceeds from debt $ 850,000,000          
v3.22.0.1
DEBT - Schedule of Senior Notes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Mar. 31, 2020
Debt Instruments [Line Items]        
Gain (Loss) on Extinguishment of Debt $ 0 $ (101) $ (27)  
4.00% Senior Notes Due 2021        
Debt Instruments [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage       4.00%
Senior Notes [Member]        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount   2,598 2,145  
DebtIssuanceCostsandFairValueAdjustments   (12) 30  
Extinguishment of Debt, Amount   2,586 2,175  
Extinguishment Of Debt, Redemption Value   2,686 2,201  
Gain (Loss) on Extinguishment of Debt   100 26  
Senior Notes [Member] | 3.100% Senior Notes due March 2020        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount     1,000  
DebtIssuanceCostsandFairValueAdjustments     (2)  
Extinguishment of Debt, Amount     998  
Extinguishment Of Debt, Redemption Value     1,003  
Gain (Loss) on Extinguishment of Debt     5  
Debt Instrument, Interest Rate, Stated Percentage 3.10%      
Senior Notes [Member] | 3.55% Senior Notes Due 2022        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount $ 524 1,356 12  
DebtIssuanceCostsandFairValueAdjustments 0 (6) 0  
Extinguishment of Debt, Amount 524 1,350 12  
Extinguishment Of Debt, Redemption Value 524 1,391 12  
Gain (Loss) on Extinguishment of Debt $ 0 41 0  
Debt Instrument, Interest Rate, Stated Percentage 3.55%      
Senior Notes [Member] | 4.00% Senior Notes Due 2021        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount   195 405  
DebtIssuanceCostsandFairValueAdjustments   (1) (2)  
Extinguishment of Debt, Amount   194 403  
Extinguishment Of Debt, Redemption Value   205 418  
Gain (Loss) on Extinguishment of Debt   11 15  
Debt Instrument, Interest Rate, Stated Percentage 4.00%      
Senior Notes [Member] | 3.875% Senior Notes due March 2023        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount   927    
DebtIssuanceCostsandFairValueAdjustments   (4)    
Extinguishment of Debt, Amount   923    
Extinguishment Of Debt, Redemption Value   964    
Gain (Loss) on Extinguishment of Debt   $ 41    
Debt Instrument, Interest Rate, Stated Percentage 3.875%      
Senior Notes [Member] | 6.875% Senior Notes due 2023        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount     728  
DebtIssuanceCostsandFairValueAdjustments     34  
Extinguishment of Debt, Amount     762  
Extinguishment Of Debt, Redemption Value     768  
Gain (Loss) on Extinguishment of Debt     $ 6  
Debt Instrument, Interest Rate, Stated Percentage 6.875% 6.875%    
Senior Notes [Member] | 4.55% Senior Notes due 2024        
Debt Instruments [Line Items]        
Debt Instrument, Face Amount   $ 120    
DebtIssuanceCostsandFairValueAdjustments   (1)    
Extinguishment of Debt, Amount   119    
Extinguishment Of Debt, Redemption Value   126    
Gain (Loss) on Extinguishment of Debt   $ 7    
Senior Notes [Member] | 6.125% Senior Notes due 2019 [Member]        
Debt Instruments [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage   6.125%    
Senior Notes [Member] | 6.5% Senior Notes due 2020 [Member]        
Debt Instruments [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.50% 6.50%    
Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]        
Debt Instruments [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.625% 6.625%    
Senior Notes [Member] | 6.75% Senior Notes due 2022 [Member]        
Debt Instruments [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.75% 6.75%    
v3.22.0.1
DEBT - PT-FI Credit Facility (Details) - USD ($)
$ in Millions
 1 Months Ended
Jul. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Debt Instruments [Line Items]      
Long-term Debt   $ 9,450 $ 9,711
Line of Credit [Member] | PTFI Term Loan      
Debt Instruments [Line Items]      
Long-term Debt   432  
Long-term Debt, Gross   443  
Line of Credit [Member] | PTFI Term Loan      
Debt Instruments [Line Items]      
Long-term Debt $ 667    
PTFI Term Loan      
Debt Instruments [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity 667    
Unsecured Credit Facility | Line of Credit [Member]      
Debt Instruments [Line Items]      
Debt Instrument, Face Amount 1,000    
Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instruments [Line Items]      
Long-term Debt   $ 0 $ 0
Long-term Line of Credit $ 333    
Revolving Credit Facility [Member] | Line of Credit [Member] | Minimum | London Interbank Offered Rate (LIBOR)      
Debt Instruments [Line Items]      
Debt Instrument, Basis Spread on Variable Rate 1.875%    
Revolving Credit Facility [Member] | Line of Credit [Member] | Maximum | London Interbank Offered Rate (LIBOR)      
Debt Instruments [Line Items]      
Debt Instrument, Basis Spread on Variable Rate 2.125%    
v3.22.0.1
DEBT - Cerro Verde Loans (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 19, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2014
Debt Instruments [Line Items]          
Repayments of Debt   $ 1,461 $ 3,724 $ 3,197  
Shareholder Loan [Member] | Cerro Verde          
Debt Instruments [Line Items]          
Related Party Transaction, Remaining Borrowing Capacity   $ 200     $ 800
Line of Credit [Member] | Line of Credit [Member] | Cerro Verde          
Debt Instruments [Line Items]          
Debt Instrument, Interest Rate, Effective Percentage   2.00%      
Cerro Verde Term Loan [Member]          
Debt Instruments [Line Items]          
Repayments of Debt   $ 200 $ 305 $ 200  
Cerro Verde Term Loan [Member] | Forecast          
Debt Instruments [Line Items]          
Repayments of Debt $ 325        
v3.22.0.1
DEBT - Maturities (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Debt Disclosure [Abstract]  
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 372
Long-term Debt, Maturities, Repayments of Principal in Year Two 997
Long-term Debt, Maturities, Repayments of Principal in Year Three 735
Long-term Debt, Maturities, Repayments of Principal in Year Four 137
Long-term Debt, Maturities, Repayments of Principal in Year Five 314
Long-term Debt, Maturities, Repayments of Principal after Year Five $ 7,000
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS OTHER LIABILITEIS, INCLUDING EMPLOYEE BENEFIT (Components of Other Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Liabilities, Including Employee Benefits [Abstract]    
Pension, postretirement, postemployment and other employment benefits $ 845 $ 1,213
Estimated Litigation Liability 0 376
Provision for tax positions 232 261
Estimated Litigation Liability, Noncurrent 131 110
Loss Contingency, Accrual, Noncurrent 78 42
Operating Lease, Liability, Noncurrent 281 190
Other 116 77
Total other liabilities $ 1,683 $ 2,269
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Penion Plans) (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2020
Sep. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Rp / $
Dec. 31, 2020
USD ($)
Rp / $
Dec. 31, 2019
USD ($)
Long-duration credit portfolio            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation percentage of assets       50.00%    
long-duration U.S. government/credit            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation percentage of assets       20.00%    
Core fixed income            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation percentage of assets       16.00%    
Long-term U.S. Treasury STRIPS            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation percentage of assets       13.00%    
Cash and Cash Equivalents            
Defined Benefit Plan Disclosure [Line Items]            
Target allocation percentage of assets       1.00%    
Domestic Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation       $ 2,553 $ 2,722 $ 2,576
Discount rate       2.85% 2.50% 3.40%
Expected return on plan assets       3.00%    
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)       $ 117 $ (308)  
Service cost       12 37 $ 42
Interest cost       66 77 95
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)       1 (1)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid       129 123  
Total pension plan net assets       2,071 1,946 1,677
Actual return on plan assets       150 272  
Employer contributions       105 119  
Foreign exchange (losses) gains       (1) 1  
Defined Benefit Plan, Plan Assets, Benefits Paid       129 123  
Defined Benefit Plan, Funded (Unfunded) Status of Plan       (482) (776)  
Accumulated benefit obligation       $ 2,551 $ 2,719  
Rate of compensation increase       0.00% 0.00%  
Other assets       $ 6 $ 7  
Accounts payable and accrued liabilities       4 4  
Liability, Defined Benefit Plan, Noncurrent       484 779  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position       (482) (776)  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment       $ 0 $ (4) $ 0
Discount rate       2.50% 2.98% 4.40%
Expected return on plan assets       5.25% 6.25% 6.50%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment       $ 0 $ 154  
SERP            
Defined Benefit Plan Disclosure [Line Items]            
Years of service required for annuity to equal percentage of executive's highest average compensation for any consecutive three-year period during the preceeding five years before retirement       25 years    
Foreign Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation       $ 237 $ 238 $ 217
Discount rate       6.50% 6.25%  
Expected return on plan assets       7.00%    
Foreign currency exchange rate | Rp / $       14,198 14,034  
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)       $ 3 $ (12)  
Service cost       13 11 12
Interest cost       14 14 17
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)       3 2  
Defined Benefit Plan, Benefit Obligation, Benefits Paid       20 14  
Total pension plan net assets       240 251 $ 254
Actual return on plan assets       8 13  
Employer contributions       4 2  
Foreign exchange (losses) gains       (3) (4)  
Defined Benefit Plan, Plan Assets, Benefits Paid       20 14  
Defined Benefit Plan, Funded (Unfunded) Status of Plan       3 13  
Accumulated benefit obligation       $ 194 $ 194  
Rate of compensation increase       4.00% 4.00%  
Other assets       $ 3 $ 13  
Accounts payable and accrued liabilities       0 0  
Liability, Defined Benefit Plan, Noncurrent       0 0  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position       $ 3 $ 13  
Discount rate       6.25% 7.25% 8.25%
Expected return on plan assets       7.75% 7.75% 8.25%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment       $ 0 $ 0  
Postretirement Medical and Life Insurance Benefit Plans            
Defined Benefit Plan Disclosure [Line Items]            
Accounts payable and accrued liabilities       7 7  
Liability, Defined Benefit Plan, Noncurrent       57 69  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment   $ 4        
Discount rate 240.00%          
Expected return on plan assets 625.00%          
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment   184        
Defined Benefit Plan, Plan Assets, (Increase) Decrease for Curtailment   $ 103        
FCX [Member] | Pension Plan            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment       0 $ 0  
PT Freeport Indonesia, Subsidiary | Pension Plan            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment     $ 0 $ (2)    
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of Disclosures) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jul. 31, 2020
Sep. 30, 2020
USD ($)
Dec. 31, 2021
USD ($)
Rp / $
Dec. 31, 2020
USD ($)
Rp / $
Dec. 31, 2019
USD ($)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]          
Projected benefit obligation     $ 2,476 $ 2,666  
Accumulated benefit obligation     2,476 2,664  
Fair value of plan assets     1,988 1,884  
Amounts recognized in other comprehensive loss (income) [Abstract]          
Actuarial net loss (gain), net of tax     (179) (46) $ 116
Domestic Plan [Member]          
Change in benefit obligation:          
Benefit obligation at beginning of year     2,722 2,576  
Service cost     12 37 42
Interest cost     66 77 95
Actuarial (gains) losses     (117) 308  
Foreign exchange (gains) losses     (1) 1  
Defined Benefit Plan, Benefit Obligation, Benefits Paid     129 123  
Benefits obligation at end of year     2,553 2,722 2,576
Change in plan assets:          
Fair value of plan assets at beginning of year     1,946 1,677  
Actual return on plan assets     150 272  
Employer contributions     105 119  
Foreign exchange (losses) gains     (1) 1  
Benefits and administrative expenses paid     (129) (123)  
Fair value of plan assets at end of year     2,071 1,946 $ 1,677
Funded status at end of year     (482) (776)  
Accumulated benefit obligation     $ 2,551 $ 2,719  
Weighted-average assumptions used to determine benefit obligations [Abstract]          
Discount rate     2.85% 2.50% 3.40%
Rate of compensation increase     0.00% 0.00%  
Balance sheet classification of funded status:          
Other assets     $ 6 $ 7  
Accounts payable and accrued liabilities     (4) (4)  
Other liabilities     (484) (779)  
Total     (482) $ (776)  
Estimated future employer contributions in next fiscal year     $ 112    
Weighted-average assumptions used to determine benefit obligations [Abstract]          
Discount rate     2.50% 2.98% 4.40%
Expected return on plan assets     5.25% 6.25% 6.50%
Rate of compensation increase     0.00% 3.25% 3.25%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]          
Service cost     $ 12 $ 37 $ 42
Interest cost     66 77 95
Expected return on plan assets     (98) (105) (90)
Amortization of net actuarial losses     25 45 48
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment     0 4 0
Net periodic benefit cost     $ 5 58 95
SERP          
Defined Benefit Plan Disclosure [Line Items]          
Years of service required for annuity to equal percentage of executive's highest average compensation for any consecutive three-year period during the preceeding five years before retirement     25 years    
Foreign Plan [Member]          
Change in benefit obligation:          
Benefit obligation at beginning of year     $ 238 217  
Service cost     13 11 12
Interest cost     14 14 17
Actuarial (gains) losses     (3) 12  
Foreign exchange (gains) losses     (3) (2)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid     20 14  
Benefits obligation at end of year     237 238 217
Change in plan assets:          
Fair value of plan assets at beginning of year     251 254  
Actual return on plan assets     8 13  
Employer contributions     4 2  
Foreign exchange (losses) gains     (3) (4)  
Benefits and administrative expenses paid     (20) (14)  
Fair value of plan assets at end of year     240 251 $ 254
Funded status at end of year     3 13  
Accumulated benefit obligation     $ 194 $ 194  
Weighted-average assumptions used to determine benefit obligations [Abstract]          
Discount rate     6.50% 6.25%  
Rate of compensation increase     4.00% 4.00%  
Balance sheet classification of funded status:          
Other assets     $ 3 $ 13  
Accounts payable and accrued liabilities     0 0  
Other liabilities     0 0  
Total     3 $ 13  
Estimated future employer contributions in next fiscal year     $ 1    
Foreign currency exchange rate | Rp / $     14,198 14,034  
Weighted-average assumptions used to determine benefit obligations [Abstract]          
Discount rate     6.25% 7.25% 8.25%
Expected return on plan assets     7.75% 7.75% 8.25%
Rate of compensation increase     4.00% 4.00% 4.00%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]          
Service cost     $ 13 $ 11 $ 12
Interest cost     14 14 17
Expected return on plan assets     (19) (19) (17)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)     1 2 1
Amortization of net actuarial losses     (1) (3) (1)
Net periodic benefit cost     8 5 $ 12
Pension Plan          
Amounts recognized in other comprehensive loss (income) [Abstract]          
Actuarial net loss (gain), Before Taxes     488 673  
Prior service (credit), Before Taxes     2 6  
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax     490 679  
Actuarial net loss (gain), net of tax     369 558  
Prior service (credit) cost, net of tax     0 1  
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax     369 559  
Postretirement Medical and Life Insurance Benefit Plans          
Balance sheet classification of funded status:          
Accounts payable and accrued liabilities     (7) (7)  
Other liabilities     $ (57) $ (69)  
Weighted-average assumptions used to determine benefit obligations [Abstract]          
Discount rate 240.00%        
Expected return on plan assets 625.00%        
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]          
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment   $ (4)      
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of FV of Financial Assets for Pension Plans) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Domestic Plan [Member]      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets $ 2,071 $ 1,946 $ 1,677
Domestic Plan [Member] | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 2,065 1,929  
Domestic Plan [Member] | Global equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   527  
Domestic Plan [Member] | Fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 522 404  
Domestic Plan [Member] | Real estate property      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 72 59  
Domestic Plan [Member] | International small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   76  
Domestic Plan [Member] | U.S. real estate securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   51  
Domestic Plan [Member] | Short-term investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 38 51  
Domestic Plan [Member] | U.S. small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   25  
Domestic Plan [Member] | Corporate bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 911 381  
Domestic Plan [Member] | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 437 181  
Domestic Plan [Member] | Global large-cap equity securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   109  
Domestic Plan [Member] | Private equity investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 11 10  
Domestic Plan [Member] | Other investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 74 55  
Domestic Plan [Member] | Cash and receivables      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 18 100  
Domestic Plan [Member] | Payables      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets (12) (83)  
Domestic Plan [Member] | Level 1 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 1 110  
Domestic Plan [Member] | Level 1 | Global equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 1 | Fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | Global fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 1 | Real estate property      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | International small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 1 | U.S. real estate securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 1 | Short-term investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | Corporate bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | Global large-cap equity securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   109  
Domestic Plan [Member] | Level 1 | Private equity investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 1 | Other investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 1 1  
Domestic Plan [Member] | Level 2 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 1,421 616  
Domestic Plan [Member] | Level 2 | Global equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 2 | Fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 2 | Global fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 2 | Real estate property      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 2 | International small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 2 | U.S. real estate securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 2 | Short-term investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 2 | Corporate bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 911 381  
Domestic Plan [Member] | Level 2 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 437 181  
Domestic Plan [Member] | Level 2 | Global large-cap equity securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 2 | Private equity investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 2 | Other investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 73 54  
Domestic Plan [Member] | Level 3 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Global equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 3 | Fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Global fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 3 | Real estate property      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | International small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 3 | U.S. real estate securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 3 | Short-term investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Corporate bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Global large-cap equity securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | Level 3 | Private equity investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | Level 3 | Other investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | NAV | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 643 1,203  
Domestic Plan [Member] | NAV | Global equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   527  
Domestic Plan [Member] | NAV | Fixed income securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 522 404  
Domestic Plan [Member] | NAV | Real estate property      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 72 59  
Domestic Plan [Member] | NAV | International small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   76  
Domestic Plan [Member] | NAV | U.S. real estate securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   51  
Domestic Plan [Member] | NAV | Short-term investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 38 51  
Domestic Plan [Member] | NAV | U.S. small-cap equity      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   25  
Domestic Plan [Member] | NAV | Corporate bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | NAV | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Domestic Plan [Member] | NAV | Global large-cap equity securities      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets   0  
Domestic Plan [Member] | NAV | Private equity investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 11 10  
Domestic Plan [Member] | NAV | Other investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member]      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 240 251 $ 254
Foreign Plan [Member] | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 212 212  
Foreign Plan [Member] | Common Stock      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 80 77  
Foreign Plan [Member] | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 114 117  
Foreign Plan [Member] | Mutual funds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 18 18  
Foreign Plan [Member] | Cash and receivables      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 29 41  
Foreign Plan [Member] | Payables      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets (1) (2)  
Foreign Plan [Member] | Level 1 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 212 212  
Foreign Plan [Member] | Level 1 | Common Stock      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 80 77  
Foreign Plan [Member] | Level 1 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 114 117  
Foreign Plan [Member] | Level 1 | Mutual funds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 18 18  
Foreign Plan [Member] | Level 2 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 2 | Common Stock      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 2 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 2 | Mutual funds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 3 | Total investments      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 3 | Common Stock      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 3 | Government bonds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets 0 0  
Foreign Plan [Member] | Level 3 | Mutual funds      
Fair value of plan assets measurement [Line items]      
Total pension plan net assets $ 0 $ 0  
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Expected Benefit Payments) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Domestic Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2019 $ 127
2020 178
2021 130
2022 131
2023 132
2024 through 2028 653
Foreign Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2019 17
2020 27
2021 30
2022 27
2023 30
2024 through 2028 $ 146
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Postretirement and Other Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Selling, general and administrative expenses   $ 383 $ 370 $ 394
Postemployment Benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Accounts payable and accrued liabilities   6 6  
Other non-current liabilities   35 42  
Postretirement Medical and Life Insurance Benefit Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Accounts payable and accrued liabilities   7 7  
Other non-current liabilities   $ 57 $ 69  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]        
Discount rate 240.00%      
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Defined Contribution Plan) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]      
Liabilities $ 25,003 $ 23,476  
Other liabilities 1,683 2,269  
Costs charged to operations for employee savings plans and defined contribution plans 95 40 $ 85
401K Plan      
Defined Contribution Plan Disclosure [Line Items]      
Liabilities $ 51 $ 49  
v3.22.0.1
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Restructuring Charges) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]      
Selling, general and administrative expenses $ 383 $ 370 $ 394
Indonesia | Operating Segments | Grasberg Segment [Member]      
Restructuring Cost and Reserve [Line Items]      
Selling, general and administrative expenses $ 111 $ 108 $ 125
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 5 Months Ended 12 Months Ended
Feb. 01, 2022
Dec. 22, 2021
Dec. 31, 2021
Feb. 15, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Nov. 01, 2021
Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Authorized shares of capital stock     3,050,000   3,050,000        
Authorized shares of common stock     3,000,000   3,000,000        
Authorized shares of preferred stock     50,000   50,000        
Stock Repurchase Program, Authorized Amount               $ 3,000.0  
Treasury stock purchases (in shares)     12,700            
Shares repurchased     $ 488.0            
Cost per share repurchased (in dollars per share)     $ 38.32            
Dividends declared per share of common stock (in dollars per share)   $ 0.15     $ 0.375 $ 0 $ 0.20    
Outside Directors [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year        
Subsequent Event                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Treasury stock purchases (in shares)       18,200          
Shares repurchased       $ 710.0          
Cost per share repurchased (in dollars per share)       $ 39.10          
Remaining authorized shares repurchase amount       $ 2,300.0          
Base cash dividend (in dollars per share) $ 0.075                
Variable cash dividend (in dollars per share) $ 0.075                
Minimum                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Payout Policy, Targeted Debt                 $ 3,000.0
Maximum                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Payout Policy, Targeted Debt                 $ 4,000.0
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, stockholders' equity $ 10,174    
Ending balance, stockholders' equity 13,980 $ 10,174  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]      
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax 174 40 $ (111)
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, stockholders' equity (593) (686) (615)
OCI, before Reclassifications, Net of Tax, Attributable to Parent 176 47 (118)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax 19 46 47
Ending balance, stockholders' equity (398) (593) (686)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, stockholders' equity 10 10 10
OCI, before Reclassifications, Net of Tax, Attributable to Parent 0 0 0
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax 0 0 0
Ending balance, stockholders' equity 10 10 10
Accumulated Other Comprehensive Loss      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance, stockholders' equity (583) (676) (605)
OCI, before Reclassifications, Net of Tax, Attributable to Parent 176 47 (118)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax 19 46 47
Ending balance, stockholders' equity (388) (583) (676)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]      
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (2) (7) 8
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Maximum      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax $ (1) $ (1) $ (1)
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Stock Option and SARs) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of common shares available for issuance under each of the stock award plans 72,000,000    
Number of shares available for grant 30,700,000    
Share-based Payment Arrangement, Compensation Cost [Abstract]      
Total stock-based compensation $ 98 $ 99 $ 63
Tax benefit of compensation costs (5) (5) (4)
Impact on net income $ 93 $ 94 59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Balance at beginning of period (in number of options/units) 37,100,098    
Granted (in number of options/units) 598,000    
Exercised (in number of options/units) (11,527,957)    
Expired/Forfeited (in number of options/units) (4,347,579)    
Balance at end of period (in number of options/units) 21,822,562 37,100,098  
Weighted-average exercise price at beginning of period (in dollars per option) $ 25.58    
Granted, Exercise Price (in dollars per option) 28.14    
Exercised, Exercise Price (in dollars per option) 19.48    
Expired/Forfeited, Exercise Price (in dollars per option) 51.15    
Weighted-average exercise price at end of period (in dollars per option) $ 23.78 $ 25.58  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 4 years 3 months 18 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 411    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 17,119,081    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 26.62    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 3 years 4 months 24 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value $ 278    
Selling, General and Administrative Expenses      
Share-based Payment Arrangement, Compensation Cost [Abstract]      
Stock-based compensation 64 $ 70 48
Cost of Sales      
Share-based Payment Arrangement, Compensation Cost [Abstract]      
Stock-based compensation $ 34 $ 29 $ 15
Share-based Payment Arrangement, Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Total unrecognized compensation cost related to unvested options expected to be recognized over a weighted-average period $ 5    
Weighted-average period used in calculating unrecognized compensation cost, stock options (in years) 1 year    
Fair value assumptions and methodology [Abstract]      
Weighted-average expected volatility 58.10% 47.70% 47.80%
Expected life of options (in years) 5 years 10 months 24 days 5 years 9 months 29 days 6 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 2.50% 1.70% 1.80%
Risk free interest rate 0.60% 1.50% 2.50%
Weighted-average grant-date fair value (in dollars per option) $ 11.92 $ 4.72 $ 4.87
Total intrinsic value of options exercised $ 194 $ 82 $ 3
Fair value of options vested $ 16 $ 28 $ 26
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Equity RSUs and PSUs) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percent Addition or Reduction In Restricted Stock Units If Performance Is Below Level Defined In Agreement 25.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Granted in period (number of RSUs and PSUs) 300,000 800,000 700,000
Performance Shares [Member] | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years    
Performance Share Unit Payout 200.00%    
Performance Shares [Member] | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance Share Unit Payout 0.00%    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years    
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Balance at beginning of period (in number of RSUs and PSUs) 7,523,022    
Granted in period (number of RSUs and PSUs) 2,121,755    
Vested in Period (number of RSUs and PSUs) (1,814,976)    
Forfeited in Period (number of RSUs and PSUs) (28,916)    
Balance at end of period (in number of RSUs and PSUs) 7,800,885 7,523,022  
Beginning Balance - weighted average grant date fair value $ 16.79    
Granted - Weighted average grant date fair value 29.15    
Vested - weighted average grant date fair value 15.72    
Forfeited - weighted average grant date fair value 20.29    
Ending balance - weighted average grant date fair value $ 20.38 $ 16.79  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding $ 326    
Fair value of RSUs and PSUs granted 62 $ 47 $ 24
Intrinsic value of RSUs and PSUs vested 56 $ 18 $ 26
Total unrecognized compensation cost related to unvested RSUs and PSUs expected to be recognized over a weighted-average period $ 17    
Weighted-average period used in calculating unrecognized compensation cost, RSUs and PSUs (in years) 1 year 2 months 12 days    
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Cash-settled RSUs and PSUs) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Accounts payable and accrued liabilities $ 3,495 $ 2,708  
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Balance at beginning of period (in number of RSUs and PSUs) 1,521,097    
Granted in period (number of RSUs and PSUs) 308,600    
Vested in Period (number of RSUs and PSUs) (753,574)    
Forfeited in Period (number of RSUs and PSUs) (22,199)    
Balance at end of period (in number of RSUs and PSUs) 1,053,924 1,521,097  
Beginning Balance - weighted average grant date fair value $ 12.92    
Granted - Weighted average grant date fair value 28.00    
Vested - weighted average grant date fair value 13.94    
Forfeited - weighted average grant date fair value 15.37    
Ending balance - weighted average grant date fair value $ 16.56 $ 12.92  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding $ 44    
Fair value of RSUs and PSUs granted 9 $ 11 $ 10
Intrinsic value of RSUs and PSUs vested 24 11 $ 8
Accounts payable and accrued liabilities 26 22  
Other Liabilities $ 6 $ 6  
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member] | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years    
v3.22.0.1
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Other info) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 1,358,101 1,193,183 670,508
Proceeds from Stock Options Exercised $ 210 $ 51 $ 2
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (Deprecated 2017-01-31) 9 2 1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid $ 29 $ 17 $ 8
v3.22.0.1
INCOME TAXES (Income before Income taxes and equity in affiliated companies' net earnings) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
U.S. $ 1,861 $ (40) $ (287)
Foreign 5,798 1,837 593
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings $ 7,659 $ 1,797 $ 306
v3.22.0.1
INCOME TAXES (Provision for (benefit from) income taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal $ 0 $ 53 $ (23)
State 11 1 (3)
Foreign 2,460 816 462
Total current 2,471 764 482
Deferred income taxes:      
Federal 184 (3) (48)
State 4 (5) (8)
Foreign 23 306 101
Total deferred 211 298 45
Adjustments (193) (37) (12)
Operating loss carryforwards (190) (81) (5)
Provision for income taxes $ 2,299 944 510
Sale of investment, tax expense   (135)  
Reserve for Taxes, Other than Income Taxes      
Deferred income taxes:      
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)     29
Timok, Lower Zone [Member]      
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal   $ 53 $ (53)
v3.22.0.1
INCOME TAXES (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Amount      
U.S. federal statutory tax rate $ (1,608) $ (377) $ (64)
Valuation allowance 221 (210) (149)
PT-FI historical tax disputesb (193) (8) (145)
Percentage depletion 221 104 118
Effect of foreign rates different than the U.S. federal statutory rate (328) (109) (64)
Withholding and other impacts on foreign earnings (678) (193) (55)
Adjustment to deferred taxes 0 0 (49)
Non-deductible permanent differences 0 0 (47)
Uncertain tax positions 13 (15) (47)
U.S. tax reform 0 0 29
Foreign tax credit limitation (11) 28 (16)
State income taxes (14) (2) 16
Cerro Verde historical tax disputese 0 (39) 2
Timok exploration project sale 0 53 (15)
Sale of Kisanfu 0 (135) 0
Other items, net (111) (41) (24)
Provision for income taxes $ (2,299) $ (944) $ (510)
Percent      
U.S. federal statutory tax rate (21.00%) (21.00%) (21.00%)
Valuation allowance 3.00% (12.00%) (49.00%)
PT-FI historical tax disputesb (3.00%) 0.00% (47.00%)
Percentage depletion 3.00% 6.00% 39.00%
Effect of foreign rates different than the U.S. federal statutory rate (4.00%) (6.00%) (21.00%)
Withholding and other impacts on foreign earnings (9.00%) (11.00%) (18.00%)
Adjustment to deferred taxes     (16.00%)
Non-deductible permanent differences     (15.00%)
Uncertain tax positions   (1.00%) (15.00%)
U.S. tax reform     0.09
Foreign tax credit limitation   2.00% (5.00%)
State income taxes     6.00%
Cerro Verde historical tax disputese   (2.00%) 1.00%
Timok exploration project sale   3.00% (5.00%)
Sale of Kisanfu   (8.00%)  
Other items, net (1.00%) (3.00%) (9.00%)
Provision for income taxes (30.00%) (53.00%) (166.00%)
Reserve for Taxes, Other than Income Taxes      
Schedule Of Income Taxes [Line Items]      
Tax Cuts and Jobs Act of 2017, provisional income tax expense (benefit)     $ 29
PT Rio Tinto      
Amount      
Valuation allowance $ 189 $ 0 $ 0
Percent      
Valuation allowance 2.00% 0.00% 0.00%
v3.22.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 30, 2019
Jan. 01, 2017
Jan. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule Of Income Taxes [Line Items]              
Total income taxes paid to all jurisdictions       $ 1,300 $ 397 $ 610  
Tax refunds received from all jurisdictions       109 265 $ 306  
Tax Attributes              
Foreign tax credits       1,536 1,641    
Valuation allowances       4,087 4,732    
Valuation allowance, increase (decrease)       645      
Deferred tax assets, alternative minimum tax refunds       $ 24 $ 244    
U.S. federal statutory tax rate       21.00% 21.00% 21.00%  
Interest on income taxes accrued       $ 620 $ 307 $ 339  
Unrecognized tax benefits       808 474 491 $ 494
Unrecognized tax benefits that would impact the effective tax rate       694      
Unrecognized tax benefits that would impact the effective tax rate, net of tax benefits       465      
PT Freeport Indonesia              
Tax Attributes              
Loss Contingency, Loss in Period, Including Tax Charges       384 46 304  
Valuation allowance for operating loss carryforwards              
Tax Attributes              
Valuation allowances       2,000      
Tax Year 2020              
Tax Attributes              
Unrecognized Tax Benefits, Period Increase (Decrease)       179      
Tax Year 2019              
Tax Attributes              
Unrecognized Tax Benefits, Period Increase (Decrease)       115      
Net Operating Losses              
Tax Attributes              
Valuation allowance, increase (decrease)       $ 219 250 44  
Domestic Deferred Tax Assets              
Tax Attributes              
Valuation allowance, increase (decrease)         (11) 208  
SUNAT | Cerro Verde              
Tax Attributes              
Foreign income tax rate under new stability agreement       32.00%      
Foreign Tax Authority              
Tax Attributes              
Tax Credit Carryforward, Valuation Allowance       $ 1,500      
Income Tax Credits and Adjustments       105 $ 75 $ 98  
Foreign Tax Authority | Tax Authority, Spain              
Tax Attributes              
Operating Loss Carryforwards       500      
Foreign Tax Authority | Tax Authority, In Papau, Indonesia              
Tax Attributes              
Operating Loss Carryforwards       $ 900      
Foreign Tax Authority | Chili - Service of Internal Taxes              
Tax Attributes              
U.S. federal statutory tax rate           35.00%  
Foreign Tax Authority | Chili - Service of Internal Taxes | Prior to September 2014              
Tax Attributes              
U.S. federal statutory tax rate       35.00%      
Foreign Tax Authority | Chili - Service of Internal Taxes | 2020 and thereafter              
Tax Attributes              
U.S. federal statutory tax rate         44.50%    
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax years 2017 through 2021              
Tax Attributes              
U.S. federal statutory tax rate       35.00%      
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Year 2022 and Thereafter              
Tax Attributes              
U.S. federal statutory tax rate     44.50% 44.50%      
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Years 2018 to 2023 | Minimum              
Tax Attributes              
Mining royalty tax rate       5.00%      
Foreign Tax Authority | Chili - Service of Internal Taxes | Tax Years 2018 to 2023 | Maximum              
Tax Attributes              
Mining royalty tax rate       14.00%      
Foreign Tax Authority | SUNAT | 2019 and thereafter              
Tax Attributes              
U.S. federal statutory tax rate           26.00%  
Dividend tax rate           9.30%  
Foreign Tax Authority | SUNAT | 2017              
Tax Attributes              
Dividend tax rate   5.00%          
Corporate Income Tax Rate   29.50%          
Foreign Tax Authority | Settlement with Taxing Authority | Tax Years 2012 to 2018              
Tax Attributes              
Payments for legal settlements $ 250            
Domestic Tax Authority              
Tax Attributes              
Operating Loss Carryforwards       $ 6,100      
Valuation allowances       561      
State and Local Jurisdiction              
Tax Attributes              
Operating Loss Carryforwards       10,900      
PT Rio Tinto | Net Operating Losses              
Tax Attributes              
Valuation allowance, increase (decrease)       228      
Indefinite-Lived Carryforward              
Tax Attributes              
Operating Loss Carryforwards       200      
Other (expense) benefit | PT Freeport Indonesia              
Tax Attributes              
Loss Contingency, Loss in Period, Including Tax Charges       155 $ 9 $ 123  
Interest expense | PT Freeport Indonesia              
Tax Attributes              
Loss Contingency, Loss in Period, Including Tax Charges       43 35 78  
Income expense (benefit) | PT Freeport Indonesia              
Tax Attributes              
Loss Contingency, Loss in Period, Including Tax Charges       $ 186 $ 2 $ 103  
v3.22.0.1
INCOME TAXES (Components of deferred tax assets and liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Foreign tax credits $ 1,536 $ 1,641
Accrued expenses 1,193 1,194
Net operating losses (NOLs) 2,220 2,443
Employee benefit plans 105 177
Other 252 227
Deferred tax assets 5,306 5,682
Valuation allowances (4,087) (4,732)
Net deferred tax assets 1,219 950
Deferred tax liabilities:    
Property, plant, equipment and mine development costs (4,492) (4,489)
Undistributed earnings (807) (694)
Other (152) (175)
Total deferred tax liabilities (5,451) (5,358)
Net deferred tax liabilities $ (4,232) $ (4,408)
v3.22.0.1
INCOME TAXES (Reserve for unrecognized tax benefits, interest and penalties) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 474 $ 491  
Additions:      
Prior year tax positions 330 56 $ 86
Current year tax positions 71 60 11
Decreases:      
Prior year tax positions (30) (82) (75)
Settlements with taxing authorities (37) (51) (25)
Balance at end of year $ 808 $ 474 $ 494
v3.22.0.1
CONTINGENCIES (Environmental Obligations) (Details)
$ in Millions
 12 Months Ended
Jan. 17, 2017
USD ($)
divisions
site
Dec. 31, 2021
USD ($)
project
state
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 29, 2021
divisions
Site Contingency [Line Items]          
Number of remediation projects | project   100      
Number of US States with remediation projects | state   24      
Accrual for Environmental Loss Contingencies [Roll Forward]          
Balance at beginning of year   $ 1,584 $ 1,561 $ 1,511  
Accretion Expense   104 102 102  
Additionsb   60 38 23  
Reductions   (20) (58) (1)  
Spending   (64) (59) (74)  
Balance at end of year   1,664 1,584 1,561  
Less current portion   (64) (83) (106)  
Long-term portion   1,600 $ 1,501 $ 1,455  
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]          
2022   89      
2023   80      
2024   105      
2025   98      
2026   100      
Thereafter   3,200      
Estimated environmental obligations on a discounted basis   1,500      
Estimated environmental obligations on an undiscounted and unescalated   3,700      
Environmental Loss Contingency, Number of Uranium Sites on Tribal Lands | divisions 94       23
Remediation work related to Uranium mines, amount to be contributed by the U.S. Government $ 335        
Uranium mine remediation work, program term, in years 20 years        
Reduction of environmental obligation due to deceleration of work cause by COVID-19   $ 47      
Number of site surveys being performed to mining claims | site 15,000        
Active remediation projects, percent   60.00%      
Minimum          
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]          
Estimated environmental obligations on an undiscounted and unescalated   $ 3,300      
Maximum          
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]          
Estimated environmental obligations on an undiscounted and unescalated   4,200      
Pinal Creek, AZ; Newtown Creek, NY; Smelter Sites in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma, Pennsylvania; and Uranium Mining in Wester United States          
Accrual for Environmental Loss Contingencies [Roll Forward]          
Balance at end of year   1,400      
Newtown Creek          
Accrual for Environmental Loss Contingencies [Roll Forward]          
Balance at end of year   318      
Sixty Percent of Remediation Projects          
Accrual for Environmental Loss Contingencies [Roll Forward]          
Balance at end of year   $ 20      
v3.22.0.1
CONTINGENCIES (Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]      
Balance at beginning of year $ 2,472 $ 2,505 $ 2,547
Liabilities incurred 2 7 20
Settlements and revisions to cash flow estimates, net 331 (13) (5)
Accretion expense 112 131 118
Dispositions 0 (2) (5)
Spending (201) (156) (170)
Balance at end of year 2,716 2,472 2,505
Less current portion (200) (268) (330)
Long-term portion 2,516 $ 2,204 $ 2,175
PT-FI      
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]      
Adjustment at PT-FI $ 397    
v3.22.0.1
CONTINGENCIES (Financial Assurances) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Freeport-McMoRan Oil & Gas    
Guarantor Obligations [Line Items]    
Guarantor obligations, carrying value $ 424  
NEW MEXICO    
Guarantor Obligations [Line Items]    
Legally restricted funds for asset retirement obligations at New Mexico mines 208 $ 212
New Mexico, Arizona, Colorado and Other States    
Guarantor Obligations [Line Items]    
Guarantor obligations, carrying value 1,500  
New Mexico, Arizona, Colorado and Other States | Guarantee    
Guarantor Obligations [Line Items]    
Guarantor obligations, carrying value $ 900  
v3.22.0.1
CONTINGENCIES (Environmental and Reclamation Programs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Site Contingency [Line Items]      
Time deposits $ 113    
Settlements and revisions to cash flow estimates, net 331 $ (13) $ (5)
New Mexico Environmental And Reclamation Programs      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 510    
Arizona Environmental And Reclamation Programs      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 363    
Colorado Environmental And Reclamation Programs      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 153    
El Abra      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 82    
Cerro Verde      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 141    
Pt Freeport Indonesia Environmental And Reclamation Programs      
Site Contingency [Line Items]      
Accrued reclamation and closure costs 1,100    
Settlements and revisions to cash flow estimates, net 397    
Pt Freeport Indonesia Environmental And Reclamation Programs | Production and Delivery Costs [Member]      
Site Contingency [Line Items]      
Settlements and revisions to cash flow estimates, net $ 340    
v3.22.0.1
CONTINGENCIES (Oil and Gas Properties) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
platform
well
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Loss Contingencies [Line Items]        
ARO, noncurrent $ 2,716 $ 2,472 $ 2,505 $ 2,547
Freeport-McMoRan Oil & Gas        
Loss Contingencies [Line Items]        
Number of productive oil wells | well 135      
Number of platforms and other structures | platform 100      
ARO, noncurrent $ 337      
v3.22.0.1
CONTINGENCIES (Litigation) (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 23, 2021
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2021
case
Loss Contingencies [Line Items]            
Threshold for disclosure         $ 1,000  
Louisiana Parishes Coastal Erosion Cases | Settled Litigation            
Loss Contingencies [Line Items]            
Number of cases | case           42
Cyprus Mines            
Loss Contingencies [Line Items]            
Settlement amount $ 130,000          
Charge for talc-related litigation       $ 130,000    
Cyprus Mines | Pending Litigation            
Loss Contingencies [Line Items]            
Loss contingency accrual         $ 130,000  
FCX Affiliates | Settled Litigation            
Loss Contingencies [Line Items]            
Number of cases | case           13
FCX Affiliates | Louisiana Parishes Coastal Erosion Cases | Settled Litigation            
Loss Contingencies [Line Items]            
Number of cases | case           13
Settlement amount   $ 23,500        
Settlement, initial payment   $ 15,000        
Charge for talc-related litigation       $ 15,000    
Forecast | FCX Affiliates | Louisiana Parishes Coastal Erosion Cases | Settled Litigation            
Loss Contingencies [Line Items]            
Settlement, installment payment     $ 4,250      
v3.22.0.1
CONTINGENCIES (Tax and Other Matters) (Details)
$ in Millions, Rp in Billions
 1 Months Ended 12 Months Ended 21 Months Ended
Jan. 07, 2021
USD ($)
Feb. 28, 2021
USD ($)
Feb. 28, 2021
IDR (Rp)
Oct. 31, 2019
USD ($)
Oct. 31, 2019
IDR (Rp)
Sep. 30, 2019
USD ($)
May 31, 2019
USD ($)
May 31, 2019
IDR (Rp)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
IDR (Rp)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
Dec. 21, 2018
USD ($)
Feb. 15, 2022
USD ($)
Jan. 25, 2022
USD ($)
Income Tax Examination [Line Items]                                  
Long-term receivable for taxes                     $ 84.0 $ 106.0          
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization                     12,016.0 10,031.0 $ 11,534.0        
Export Duties Expense                     218.0 92.0 221.0        
Surface Water Taxes, Papua, Indonesia                                  
Income Tax Examination [Line Items]                                  
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization             $ 28.0   $ 69.0                
Judicial Ruling | Cerro Verde Royalty Dispute | Tax Year 2006 To Tax Year 2008 | Royalty Assessments                                  
Income Tax Examination [Line Items]                                  
Payments for legal settlements                     $ 421.0            
PT-FI                                  
Income Tax Examination [Line Items]                                  
Progressive export duty on copper concentrates, lower threshold, percent                     2.50%            
Progressive export duty on copper concentrates, higher threshold, percent                     5.00%       7.50%    
Export Duties Expense                     $ 218.0 92.0 $ 66.0        
Loss contingency, loss in period                     16.0            
Administrative Fees Expense $ 149.0                                
Income tax examination, assessments, penalties and interest not accrued                     500.0            
PT-FI | Subsequent Event                                  
Income Tax Examination [Line Items]                                  
Loss contingency, estimate of possible loss                               $ 37.0 $ 57.0
Cerro Verde                                  
Income Tax Examination [Line Items]                                  
Income tax examination, assessments, penalties and interest not accrued                     300.0            
FCX Affiliates | Settled Litigation | Louisiana Parishes Coastal Erosion Cases                                  
Income Tax Examination [Line Items]                                  
Settlement amount           $ 23.5                      
SUNAT | PT-FI                                  
Income Tax Examination [Line Items]                                  
Long-term receivable for taxes                     278.0            
Increase (decrease) in income taxes receivable                     221.0            
SUNAT | Cerro Verde                                  
Income Tax Examination [Line Items]                                  
Long-term receivable for taxes                     642.0            
Increase (decrease) in income taxes receivable                     405.0            
Tax Authority, In Papau, Indonesia | PT-FI | Surface Water Taxes, Papua, Indonesia | Penalties                                  
Income Tax Examination [Line Items]                                  
Payments for legal settlements   $ 48.0 Rp 685.5 $ 50.0 Rp 708.5                        
Settlement amount             $ 99.0 Rp 1,394.0   Rp 1,000,000,000,000,000.0              
Indonesian Supreme Court | PT-FI | The year 2005 and the year 2007                                  
Income Tax Examination [Line Items]                                  
Loss contingency, loss in period                       47.0          
Cerro Verde                                  
Income Tax Examination [Line Items]                                  
Long-term receivable for taxes                     237.0 190.0          
PT-FI                                  
Income Tax Examination [Line Items]                                  
Long-term receivable for taxes                     $ 57.0 143.0          
Indonesia Tax Authority | PT-FI | Memorandum of Understanding with the Indonesian Government                                  
Income Tax Examination [Line Items]                                  
Progressive export duty on copper concentrates, lower threshold, percent                           5.00%      
Progressive export duty on copper concentrates, higher threshold, percent                             7.50%    
Export Duties Expense                             $ 155.0    
Litigation Settlement, Amount Awarded from Other Party                       29.0          
Indonesia Tax Authority | PT-FI | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal                                  
Income Tax Examination [Line Items]                                  
Loss contingency, loss in period                       $ 155.0          
v3.22.0.1
CONTINGENCIES (Tax Matters by Tax Year) (Details) - USD ($)
$ in Millions
 12 Months Ended 21 Months Ended
Dec. 31, 2021
Dec. 21, 2018
Cerro Verde    
Income Tax Examination [Line Items]    
Total $ 600.0  
PT-FI    
Income Tax Examination [Line Items]    
Total $ 1,100.0  
Progressive export duty on copper concentrates, higher threshold, percent 5.00% 7.50%
SUNAT | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment $ 252.0  
Penalties and Interest 469.0  
Total 721.0  
SUNAT | 2003 to 2008 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 48.0  
Penalties and Interest 130.0  
Total 178.0  
SUNAT | 2009 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 56.0  
Penalties and Interest 52.0  
Total 108.0  
SUNAT | 2010 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 54.0  
Penalties and Interest 122.0  
Total 176.0  
SUNAT | 2011 and 2012 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 41.0  
Penalties and Interest 72.0  
Total 113.0  
SUNAT | 2013 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 48.0  
Penalties and Interest 65.0  
Total 113.0  
SUNAT | 2014 to 2016 | Cerro Verde    
Income Tax Examination [Line Items]    
Tax Assessment 5.0  
Penalties and Interest 28.0  
Total 33.0  
Indonesia Tax Authority | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 605.0  
Penalties and Interest 662.0  
Total 1,267.0  
Indonesia Tax Authority | 2005 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 62.0  
Penalties and Interest 30.0  
Total 92.0  
Indonesia Tax Authority | 2007 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 48.0  
Penalties and Interest 23.0  
Total 71.0  
Indonesia Tax Authority | 2008 and 2011 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 28.0  
Penalties and Interest 36.0  
Total 64.0  
Indonesia Tax Authority | 2012 and 2013 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 41.0  
Penalties and Interest 43.0  
Total 84.0  
Indonesia Tax Authority | 2014 and 2015 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 121.0  
Penalties and Interest 0.0  
Total 121.0  
Indonesia Tax Authority | 2016 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 257.0  
Penalties and Interest 483.0  
Total 740.0  
Indonesia Tax Authority | 2017 and 2019 | PT-FI    
Income Tax Examination [Line Items]    
Tax Assessment 48.0  
Penalties and Interest 47.0  
Total $ 95.0  
v3.22.0.1
CONTINGENCIES (Letters of Credit, Bank Guarantees and Surety Bonds) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Surety Bond  
Guarantor Obligations [Line Items]  
Guarantor obligations, carrying value $ 492
Cerro Verde  
Guarantor Obligations [Line Items]  
Outstanding Standby Letters Of Credit $ 239
v3.22.0.1
CONTINGENCIES (Insurance) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Self insurance reserve $ 62
Self insurance reserve, current 11
Self insurance reserve, non-current 51
Insurance receivables 26
Insurance receivables, current 7
Insurance receivables, noncurrent $ 19
v3.22.0.1
COMMITMENTS AND GUARANTEES (Operating Leases) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Operating Leased Assets And Liabilities [Line Items]      
Operating Lease, Liability, Noncurrent $ 281 $ 190  
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) 277 207  
Operating leases 42 42 $ 55
Variable and short-term leases 62 74 79
Total operating lease costs 104 116 134
Operating Lease, Payments 54 36 38
Finance Lease, Principal Payments $ 25 $ 4 $ 4
Operating Lease, Weighted Average Discount Rate, Percent 4.20% 5.40%  
Operating Lease, Weighted Average Remaining Lease Term 12 years 4 months 24 days 7 years 8 months 12 days  
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months $ 46    
Lessee, Operating Lease, Liability, Payments, Due Year Two 35    
Lessee, Operating Lease, Liability, Payments, Due Year Three 73    
Lessee, Operating Lease, Liability, Payments, Due Year Four 27    
Lessee, Operating Lease, Liability, Payments, Due Year Five 24    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 194    
Lessee, Operating Lease, Liability, Payments, Due 399    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (80)    
Operating Lease, Liability 319 $ 228  
Operating Lease, Liability, Current $ (38) $ (38)  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant, equipment and mine development costs, net Property, plant, equipment and mine development costs, net  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
PT Freeport Indonesia      
Schedule of Operating Leased Assets And Liabilities [Line Items]      
Operating Lease, Liability, Noncurrent $ 126    
v3.22.0.1
COMMITMENTS AND GUARANTEES (Contractual Obligations) (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Unconditional purchase obligations [Line Items]  
Unconditional purchase obligations $ 4,300
2019 1,600
2020 1,500
2021 500
2022 200
2023 200
Thereafter 300
Copper concentrates  
Unconditional purchase obligations [Line Items]  
Unconditional purchase obligations 3,100
Electricity  
Unconditional purchase obligations [Line Items]  
Unconditional purchase obligations 300
Transportation  
Unconditional purchase obligations [Line Items]  
Unconditional purchase obligations $ 400
v3.22.0.1
COMMITMENTS AND GUARANTEES (Special Mining License (IUPK)) (Details) - USD ($)
$ in Millions
 12 Months Ended 21 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 21, 2018
Contractual Obligations Mining Contracts [Line Items]        
Payments of Dividends     $ 0  
Smelter Development Progress, Higher Threshold, Percent 50.00%      
Royalty Expense $ 330 $ 165 113  
Export Duties Expense 218 92 221  
Surety Bond        
Contractual Obligations Mining Contracts [Line Items]        
Assurance Bond, Smelter Development $ 492      
PT Freeport Indonesia        
Contractual Obligations Mining Contracts [Line Items]        
Progressive export duty on copper concentrates, lower threshold, percent 2.50%      
Progressive export duty on copper concentrates, higher threshold, percent 5.00%     7.50%
Smelter Development Progress, Lower Threshold, Percent 30.00%      
Royalty Expense $ 319 160 106  
Export Duties Expense $ 218 92 $ 66  
PT Freeport Indonesia | Copper        
Contractual Obligations Mining Contracts [Line Items]        
Royalty Interest in Future Production 4.00%      
PT Freeport Indonesia | Gold        
Contractual Obligations Mining Contracts [Line Items]        
Royalty Interest in Future Production 3.75%      
PT Freeport Indonesia | Silver        
Contractual Obligations Mining Contracts [Line Items]        
Royalty Interest in Future Production 3.25%      
PT Freeport Indonesia | Construction Contracts | Surety Bond        
Contractual Obligations Mining Contracts [Line Items]        
Assurance Bond, Smelter Development $ 132      
PT Freeport Indonesia        
Contractual Obligations Mining Contracts [Line Items]        
Payments of Dividends 1,300      
PT Freeport Indonesia | Intersegment Eliminations [Member]        
Contractual Obligations Mining Contracts [Line Items]        
Payments of Dividends $ 1,000 $ 0    
Tax Authority, In Papua, Indonesia        
Contractual Obligations Mining Contracts [Line Items]        
Foreign income tax rate under new stability agreement 25.00%      
Foreign Profits Tax Rate on Net Income Under New Stability Agreement 10.00%      
Annual Surface Water Tax Payments [Member] | PT Freeport Indonesia        
Contractual Obligations Mining Contracts [Line Items]        
Payments for Other Taxes $ 15      
v3.22.0.1
COMMITMENTS AND GUARANTEES (Other and Community Development Programs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other Commitments [Line Items]      
Other liabilities $ 1,683 $ 2,269  
Total cost of sales 14,030 11,655 $ 13,125
Estimated construction costs 2,800    
Indemnification Agreement [Member]      
Other Commitments [Line Items]      
Other liabilities 78 42  
Community Development Programs | PT-FI      
Other Commitments [Line Items]      
Total cost of sales $ 75 $ 36 $ 28
v3.22.0.1
FINANCIAL INSTRUMENTS (Unrealized gains losses) (Details)
oz in Thousands, lb in Millions, $ in Millions
 1 Months Ended 2 Months Ended 12 Months Ended
Apr. 30, 2020
lb
$ / lb
Jun. 30, 2020
Dec. 31, 2021
USD ($)
lb
oz
$ / oz
$ / lb
$ / lb
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
North America          
Realized gains (losses):          
Percent of Copper Sale Volume   6000.00%      
Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net     $ 423 $ 304 $ 54
Commodity Contract [Member]          
Unrealized gains (losses):          
Derivative financial instruments     4 (9) (15)
Hedged item - firm sales commitments     4 (9) (15)
Realized gains (losses):          
Matured derivative financial instruments     $ 65 22 (8)
Commodity Contract [Member] | Designated as Hedging Instrument [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb     78    
Derivative, Average Forward Price | $ / lb     4.30    
Copper Forward Contracts [Member]          
Unrealized gains (losses):          
Derivative financial instruments     $ 24    
Realized gains (losses):          
Derivative, Forward Price | $ / lb 2.34        
Copper Forward Contracts [Member] | Designated as Hedging Instrument [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 150        
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb     2    
Derivative, Average Forward Price | $ / lb     4.53    
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Cost of Sales          
Realized gains (losses):          
Matured derivative financial instruments     $ (15) 3 (7)
Copper | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net     $ 425 259 34
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb     682    
Derivative, Average Forward Price | $ / lb     4.37    
Realized gains (losses):          
Derivative Average Market Price | $ / lb     4.42    
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb     132    
Derivative, Average Forward Price | $ / lb     4.38    
Realized gains (losses):          
Derivative Average Market Price | $ / lb     4.42    
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | oz     223    
Derivative, Average Forward Price | $ / oz     1,797    
Realized gains (losses):          
Derivative Average Market Price | $ / oz     1,822    
gold and other [Member] | Derivatives Not Designated as Hedging Instruments | Amounts recorded in Sales [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net     $ (2) $ 45 $ 20
v3.22.0.1
FINANCIAL INSTRUMENTS (Unsettled Derivatives) (Details)
lb in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 30, 2020
lb
Dec. 31, 2021
USD ($)
lb
Dec. 31, 2020
USD ($)
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   $ 77 $ 184
Derivative Liability, Fair Value, Gross Liability   28 21
Derivative Liability, Fair Value, Gross Asset   4 1
Derivative Asset, Fair Value, Gross Liability   4 1
Derivative Asset   73 183
Derivative Liability   24 20
Trade accounts receivable [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset   51 168
Derivative Liability   14 0
Other Current Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset   12 15
Derivative Liability   0 0
Accounts Payable and Accrued Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Asset   10 0
Derivative Liability   10 20
Commodity Contract [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   13 15
Derivative Liability, Fair Value, Gross Liability   1 0
Derivative Liability, Fair Value, Gross Asset   1 0
Derivative Asset, Fair Value, Gross Liability   1 0
Derivative Asset   12 15
Derivative Liability   0 0
Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   64 169
Derivative Liability, Fair Value, Gross Liability   27 21
Derivative Liability, Fair Value, Gross Asset   3 1
Derivative Asset, Fair Value, Gross Liability   3 1
Derivative Asset   61 168
Derivative Liability   24 20
Designated as Hedging Instrument [Member] | Commodity Contract [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   $ 12 15
Derivative, Nonmonetary Notional Amount, Mass | lb   78  
Designated as Hedging Instrument [Member] | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 150    
Derivatives Not Designated as Hedging Instruments | Embedded Derivative Financial Instruments [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   $ 64 169
Derivative Liability, Fair Value, Gross Liability   $ 27 21
Derivatives Not Designated as Hedging Instruments | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   2  
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments | Forward Contracts [Member]      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Fair Value, Gross Asset   $ 1 0
Derivative Liability, Fair Value, Gross Liability   $ 1 $ 0
v3.22.0.1
FINANCIAL INSTRUMENTS (Derivative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash and Cash Equivalents [Line Items]        
Credit Derivative, Maximum Exposure, Undiscounted $ 77      
Cash and cash equivalents 8,068 $ 3,657    
Restricted Cash and Cash Equivalents, Current 114 97    
Restricted Cash and Cash Equivalents, Noncurrent 132 149    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 8,314 3,903 $ 2,278 $ 4,455
Proceeds from Sale and Collection of Receivables 431      
Sale of Receivables, Discount 2      
Bank Time Deposits [Member]        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 200 $ 300    
v3.22.0.1
FAIR VALUE MEASUREMENT (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Other current assets $ 523 $ 341  
Other assets 1,460 1,560  
Derivative Liability, Fair Value, Gross Liability 28 21  
Derivatives:      
Derivative Asset 73 183  
Derivatives: [Abstract]      
Derivative Liability 24 20  
NAV      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 29 29  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 64 65  
Level 1      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 50 7  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 8 5  
Derivatives:      
Derivative Asset 10 13  
Contingent receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 1    
Long-term debt, including current portion 0 0  
Level 2      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 0 0  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 137 143  
Derivatives:      
Derivative Asset 67 171  
Contingent receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 27    
Long-term debt, including current portion 10,630 10,994  
Level 3      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 0 0  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Derivatives:      
Derivative Asset 0 0  
Contingent receivable 81 88  
Derivatives: [Abstract]      
Derivative Liability 0    
Long-term debt, including current portion 0 0  
Carrying Amount, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 79 36  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 209 213  
Derivatives:      
Derivative Asset 77 184  
Contingent receivable 90 108  
Derivatives: [Abstract]      
Derivative Liability 28    
Long-term debt, including current portion 9,450 9,711  
Estimate of Fair Value Measurement [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Investments, Fair Value Disclosure 79 36  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 209 213  
Derivatives:      
Derivative Asset 77 184  
Contingent receivable 81 88  
Derivatives: [Abstract]      
Derivative Liability 28    
Long-term debt, including current portion 10,630 10,994  
Embedded Derivative Financial Instruments [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Derivative Liability, Fair Value, Gross Liability 27 21  
Derivatives:      
Derivative Asset 61 168  
Derivatives: [Abstract]      
Derivative Liability 24 20  
Embedded Derivative Financial Instruments [Member] | Level 1      
Derivatives:      
Derivative Asset 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Embedded Derivative Financial Instruments [Member] | Level 2      
Derivatives:      
Derivative Asset 64 169  
Derivatives: [Abstract]      
Derivative Liability 27 21  
Embedded Derivative Financial Instruments [Member] | Level 3      
Derivatives:      
Derivative Asset 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Derivatives:      
Derivative Asset 64 169  
Derivatives: [Abstract]      
Derivative Liability 27 21  
Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member]      
Derivatives:      
Derivative Asset 64 169  
Derivatives: [Abstract]      
Derivative Liability 27 21  
Commodity Contract [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Derivative Liability, Fair Value, Gross Liability 1 0  
Derivatives:      
Derivative Asset 12 15  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Commodity Contract [Member] | Level 1      
Derivatives:      
Derivative Asset 1    
Derivatives: [Abstract]      
Derivative Liability 1    
Commodity Contract [Member] | Level 2      
Derivatives:      
Derivative Asset 0    
Derivatives: [Abstract]      
Derivative Liability 0    
Commodity Contract [Member] | Level 3      
Derivatives:      
Derivative Asset 0    
Derivatives: [Abstract]      
Derivative Liability 0    
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Derivatives:      
Derivative Asset 1    
Derivatives: [Abstract]      
Derivative Liability 1    
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]      
Derivatives:      
Derivative Asset 1    
Derivatives: [Abstract]      
Derivative Liability 1    
Future [Member] | Level 1      
Derivatives:      
Derivative Asset 9 13  
Future [Member] | Level 2      
Derivatives:      
Derivative Asset 3 2  
Future [Member] | Level 3      
Derivatives:      
Derivative Asset 0    
Future [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Derivatives:      
Derivative Asset 12 15  
Future [Member] | Estimate of Fair Value Measurement [Member]      
Derivatives:      
Derivative Asset 12 15  
U.S. core fixed income fund [Member] | NAV      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 29 29  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 64 65  
U.S. core fixed income fund [Member] | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 0 0  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund [Member] | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 0 0  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund [Member] | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 0 0  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 29 29  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 64 65  
U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 29 29  
Assets [Abstract]      
Trust Assets Fair Value Disclosure 64 65  
Money market funds [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 8 5  
Money market funds [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Money market funds [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 8 5  
Money market funds [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 8 5  
Equity securities | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 50 7  
Equity securities | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 0 0  
Equity securities | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 0 0  
Equity securities | Carrying Amount, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 50 7  
Equity securities | Estimate of Fair Value Measurement [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Marketable Securities 50 7  
Government bonds | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Government bonds | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 53 49  
Government bonds | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Government bonds | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 53 49  
Government bonds | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 53 49  
Government mortgage-backed securities [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Government mortgage-backed securities [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 20 30  
Government mortgage-backed securities [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 20 30  
Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 20 30  
Corporate bonds [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Corporate bonds [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 45 43  
Corporate bonds [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 45 43  
Corporate bonds [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 45 43  
Asset-backed securities [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Asset-backed securities [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 18 16  
Asset-backed securities [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 18 16  
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 18 16  
Collateralized Mortgage Backed Securities [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure   0  
Collateralized Mortgage Backed Securities [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure   4  
Collateralized Mortgage Backed Securities [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure   0  
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure   4  
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure   4  
Municipal bonds [Member] | Level 1      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Municipal bonds [Member] | Level 2      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 1 1  
Municipal bonds [Member] | Level 3      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 0 0  
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 1 1  
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]      
Assets [Abstract]      
Trust Assets Fair Value Disclosure 1 1  
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Other current assets 114 97  
Other assets 132 148  
Derivatives Not Designated as Hedging Instruments | Embedded Derivative Financial Instruments [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Derivative Liability, Fair Value, Gross Liability 27 21  
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]      
Other current assets 20 12  
Other assets $ 70 $ 96  
Derivatives:      
Contingent receivable     $ 150
v3.22.0.1
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) $ 12 $ (6) $ 2  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (19) (14) (21)  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 81 $ 88 $ 108 $ 127
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Product Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Product revenue [Line Items]      
Revenues $ 22,845 $ 14,198 $ 14,402
Treatment and refining charges included in copper concentrates revenues (445) (362) (404)
Royalty Expense (330) (165) (113)
Export Duties Expense (218) (92) (221)
Revenue from Contract with Customer, Excluding Assessed Tax 22,422 13,894 14,348
Copper in concentrate      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 8,705 4,294 4,566
Rod and other refined copper products      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 3,369 2,052 2,110
Purchased Copper [Member]      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 757 821 1,060
Copper Cathode      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 5,900 4,204 3,656
Gold      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 2,580 1,702 1,620
Molybdenum      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 1,283 848 1,169
Other      
Product revenue [Line Items]      
Revenue from Contract with Customer, Including Assessed Tax 821 592 905
Derivatives Not Designated as Hedging Instruments | Sales [Member]      
Product revenue [Line Items]      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net 423 304 54
PT Freeport Indonesia      
Product revenue [Line Items]      
Royalty Expense (319) (160) (106)
Export Duties Expense (218) (92) $ (66)
Export Duties Expense $ (16)    
Indonesia Tax Authority | PT Freeport Indonesia | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal      
Product revenue [Line Items]      
Export Duties Expense   $ (155)  
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Long Lived Assets by Geographic Area) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets $ 32,778 $ 32,438
Indonesia    
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets 16,288 15,567
U.S.    
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets 8,292 8,420
Peru    
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets 6,827 6,989
Chile    
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets 1,110 1,172
Other    
Long Lived assets by geographic area of customer [Line Items]    
Long-lived assets $ 261 $ 290
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Revenues by Geographic Area of Customer) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues by geographic area of customer [Line Items]      
Revenues $ 22,845 $ 14,198 $ 14,402
U.S.      
Revenues by geographic area of customer [Line Items]      
Revenues 7,168 5,248 5,107
Switzerland      
Revenues by geographic area of customer [Line Items]      
Revenues 3,682 2,032 2,223
Indonesia      
Revenues by geographic area of customer [Line Items]      
Revenues 3,132 1,760 1,894
Japan      
Revenues by geographic area of customer [Line Items]      
Revenues 2,372 1,205 1,181
Spain      
Revenues by geographic area of customer [Line Items]      
Revenues 1,495 785 884
China      
Revenues by geographic area of customer [Line Items]      
Revenues 1,044 692 531
UNITED KINGDOM      
Revenues by geographic area of customer [Line Items]      
Revenues 659 491 233
GERMANY      
Revenues by geographic area of customer [Line Items]      
Revenues 469 248 311
Chile      
Revenues by geographic area of customer [Line Items]      
Revenues 343 221 242
Korea      
Revenues by geographic area of customer [Line Items]      
Revenues 270 89 140
EGYPT      
Revenues by geographic area of customer [Line Items]      
Revenues 268 153 123
PHILIPPINES      
Revenues by geographic area of customer [Line Items]      
Revenues 264 34 73
INDIA      
Revenues by geographic area of customer [Line Items]      
Revenues 207 152 107
Other      
Revenues by geographic area of customer [Line Items]      
Revenues $ 1,472 $ 1,088 $ 1,353
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Customers and Labor Matters) (Details) - USD ($)
$ in Millions
 4 Months Ended 12 Months Ended
Apr. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Major Customer and Labor Matters [Line Items]        
Revenues   $ 22,845 $ 14,198 $ 14,402
Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   23.00%    
Inventory, Copper Metal Production | Product Concentration Risk | Morenci        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   16.00%    
Affiliated Entity | Noncontrolling Interest Owners Of South America Mining Operations        
Major Customer and Labor Matters [Line Items]        
Revenues   $ 1,400 900 1,000
Affiliated Entity | PT Smelting        
Major Customer and Labor Matters [Line Items]        
Revenues   $ 3,100 $ 1,800 $ 1,900
PT Smelting        
Major Customer and Labor Matters [Line Items]        
Deferred intercompany profit 25.00% 39.50%    
PT Smelting | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   14.00% 12.00% 13.00%
Global | Workforce Subject to Collective Bargaining Arrangements | Labor Force Concentration Risk        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   31.00%    
Global | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor Force Concentration Risk        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   14.00%    
South America | Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde        
Major Customer and Labor Matters [Line Items]        
Concentration risk percentage   85.00%    
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Business Segments Narrative) (Details) - USD ($)
$ in Millions
 4 Months Ended 12 Months Ended
Apr. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Mining Segment Reporting Information [Line Items]        
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization   $ 12,016 $ 10,031 $ 11,534
Inventory, Copper Metal Production | Product Concentration Risk | Morenci        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   16.00%    
Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   23.00%    
North America | Inventory, Copper Metal Production | Product Concentration Risk | Morenci        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   43.00%    
North America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   18.00%    
South America | Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   85.00%    
South America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   7.00%    
Indonesia | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining        
Mining Segment Reporting Information [Line Items]        
Concentration risk percentage   9.00%    
PT Smelting        
Mining Segment Reporting Information [Line Items]        
Deferred intercompany profit 25.00% 39.50%    
v3.22.0.1
BUSINESS SEGMENTS INFORMATION (Segment Reporting) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2019
Dec. 31, 2018
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]          
Revenues     $ 22,845 $ 14,198 $ 14,402
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     12,016 10,031 11,534
Depreciation, depletion and amortization     1,998 1,528 1,412
Metals inventory adjustments     16 96 179
Selling, general and administrative expenses     383 370 394
Mining exploration and research expenses     55 50 104
Environmental obligations and shutdown costs     91 159 105
Net gain on sales of assets     (80) (473) (417)
Operating income (loss)     8,366 2,437 1,091
Interest expense, net     602 598 620
Provision for (benefit from) income taxes     (2,299) (944) (510)
Total assets     48,022 42,144 40,809
Capital expenditures     2,115 1,961 2,652
Current Federal Tax Expense (Benefit)     0 53 (23)
Effective Income Tax Rate Reconciliation, Adjustment in Deferred Tax Assets     0 0 49
Valuation allowance     (221) 210 149
Gain on Sale of Investments       486  
Sale of Investment, Tax Expense       135  
Settlements and revisions to cash flow estimates, net     331 (13) (5)
Pt Freeport Indonesia Environmental And Reclamation Programs          
Segment Reporting Information [Line Items]          
Settlements and revisions to cash flow estimates, net     397    
Covid-19 [Member]          
Segment Reporting Information [Line Items]          
Idle Facility Costs       258  
Cerro Verde | Covid-19 [Member]          
Segment Reporting Information [Line Items]          
Idle Facility Costs       89  
Grasberg Segment [Member]          
Segment Reporting Information [Line Items]          
Capital expenditures     1,296 1,161 1,369
Molybdenum          
Segment Reporting Information [Line Items]          
Capital expenditures     6 19 19
Rod & Refining | Covid-19 [Member]          
Segment Reporting Information [Line Items]          
Idle Facility Costs       30  
South America          
Segment Reporting Information [Line Items]          
Capital expenditures     162 183 256
North America copper mines          
Segment Reporting Information [Line Items]          
Capital expenditures     342 428 877
Corporate, Other and Eliminations, Indonesia Smelter          
Segment Reporting Information [Line Items]          
Capital expenditures     222 105 0
Indonesia          
Segment Reporting Information [Line Items]          
Revenues     3,132 1,760 1,894
Operating Segments | Molybdenum          
Segment Reporting Information [Line Items]          
Revenues     0 0 0
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     253 230 299
Depreciation, depletion and amortization     67 57 62
Metals inventory adjustments     1 10 50
Selling, general and administrative expenses     0 0 0
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     0 0 0
Operating income (loss)     123 (75) (67)
Interest expense, net     0 0 0
Provision for (benefit from) income taxes     0 0 0
Total assets     1,713 1,760 1,798
Capital expenditures     6 19 19
Operating Segments | Rod & Refining          
Segment Reporting Information [Line Items]          
Revenues     6,356 4,781 4,457
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     6,381 4,819 4,475
Depreciation, depletion and amortization     5 16 9
Metals inventory adjustments     0 3 0
Selling, general and administrative expenses     0 0 0
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 1 0
Net gain on sales of assets     0 0 0
Operating income (loss)     (1) (25) (1)
Interest expense, net     0 0 0
Provision for (benefit from) income taxes     0 0 0
Total assets     228 211 193
Capital expenditures     2 6 5
Operating Segments | Atlantic Copper Smelting & Refining          
Segment Reporting Information [Line Items]          
Revenues     2,961 2,020 2,063
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     2,907 1,962 1,971
Depreciation, depletion and amortization     28 29 28
Metals inventory adjustments     0 0 0
Selling, general and administrative expenses     24 21 20
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     (19) 0 0
Operating income (loss)     21 25 49
Interest expense, net     6 6 22
Provision for (benefit from) income taxes     0 (2) (5)
Total assets     1,318 877 761
Capital expenditures     34 29 34
Operating Segments | North America          
Segment Reporting Information [Line Items]          
Revenues     262 77 367
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     3,461 3,100 3,319
Depreciation, depletion and amortization     369 355 349
Metals inventory adjustments     13 52 30
Selling, general and administrative expenses     4 4 4
Mining exploration and research expenses     1 2 2
Environmental obligations and shutdown costs     (1) (1) 1
Net gain on sales of assets     0 0 0
Operating income (loss)     2,978 852 681
Interest expense, net     1 2 4
Provision for (benefit from) income taxes     0 0 0
Total assets     7,916 7,737 7,989
Capital expenditures     342 428 877
Operating Segments | North America | Morenci          
Segment Reporting Information [Line Items]          
Revenues     82 29 143
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     1,226 1,269 1,376
Depreciation, depletion and amortization     152 166 171
Metals inventory adjustments     13 4 1
Selling, general and administrative expenses     2 2 2
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 1
Net gain on sales of assets     0 0 0
Operating income (loss)     1,417 603 456
Interest expense, net     0 2 3
Provision for (benefit from) income taxes     0 0 0
Total assets     2,708 2,574 2,880
Capital expenditures     135 102 231
Operating Segments | North America | Other          
Segment Reporting Information [Line Items]          
Revenues     180 48 224
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     2,235 1,831 1,943
Depreciation, depletion and amortization     217 189 178
Metals inventory adjustments     0 48 29
Selling, general and administrative expenses     2 2 2
Mining exploration and research expenses     1 2 2
Environmental obligations and shutdown costs     (1) (1) 0
Net gain on sales of assets     0 0 0
Operating income (loss)     1,561 249 225
Interest expense, net     1 0 1
Provision for (benefit from) income taxes     0 0 0
Total assets     5,208 5,163 5,109
Capital expenditures     207 326 646
Operating Segments | South America          
Segment Reporting Information [Line Items]          
Revenues     4,456 2,713 3,075
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     2,429 1,978 2,326
Depreciation, depletion and amortization     413 421 474
Metals inventory adjustments     0 3 2
Selling, general and administrative expenses     8 6 8
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     0 0 0
Operating income (loss)     2,066 547 578
Interest expense, net     28 139 114
Provision for (benefit from) income taxes     (820) (239) (239)
Total assets     10,615 10,152 10,288
Capital expenditures     162 183 256
Operating Segments | South America | Cerro Verde          
Segment Reporting Information [Line Items]          
Revenues     3,736 2,282 2,576
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     2,000 1,599 1,852
Depreciation, depletion and amortization     366 367 406
Metals inventory adjustments     0 0 2
Selling, general and administrative expenses     8 6 8
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     0 0 0
Operating income (loss)     1,822 552 621
Interest expense, net     28 139 114
Provision for (benefit from) income taxes     (730) (238) (250)
Total assets     8,694 8,474 8,612
Capital expenditures     132 141 232
Labor and Related Expense     92    
Operating Segments | South America | Other          
Segment Reporting Information [Line Items]          
Revenues     720 431 499
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     429 379 474
Depreciation, depletion and amortization     47 54 68
Metals inventory adjustments     0 3 0
Selling, general and administrative expenses     0 0 0
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     0 0 0
Operating income (loss)     244 (5) (43)
Interest expense, net     0 0 0
Provision for (benefit from) income taxes     (90) (1) 11
Total assets     1,921 1,678 1,676
Capital expenditures     30 42 24
Operating Segments | Indonesia | Grasberg Segment [Member]          
Segment Reporting Information [Line Items]          
Revenues     7,241 3,534 2,713
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     2,425 1,606 2,055
Depreciation, depletion and amortization     1,049 580 406
Metals inventory adjustments     0 0 5
Selling, general and administrative expenses     111 108 125
Mining exploration and research expenses     0 0 0
Environmental obligations and shutdown costs     0 0 0
Net gain on sales of assets     0 0 0
Operating income (loss)     3,938 1,320 180
Interest expense, net     48 39 82
Provision for (benefit from) income taxes     (1,524) (606) (167)
Total assets     18,971 16,918 16,345
Capital expenditures     1,296 1,161 1,369
Operating Segments | Indonesia | Grasberg Segment [Member] | Surface Water Tax Adjustment [Member]          
Segment Reporting Information [Line Items]          
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization         28
Corporate And Eliminations [Member]          
Segment Reporting Information [Line Items]          
Revenues     1,569 1,073 1,727
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization     (5,840) (3,664) (2,911)
Depreciation, depletion and amortization     67 70 84
Metals inventory adjustments     2 28 92
Selling, general and administrative expenses     236 231 237
Mining exploration and research expenses     54 48 102
Environmental obligations and shutdown costs     92 159 104
Net gain on sales of assets     (61) (473) (417)
Operating income (loss)     (759) (207) (329)
Interest expense, net     519 412 398
Provision for (benefit from) income taxes     45 (97) (99)
Total assets     7,261 4,489 3,435
Capital expenditures     273 135 92
Corporate And Eliminations [Member] | Freeport Cobalt          
Segment Reporting Information [Line Items]          
Net gain on sales of assets     (60)    
Corporate And Eliminations [Member] | Covid-19 [Member]          
Segment Reporting Information [Line Items]          
Idle Facility Costs       57  
Corporate And Eliminations [Member] | Corporate, Other and Eliminations, Indonesia Smelter          
Segment Reporting Information [Line Items]          
Capital expenditures     222 105  
Corporate And Eliminations [Member] | Miami smelter          
Segment Reporting Information [Line Items]          
Cost, Maintenance     87    
Intersegment          
Segment Reporting Information [Line Items]          
Revenues     0 0 0
Intersegment | Molybdenum          
Segment Reporting Information [Line Items]          
Revenues     444 222 344
Intersegment | Rod & Refining          
Segment Reporting Information [Line Items]          
Revenues     29 33 26
Intersegment | Atlantic Copper Smelting & Refining          
Segment Reporting Information [Line Items]          
Revenues     0 17 5
Intersegment | Corporate And Eliminations [Member]          
Segment Reporting Information [Line Items]          
Revenues     (7,778) (4,881) (4,765)
Intersegment | North America          
Segment Reporting Information [Line Items]          
Revenues     6,563 4,287 4,019
Intersegment | North America | Morenci          
Segment Reporting Information [Line Items]          
Revenues     2,728 2,015 1,864
Intersegment | North America | Other          
Segment Reporting Information [Line Items]          
Revenues     3,835 2,272 2,155
Intersegment | South America          
Segment Reporting Information [Line Items]          
Revenues     460 242 313
Intersegment | South America | Cerro Verde          
Segment Reporting Information [Line Items]          
Revenues     460 242 313
Intersegment | South America | Other          
Segment Reporting Information [Line Items]          
Revenues     0 0 0
Intersegment | Indonesia | Grasberg Segment [Member]          
Segment Reporting Information [Line Items]          
Revenues     282 80 58
Unfavorable Regulatory Actions | Operating Segments | Indonesia | Grasberg Segment [Member]          
Segment Reporting Information [Line Items]          
Provision for (benefit from) income taxes     189 (35)  
Surface Water Taxes, Papua, Indonesia          
Segment Reporting Information [Line Items]          
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization $ 28 $ 69      
Asbestos Contamination in Talc-Based Personal Care Products          
Segment Reporting Information [Line Items]          
Charge for talc-related litigation     0 130 0
Freeport Cobalt          
Segment Reporting Information [Line Items]          
Gain (Loss) on Disposition of Business     60   59
Timok, Lower Zone [Member]          
Segment Reporting Information [Line Items]          
Current Federal Tax Expense (Benefit)       53 (53)
PT Freeport Indonesia          
Segment Reporting Information [Line Items]          
Loss contingency, loss in period     16    
Loss Contingency, Loss in Period, Including Tax Charges     384 46 304
Indonesia Tax Authority | PT Freeport Indonesia | Memorandum of Understanding with the Indonesian Government, Indonesia Supreme Court Appeal          
Segment Reporting Information [Line Items]          
Loss contingency, loss in period       155  
Interest expense | PT Freeport Indonesia          
Segment Reporting Information [Line Items]          
Loss Contingency, Loss in Period, Including Tax Charges     43 35 78
Income expense (benefit) | PT Freeport Indonesia          
Segment Reporting Information [Line Items]          
Loss Contingency, Loss in Period, Including Tax Charges     186 2 $ 103
Production and Delivery Costs [Member] | Pt Freeport Indonesia Environmental And Reclamation Programs          
Segment Reporting Information [Line Items]          
Settlements and revisions to cash flow estimates, net     $ 340    
Disposed of by Sale, Discontinued Operations | Timok          
Segment Reporting Information [Line Items]          
Gain (Loss) on Disposition of Business       $ 343  
v3.22.0.1
SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Details)
oz in Millions, lb in Millions
 12 Months Ended
Dec. 31, 2021
lb
oz
$ / lb
$ / oz
Jan. 01, 2023
PT Freeport Indonesia | Forecast    
Ownership percentage   48.76%
Copper    
Estimated Recoverable Proven And Probable Reserves 110,800  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb 2.50  
Three Year Average Price | $ / lb 3.25  
Gold    
Estimated Recoverable Proven And Probable Reserves | oz 27.1  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz 1,200  
Three Year Average Price | $ / oz 1,654  
Molybdenum    
Estimated Recoverable Proven And Probable Reserves 3,430  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb 10  
Three Year Average Price | $ / lb 11.97  
Silver    
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz 15  
Consolidated Basis [Member] | Copper    
Estimated Recoverable Proven And Probable Reserves 107,200  
Consolidated Basis [Member] | Gold    
Estimated Recoverable Proven And Probable Reserves | oz 27.1  
Consolidated Basis [Member] | Molybdenum    
Estimated Recoverable Proven And Probable Reserves 3,390  
Consolidated Basis [Member] | Silver    
Estimated Recoverable Proven And Probable Reserves | oz 346.0  
Consolidated Basis [Member] | Indonesia | Copper    
Estimated Recoverable Proven And Probable Reserves 32,200  
Consolidated Basis [Member] | Indonesia | Gold    
Estimated Recoverable Proven And Probable Reserves | oz 26.6  
Consolidated Basis [Member] | Indonesia | Molybdenum    
Estimated Recoverable Proven And Probable Reserves 0  
v3.22.0.1
SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Recoverable Reserves) (Details)
oz in Millions, lb in Millions
 120 Months Ended
Dec. 31, 2031
Feb. 15, 2022
Dec. 31, 2021
oz
lb
$ / lb
$ / oz
Dec. 21, 2018
Copper        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     110,800  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb     2.50  
Gold (ounces) [Member]        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     27.1  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz     1,200  
Molybdenum mines        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     3,430  
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb     10  
Silver        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz     15  
Net Equity Interest [Member] | Copper        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     76,200  
Net Equity Interest [Member] | Gold (ounces) [Member]        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     14.2  
Net Equity Interest [Member] | Molybdenum mines        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     3,060  
Net Equity Interest [Member] | Silver        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     230.0  
Consolidated Basis [Member]        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)     1,800  
Estimated recoverable proven and probable copper reserves in mill stockpiles (in pounds)     300  
Consolidated Basis [Member] | Copper        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     107,200  
Consolidated Basis [Member] | Copper | North America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     43,000  
Consolidated Basis [Member] | Copper | South America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     31,900  
Consolidated Basis [Member] | Copper | Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     32,200  
Consolidated Basis [Member] | Gold (ounces) [Member]        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     27.1  
Consolidated Basis [Member] | Gold (ounces) [Member] | North America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     0.5  
Consolidated Basis [Member] | Gold (ounces) [Member] | South America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     0.0  
Consolidated Basis [Member] | Gold (ounces) [Member] | Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     26.6  
Consolidated Basis [Member] | Molybdenum mines        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     3,390  
Consolidated Basis [Member] | Molybdenum mines | North America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     2,690  
Consolidated Basis [Member] | Molybdenum mines | South America        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     690  
Consolidated Basis [Member] | Molybdenum mines | Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves     0  
Consolidated Basis [Member] | Silver        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimated Recoverable Proven And Probable Reserves | oz     346.0  
PT Freeport Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Ownership percentage of subsidiary       48.76%
PT Freeport Indonesia | PT Freeport Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Ownership percentage of subsidiary     48.76%  
Forecast | PT-FI        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimate of proven and probable mineral reserves to be mined 0.48      
Forecast | PT-FI | Copper        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimate of proven and probable mineral reserves to be mined 0.53      
Forecast | PT-FI | Gold (ounces) [Member]        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Estimate of proven and probable mineral reserves to be mined 0.55      
Forecast | PT Freeport Indonesia        
Estimated Recoverable Proven and Probable Reserves [Line Items]        
Ownership percentage of subsidiary   81.00%    
v3.22.0.1
SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Ore Reserves) (Details)
oz in Millions, lb in Millions, T in Millions
Dec. 31, 2021
g
lb
T
oz
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 16,501
Productive Land [Member] | Morenci  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 3,918
Average ore grade of copper per metric ton 0.23%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Bagdad [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 2,534
Average ore grade of copper per metric ton 0.32%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.02%
Productive Land [Member] | Safford [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 685
Average ore grade of copper per metric ton 0.45%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Sierrita [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 2,430
Average ore grade of copper per metric ton 0.23%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.02%
Productive Land [Member] | Tyrone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 19
Average ore grade of copper per metric ton 0.28%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Chino [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 308
Average ore grade of copper per metric ton 0.44%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0.0003
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Miami [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 0
Average ore grade of copper per metric ton 0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Henderson [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 54
Average ore grade of copper per metric ton 0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.16%
Productive Land [Member] | Climax [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 151
Average ore grade of copper per metric ton 0.00%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.15%
Productive Land [Member] | Cerro Verde  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 3,999
Average ore grade of copper per metric ton 0.36%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.01%
Productive Land [Member] | El Abra  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 732
Average ore grade of copper per metric ton 0.42%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Big Gossan [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 51
Average ore grade of copper per metric ton 2.26%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0.0097
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Grasberg block cave [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 857
Average ore grade of copper per metric ton 1.06%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0.0071
Average ore grade of molybdenum per metric ton 0.00%
Productive Land [Member] | Deep Mill Level Zone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 412
Average ore grade of copper per metric ton 0.85%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0.0073
Average ore grade of molybdenum per metric ton 0.00%
Undeveloped [Member] | Kucing Liar [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Amount of ore reserves (in metric tons of ore) | T 351
Average ore grade of copper per metric ton 1.03%
Average ore grade of gold per metric ton (in grams per metric ton) | g 0.0091
Average ore grade of molybdenum per metric ton 0.00%
Copper  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 110,800
Copper | Consolidated Basis [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 107,200
Copper | Net Equity Interest [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 76,200
Copper | Productive Land [Member] | Morenci  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 13,100
Copper | Productive Land [Member] | Bagdad [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 15,500
Copper | Productive Land [Member] | Safford [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 5,200
Copper | Productive Land [Member] | Sierrita [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 10,300
Copper | Productive Land [Member] | Tyrone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 200
Copper | Productive Land [Member] | Chino [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 2,500
Copper | Productive Land [Member] | Miami [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Copper | Productive Land [Member] | Henderson [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Copper | Productive Land [Member] | Climax [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Copper | Productive Land [Member] | Cerro Verde  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 27,900
Copper | Productive Land [Member] | El Abra  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 4,100
Copper | Productive Land [Member] | Big Gossan [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 2,300
Copper | Productive Land [Member] | Grasberg block cave [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 16,700
Copper | Productive Land [Member] | Deep Mill Level Zone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 6,600
Copper | Undeveloped [Member] | Kucing Liar [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 6,600
Gold  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 27.1
Gold | Consolidated Basis [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 27.1
Gold | Net Equity Interest [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 14.2
Gold | Productive Land [Member] | Morenci  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Bagdad [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.2
Gold | Productive Land [Member] | Safford [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Sierrita [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.1
Gold | Productive Land [Member] | Tyrone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Chino [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.3
Gold | Productive Land [Member] | Miami [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Henderson [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Climax [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Cerro Verde  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | El Abra  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 0.0
Gold | Productive Land [Member] | Big Gossan [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 1.1
Gold | Productive Land [Member] | Grasberg block cave [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 12.6
Gold | Productive Land [Member] | Deep Mill Level Zone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 7.6
Gold | Undeveloped [Member] | Kucing Liar [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves | oz 5.3
Molybdenum  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 3,430
Molybdenum | Consolidated Basis [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 3,390
Molybdenum | Net Equity Interest [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 3,060
Molybdenum | Productive Land [Member] | Morenci  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 150
Molybdenum | Productive Land [Member] | Bagdad [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 920
Molybdenum | Productive Land [Member] | Safford [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Sierrita [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 1,020
Molybdenum | Productive Land [Member] | Tyrone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Chino [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Miami [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Henderson [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 170
Molybdenum | Productive Land [Member] | Climax [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 460
Molybdenum | Productive Land [Member] | Cerro Verde  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 690
Molybdenum | Productive Land [Member] | El Abra  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Big Gossan [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Grasberg block cave [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Productive Land [Member] | Deep Mill Level Zone [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
Molybdenum | Undeveloped [Member] | Kucing Liar [Member]  
Ore, average ore grades and recoverable proven and probable reserves [Line Items]  
Estimated Recoverable Proven And Probable Reserves 0
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease) $ 645    
Foreign Tax Authority      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Income Tax Credits and Adjustments (105) $ (75) $ (98)
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 4,732 4,576 4,507
Other Additions (Deductions) (596) 200 50
Additons Charged to Other Accounts (49) (16) 19
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease) 0 (28) 0
Balance at End of Year 4,087 4,732 4,576
Reserve for Taxes, Other than Income Taxes      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 82 58 62
Other Additions (Deductions) 18 21 0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction 0 (1) 0
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other (41) 4 (4)
Balance at End of Year 59 82 58
Net Operating Losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease) $ 219 250 44
Domestic Deferred Tax Assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, increase (decrease)   $ (11) $ 208