FREEPORT-MCMORAN INC, 10-Q filed on 5/8/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-11307-01  
Entity Registrant Name Freeport-McMoRan Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 74-2480931  
Entity Address, Address Line One 333 North Central Avenue  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85004-2189  
City Area Code (602)  
Local Phone Number 366-8100  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,436,489,977
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 5,208 $ 4,758
Restricted cash and cash equivalents 1,034 1,208
Trade accounts receivable 1,494 1,209
Income and other tax receivables 744 455
Inventories:    
Product 2,356 2,472
Materials and supplies, net 2,202 2,169
Mill and leach stockpiles 1,419 1,419
Other current assets 385 375
Total current assets 14,842 14,065
Property, plant, equipment and mine development costs, net 36,197 35,295
Long-term mill and leach stockpiles 1,313 1,336
Other assets 1,846 1,810
Total assets 54,198 52,506
Current liabilities:    
Accounts payable and accrued liabilities 3,672 3,729
Long-term Debt, Current Maturities 769 766
Accrued income taxes 1,322 786
Environmental And Asset Retirement Obligations, Current 325 316
Dividends Payable, Current 217 218
Total current liabilities 6,305 5,815
Long-term debt, less current portion 8,656 8,656
Environmental and asset retirement obligations, less current portion 5,059 4,624
Deferred income taxes 4,500 4,453
Other liabilities 1,573 1,648
Total liabilities 26,093 25,196
Stockholders’ equity:    
Common stock 162 162
Capital in excess of par value 24,488 24,637
Accumulated deficit (1,586) (2,059)
Accumulated other comprehensive loss (274) (274)
Common stock held in treasury (5,817) (5,773)
Total stockholders’ equity 16,973 16,693
Noncontrolling interests 11,132 10,617
Total equity 28,105 27,310
Total liabilities and equity $ 54,198 $ 52,506
v3.24.1.u1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenues $ 6,321 $ 5,389
Cost of sales:    
Production and delivery 3,844 3,165
Depreciation, depletion and amortization 595 399
Total cost of sales 4,439 3,564
Selling, general and administrative expenses 144 126
Exploration and research expenses 37 31
Environmental obligations and shutdown costs 67 67
Total costs and expenses 4,687 3,788
Operating income 1,634 1,601
Interest expense, net (89) (151)
Other income, net 129 88
Income before income taxes and equity in affiliated companies’ net earnings 1,674 1,538
Provision for income taxes (512) (499)
Equity in affiliated companies’ net earnings 0 10
Net income 1,162 1,049
Net income (loss) attributable to noncontrolling interests 689 386
Net income attributable to common stockholders $ 473 $ 663
Net income per share attributable to common stockholders:    
Earnings per share, basic (in dollars per share) $ 0.33 $ 0.46
Earnings per share, diluted (in dollars per share) $ 0.32 $ 0.46
Weighted-average shares of common stock outstanding:    
Basic weighted-average shares of common stock outstanding 1,436 1,433
Diluted weighted-average shares of common shares outstanding 1,444 1,443
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15
v3.24.1.u1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 1,162 $ 1,049
Defined benefit plans:    
Amortization of unrecognized amounts included in net periodic benefit costs 1 1
Foreign exchange (losses) gains (1) 1
Other comprehensive income 0 2
Total comprehensive income 1,162 1,051
Total comprehensive income attributable to noncontrolling interests (689) (387)
Total comprehensive income (loss) $ 473 $ 664
v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flow from operating activities:    
Net income $ 1,162 $ 1,049
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 595 399
Stock-based compensation 53 53
Net charges for environmental and asset retirement obligations, including accretion 224 117
Payments for environmental and asset retirement obligations (42) (60)
Net charges for defined pension and postretirement plans 8 16
Pension plan contributions (18) (2)
Deferred income taxes 46 35
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting 0 (112)
Charges for social investment programs at PT Freeport Indonesia 28 14
Payments for social investment programs at PT Freeport Indonesia (24) (15)
Other, net (39) 8
Changes in working capital and other:    
Accounts receivable (582) 157
Inventories 66 (457)
Other current assets 0 (20)
Accounts payable and accrued liabilities (160) (288)
Accrued income taxes and timing of other tax payments 579 156
Net cash provided by operating activities 1,896 1,050
Cash flow from investing activities:    
Capital expenditures (1,254) (1,121)
Loans to PT Smelting for expansion (28) (24)
Proceeds from sales of assets and other, net 5 (19)
Net cash used in investing activities (1,277) (1,164)
Cash flow from financing activities:    
Proceeds from debt 613 284
Repayments of debt (612) (1,273)
Cash dividends and distributions paid:    
Common stock (218) (217)
Noncontrolling interests (102) 0
Contributions from noncontrolling interests 0 50
Proceeds from exercised stock options 4 31
Payments for withholding of employee taxes related to stock-based awards (27) (47)
Net cash used in financing activities (342) (1,172)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 277 (1,286)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,063 8,390
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 6,340 7,104
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (237) (196)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (82) (100)
Grasberg Segment    
Cash flow from investing activities:    
Capital expenditures (381) (427)
Indonesia Smelter    
Cash flow from investing activities:    
Capital expenditures (461) (345)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (27) (9)
Other Segments    
Cash flow from investing activities:    
Capital expenditures $ (66) $ (44)
v3.24.1.u1
Consolidated Statement of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital in Excess of Par Value
Accumulated Deficit
AOCI Attributable to Parent
Common Stock Held in Treasury
Total Stockholder's Equity
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2022   1,613       183    
Balance at Dec. 31, 2022 $ 24,871 $ 161 $ 25,322 $ (3,907) $ (320) $ (5,701) $ 15,555 $ 9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   5            
Exercised and issued stock-based awards 53 $ 1 52       53  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares (23)   46     $ (68) (22) (1)
Dividends (354)   (217)       (217) (137)
Contributions from noncontrolling interests 50   24       24 26
Net loss attributable to common stockholders 663     663     663  
Net income (loss) attributable to noncontrolling interests 386             386
Other comprehensive income 2       1   1 1
Balance (in shares) at Mar. 31, 2023   1,618       184    
Balance at Mar. 31, 2023 25,648 $ 162 25,227 (3,244) (319) $ (5,769) 16,057 9,591
Balance (in shares) at Dec. 31, 2023   1,619       184    
Balance at Dec. 31, 2023 27,310 $ 162 24,637 (2,059) (274) $ (5,773) 16,693 10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   3       1    
Exercised and issued stock-based awards 22   22       22  
Stock-based compensation, including the tender of shares (in shares)           1    
Stock-based compensation, including the tender of shares 1   46     $ (44) 2 (1)
Dividends (390)   (217)       (217) (173)
Net loss attributable to common stockholders 473     473     473  
Net income (loss) attributable to noncontrolling interests 689             689
Other comprehensive income 0              
Balance (in shares) at Mar. 31, 2024   1,622       186    
Balance at Mar. 31, 2024 $ 28,105 $ 162 $ 24,488 $ (1,586) $ (274) $ (5,817) $ 16,973 $ 11,132
v3.24.1.u1
General Information
 3 Months Ended
Mar. 31, 2024
General Information [Abstract]  
General Information GENERAL INFORMATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts.

Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT Freeport Indonesia’s (PT-FI) net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement.

As further discussed in Note 4, during first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX.

As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold during 2023 were attributed approximately 81% to FCX.

Subsequent Events. FCX evaluated events after March 31, 2024, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.
v3.24.1.u1
Earnings per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months Ended
March 31,
 20242023
Net income$1,162 $1,049 
Net income attributable to noncontrolling interests(689)(386)
Undistributed dividends and earnings allocated to participating securities(5)(5)
Net income attributable to common stockholders$468 $658 
Basic weighted-average shares of common stock outstanding
1,436 1,433 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)8 10 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 
Net income per share attributable to common stockholders:
Basic$0.33 $0.46 
Diluted$0.32 $0.46 
Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in first-quarter 2024 or 2023.
v3.24.1.u1
Inventories, Including Long-Term Mill and Leach Stockpiles
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories, Including Long-Term Mill and Leach Stockpiles INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES
The components of inventories follow:
March 31,
2024		December 31, 2023
Current inventories:
Raw materials (primarily copper concentrate)$413 $469 
Work-in-process252 221 
Finished goods1,691 1,782 
Total product$2,356 $2,472 
Total materials and supplies, neta
$2,202 $2,169 
Mill stockpiles$181 $179 
Leach stockpiles1,238 1,240 
Total current mill and leach stockpiles$1,419 $1,419 
Long-term inventories:
Mill stockpiles$222 $251 
Leach stockpiles1,091 1,085 
Total long-term mill and leach stockpilesb
$1,313 $1,336 
a.Materials and supplies inventory was net of obsolescence reserves totaling $48 million at March 31, 2024, and $41 million at December 31, 2023.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Three Months Ended
March 31,
 20242023
U.S.$(1)

$4 
International(511)(503)
Total$(512)$(499)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 31% for first-quarter 2024, including a net benefit of $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion), and was 32% for first-quarter 2023. At current copper prices, FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

Indonesia Tax Matters. During first-quarter 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

Resolution of the framework for disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion.

U.S. Inflation Reduction Act of 2022. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for first-quarter 2024 or for the year 2023.

Although the U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and uncertainty remains regarding the application of the CAMT. Future guidance released by the Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. net operating losses.

Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.
v3.24.1.u1
Debt and Equity
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 March 31,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,007 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,425 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,656 $8,656 

Revolving Credit Facilities.
FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At March 31, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027.

At March 31, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $175 million in first-quarter 2024 and $207 million in first-quarter 2023, which included $25 million associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court in first-quarter 2023.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $86 million in first-quarter 2024 and $56 million in first-quarter 2023. The increase in capitalized interest costs in first-quarter 2024 compared to first-quarter 2023, primarily resulted from increased construction and development costs for projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects).

Share Repurchase Program and Dividends. FCX currently has $3.2 billion available for repurchases under its share repurchase program.

On March 27, 2024, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on May 1, 2024, to common stockholders of record as of April 15, 2024.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
v3.24.1.u1
Financial Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

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

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

Derivatives Designated as Hedging Instruments - Fair Value Hedges.
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during first-quarter 2024 or 2023. At March 31, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 91 million pounds at an average contract price of $3.90 per pound, with maturities through December 2025.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months Ended
March 31,
 20242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$9 $14 
Hedged item – firm sales commitments(9)(14)
Realized gains:
Matured derivative financial instruments1 8 

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.

FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME 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 March 31, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)463 $3.83 $4.01 August 2024
Gold (thousands of ounces)286 2,091 2,226 July 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)92 3.83 4.00 July 2024

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2024, Atlantic Copper held net copper forward sales contracts for 49 million pounds at an average contract price of $3.94 per pound, with maturities through May 2024.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20242023
Embedded derivatives in provisional sales contracts:a
Copper$66 $231 
Gold and other metals44 42 
Copper forward contractsb
(9)(2)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments.
A summary of the fair values of unsettled commodity derivative financial instruments follows:
March 31,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$13 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts122 76 
Copper forward contracts1 — 
Total derivative assets$136 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts16 23 
Copper forward contracts3 1 
Total derivative liabilities$19 $24 
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 net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4 — — 
Accounts payable and accrued liabilities— — 17 22 
$136 $80 $19 $24 

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of March 31, 2024, the maximum amount of credit exposure associated with derivative transactions was $136 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt). In addition, as of March 31, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,208 $4,758 
Restricted cash and cash equivalents, currentb
1,034 1,208 
Restricted cash and cash equivalents, long-term - included in other assets98 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,340 $6,063 
a.Includes time deposits of $0.1 billion at March 31, 2024, and $0.3 billion at December 31, 2023, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $147 million at March 31, 2024, and $145 million at December 31, 2023, in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.
v3.24.1.u1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during first-quarter 2024.

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

At March 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$26 $26 $26 $— $— $— 
Equity securities7 7 — 7 — — 
Total33 33 26 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities48 48 — — 48 — 
Government bonds and notes32 32 — — 32 — 
Corporate bonds32 32 — — 32 — 
Money market funds20 20 — 20 — — 
Asset-backed securities13 13 — — 13 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total211 211 65 20 126 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position122 122 — — 122 — 
Copper futures and swap contracts13 13 — 8 5 — 
Copper forward contracts1 1 — — 1 — 
       Total136 136 — 8 128 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 40 — — — 40 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position16 16 — — 16 — 
Copper forward contracts3 3 — 2 1 — 
Total19 19 — 2 17 — 
Long-term debt, including current portiond
9,425 9,301 — — 9,301 — 
At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities6 6 — 6 — — 
Total33 33 27 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government mortgage-backed securities51 51 — — 51 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds29 29 — — 29 — 
Money market funds17 17 — 17 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total212 212 65 17 130 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76 — — 76 — 
Copper futures and swap contracts4 4 — 3 1 — 
Total80 80 — 3 77 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
50 42 — — — 42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23 — — 23 — 
Copper forward contracts1 1 — 1 — — 
Total24 24 — 1 23 — 
Long-term debt, including current portiond
9,422 9,364 — — 9,364 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($147 million at March 31, 2024, and $145 million at December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at both March 31, 2024, and December 31, 2023).
c.Refer to Note 6 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

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

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

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.
Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

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

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

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration (to be received over time) that was recorded at the total amount under the loss recovery approach. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

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

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2024, as compared with those techniques used at December 31, 2023.
v3.24.1.u1
Contingencies and Commitments
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments CONTINGENCIES AND COMMITMENTS
Environmental
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s environmental obligations.

FCX recorded adjustments to environmental obligations totaling $56 million in first-quarter 2024, primarily for preliminary adjustments associated with an interim action workplan for a former processing facility in Steubenville, Ohio, and for groundwater remediation in Blackwell, Oklahoma associated with a historical smelter site.

Asset Retirement Obligations
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s asset retirement obligations (AROs).

Mining Operations. In first-quarter 2024, we recorded ARO additions at mining operations totaling $256 million, primarily associated with revised closure plans and cost estimates to reflect FCX’s commitment to the Global Industry Standard on Tailings Management (Tailings Standard). FCX may record additional ARO adjustments as it continues to update estimates to conform with the Tailings Standard.

Oil and Gas Properties. In first-quarter 2024, Freeport-McMoRan Oil & Gas (FM O&G) recorded charges to production and delivery costs totaling $109 million for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that FM O&G assume such obligations.
Litigation
There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2023 Form 10-K, other than the matter discussed below.

Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 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 settlement agreement to resolve these cases was fully executed in fourth-quarter 2022 but there was a delay in finalizing it as a result of a lawsuit challenging the settlement brought in first-quarter 2023 by a non-plaintiff coastal parish included in the settlement (Terrebonne Parish) titled Terrebonne Parish Consolidated Government v. Louisiana Department of Natural Resources et al., Docket No. 185576, 32nd Judicial District Court, Terrebonne Parish, State of Louisiana. During first-quarter 2024, Terrebonne Parish agreed to dismiss its lawsuit and FCX made the $15 million settlement payment in trust (which was accrued for in 2019) in accordance with the terms of the settlement agreement.

Indonesia Regulatory Matters
Refer to Notes 12, 13 and 14 of FCX’s 2023 Form 10-K for further discussion of Indonesia regulatory matters.

Export Licenses. In first-quarter 2024, PT-FI obtained approval for revised quotas for estimated concentrate and anode slime exports through May 2024. PT-FI is working with the Indonesia government to obtain approvals to continue exports of copper concentrates and anode slimes until the Indonesia smelter projects are fully commissioned and reach designed operating conditions, which is currently expected by year-end 2024.
v3.24.1.u1
Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and the Indonesia smelter projects that are under construction), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

For comparative purposes, the first-quarter 2023 table has been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals districts and the Indonesia smelter projects that are under construction. The Indonesia smelter projects are expected to become fully operational by year-end 2024 and will exclusively receive concentrate from the Grasberg minerals district, which reflect PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). FCX's Chief Operating Decision Maker does, and will, make executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment.

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 intercompany sales to Atlantic Copper until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2024 and 2023 follow:

Three Months Ended
March 31,
 20242023
Copper:
Cathode$1,941 $1,511 
Concentrate1,818 1,403 
Rod and other refined copper products953 921 
Purchased coppera
166 204 
Gold1,168 531 
Molybdenum421 592 
Otherb
149 132 
Adjustments to revenues:
PT-FI export dutiesc
(156)(17)
Treatment charges(129)(101)
Royalty expensed
(120)(60)
Revenues from contracts with customers6,211 5,116 
Embedded derivativese
110 273 
Total consolidated revenues$6,321 $5,389 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with silver.
c.PT-FI is currently being assessed export duties for copper concentrates at a rate of 7.5% and was paying a 2.5% export duty in first-quarter 2023.
d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
e.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2024           
Revenues:            
Unaffiliated customers$37 $40 $77 $826 $208 $1,034 $2,648 $— $1,489 $673 $400 
a
$6,321 
Intersegment540 885 1,425 102 — 102 177 145 10 — (1,859)— 
Production and delivery459 765 1,224 603 170 773 861 

119 1,487 650 (1,270)3,844 
DD&A48 64 112 92 16 108 335 16 1 7 16 595 
Selling, general and administrative expenses
— 1 1 2 — 2 31 — — 9 101 144 
Exploration and research expenses4 8 12 3 1 4 2 — — — 19 37 
Environmental obligations and shutdown costs
— — — — — — — — — — 67 67 
Operating income (loss)66 87 153 228 21 249 1,596 10 11 7 (392)1,634 
Interest expense, net— — — 5 — 5 1 — — 10 73 89 
Other (expense) income, net— (2)(2)11 13 24 38 — — 6 63 129 
Provision for (benefit from) income taxes— — — 91 12 103 409 
b
— — (13)13 512 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income (loss) attributable to noncontrolling interests— — — 76 14 90 600 
c
— — — (1)689 
Total assets at March 31, 20243,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198 
Capital expenditures44 193 237 60 22 82 842 27 5 23 38 1,254 
Three Months Ended March 31, 2023            
Revenues:            
Unaffiliated customers$32 $97 $129 $958 $234 $1,192 $1,199 

$— $1,523 $749 $597 
a
$5,389 
Intersegment593 948 1,541 

244 — 244 169 223 6 7 (2,190)— 
Production and delivery381 781 1,162 620 187 807 338 96 1,527 734 

(1,499)3,165 
DD&A43 60 103 91 16 107 148 20 1 7 13 399 
Selling, general and administrative expenses
— 1 1 2 — 2 28 — — 8 87 126 
Exploration and research expenses3 16 19 1 1 2 — — — — 10 31 
Environmental obligations and shutdown costs
— 21 21 — — — — — — — 46 67 
Operating income (loss)198 166 364 488 30 518 854 107 1 7 (250)1,601 
Interest expense, net— — — 29 — 29 7 — — 6 109 151 
Other (expense) income, net(1)3 2 18 (6)12 32 — (1)(5)48 88 
Provision for (benefit from) income taxes— — — 187 7 194 330 — — — (25)499 
Equity in affiliated companies’ net earnings (losses) — — — — — — 11 — — — (1)10 
Net income (loss) attributable to noncontrolling interests— — — 140 18 158 271 
c
— — — (43)386 
Total assets at March 31, 20233,142 5,668 8,810 8,612 1,871 10,483 23,462 1,707 221 1,152 5,074 50,909 
Capital expenditures56 140 196 61 39 100 772 9 5 12 27 1,121 
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 copper mines and South America operations.
b.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.
c.Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months Ended
March 31,
 20242023
Net income$1,162 $1,049 
Net income attributable to noncontrolling interests(689)(386)
Undistributed dividends and earnings allocated to participating securities(5)(5)
Net income attributable to common stockholders$468 $658 
Basic weighted-average shares of common stock outstanding
1,436 1,433 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)8 10 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 
Net income per share attributable to common stockholders:
Basic$0.33 $0.46 
Diluted$0.32 $0.46 
v3.24.1.u1
Inventories, Including Long-Term Mill and Leach Stockpiles (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
The components of inventories follow:
March 31,
2024		December 31, 2023
Current inventories:
Raw materials (primarily copper concentrate)$413 $469 
Work-in-process252 221 
Finished goods1,691 1,782 
Total product$2,356 $2,472 
Total materials and supplies, neta
$2,202 $2,169 
Mill stockpiles$181 $179 
Leach stockpiles1,238 1,240 
Total current mill and leach stockpiles$1,419 $1,419 
Long-term inventories:
Mill stockpiles$222 $251 
Leach stockpiles1,091 1,085 
Total long-term mill and leach stockpilesb
$1,313 $1,336 
a.Materials and supplies inventory was net of obsolescence reserves totaling $48 million at March 31, 2024, and $41 million at December 31, 2023.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Three Months Ended
March 31,
 20242023
U.S.$(1)

$4 
International(511)(503)
Total$(512)$(499)
v3.24.1.u1
Debt and Equity (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 March 31,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,007 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,425 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,656 $8,656 
v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months Ended
March 31,
 20242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$9 $14 
Hedged item – firm sales commitments(9)(14)
Realized gains:
Matured derivative financial instruments1 8 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)463 $3.83 $4.01 August 2024
Gold (thousands of ounces)286 2,091 2,226 July 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)92 3.83 4.00 July 2024
Schedule of Derivative Instruments Included in Trading Activities A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20242023
Embedded derivatives in provisional sales contracts:a
Copper$66 $231 
Gold and other metals44 42 
Copper forward contractsb
(9)(2)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
A summary of the fair values of unsettled commodity derivative financial instruments follows:
March 31,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$13 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts122 76 
Copper forward contracts1 — 
Total derivative assets$136 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts16 23 
Copper forward contracts3 1 
Total derivative liabilities$19 $24 
Offsetting Assets
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4 — — 
Accounts payable and accrued liabilities— — 17 22 
$136 $80 $19 $24 
Offsetting Liabilities
A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4 — — 
Accounts payable and accrued liabilities— — 17 22 
$136 $80 $19 $24 
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,208 $4,758 
Restricted cash and cash equivalents, currentb
1,034 1,208 
Restricted cash and cash equivalents, long-term - included in other assets98 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,340 $6,063 
a.Includes time deposits of $0.1 billion at March 31, 2024, and $0.3 billion at December 31, 2023, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $147 million at March 31, 2024, and $145 million at December 31, 2023, in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.
v3.24.1.u1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs Disclosure A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6), follows:
At March 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$26 $26 $26 $— $— $— 
Equity securities7 7 — 7 — — 
Total33 33 26 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities48 48 — — 48 — 
Government bonds and notes32 32 — — 32 — 
Corporate bonds32 32 — — 32 — 
Money market funds20 20 — 20 — — 
Asset-backed securities13 13 — — 13 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total211 211 65 20 126 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position122 122 — — 122 — 
Copper futures and swap contracts13 13 — 8 5 — 
Copper forward contracts1 1 — — 1 — 
       Total136 136 — 8 128 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 40 — — — 40 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position16 16 — — 16 — 
Copper forward contracts3 3 — 2 1 — 
Total19 19 — 2 17 — 
Long-term debt, including current portiond
9,425 9,301 — — 9,301 — 
At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities6 6 — 6 — — 
Total33 33 27 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government mortgage-backed securities51 51 — — 51 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds29 29 — — 29 — 
Money market funds17 17 — 17 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total212 212 65 17 130 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76 — — 76 — 
Copper futures and swap contracts4 4 — 3 1 — 
Total80 80 — 3 77 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
50 42 — — — 42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23 — — 23 — 
Copper forward contracts1 1 — 1 — — 
Total24 24 — 1 23 — 
Long-term debt, including current portiond
9,422 9,364 — — 9,364 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($147 million at March 31, 2024, and $145 million at December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at both March 31, 2024, and December 31, 2023).
c.Refer to Note 6 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
v3.24.1.u1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2024 and 2023 follow:

Three Months Ended
March 31,
 20242023
Copper:
Cathode$1,941 $1,511 
Concentrate1,818 1,403 
Rod and other refined copper products953 921 
Purchased coppera
166 204 
Gold1,168 531 
Molybdenum421 592 
Otherb
149 132 
Adjustments to revenues:
PT-FI export dutiesc
(156)(17)
Treatment charges(129)(101)
Royalty expensed
(120)(60)
Revenues from contracts with customers6,211 5,116 
Embedded derivativese
110 273 
Total consolidated revenues$6,321 $5,389 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Primarily includes revenues associated with silver.
c.PT-FI is currently being assessed export duties for copper concentrates at a rate of 7.5% and was paying a 2.5% export duty in first-quarter 2023.
d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
e.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment
Financial Information by Business Segment
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2024           
Revenues:            
Unaffiliated customers$37 $40 $77 $826 $208 $1,034 $2,648 $— $1,489 $673 $400 
a
$6,321 
Intersegment540 885 1,425 102 — 102 177 145 10 — (1,859)— 
Production and delivery459 765 1,224 603 170 773 861 

119 1,487 650 (1,270)3,844 
DD&A48 64 112 92 16 108 335 16 1 7 16 595 
Selling, general and administrative expenses
— 1 1 2 — 2 31 — — 9 101 144 
Exploration and research expenses4 8 12 3 1 4 2 — — — 19 37 
Environmental obligations and shutdown costs
— — — — — — — — — — 67 67 
Operating income (loss)66 87 153 228 21 249 1,596 10 11 7 (392)1,634 
Interest expense, net— — — 5 — 5 1 — — 10 73 89 
Other (expense) income, net— (2)(2)11 13 24 38 — — 6 63 129 
Provision for (benefit from) income taxes— — — 91 12 103 409 
b
— — (13)13 512 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income (loss) attributable to noncontrolling interests— — — 76 14 90 600 
c
— — — (1)689 
Total assets at March 31, 20243,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198 
Capital expenditures44 193 237 60 22 82 842 27 5 23 38 1,254 
Three Months Ended March 31, 2023            
Revenues:            
Unaffiliated customers$32 $97 $129 $958 $234 $1,192 $1,199 

$— $1,523 $749 $597 
a
$5,389 
Intersegment593 948 1,541 

244 — 244 169 223 6 7 (2,190)— 
Production and delivery381 781 1,162 620 187 807 338 96 1,527 734 

(1,499)3,165 
DD&A43 60 103 91 16 107 148 20 1 7 13 399 
Selling, general and administrative expenses
— 1 1 2 — 2 28 — — 8 87 126 
Exploration and research expenses3 16 19 1 1 2 — — — — 10 31 
Environmental obligations and shutdown costs
— 21 21 — — — — — — — 46 67 
Operating income (loss)198 166 364 488 30 518 854 107 1 7 (250)1,601 
Interest expense, net— — — 29 — 29 7 — — 6 109 151 
Other (expense) income, net(1)3 2 18 (6)12 32 — (1)(5)48 88 
Provision for (benefit from) income taxes— — — 187 7 194 330 — — — (25)499 
Equity in affiliated companies’ net earnings (losses) — — — — — — 11 — — — (1)10 
Net income (loss) attributable to noncontrolling interests— — — 140 18 158 271 
c
— — — (43)386 
Total assets at March 31, 20233,142 5,668 8,810 8,612 1,871 10,483 23,462 1,707 221 1,152 5,074 50,909 
Capital expenditures56 140 196 61 39 100 772 9 5 12 27 1,121 
v3.24.1.u1
General Information - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Portion of Gold Sales Attributable to Parent $ 190    
FCX      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Noncontrolling interest, ownership percentage by parent   48.76%  
PT Mineral Industri Indonesia      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Noncontrolling interest, ownership percentage by parent   26.24%  
PT Indonesia Papua Metal Dan Mineral      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Noncontrolling interest, ownership percentage by parent   25.00%  
PT Freeport Indonesia      
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]      
Noncontrolling interest, ownership percentage by parent 81.00%   81.00%
v3.24.1.u1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income (loss) from continuing operations $ 1,162 $ 1,049
Net income attributable to noncontrolling interests (689) (386)
Undistributed dividends and earnings allocated to participating securities (5) (5)
Net income attributable to common stockholders $ 468 $ 658
Basic weighted-average shares of common stock outstanding 1,436 1,433
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 8 10
Diluted weighted-average shares of common stock outstanding 1,444 1,443
Earnings per share, basic (in dollars per share) $ 0.33 $ 0.46
Earnings per share, diluted (in dollars per share) $ 0.32 $ 0.46
Dilutive Securities Excluded from Computation of EPS Amount 0  
v3.24.1.u1
Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current inventories:    
Raw materials (primarily copper concentrate) $ 413 $ 469
Work-in-process 252 221
Finished goods 1,691 1,782
Product 2,356 2,472
Materials and supplies, net 2,202 2,169
Mill stockpiles 181 179
Leach stockpiles 1,238 1,240
Total current mill and leach stockpiles 1,419 1,419
Long-term inventories:    
Mill stockpiles 222 251
Leach stockpiles 1,091 1,085
Total long-term mill and leach stockpiles 1,313 1,336
Inventory obsolescence reserves $ 48 $ 41
v3.24.1.u1
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
U.S. $ (1) $ 4
International (511) (503)
Total $ (512) $ (499)
v3.24.1.u1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Contingency [Line Items]    
Consolidated effective income tax rate (percent) 31.00% 32.00%
Tax benefit related to closure of tax audit $ 182  
PT Freeport Indonesia    
Income Tax Contingency [Line Items]    
Deferred Income Tax Credits 215  
Unrecognized Tax Benefits, Period Increase (Decrease) 276  
Unrecognized Tax Benefits, Decrease In Interest And Penalties 43  
Unrecognized Tax Benefits, Decrease In Contingencies 179  
Unrecognized Tax Benefits, Decrease In Contingencies, Penalties And Interest 35  
PT Freeport Indonesia | Income Expense (Benefit)    
Income Tax Contingency [Line Items]    
Deferred Income Tax Credits 199  
Deferred Income Taxes 17  
PT Freeport Indonesia | Direct Operating Costs    
Income Tax Contingency [Line Items]    
Deferred Income Tax Credits 8  
PT Freeport Indonesia | Interest Income (Expense), Net    
Income Tax Contingency [Line Items]    
Deferred Income Tax Credits 8  
PT Freeport Indonesia | Other Nonoperating Income (Expense)    
Income Tax Contingency [Line Items]    
Deferred Income Taxes $ 26  
v3.24.1.u1
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 9,425 $ 9,422
Less current portion of debt (769) (766)
Long-term debt, less current portion 8,656 8,656
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 6,007 6,005
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,981 2,980
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 353 354
Other    
Debt Instrument [Line Items]    
Long-term debt $ 84 $ 83
v3.24.1.u1
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 27, 2024
Mar. 31, 2024
Mar. 31, 2023
Debt Instrument [Line Items]      
Interest costs   $ 175 $ 207
Tax Matters In Peru, Contingent Liability     $ 25
Remaining authorized shares repurchase amount   $ 3,200  
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15 $ 0.15
Base cash dividend (in dollars per share) 0.075    
Variable cash dividend (in dollars per share) $ 0.075    
Unsecured Credit Facility | PT-FI      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,750  
Unsecured Credit Facility | Cerro Verde      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   350  
Letter of credit   0  
Revolving Credit Facility | PT-FI      
Debt Instrument [Line Items]      
Letter of credit   0  
Property, Plant and Equipment      
Debt Instrument [Line Items]      
Interest costs capitalized   86 $ 56
Line of Credit | Letter of Credit      
Debt Instrument [Line Items]      
Revolving credit facility, availability   1,500  
Letter of credit   7  
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   3,000  
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 500  
v3.24.1.u1
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended
Jun. 30, 2023
lb
oz
Mar. 31, 2024
USD ($)
lb
$ / oz
$ / lb
$ / lb
Mar. 31, 2023
USD ($)
Commodity Contract      
Unrealized gains (losses):      
Derivative financial instruments   $ 9 $ 14
Hedged item – firm sales commitments   (9) (14)
Realized gains (losses):      
Matured derivative financial instruments   1 8
Matured derivative financial instruments   $ 1 8
Commodity Contract | Designated as Hedging Instrument [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   91  
Derivative, Average Forward Price | $ / lb   3.90  
Forward Contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   49  
Derivative, Average Forward Price | $ / lb   3.94  
Realized gains (losses):      
Matured derivative financial instruments   $ (9) (2)
Matured derivative financial instruments   (9) (2)
Copper | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 66 231
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 463    
Derivative, Average Forward Price | $ / lb   3.83  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   4.01  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 92    
Derivative, Average Forward Price | $ / lb   3.83  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   4.00  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | oz 286    
Derivative, Average Forward Price | $ / oz   2,091  
Realized gains (losses):      
Derivative Average Market Price | $ / oz   2,226  
gold and other | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 44 $ 42
v3.24.1.u1
Financial Instruments - Unsettled Derivatives (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 136 $ 80
Derivative Liability, Fair Value, Gross Liability 19 24
Derivative Asset 136 80
Derivative Liability 19 24
Trade accounts receivable [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 122 76
Derivative Liability 2 2
Accounts Payable and Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset 0 0
Derivative Liability 17 22
Other Current Assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset 14 4
Derivative Liability 0 0
Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset 14 4
Derivative Liability 3 1
Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset 122 76
Derivative Liability 16 23
Designated as Hedging Instrument [Member] | Commodity Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 13 4
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 122 76
Derivative Liability, Fair Value, Gross Liability 16 23
Commodity Contract | Not Designated as Hedging Instrument | Forward Contracts    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 1 0
Derivative Liability, Fair Value, Gross Liability $ 3 $ 1
v3.24.1.u1
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]        
Credit Derivative, Maximum Exposure, Undiscounted   $ 136    
Cash and cash equivalents $ 4,758 5,208    
Restricted cash and cash equivalents 1,208 1,034    
Restricted Cash and Cash Equivalents, Noncurrent 97 98    
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,063 6,340 $ 7,104 $ 8,390
Export Proceeds, Percent 30.00%      
Bank Time Deposits        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 300 100    
Designated for Smelter Development Projects        
Cash and Cash Equivalents [Line Items]        
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows 200      
Designated For Export Proceeds        
Cash and Cash Equivalents [Line Items]        
Restricted cash and cash equivalents 1,100 900    
Assurance Bonds        
Cash and Cash Equivalents [Line Items]        
Restricted cash and cash equivalents $ 145 $ 147    
v3.24.1.u1
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2016
Investment securities (current and long-term):      
Other Assets, Current $ 385 $ 375  
Other assets 1,846 1,810  
Derivatives:      
Derivative Asset 136 80  
Derivatives: [Abstract]      
Derivative Liability 19 24  
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas      
Derivatives:      
Discontinued Operation, Contingent Receivable     $ 150
Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 26 27  
Trust Assets Fair Value Disclosure 65 65  
Derivatives:      
Derivative Asset 0 0  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Long-term debt, including current portion 0 0  
Level 1      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 7 6  
Trust Assets Fair Value Disclosure 20 17  
Derivatives:      
Derivative Asset 8 3  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 2 1  
Long-term debt, including current portion 0 0  
Level 2      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 0 0  
Trust Assets Fair Value Disclosure 126 130  
Derivatives:      
Derivative Asset 128 77  
Discontinued Operation, Contingent Receivable 0 0  
Derivatives: [Abstract]      
Derivative Liability 17 23  
Long-term debt, including current portion 9,301 9,364  
Level 3      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 0 0  
Trust Assets Fair Value Disclosure 0 0  
Derivatives:      
Derivative Asset 0 0  
Discontinued Operation, Contingent Receivable 40 42  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Long-term debt, including current portion 0 0  
Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 33 33  
Trust Assets Fair Value Disclosure 211 212  
Derivatives:      
Derivative Asset 136 80  
Discontinued Operation, Contingent Receivable 40 42  
Derivatives: [Abstract]      
Derivative Liability 19 24  
Long-term debt, including current portion 9,301 9,364  
Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Investments, Fair Value Disclosure 33 33  
Trust Assets Fair Value Disclosure 211 212  
Derivatives:      
Derivative Asset 136 80  
Discontinued Operation, Contingent Receivable 47 50  
Derivatives: [Abstract]      
Derivative Liability 19 24  
Long-term debt, including current portion 9,425 9,422  
Embedded Derivative Financial Instruments      
Derivatives:      
Derivative Asset 122 76  
Derivatives: [Abstract]      
Derivative Liability 16 23  
Embedded Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share      
Derivatives:      
Derivative Asset 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Embedded Derivative Financial Instruments | Level 1      
Derivatives:      
Derivative Asset 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Embedded Derivative Financial Instruments | Level 2      
Derivatives:      
Derivative Asset 122 76  
Derivatives: [Abstract]      
Derivative Liability 16 23  
Embedded Derivative Financial Instruments | Level 3      
Derivatives:      
Derivative Asset 0 0  
Derivatives: [Abstract]      
Derivative Liability 0 0  
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset 122 76  
Derivatives: [Abstract]      
Derivative Liability 16 23  
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 122 76  
Derivatives: [Abstract]      
Derivative Liability 16 23  
Forward Contracts | Level 1      
Derivatives:      
Derivative Asset 0    
Forward Contracts | Level 2      
Derivatives:      
Derivative Asset 1    
Forward Contracts | Level 3      
Derivatives:      
Derivative Asset 0    
Forward Contracts | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset 1    
Forward Contracts | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 1    
Commodity Contract      
Derivatives:      
Derivative Asset 14 4  
Derivatives: [Abstract]      
Derivative Liability 3 1  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share      
Derivatives:      
Derivative Asset 0 0  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 0 0  
Commodity Contract | Level 1      
Derivatives:      
Derivative Asset   3  
Commodity Contract | Level 1 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 2 1  
Commodity Contract | Level 2      
Derivatives:      
Derivative Asset   1  
Commodity Contract | Level 2 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 1 0  
Commodity Contract | Level 3      
Derivatives:      
Derivative Asset   0  
Commodity Contract | Level 3 | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 0 0  
Commodity Contract | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset   4  
Commodity Contract | Estimate of Fair Value Measurement | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 3 1  
Commodity Contract | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset   4  
Commodity Contract | Carrying Amount, Fair Value Disclosure | Forward Contracts      
Derivatives: [Abstract]      
Derivative Liability 3 1  
Future | Level 1      
Derivatives:      
Derivative Asset 8    
Future | Level 2      
Derivatives:      
Derivative Asset 5    
Future | Level 3      
Derivatives:      
Derivative Asset 0    
Future | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset 13    
Future | Carrying Amount, Fair Value Disclosure      
Derivatives:      
Derivative Asset 13    
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Marketable Securities 26 27  
Trust Assets Fair Value Disclosure 65 65  
U.S. core fixed income fund | Level 1      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund | Level 2      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund | Level 3      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Trust Assets Fair Value Disclosure 0 0  
U.S. core fixed income fund | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Marketable Securities 26 27  
Trust Assets Fair Value Disclosure 65 65  
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 26 27  
Trust Assets Fair Value Disclosure 65 65  
Equity securities | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Equity securities | Level 1      
Investment securities (current and long-term):      
Marketable Securities 7 6  
Equity securities | Level 2      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Equity securities | Level 3      
Investment securities (current and long-term):      
Marketable Securities 0 0  
Equity securities | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Marketable Securities 7 6  
Equity securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Marketable Securities 7 6  
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government mortgage-backed securities | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government mortgage-backed securities | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 48 51  
Government mortgage-backed securities | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government mortgage-backed securities | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 48 51  
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 48 51  
Government bonds | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government bonds | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government bonds | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 37  
Government bonds | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Government bonds | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 37  
Government bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 37  
Corporate bonds | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Corporate bonds | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Corporate bonds | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 29  
Corporate bonds | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Corporate bonds | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 29  
Corporate bonds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 32 29  
Money market funds | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Money market funds | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 20 17  
Money market funds | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Money market funds | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Money market funds | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 20 17  
Money market funds | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 20 17  
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Asset-backed securities | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Asset-backed securities | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 13 12  
Asset-backed securities | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Asset-backed securities | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 13 12  
Asset-backed securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 13 12  
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Collateralized Mortgage Backed Securities | Level 1      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Collateralized Mortgage Backed Securities | Level 2      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Collateralized Mortgage Backed Securities | Level 3      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 0 0  
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Trust Assets Fair Value Disclosure 1 1  
Bank Time Deposits | Carrying Amount, Fair Value Disclosure      
Investment securities (current and long-term):      
Other Assets, Current   97  
Other assets 147 $ 145  
Fair Value, Recurring [Member] | Forward Contracts | Estimate of Fair Value Measurement      
Derivatives:      
Derivative Asset $ 0    
v3.24.1.u1
Contingencies and Commitments - Environmental (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Accrual for environmental loss contingencies, period increase $ 56
v3.24.1.u1
Contingencies and Commitments - Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Commitments [Line Items]    
Increase in ARO liability and asset retirement cost asset $ 256  
Production and delivery 3,844 $ 3,165
Freeport-McMoRan Oil & Gas    
Other Commitments [Line Items]    
Production and delivery $ 109  
v3.24.1.u1
Contingencies and Commitments - Litigation (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2019
case
Loss Contingencies [Line Items]    
Payments for Legal Settlements | $ $ 15  
Louisiana Parishes Coastal Erosion Cases | FCX affiliates    
Loss Contingencies [Line Items]    
Number of pending claims   42
Number of Parishes That Filed Claims   6
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates    
Loss Contingencies [Line Items]    
Number of pending claims   13
v3.24.1.u1
Business Segments (Product Revenue) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Revenue from External Customer [Line Items]    
Number of Operating Segments | segment 4  
PT-FI export dutiesc $ (156) $ (17)
Treatment charges (129) (101)
Royalty expense (120) (60)
Revenues from contracts with customers 6,211 5,116
Revenues $ 6,321 $ 5,389
Export Duty On Copper Concentrates, Percent 7.50%  
Export Duty On Copper Concentrates, Paid, Percent   2.50%
Sales | Not Designated as Hedging Instrument    
Revenue from External Customer [Line Items]    
Matured derivative financial instruments $ 110 $ 273
Copper Cathode    
Revenue from External Customer [Line Items]    
Revenue 1,941 1,511
Copper In Concentrates    
Revenue from External Customer [Line Items]    
Revenue 1,818 1,403
Refined Copper Products    
Revenue from External Customer [Line Items]    
Revenue 953 921
Purchased Copper    
Revenue from External Customer [Line Items]    
Revenue 166 204
Gold    
Revenue from External Customer [Line Items]    
Revenue 1,168 531
Molybdenum    
Revenue from External Customer [Line Items]    
Revenue 421 592
Other Products Or Services    
Revenue from External Customer [Line Items]    
Revenue $ 149 $ 132
v3.24.1.u1
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 6,321 $ 5,389  
Production and delivery 3,844 3,165  
Cost, Depreciation, Amortization and Depletion 595 399  
Selling, general and administrative expenses 144 126  
Exploration and research expenses 37 31  
Environmental obligations and shutdown costs 67 67  
Operating income 1,634 1,601  
Interest expense, net 89 151  
Other Nonoperating Income (Expense) 129 88  
Provision for (benefit from) income taxes 512 499  
Equity in affiliated companies’ net earnings 0 10  
Net income (loss) attributable to noncontrolling interests 689 386  
Total assets 54,198 50,909 $ 52,506
Capital expenditures 1,254 1,121  
PT Freeport Indonesia      
Segment Reporting Information [Line Items]      
Provision for (benefit from) income taxes 182    
Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 77 129  
Production and delivery 1,224 1,162  
Cost, Depreciation, Amortization and Depletion 112 103  
Selling, general and administrative expenses 1 1  
Exploration and research expenses 12 19  
Environmental obligations and shutdown costs 0 21  
Operating income 153 364  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) (2) 2  
Provision for (benefit from) income taxes 0 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 9,463 8,810  
Capital expenditures 237 196  
Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 1,034 1,192  
Production and delivery 773 807  
Cost, Depreciation, Amortization and Depletion 108 107  
Selling, general and administrative expenses 2 2  
Exploration and research expenses 4 2  
Environmental obligations and shutdown costs 0 0  
Operating income 249 518  
Interest expense, net 5 29  
Other Nonoperating Income (Expense) 24 12  
Provision for (benefit from) income taxes 103 194  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 90 158  
Total assets 10,035 10,483  
Capital expenditures 82 100  
Corporate And Eliminations      
Segment Reporting Information [Line Items]      
Revenues 400 597  
Production and delivery (1,270) (1,499)  
Cost, Depreciation, Amortization and Depletion 16 13  
Selling, general and administrative expenses 101 87  
Exploration and research expenses 19 10  
Environmental obligations and shutdown costs 67 46  
Operating income (392) (250)  
Interest expense, net 73 109  
Other Nonoperating Income (Expense) 63 48  
Provision for (benefit from) income taxes 13 (25)  
Equity in affiliated companies’ net earnings 2 (1)  
Net income (loss) attributable to noncontrolling interests (1) (43)  
Total assets 4,042 5,074  
Capital expenditures 38 27  
Intersegment      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 1,425 1,541  
Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 102 244  
Morenci | Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 37 32  
Production and delivery 459 381  
Cost, Depreciation, Amortization and Depletion 48 43  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 4 3  
Environmental obligations and shutdown costs 0 0  
Operating income 66 198  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) 0 (1)  
Provision for (benefit from) income taxes 0 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 3,148 3,142  
Capital expenditures 44 56  
Morenci | Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 540 593  
Other Individually Immaterial Operating Segments | Operating Segments | North America      
Segment Reporting Information [Line Items]      
Revenues 40 97  
Production and delivery 765 781  
Cost, Depreciation, Amortization and Depletion 64 60  
Selling, general and administrative expenses 1 1  
Exploration and research expenses 8 16  
Environmental obligations and shutdown costs 0 21  
Operating income 87 166  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) (2) 3  
Provision for (benefit from) income taxes 0 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 6,315 5,668  
Capital expenditures 193 140  
Other Individually Immaterial Operating Segments | Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 208 234  
Production and delivery 170 187  
Cost, Depreciation, Amortization and Depletion 16 16  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 1 1  
Environmental obligations and shutdown costs 0 0  
Operating income 21 30  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) 13 (6)  
Provision for (benefit from) income taxes 12 7  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 14 18  
Total assets 1,960 1,871  
Capital expenditures 22 39  
Other Individually Immaterial Operating Segments | Intersegment | North America      
Segment Reporting Information [Line Items]      
Revenues 885 948  
Other Individually Immaterial Operating Segments | Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Cerro Verde | Operating Segments | South America      
Segment Reporting Information [Line Items]      
Revenues 826 958  
Production and delivery 603 620  
Cost, Depreciation, Amortization and Depletion 92 91  
Selling, general and administrative expenses 2 2  
Exploration and research expenses 3 1  
Environmental obligations and shutdown costs 0 0  
Operating income 228 488  
Interest expense, net 5 29  
Other Nonoperating Income (Expense) 11 18  
Provision for (benefit from) income taxes 91 187  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 76 140  
Total assets 8,075 8,612  
Capital expenditures 60 61  
Cerro Verde | Intersegment | South America      
Segment Reporting Information [Line Items]      
Revenues 102 244  
Grasberg Segment      
Segment Reporting Information [Line Items]      
Capital expenditures 381 427  
Grasberg Segment | Operating Segments | Indonesia      
Segment Reporting Information [Line Items]      
Revenues 2,648 1,199  
Production and delivery 861 338  
Cost, Depreciation, Amortization and Depletion 335 148  
Selling, general and administrative expenses 31 28  
Exploration and research expenses 2 0  
Environmental obligations and shutdown costs 0 0  
Operating income 1,596 854  
Interest expense, net 1 7  
Other Nonoperating Income (Expense) 38 32  
Provision for (benefit from) income taxes 409 330  
Equity in affiliated companies’ net earnings (2) 11  
Net income (loss) attributable to noncontrolling interests 600 271  
Total assets 27,162 23,462  
Capital expenditures 842 772  
Grasberg Segment | Intersegment | Indonesia      
Segment Reporting Information [Line Items]      
Revenues 177 169  
Molybdenum      
Segment Reporting Information [Line Items]      
Capital expenditures 27 9  
Molybdenum | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 0 0  
Production and delivery 119 96  
Cost, Depreciation, Amortization and Depletion 16 20  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Operating income 10 107  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) 0 0  
Provision for (benefit from) income taxes 0 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 1,885 1,707  
Capital expenditures 27 9  
Molybdenum | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 145 223  
Rod and Refining Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,489 1,523  
Production and delivery 1,487 1,527  
Cost, Depreciation, Amortization and Depletion 1 1  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Operating income 11 1  
Interest expense, net 0 0  
Other Nonoperating Income (Expense) 0 (1)  
Provision for (benefit from) income taxes 0 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 257 221  
Capital expenditures 5 5  
Rod and Refining Segment | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 10 6  
Atlantic Copper Smelting and Refining Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 673 749  
Production and delivery 650 734  
Cost, Depreciation, Amortization and Depletion 7 7  
Selling, general and administrative expenses 9 8  
Exploration and research expenses 0 0  
Environmental obligations and shutdown costs 0 0  
Operating income 7 7  
Interest expense, net 10 6  
Other Nonoperating Income (Expense) 6 (5)  
Provision for (benefit from) income taxes (13) 0  
Equity in affiliated companies’ net earnings 0 0  
Net income (loss) attributable to noncontrolling interests 0 0  
Total assets 1,354 1,152  
Capital expenditures 23 12  
Atlantic Copper Smelting and Refining Segment | Intersegment      
Segment Reporting Information [Line Items]      
Revenues 0 7  
Corporate And Eliminations | Intersegment      
Segment Reporting Information [Line Items]      
Revenues $ (1,859) $ (2,190)