Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		1,433,977,244
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,745	$ 8,146
Restricted cash and cash equivalents	697	111
Trade accounts receivable	792	1,336
Income and other tax receivables	488	459
Inventories:
Product	2,415	1,833
Materials and supplies, net	2,131	1,964
Mill and leach stockpiles	1,403	1,383
Other current assets	406	381
Total current assets	14,077	15,613
Property, plant, equipment and mine development costs, net	34,535	32,627
Long-term mill and leach stockpiles	1,327	1,252
Other assets	1,709	1,601
Total assets	51,648	51,093
Current liabilities:
Accounts payable and accrued liabilities	3,724	4,027
Long-term Debt, Current Maturities	35	1,037
Accrued income taxes	489	744
Environmental And Asset Retirement Obligations, Current	395	320
Dividends Payable, Current	217	217
Total current liabilities	4,860	6,345
Long-term debt, less current portion	9,370	9,583
Environmental and AROs, less current portion	4,645	4,463
Deferred income taxes	4,399	4,269
Other liabilities	1,697	1,562
Total liabilities	24,971	26,222
Stockholders’ equity:
Common stock	162	161
Capital in excess of par value	24,833	25,322
Accumulated deficit	(2,447)	(3,907)
Accumulated other comprehensive loss	(317)	(320)
Common stock held in treasury	(5,772)	(5,701)
Total stockholders’ equity	16,459	15,555
Noncontrolling interests	10,218	9,316
Total equity	26,677	24,871
Total liabilities and equity	$ 51,648	$ 51,093

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 5,824	$ 5,003	$ 16,950	$ 17,022
Cost of sales:
Production and delivery	3,548	3,366	10,260	9,519
Depreciation, depletion and amortization (DD&A)	533	508	1,479	1,504
Metals inventory adjustments	5	25	7	43
Total cost of sales	4,086	3,899	11,746	11,066
Selling, general and administrative expenses	118	98	359	313
Mining exploration and research expenses	30	38	103	87
Environmental obligations and shutdown costs	98	6	239	51
Net gain on sales of assets	0	0	0	(2)
Total costs and expenses	4,332	4,041	12,447	11,515
Operating income	1,492	962	4,503	5,507
Interest expense, net	(96)	(140)	(418)	(423)
Net gain on early extinguishment of debt	5	20	10	28
Other income, net	71	25	183	67
Income before income taxes and equity in affiliated companies’ net earnings	1,472	867	4,278	5,179
Provision for income taxes	(508)	(315)	(1,546)	(1,710)
Equity in affiliated companies’ net earnings	0	8	12	33
Net income	964	560	2,744	3,502
Net income (loss) attributable to noncontrolling interests	510	156	1,284	731
Net income attributable to common stockholders	$ 454	$ 404	$ 1,460	$ 2,771
Net income per share attributable to common stockholders:
Earnings per share, basic (in dollars per share)	$ 0.31	$ 0.28	$ 1.01	$ 1.91
Earnings per share, diluted (in dollars per share)	$ 0.31	$ 0.28	$ 1.01	$ 1.90
Weighted-average shares of common stock outstanding:
Basic weighted-average shares of common stock outstanding	1,435	1,431	1,434	1,444
Diluted weighted-average shares of common shares outstanding	1,443	1,439	1,443	1,455
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 964	$ 560	$ 2,744	$ 3,502
Defined benefit plans:
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	0	0	(1)
Amortization of unrecognized amounts included in net periodic benefit costs	1	1	3	5
Foreign exchange losses	(1)	0	0	(1)
Other comprehensive income	0	1	3	3
Total comprehensive income	964	561	2,747	3,505
Total comprehensive income attributable to noncontrolling interests	(509)	(156)	(1,284)	(731)
Total comprehensive income (loss)	$ 455	$ 405	$ 1,463	$ 2,774

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net income	$ 2,744	$ 3,502
Adjustments to reconcile net income to net cash provided by operating activities:
DD&A	1,479	1,504
Metals inventory adjustments	7	43
Net gain on sales of assets	0	(2)
Stock-based compensation	89	75
Net charges for environmental and AROs, including accretion	383	180
Payments for environmental and AROs	(181)	(197)
Net charges for defined pension and postretirement plans	44	28
Pension plan contributions	(10)	(52)
Net gain on early extinguishment of debt	(10)	(28)
Deferred income taxes	130	83
Deferred profit recognized on PT Freeport Indonesia’s (PT-FI) sales to PT Smelting	(112)	(34)
Other, net	109	(52)
Changes in working capital and other:
Accounts receivable	550	456
Inventories	(738)	(184)
Other current assets	7	(71)
Accounts payable and accrued liabilities	(180)	84
Accrued income taxes and timing of other tax payments	(352)	(1,265)
Net cash provided by operating activities	3,959	4,070
Cash flow from investing activities:
Capital expenditures	(3,462)	(2,422)
Proceeds from sales of assets	16	102
Loans to PT Smelting for expansion	(109)	(51)
Other, net	(29)	(10)
Net cash used in investing activities	(3,584)	(2,381)
Cash flow from financing activities:
Proceeds from debt	1,186	5,366
Repayments of debt	(2,397)	(4,073)
Cash dividends and distributions paid:
Common stock	(647)	(652)
Noncontrolling interests	(407)	(625)
Treasury stock purchases	0	(1,347)
Contributions from noncontrolling interests	50	142
Proceeds from exercised stock options	41	106
Payments for withholding of employee taxes related to stock-based awards	(50)	(55)
Debt financing costs and other, net	(2)	(41)
Net cash used in financing activities	(2,226)	(1,179)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(1,851)	510
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	8,390	8,314
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	6,539	8,824
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(545)	(430)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(259)	(203)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(1,274)	(1,148)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(1,193)	(517)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(43)	(16)
Other Segments
Cash flow from investing activities:
Capital expenditures	$ (148)	$ (108)

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, 2021		1,603				146
Balance at Dec. 31, 2021	$ 23,019	$ 160	$ 25,875	$ (7,375)	$ (388)	$ (4,292)	$ 13,980	$ 9,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	9
Exercised and issued stock-based awards	$ 113	$ 1	112				113
Stock-based compensation, including the tender of shares (in shares)						2
Stock-based compensation, including the tender of shares	2		75			$ (62)	13	(11)
Treasury stock purchases (in shares)						35
Treasury stock purchases	(1,347)					$ (1,347)	(1,347)
Dividends	(1,253)		(648)				(648)	(605)
Contributions from noncontrolling interests	142		69				69	73
Net loss attributable to common stockholders	2,771			2,771			2,771
Net income (loss) attributable to noncontrolling interests	731							731
Other comprehensive income	3				3		3
Balance (in shares) at Sep. 30, 2022		1,612				183
Balance at Sep. 30, 2022	24,181	$ 161	25,483	(4,604)	(385)	$ (5,701)	14,954	9,227
Balance (in shares) at Jun. 30, 2022		1,612				177
Balance at Jun. 30, 2022	24,047	$ 161	25,661	(5,008)	(386)	$ (5,539)	14,889	9,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares	12		12				12
Treasury stock purchases (in shares)						6
Treasury stock purchases	(162)					$ (162)	(162)
Dividends	(325)		(213)				(213)	(112)
Contributions from noncontrolling interests	48		23				23	25
Net loss attributable to common stockholders	404			404			404
Net income (loss) attributable to noncontrolling interests	156							156
Other comprehensive income	1				1		1
Balance (in shares) at Sep. 30, 2022		1,612				183
Balance at Sep. 30, 2022	24,181	$ 161	25,483	(4,604)	(385)	$ (5,701)	14,954	9,227
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	$ 63	$ 1	62				63
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	2		74			$ (71)	3	(1)
Dividends	(1,056)		(649)				(649)	(407)
Contributions from noncontrolling interests	50		24				24	26
Net loss attributable to common stockholders	1,460			1,460			1,460
Net income (loss) attributable to noncontrolling interests	1,284							1,284
Other comprehensive income	3				3		3
Balance (in shares) at Sep. 30, 2023		1,618				184
Balance at Sep. 30, 2023	26,677	$ 162	24,833	(2,447)	(317)	$ (5,772)	16,459	10,218
Balance (in shares) at Jun. 30, 2023		1,618				184
Balance at Jun. 30, 2023	26,027	$ 162	25,028	(2,901)	(318)	$ (5,769)	16,202	9,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	7		7				7
Stock-based compensation, including the tender of shares	11		14			$ (3)	11
Dividends	(332)		(216)				(216)	(116)
Net loss attributable to common stockholders	454			454			454
Net income (loss) attributable to noncontrolling interests	510							510
Other comprehensive income	0				1		1	(1)
Balance (in shares) at Sep. 30, 2023		1,618				184
Balance at Sep. 30, 2023	$ 26,677	$ 162	$ 24,833	$ (2,447)	$ (317)	$ (5,772)	$ 16,459	$ 10,218

General Information	9 Months Ended
General Information	Sep. 30, 2023
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, 2022 (2022 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine-month period ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. PT-FI. FCX’s economic ownership interest in PT-FI is 48.76% and prior to January 1, 2023, FCX’s economic interest in PT-FI approximated 81%. As discussed in Note 3 of FCX’s 2022 Form 10-K, in accordance with provisions pertaining to PT-FI’s shareholders agreement, FCX's first-quarter 2023 net income included a $35 million net benefit associated with PT-FI sales volumes that were attributed to FCX at its previous approximate 81% economic ownership interest. Subsequent Events. FCX evaluated events after September 30, 2023, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Earnings per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	964	$	560	$	2,744	$	3,502
Net income attributable to noncontrolling interests	(510)		(156)		(1,284)		(731)

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







Net income attributable to common stockholders	$	449	$	399	$	1,455	$	2,765


Basic weighted-average shares of common stock outstanding	1,435		1,431		1,434		1,444
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		8		9		11
Diluted weighted-average shares of common stock outstanding	1,443		1,439		1,443		1,455

Net income per share attributable to common stockholders:


Basic	$	0.31	$	0.28	$	1.01	$	1.91



Diluted	$	0.31	$	0.28	$	1.01	$	1.90

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 the

third quarter and first nine months of 2023, and 3 million shares and 1 million shares excluded for the third quarter and first nine months of 2022, respectively.

Inventories, Including Long-Term Mill and Leach Stockpiles

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	September 30, 2023		December 31, 2022
Current inventories:
Raw materials (primarily copper concentrate)	$	467	$	443
Work-in-process	219		221
Finished goodsa	1,729		1,169
Total product	$	2,415	$	1,833

Total materials and supplies, netb	$	2,131	$	1,964

Mill stockpiles	$	165	$	216
Leach stockpiles	1,238		1,167
Total current mill and leach stockpiles	$	1,403	$	1,383

Long-term inventories:
Mill stockpiles	$	260	$	199
Leach stockpiles	1,067		1,053
Total long-term mill and leach stockpilesc	$	1,327	$	1,252

a.The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion.

b.Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022.

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

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Nine Months Ended
	September 30,
	2023		2022
U.S. operations	$	3	$	(5)
International operations	(1,549)		(1,705)		a
Total	$	(1,546)	$	(1,710)

a.Includes a credit of $31 million, primarily associated with completion of Cerro Verde’s 2016 tax audit.

FCX’s consolidated effective income tax rate was 36% for the first nine months of 2023 and 33% for the first nine months of 2022. A higher 2023 effective income tax rate primarily reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first nine months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. In addition, variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Because of its U.S. tax position, FCX does not record a tax impact for income or losses generated in the U.S.

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 the first nine months of 2023.

There has been limited guidance released by the U.S. Department of the Treasury (the Treasury) on how the CAMT provisions of the Act should be applied or otherwise administered, and uncertainty remains regarding their application. In October 2023, the Treasury stated publicly that it expects to issue proposed rules regarding the application of the CAMT by the end of 2023. Future guidance released by the Treasury may differ from FCX’s interpretations, which could be material and may further limit its ability to realize future benefits from its U.S. net operating losses.

- Definition

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

+ References

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+ Details

Debt and Equity

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	September 30, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,004	$	7,225
Issued by PT-FI	2,980		2,978
Issued by Freeport Minerals Corporation	354		355



Other	67		62
Total debt	9,405		10,620
Less current portion of debt	(35)		(1,037)
Long-term debt	$	9,370	$	9,583

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 PT-FI’s capacity limited to $500 million, and letters of credit issuance limited to $1.5 billion. At September 30, 2023, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.3 billion unsecured revolving credit facility that matures in July 2026 and Cerro Verde has a $350 million unsecured revolving credit facility that matures in May 2027.

At September 30, 2023, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

Senior Notes.

In March 2023, FCX repaid in full the outstanding principal balance of its 3.875% Senior Notes totaling $996 million at maturity.

Beginning in 2022 and through November 3, 2023, FCX has purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion, including $102 million aggregate principal amount in third-quarter 2023 and $233 million in the first nine months of 2023. A summary of the senior note purchases and related gains on debt extinguishments for the first nine months of 2023 follows (in millions):



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

5.00% Senior Notes due 2027	$	17	$	—	$	17	$	17	$	—
4.125% Senior Notes due 2028	61		—		61		58		3
4.375% Senior Notes due 2028	46		1		45		43		2
5.25% Senior Notes due 2029	31		—		31		31		—
4.25% Senior Notes due 2030	50		1		49		46		3
4.625% Senior Notes due 2030	28		—		28		26		2


	$	233	$	2	$	231	$	221	$	10

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $165 million in third-quarter 2023, $182 million in third-quarter 2022, $606 million for the first nine months of 2023 and $524 million for the first nine months of 2022. Consolidated interest costs (before capitalization) for the first nine months of 2023, includes

interest charges totaling $74 million associated with Cerro Verde’s contested tax rulings issued by the Peruvian Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $69 million in third-quarter 2023, $42 million in third-quarter 2022, $188 million for the first nine months of 2023 and $101 million for the first nine months of 2022. The increase in capitalized interest costs in the 2023 periods, compared to the 2022 periods, primarily resulted from increased construction and development projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects).

Share Repurchase Program and Dividends. Beginning in mid-2021 and through July 11, 2022, FCX acquired 47.8 million shares of its common stock under the share repurchase program for a total cost of $1.8 billion ($38.35 average cost per share). FCX has $3.2 billion available for repurchases under the program.

On September 20, 2023, 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 was paid on November 1, 2023, to common stockholders of record as of October 13, 2023.

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.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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

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

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

Derivatives Designated as Hedging Instruments - Fair Value Hedges.

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2023 and 2022. At September 30, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 85 million pounds at an average contract price of $3.85 per pound, with maturities through May 2025.

Summary of Gains (Losses). A summary of the 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 (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	2	$	17	$	(9)	$	(61)
Hedged item – firm sales commitments	(2)		(17)		9		61

Realized losses:
Matured derivative financial instruments	(4)		(50)		(1)		(48)

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 September 30, 2023, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	553	$	3.78	$	3.75	February 2024
Gold (thousands of ounces)	209	1,925		1,884		December 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	165	3.80		3.75		January 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 September 30, 2023, Atlantic Copper held net copper forward purchase contracts for 19 million pounds at an average contract price of $3.77 per pound, with maturities through November 2023.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	(30)	$	(272)	$	31	$	(774)
Gold and other metals	(10)		(34)		12		(45)
Copper forward contractsb	(1)		5		(3)		31

a.Amounts recorded in revenues.

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

Unsettled Derivative Financial Instruments.

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


	September 30, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	16		166
Copper forward contracts	—		1
Total derivative assets	$	16	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	8	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	35		39


Copper forward contracts	1		—
Total derivative liabilities	$	44	$	42

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

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


	Assets				Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Gross amounts recognized:

Embedded derivatives in provisional
sales/purchase contracts	$	16	$	166	$	35	$	39

Copper derivatives	—		4		9		3
	16		170		44		42

Less gross amounts of offset:

Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:

Embedded derivatives in provisional
sales/purchase contracts	13		166		32		39

Copper derivatives	—		4		9		3
	$	13	$	170	$	41	$	42

Balance sheet classification:
Trade accounts receivable	$	5	$	163	$	20	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	8		3		21		34
Other liabilities	—		—		—		1
	$	13	$	170	$	41	$	42

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of September 30, 2023, the maximum amount of credit exposure associated with derivative transactions was $16 million.

Other Financial Instruments. Other financial instruments include cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt). In addition, as of September 30, 2023, 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, Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows (in millions):


	September 30, 2023			December 31, 2022
Balance sheet components:
Cash and cash equivalentsa	$	5,745		$	8,146

Restricted cash and cash equivalents, current	697		b	111
Restricted cash and cash equivalents, long-term - included in other assets	97			133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	6,539		$	8,390

a.Includes time deposits of $0.3 billion at September 30, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.6 billion at September 30, 2023, and $1.8 billion at December 31, 2022.

b.Includes $0.5 billion associated with PT-FI’s export proceeds. See Note 8 for further discussion.

Fair Value Measurement

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 2023.

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


	At September 30, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	30		30		25		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	61		61		61		—		—		—
Government mortgage-backed securities	43		43		—		—		43		—
Government bonds and notes	30		30		—		—		30		—
Corporate bonds	30		30		—		—		30		—
Money market funds	19		19		—		19		—		—
Asset-backed securities	15		15		—		—		15		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	199		199		61		19		119		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	16		16		—		—		16		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	55		47		—		—		—		47



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	35		35		—		—		35		—


Copper futures and swap contracts	8		8		—		6		2		—
Copper forward contracts	1		1		—		1		—		—


Total	44		44		—		7		37		—




Long-term debt, including current portiond	9,405		8,639		—		—		8,639		—


	At December 31, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—

Total	32		32		25		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	56		56		56		—		—		—
Government mortgage-backed securities	37		37		—		—		37		—
Government bonds and notes	34		34		—		—		34		—
Corporate bonds	31		31		—		—		31		—
Asset-backed securities	17		17		—		—		17		—
Money market funds	3		3		—		3		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	181		181		56		3		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	166		166		—		—		166		—
Copper futures and swap contracts	3		3		—		3		—		—
Copper forward contracts	1		1		—		1		—		—



Total	170		170		—		4		166		—

Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	67		57		—		—		—		57



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	39		39		—		—		39		—

Copper forward contracts	3		3		—		—		3		—



Total	42		42		—		—		42		—




Long-term debt, including current portiond	10,620		10,097		—		—		10,097		—

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 ($0.5 billion at September 30, 2023), (ii) an assurance bond to support PT-FI’s commitment for additional smelter development in Indonesia ($135 million at September 30, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($111 million at September 30, 2023, and $103 million at December 31, 2022).

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 that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in 2018. The contingent consideration included in (i) other current assets totaled $17 million at September 30, 2023, and $20 million at December 31, 2022, and (ii) other assets totaled $38 million at September 30, 2023, and $47 million at December 31, 2022. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

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

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at September 30, 2023, as compared with those techniques used at December 31, 2022.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2023 follows (in millions):



Fair value at January 1, 2023	$	57
Net unrealized gain related to assets still held at the end of the period	1
Settlements	(11)
Fair value at September 30, 2023	$	47

- Definition

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

+ References + Details

Contingencies and Commitments	9 Months Ended
Contingencies and Commitments	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	CONTINGENCIES AND COMMITMENTS Environmental FCX recorded adjustments to environmental obligations totaling $83 million in third-quarter 2023 and $199 million for the first nine months of 2023, primarily related to Pinal Creek in Arizona for a refined engineering evaluation and Newtown Creek in New York based on a focused feasibility study for an early action in the East Branch tributary. Refer to Note 12 of FCX’s 2022 Form 10-K for further discussion of FCX’s environmental obligations. There were no other significant updates to previously reported environmental matters included in Note 12 of FCX’s 2022 Form 10-K, other than the matters discussed below. Historical Smelter Sites. On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc., Docket No. 734-17, was filed in the Superior Court of New Jersey. In July 2023, the Court approved an agreement between the parties pursuant to which all claims were settled for an amount not material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2022 Form 10-K, other than the matters 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. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases and, as of October 2022, all parties have executed the settlement agreement. On March 16, 2023, a non-plaintiff coastal parish included in the settlement (Terrebonne), filed an amended petition titled Terrebonne Parish Consolidated Government vs. Louisiana Department of Natural Resources et al., Docket No. 185576, in the 32nd Judicial District Court, Terrebonne Parish, State of Louisiana, adding the settling FCX affiliates to a lawsuit that challenges whether Terrebonne Parish is validly bound to the settlement agreement and seeks to have the court declare the settlement void. FCX is evaluating and exploring options to resolve this dispute and will vigorously defend this matter. Asbestos and Talc Claims. As previously discussed in Note 12 of FCX’s 2022 Form 10-K, in 2021 Imerys Talc America (Imerys), an affiliate of Imerys S.A., filed the form of a settlement and release agreement to be entered into by Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, FCX, Imerys and the other debtors, tort claimants’ committee and future claims representative in the Imerys bankruptcy. The bankruptcy court continues to temporarily stay approximately 950 talc-related lawsuits against CAMC, Cyprus Mines, FCX and Imerys but there can be no assurance that the bankruptcy court will continue to impose the interim stay. In accordance with the global settlement agreement, among other things, (1) CAMC agreed to contribute a total of $130 million in cash to a settlement trust in seven annual installments, which will be guaranteed by FCX, and (2) CAMC and Cyprus Mines and their affiliates will contribute to the settlement trust all rights that they have to the proceeds of certain legacy insurance policies as well as indemnity rights they have against Johnson & Johnson. Mediation to resolve open issues in the Imerys and Cyprus Mines bankruptcy cases is ongoing, including the adequacy of the settlement and agreed contribution from CAMC, with a deadline for the parties to complete mediation by December 31, 2023, set by the bankruptcy court. There can be no assurance that the global settlement will be successfully implemented. Other Matters Indonesia Regulatory Matters Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various products, including copper concentrates. Export License. On June 10, 2023, export licenses for several exporters, including PT-FI and PT Smelting, expired. During the second quarter and through July 2023, the Indonesia government issued various regulations to address exports of unrefined metals, including regulations by the Ministry of Energy and Mineral Resources (MEMR) to allow continued exports of copper concentrates through May 2024 for companies engaged in ongoing smelter development projects with construction progress greater than 50%, and regulations by the Ministry of Trade on the permitted export of various products, including copper concentrates. On July 24, 2023, PT-FI was granted an export license through May 2024 for 1.7 million metric tons of copper concentrate. Through June 10, 2023, PT-FI exported anode slimes under PT Smelting’s export license. A change in regulations during second-quarter 2023 requires PT-FI to follow a new administrative process for the export of anode slimes. The administrative process is advancing, and PT-FI expects to receive approval to resume exports of anode slimes during fourth-quarter 2023. PT-FI will continue to work with the Indonesia government to obtain approvals to continue exports of copper concentrates and anode slimes beyond May 2024 and until the Indonesia smelter projects are fully commissioned and reach designed operating conditions. Export Duties. Under PT-FI’s special mining license (IUPK), which was granted by the Indonesia government in 2018, export duties are determined based on regulations that were in effect in 2018 and no duties are required after smelter construction progress reached 50%. In March 2023, the Indonesia government verified that construction progress on the Manyar smelter exceeded 50% and PT-FI's export duties were eliminated effective March 29, 2023. In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. The revised regulation assesses export duties for copper concentrates at 7.5% in the second half of 2023 and 10% in 2024 for companies with smelter progress of 70% to 90%. For companies with smelter progress above 90%, export duties would be 5% in the second half of 2023 and 7.5% in 2024. During third-quarter 2023, PT-FI incurred $147 million in export duties under the revised regulation. PT-FI does not believe any export duties should be assessed under the revised regulation and continues to discuss the applicability of the revised regulation with the Indonesia government because of inconsistencies with its IUPK. Additionally, PT-FI is required by the Indonesia government to provide bank guarantees for unpaid export duties, which have been presented as current restricted cash and cash equivalents at September 30, 2023. Smelter Development Progress. In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is advancing the construction of the Indonesia smelter projects and expanding capacity at PT Smelting. PT-FI estimates construction of the Manyar smelter to be complete in mid-2024 followed by commissioning of the facilities and a ramp-up schedule through year-end 2024. As disclosed in Note 12 of FCX’s 2022 Form 10-K, in March 2022, PT-FI paid the Indonesia government an administrative fine totaling $57 million (which included charges of $41 million recorded in first-quarter 2022) related to smelter development delays in light of the COVID-19 pandemic. In May 2023, MEMR issued a decree prescribing a revised formula for administrative fines for delays in construction of smelter and refining facilities, taking into account allowances for certain delays associated with the COVID-19 pandemic as verified by a third-party. In mid-July 2023, PT-FI submitted its third-party verified calculation, which resulted in an accrual for a potential administrative fine of $55 million based on the formula prescribed by the decree related to the period from August 2020 through January 2022. PT-FI continues to discuss the applicability of this administrative fine with MEMR. Based on PT-FI’s revised smelter construction schedule, which was accepted by the Indonesia government in connection with the renewal of PT-FI's export license in early 2022, PT-FI does not believe any additional fines should be assessed under the decree. Smelter Assurance. PT-FI has an assurance bond to support its commitment for additional smelter development in Indonesia, totaling $135 million at September 30, 2023, for which the terms have been fulfilled (refer to Note 7). In August 2023, PT-FI submitted a request to MEMR for release of the assurance bond and is awaiting a response. The decree issued by MEMR in May 2023 also requires assurance in the form of an escrow account that will be released if smelter development progress reaches 90% of the construction plan by June 10, 2024. During third-quarter 2023, PT-FI deposited $10 million in a joint account with the Indonesia government while it continues to discuss the applicability of the May 2023 decree with the Indonesia government. If the May 2023 decree is determined to be applicable, PT-FI may be required to make an additional refundable deposit of approximately $370 million. Export Proceeds. In accordance with a regulation issued by the Indonesia government that became effective August 1, 2023, 30% of PT-FI’s gross export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. At September 30, 2023, FCX had $0.5 billion in current restricted cash and cash equivalents deposited in Indonesia banks in accordance with this regulation.

Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTSFCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the

Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

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

FCX defers recognizing profits on sales from its mining operations to Atlantic Copper (and on 39.5% of PT-FI’s sales to PT Smelting for the 2022 periods) 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.

Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties (i.e., there are no further sales from PT-FI to PT Smelting). While the new tolling agreement with PT Smelting does not significantly change PT-FI’s economics, it impacts the timing of PT-FI’s sales and working capital requirements.

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

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2023 and 2022 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Copper:
Concentrate	$	2,365	$	2,091	$	6,137	$	7,476
Cathode	1,331		1,255		4,016		3,873
Rod and other refined copper products	992		755		2,797		2,942
Purchased coppera	71		168		347		342
Gold	854		858		2,384		2,578
Molybdenum	479		304		1,562		1,059
Otherb	136		174		439		527
Adjustments to revenues:
Treatment chargesc	(151)		(132)		(394)		(404)
Royalty expensed	(80)		(83)		(234)		(289)
PT-FI export dutiese	(133)		(81)		(147)		(263)
Revenues from contracts with customers	5,864		5,309		16,907		17,841
Embedded derivativesf	(40)		(306)		43		(819)
Total consolidated revenues	$	5,824	$	5,003	$	16,950	$	17,022

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

b.Primarily includes revenues associated with silver.

c.Treatment charges for the third quarter and first nine months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income.

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 8 for further discussion of PT-FI export duties.

f.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





(in Millions)																					Atlantic			Corporate,
	North America Copper Mines				South America Mining														Copper				Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	17	$	22	$	39	$	822		$	203	$	1,025	$	2,030		$	—	$	1,566	$	692		$	472	a	$	5,824
Intersegment	624		994		1,618		219			—		219		65			147		12		8			(2,069)			—
Production and delivery	476		799		1,275		648			178		826		667			120		1,566		680			(1,586)			3,548
DD&A	47		63		110		94			17		111		271			14		2		7			18			533

Metals inventory adjustments	4		—		4		1			—		1		—			—		—		—			—			5
Selling, general and administrative expenses	—		1		1		3			—		3		32			—		—		6			76			118
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			29			30
Environmental obligations and shutdown costs	—		4		4		—			—		—		—			—		—		—			94			98

Operating income (loss)	114		148		262		295			8		303		1,125			13		10		7			(228)			1,492

Interest expense, net	—		1		1		(10)		b	—		(10)		10			—		—		8			87			96
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			5			5
Other (expense) income, net	(2)		(9)		(11)		(9)			13		4		30			—		—		5			43			71
Provision for (benefit from) income taxes	—		—		—		119			12		131		419			—		—		—			(42)			508
Equity in affiliated companies' net (losses) earnings	—		—		—		—			—		—		(2)			—		—		—			2			—
Net income attributable to noncontrolling interests	—		—		—		84			14		98		392		c	—		—		—			20			510

Total assets at September 30, 2023	3,171		5,799		8,970		8,227			1,893		10,120		21,020			1,747		288		1,176			8,327			51,648
Capital expenditures	53		114		167		61			15		76		441			21		2		20			451		d	1,178

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

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

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

Interest expense, net	—		1		1		5			—		5		15			—		—		4			115			140
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			20			20
Other (expense) income, net	—		(8)		(8)		(21)			5		(16)		19			(1)		—		11			20			25
Provision for (benefit from) income taxes	—		—		—		3			(18)		(15)		343			—		—		—			(13)			315
Equity in affiliated companies' net earnings	—		—		—		—			—		—		7			—		—		—			1			8
Net income attributable to noncontrolling interests	—		—		—		29			11		40		105		c	—		—		—			11			156

Total assets at September 30, 2022	2,996		5,456		8,452		8,390			1,826		10,216		20,496			1,701		216		1,082			7,764			49,927
Capital expenditures	71		83		154		41			38		79		389			7		2		17			188		d	836

Financial Information by Business Segment (continued)


(In Millions)
																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Nine Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	75	$	133	$	208	$	2,563		$	627	$	3,190	$	5,268	e	$	—	$	4,552	$	2,185		$	1,547	a	$	16,950
Intersegment	1,787		2,922		4,709		638			—		638		432			520		28		19			(6,346)			—
Production and delivery	1,279		2,324		3,603		1,877			539		2,416		1,860		f	321		4,558		2,139			(4,637)			10,260
DD&A	132		180		312		302			48		350		694			48		4		21			50			1,479

Metals inventory adjustments	5		—		5		1			—		1		—			—		—		—			1			7
Selling, general and administrative expenses	1		2		3		7			—		7		90			—		—		21			238			359
Mining exploration and research expenses	—		2		2		—			—		—		—			—		—		—			101			103
Environmental obligations and shutdown costs	—		26		26		—			—		—		—			—		—		—			213			239


Operating income (loss)	445		521		966		1,014			40		1,054		3,056			151		18		23			(765)			4,503

Interest expense, net	—		1		1		74		b	—		74		32			—		—		22			289			418
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			10			10
Other (expense) income, net	(4)		(8)		(12)		(36)			11		(25)		92			(1)		(1)		—			130			183
Provision for (benefit from) income taxes	—		—		—		419			19		438		1,159			—		—		—			(51)			1,546
Equity in affiliated companies' net earnings	—		—		—		—			—		—		9			—		—		—			3			12
Net income (loss) attributable to noncontrolling interests	—		—		—		242			34		276		1,031		c	—		—		—			(23)			1,284
Capital expenditures	176		369		545		179			80		259		1,274			43		9		43			1,289		d	3,462

Nine Months Ended September 30, 2022
Revenues:
Unaffiliated customers	$	125	$	159	$	284	$	2,474		$	555	$	3,029	$	5,972	e	$	—	$	4,932	$	1,755		$	1,050	a	$	17,022
Intersegment	1,992		2,978		4,970		325			—		325		208			399		24		5			(5,931)			—
Production and delivery	1,168		2,111		3,279		1,702			510		2,212		1,853		f	249		4,969		1,789		g	(4,832)			9,519
DD&A	132		175		307		262			35		297		775			52		3		20			50			1,504

Metals inventory adjustments	2		8		10		11			22		33		—			—		—		—			—			43
Selling, general and administrative expenses	1		2		3		6			—		6		83			—		—		19			202			313
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			86			87
Environmental obligations and shutdown costs	(13)		1		(12)		—			—		—		—			—		—		—			63			51

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

Interest expense, net	—		1		1		12			—		12		30			—		—		8			372			423
Net (loss) gain on early extinguishment of debt	—		—		—		—			—		—		(10)			—		—		—			38			28
Other (expense) income, net	(1)		(32)		(33)		(11)			12		1		27			(1)		(1)		29			45			67
Provision for (benefit from) income taxes	—		—		—		298			(11)		287		1,363			—		—		—			60			1,710
Equity in affiliated companies' net earnings	—		—		—		—			—		—		27			—		—		—			6			33
Net income attributable to noncontrolling interests	—		—		—		247			25		272		436		c	—		—		—			23			731
Capital expenditures	207		223		430		109			94		203		1,148			16		6		60			559		d	2,422

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

b.The third quarter and first nine months of 2023 include a $13 million credit for the settlement of interest on Cerro Verde's historical profit sharing liability. The first nine months of 2023 also includes $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court.

c.FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%. Refer to Note 1 for further discussion of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement.

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

e.Includes PT-FI sales to PT Smelting totaling $572 million in third-quarter 2022, $27 million for the first nine months of 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $2.3 billion for the first nine months of 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting).

f.Includes charges for administrative fines of $55 million for the first nine months of 2023 and $41 million for the first nine months of 2022. Refer to Note 8 for further discussion.

g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million at Atlantic Copper for the first nine months of 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 (in millions, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	964	$	560	$	2,744	$	3,502
Net income attributable to noncontrolling interests	(510)		(156)		(1,284)		(731)

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







Net income attributable to common stockholders	$	449	$	399	$	1,455	$	2,765


Basic weighted-average shares of common stock outstanding	1,435		1,431		1,434		1,444
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		8		9		11
Diluted weighted-average shares of common stock outstanding	1,443		1,439		1,443		1,455

Net income per share attributable to common stockholders:


Basic	$	0.31	$	0.28	$	1.01	$	1.91



Diluted	$	0.31	$	0.28	$	1.01	$	1.90

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

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	September 30, 2023		December 31, 2022
Current inventories:
Raw materials (primarily copper concentrate)	$	467	$	443
Work-in-process	219		221
Finished goodsa	1,729		1,169
Total product	$	2,415	$	1,833

Total materials and supplies, netb	$	2,131	$	1,964

Mill stockpiles	$	165	$	216
Leach stockpiles	1,238		1,167
Total current mill and leach stockpiles	$	1,403	$	1,383

Long-term inventories:
Mill stockpiles	$	260	$	199
Leach stockpiles	1,067		1,053
Total long-term mill and leach stockpilesc	$	1,327	$	1,252

a.The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion.

b.Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022.

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

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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


	Nine Months Ended
	September 30,
	2023		2022
U.S. operations	$	3	$	(5)
International operations	(1,549)		(1,705)		a
Total	$	(1,546)	$	(1,710)

a.Includes a credit of $31 million, primarily associated with completion of Cerro Verde’s 2016 tax audit.

Debt and Equity (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	September 30, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,004	$	7,225
Issued by PT-FI	2,980		2,978
Issued by Freeport Minerals Corporation	354		355



Other	67		62
Total debt	9,405		10,620
Less current portion of debt	(35)		(1,037)
Long-term debt	$	9,370	$	9,583

Schedule of Extinguishment of Debt

A summary of the senior note purchases and related gains on debt extinguishments for the first nine months of 2023 follows (in millions):



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

5.00% Senior Notes due 2027	$	17	$	—	$	17	$	17	$	—
4.125% Senior Notes due 2028	61		—		61		58		3
4.375% Senior Notes due 2028	46		1		45		43		2
5.25% Senior Notes due 2029	31		—		31		31		—
4.25% Senior Notes due 2030	50		1		49		46		3
4.625% Senior Notes due 2030	28		—		28		26		2


	$	233	$	2	$	231	$	221	$	10

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	2	$	17	$	(9)	$	(61)
Hedged item – firm sales commitments	(2)		(17)		9		61

Realized losses:
Matured derivative financial instruments	(4)		(50)		(1)		(48)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at September 30, 2023, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	553	$	3.78	$	3.75	February 2024
Gold (thousands of ounces)	209	1,925		1,884		December 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	165	3.80		3.75		January 2024

Schedule of Derivative Instruments Included in Trading Activities

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	(30)	$	(272)	$	31	$	(774)
Gold and other metals	(10)		(34)		12		(45)
Copper forward contractsb	(1)		5		(3)		31

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 (in millions):


	September 30, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	16		166
Copper forward contracts	—		1
Total derivative assets	$	16	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	8	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	35		39


Copper forward contracts	1		—
Total derivative liabilities	$	44	$	42

Offsetting Assets

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


	Assets				Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Gross amounts recognized:

Embedded derivatives in provisional
sales/purchase contracts	$	16	$	166	$	35	$	39

Copper derivatives	—		4		9		3
	16		170		44		42

Less gross amounts of offset:

Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:

Embedded derivatives in provisional
sales/purchase contracts	13		166		32		39

Copper derivatives	—		4		9		3
	$	13	$	170	$	41	$	42

Balance sheet classification:
Trade accounts receivable	$	5	$	163	$	20	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	8		3		21		34
Other liabilities	—		—		—		1
	$	13	$	170	$	41	$	42

Offsetting Liabilities

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


	Assets				Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Gross amounts recognized:

Embedded derivatives in provisional
sales/purchase contracts	$	16	$	166	$	35	$	39

Copper derivatives	—		4		9		3
	16		170		44		42

Less gross amounts of offset:

Embedded derivatives in provisional
sales/purchase contracts	3		—		3		—


	3		—		3		—

Net amounts presented in balance sheet:

Embedded derivatives in provisional
sales/purchase contracts	13		166		32		39

Copper derivatives	—		4		9		3
	$	13	$	170	$	41	$	42

Balance sheet classification:
Trade accounts receivable	$	5	$	163	$	20	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	8		3		21		34
Other liabilities	—		—		—		1
	$	13	$	170	$	41	$	42

Schedule of Cash Flow, Supplemental Disclosures

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


	September 30, 2023			December 31, 2022
Balance sheet components:
Cash and cash equivalentsa	$	5,745		$	8,146

Restricted cash and cash equivalents, current	697		b	111
Restricted cash and cash equivalents, long-term - included in other assets	97			133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	6,539		$	8,390

a.Includes time deposits of $0.3 billion at September 30, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.6 billion at September 30, 2023, and $1.8 billion at December 31, 2022.

b.Includes $0.5 billion associated with PT-FI’s export proceeds. See Note 8 for further discussion.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

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


	At September 30, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	30		30		25		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	61		61		61		—		—		—
Government mortgage-backed securities	43		43		—		—		43		—
Government bonds and notes	30		30		—		—		30		—
Corporate bonds	30		30		—		—		30		—
Money market funds	19		19		—		19		—		—
Asset-backed securities	15		15		—		—		15		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	199		199		61		19		119		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	16		16		—		—		16		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	55		47		—		—		—		47



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	35		35		—		—		35		—


Copper futures and swap contracts	8		8		—		6		2		—
Copper forward contracts	1		1		—		1		—		—


Total	44		44		—		7		37		—




Long-term debt, including current portiond	9,405		8,639		—		—		8,639		—


	At December 31, 2022
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	25	$	25	$	25	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—

Total	32		32		25		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	56		56		56		—		—		—
Government mortgage-backed securities	37		37		—		—		37		—
Government bonds and notes	34		34		—		—		34		—
Corporate bonds	31		31		—		—		31		—
Asset-backed securities	17		17		—		—		17		—
Money market funds	3		3		—		3		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—

Total	181		181		56		3		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	166		166		—		—		166		—
Copper futures and swap contracts	3		3		—		3		—		—
Copper forward contracts	1		1		—		1		—		—



Total	170		170		—		4		166		—

Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	67		57		—		—		—		57



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	39		39		—		—		39		—

Copper forward contracts	3		3		—		—		3		—



Total	42		42		—		—		42		—




Long-term debt, including current portiond	10,620		10,097		—		—		10,097		—

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 ($0.5 billion at September 30, 2023), (ii) an assurance bond to support PT-FI’s commitment for additional smelter development in Indonesia ($135 million at September 30, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($111 million at September 30, 2023, and $103 million at December 31, 2022).

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

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

Summary of Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2023 follows (in millions):



Fair value at January 1, 2023	$	57
Net unrealized gain related to assets still held at the end of the period	1
Settlements	(11)
Fair value at September 30, 2023	$	47

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2023 and 2022 follow (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Copper:
Concentrate	$	2,365	$	2,091	$	6,137	$	7,476
Cathode	1,331		1,255		4,016		3,873
Rod and other refined copper products	992		755		2,797		2,942
Purchased coppera	71		168		347		342
Gold	854		858		2,384		2,578
Molybdenum	479		304		1,562		1,059
Otherb	136		174		439		527
Adjustments to revenues:
Treatment chargesc	(151)		(132)		(394)		(404)
Royalty expensed	(80)		(83)		(234)		(289)
PT-FI export dutiese	(133)		(81)		(147)		(263)
Revenues from contracts with customers	5,864		5,309		16,907		17,841
Embedded derivativesf	(40)		(306)		43		(819)
Total consolidated revenues	$	5,824	$	5,003	$	16,950	$	17,022

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

b.Primarily includes revenues associated with silver.

c.Treatment charges for the third quarter and first nine months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income.

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 8 for further discussion of PT-FI export duties.

f.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





(in Millions)																					Atlantic			Corporate,
	North America Copper Mines				South America Mining														Copper				Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	17	$	22	$	39	$	822		$	203	$	1,025	$	2,030		$	—	$	1,566	$	692		$	472	a	$	5,824
Intersegment	624		994		1,618		219			—		219		65			147		12		8			(2,069)			—
Production and delivery	476		799		1,275		648			178		826		667			120		1,566		680			(1,586)			3,548
DD&A	47		63		110		94			17		111		271			14		2		7			18			533

Metals inventory adjustments	4		—		4		1			—		1		—			—		—		—			—			5
Selling, general and administrative expenses	—		1		1		3			—		3		32			—		—		6			76			118
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			29			30
Environmental obligations and shutdown costs	—		4		4		—			—		—		—			—		—		—			94			98

Operating income (loss)	114		148		262		295			8		303		1,125			13		10		7			(228)			1,492

Interest expense, net	—		1		1		(10)		b	—		(10)		10			—		—		8			87			96
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			5			5
Other (expense) income, net	(2)		(9)		(11)		(9)			13		4		30			—		—		5			43			71
Provision for (benefit from) income taxes	—		—		—		119			12		131		419			—		—		—			(42)			508
Equity in affiliated companies' net (losses) earnings	—		—		—		—			—		—		(2)			—		—		—			2			—
Net income attributable to noncontrolling interests	—		—		—		84			14		98		392		c	—		—		—			20			510

Total assets at September 30, 2023	3,171		5,799		8,970		8,227			1,893		10,120		21,020			1,747		288		1,176			8,327			51,648
Capital expenditures	53		114		167		61			15		76		441			21		2		20			451		d	1,178

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

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

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

Interest expense, net	—		1		1		5			—		5		15			—		—		4			115			140
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			20			20
Other (expense) income, net	—		(8)		(8)		(21)			5		(16)		19			(1)		—		11			20			25
Provision for (benefit from) income taxes	—		—		—		3			(18)		(15)		343			—		—		—			(13)			315
Equity in affiliated companies' net earnings	—		—		—		—			—		—		7			—		—		—			1			8
Net income attributable to noncontrolling interests	—		—		—		29			11		40		105		c	—		—		—			11			156

Total assets at September 30, 2022	2,996		5,456		8,452		8,390			1,826		10,216		20,496			1,701		216		1,082			7,764			49,927
Capital expenditures	71		83		154		41			38		79		389			7		2		17			188		d	836

Financial Information by Business Segment (continued)


(In Millions)
																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Nine Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	75	$	133	$	208	$	2,563		$	627	$	3,190	$	5,268	e	$	—	$	4,552	$	2,185		$	1,547	a	$	16,950
Intersegment	1,787		2,922		4,709		638			—		638		432			520		28		19			(6,346)			—
Production and delivery	1,279		2,324		3,603		1,877			539		2,416		1,860		f	321		4,558		2,139			(4,637)			10,260
DD&A	132		180		312		302			48		350		694			48		4		21			50			1,479

Metals inventory adjustments	5		—		5		1			—		1		—			—		—		—			1			7
Selling, general and administrative expenses	1		2		3		7			—		7		90			—		—		21			238			359
Mining exploration and research expenses	—		2		2		—			—		—		—			—		—		—			101			103
Environmental obligations and shutdown costs	—		26		26		—			—		—		—			—		—		—			213			239


Operating income (loss)	445		521		966		1,014			40		1,054		3,056			151		18		23			(765)			4,503

Interest expense, net	—		1		1		74		b	—		74		32			—		—		22			289			418
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			10			10
Other (expense) income, net	(4)		(8)		(12)		(36)			11		(25)		92			(1)		(1)		—			130			183
Provision for (benefit from) income taxes	—		—		—		419			19		438		1,159			—		—		—			(51)			1,546
Equity in affiliated companies' net earnings	—		—		—		—			—		—		9			—		—		—			3			12
Net income (loss) attributable to noncontrolling interests	—		—		—		242			34		276		1,031		c	—		—		—			(23)			1,284
Capital expenditures	176		369		545		179			80		259		1,274			43		9		43			1,289		d	3,462

Nine Months Ended September 30, 2022
Revenues:
Unaffiliated customers	$	125	$	159	$	284	$	2,474		$	555	$	3,029	$	5,972	e	$	—	$	4,932	$	1,755		$	1,050	a	$	17,022
Intersegment	1,992		2,978		4,970		325			—		325		208			399		24		5			(5,931)			—
Production and delivery	1,168		2,111		3,279		1,702			510		2,212		1,853		f	249		4,969		1,789		g	(4,832)			9,519
DD&A	132		175		307		262			35		297		775			52		3		20			50			1,504

Metals inventory adjustments	2		8		10		11			22		33		—			—		—		—			—			43
Selling, general and administrative expenses	1		2		3		6			—		6		83			—		—		19			202			313
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			86			87
Environmental obligations and shutdown costs	(13)		1		(12)		—			—		—		—			—		—		—			63			51

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

Interest expense, net	—		1		1		12			—		12		30			—		—		8			372			423
Net (loss) gain on early extinguishment of debt	—		—		—		—			—		—		(10)			—		—		—			38			28
Other (expense) income, net	(1)		(32)		(33)		(11)			12		1		27			(1)		(1)		29			45			67
Provision for (benefit from) income taxes	—		—		—		298			(11)		287		1,363			—		—		—			60			1,710
Equity in affiliated companies' net earnings	—		—		—		—			—		—		27			—		—		—			6			33
Net income attributable to noncontrolling interests	—		—		—		247			25		272		436		c	—		—		—			23			731
Capital expenditures	207		223		430		109			94		203		1,148			16		6		60			559		d	2,422

General Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
PT Freeport Indonesia
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Portion of Gold Sales Attributable to Parent		$ 35
PT Freeport Indonesia \| FCX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by parent	48.76%		81.00%
FCX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Dividends Receivable, Percentage	81.00%	81.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 964	$ 560	$ 2,744	$ 3,502
Net income attributable to noncontrolling interests	(510)	(156)	(1,284)	(731)
Undistributed dividends and earnings allocated to participating securities	(5)	(5)	(5)	(6)
Net income attributable to common stockholders	$ 449	$ 399	$ 1,455	$ 2,765
Basic weighted-average shares of common stock outstanding	1,435	1,431	1,434	1,444
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8	8	9	11
Diluted weighted-average shares of common stock outstanding	1,443	1,439	1,443	1,455
Earnings per share, basic (in dollars per share)	$ 0.31	$ 0.28	$ 1.01	$ 1.91
Earnings per share, diluted (in dollars per share)	$ 0.31	$ 0.28	$ 1.01	$ 1.90
Dilutive Securities Excluded from Computation of EPS Amount	0	3	0	1

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) t in Thousands, $ in Millions	Sep. 30, 2023 USD ($) t	Dec. 31, 2022 USD ($)
Current inventories:
Raw materials (primarily copper concentrate)	$ 467	$ 443
Work-in-process	219	221
Finished goods	1,729	1,169
Product	2,415	1,833
Materials and supplies, net	2,131	1,964
Mill stockpiles	165	216
Leach stockpiles	1,238	1,167
Total current mill and leach stockpiles	1,403	1,383
Long-term inventories:
Mill stockpiles	260	199
Leach stockpiles	1,067	1,053
Total long-term mill and leach stockpiles	$ 1,327	1,252
Gold deferred in inventory for future sale \| t	75
Inventory obsolescence reserves	$ 31	$ 39
PT Freeport Indonesia
Long-term inventories:
Ownership interest in copper smelter and refinery	39.50%

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. operations			$ 3	$ (5)
International operations			(1,549)	(1,705)
Total	$ (508)	$ (315)	$ (1,546)	(1,710)
Income tax credit				$ 31

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)		36.00%	33.00%
Nondeductible charges		$ 142
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate	15.00%
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1,000

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 9,405	$ 10,620
Less current portion of debt	(35)	(1,037)
Long-term debt, less current portion	9,370	9,583
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	6,004	7,225
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt	2,980	2,978
Debentures \| Freeport McMoRan Corporation
Debt Instrument [Line Items]
Long-term debt	354	355
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instrument [Line Items]
Long-term debt	$ 67	$ 62

Debt and Equity - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended		22 Months Ended	27 Months Ended
	Sep. 20, 2023 $ / shares	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Nov. 02, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2019 case
Debt Instrument [Line Items]
Long-term debt			$ 9,405		$ 9,405			$ 9,405	$ 10,620
Repayments of debt					2,397	$ 4,073
Interest costs			165	$ 182	606	$ 524
Treasury stock purchases (in shares) \| shares								47.8
Shares repurchased								$ 1,800
Cost per share repurchased (in dollars per share) \| $ / shares								$ 38.35
Remaining authorized shares repurchase amount			$ 3,200		$ 3,200			$ 3,200
Dividends declared per share of common stock (in dollars per share) \| $ / shares	$ 0.15		$ 0.15	$ 0.15	$ 0.45	$ 0.45
Base cash dividend (in dollars per share) \| $ / shares	0.075
Variable cash dividend (in dollars per share) \| $ / shares	$ 0.075
Tax Matters In Peru, Contingent Liability					$ 74
FCX affiliates \| Louisiana Parishes Coastal Erosion Cases
Debt Instrument [Line Items]
Number of pending claims \| case												42
FCX affiliates \| Louisiana Parishes Coastal Erosion Cases \| Settled litigation
Debt Instrument [Line Items]
Number of pending claims \| case												13
Unsecured Credit Facility \| PT-FI
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,300		1,300			1,300
Unsecured Credit Facility \| Cerro Verde
Debt Instrument [Line Items]
Letter of credit			0		0			0
Line of credit facility, maximum borrowing capacity											$ 350
Revolving Credit Facility \| PT-FI
Debt Instrument [Line Items]
Letter of credit			0		0			0
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized			69	$ 42	188	$ 101
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit			7		7			7
Revolving credit facility, availability										$ 1,500
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		3,000			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
Senior Notes
Debt Instrument [Line Items]
Repurchased senior notes			102		233
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Cumulative repurchased principal amount							$ 1,300
Cumulative repurchase cost							$ 1,200
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt			$ 2,980		$ 2,980			$ 2,980	$ 2,978
Repayments of debt		$ 996
Stated interest rate		3.875%

Debt and Equity - Purchase of Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Gain	$ 5	$ 20	$ 10	$ 28
Senior Notes
Debt Instrument [Line Items]
Principal Amount	233		233
Discounts/Deferred Issuance Costs	2		2
Book Value			231
Redemption Value	221		221
Gain			10
5.00% Senior Notes due March 2027 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	17		17
Discounts/Deferred Issuance Costs	0		0
Book Value			17
Redemption Value	17		17
Gain			0
4.125% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	61		61
Discounts/Deferred Issuance Costs	0		0
Book Value			61
Redemption Value	58		58
Gain			3
4.375% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	46		46
Discounts/Deferred Issuance Costs	1		1
Book Value			45
Redemption Value	43		43
Gain			2
5.25% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	31		31
Discounts/Deferred Issuance Costs	0		0
Book Value			31
Redemption Value	31		31
Gain			0
4.25% Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	50		50
Discounts/Deferred Issuance Costs	1		1
Book Value			49
Redemption Value	46		46
Gain			3
4.625% Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	28		28
Discounts/Deferred Issuance Costs	0		0
Book Value			28
Redemption Value	$ 26		26
Gain			$ 2

Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Jun. 30, 2023 oz lb	Sep. 30, 2023 USD ($) $ / lb $ / oz $ / lb	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb	Sep. 30, 2022 USD ($)
Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (40)	$ (306)	$ 43	$ (819)
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		2	17	(9)	(61)
Hedged item – firm sales commitments		(2)	(17)	9	61
Realized gains (losses):
Matured derivative financial instruments		$ (4)	(50)	$ (1)	(48)
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				85
Derivative, Average Forward Price \| $ / lb		3.85		3.85
Copper Forward Contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				19
Derivative, Average Forward Price \| $ / lb		3.77		3.77
Realized gains (losses):
Matured derivative financial instruments		$ (1)	5	$ (3)	31
Copper \| Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (30)	(272)	$ 31	(774)
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	553
Derivative, Average Forward Price \| $ / lb		3.78		3.78
Realized gains (losses):
Derivative Average Market Price \| $ / lb		3.75		3.75
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	165
Derivative, Average Forward Price \| $ / lb		3.80		3.80
Realized gains (losses):
Derivative Average Market Price \| $ / lb		3.75		3.75
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	209
Derivative, Average Forward Price \| $ / oz		1,925		1,925
Realized gains (losses):
Derivative Average Market Price \| $ / oz		1,884		1,884
gold and other \| Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (10)	$ (34)	$ 12	$ (45)

Financial Instruments - Unsettled Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Jun. 30, 2023 oz lb	Sep. 30, 2023 USD ($) $ / lb $ / oz $ / lb	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 16		$ 16		$ 170
Derivative Liability, Fair Value, Gross Liability		44		44		42
Derivative Asset, Fair Value, Gross Liability		3		3		0
Derivative Liability, Fair Value, Gross Asset		3		3		0
Derivative Asset		13		13		170
Derivative Liability		41		41		42
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		5		5		163
Derivative Liability		20		20		7
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		8		8		3
Derivative Liability		21		21		34
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		0		0		4
Derivative Liability		0		0		0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		0		0		0
Derivative Liability		0		0		1
Commodity Contract
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		(4)	$ (50)	(1)	$ (48)
Derivative Asset, Fair Value, Gross Asset		0		0		4
Derivative Liability, Fair Value, Gross Liability		9		9		3
Derivative Asset		0		0		4
Derivative Liability		9		9		3
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		16		16		166
Derivative Liability, Fair Value, Gross Liability		35		35		39
Derivative Asset, Fair Value, Gross Liability		3		3		0
Derivative Liability, Fair Value, Gross Asset		3		3		0
Derivative Asset		13		13		166
Derivative Liability		32		32		39
Designated as Hedging Instrument [Member] \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 0		$ 0		3
Derivative, Nonmonetary Notional Amount, Mass \| lb				85
Derivative, Average Forward Price \| $ / lb		3.85		3.85
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 16		$ 16		166
Derivative Liability, Fair Value, Gross Liability		35		35		39
Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ (1)	5	$ (3)	31
Derivative, Nonmonetary Notional Amount, Mass \| lb				19
Derivative, Average Forward Price \| $ / lb		3.77		3.77
Future \| Not Designated as Hedging Instrument \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 8		$ 8		3
Commodity Contract \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		0		0		1
Derivative Liability, Fair Value, Gross Liability		1		1		$ 0
Copper \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (30)	(272)	$ 31	(774)
Copper \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		3.75		3.75
Derivative, Nonmonetary Notional Amount, Mass \| lb	553
Derivative, Average Forward Price \| $ / lb		3.78		3.78
Copper \| Long [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		3.75		3.75
Derivative, Nonmonetary Notional Amount, Mass \| lb	165
Derivative, Average Forward Price \| $ / lb		3.80		3.80
Gold \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz		1,884		1,884
Derivative, Nonmonetary Notional Amount, Mass \| oz	209
Derivative, Average Forward Price \| $ / oz		1,925		1,925
gold and other \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (10)	$ (34)	$ 12	$ (45)

Financial Instruments - Derivative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 5,745	$ 8,146
Restricted cash and cash equivalents	697	111
Restricted Cash and Cash Equivalents, Noncurrent	97	133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	6,539	8,390	$ 8,824	$ 8,314
Credit Derivative, Maximum Exposure, Undiscounted	16
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	300	500
Designated for Smelter Development Projects
Cash and Cash Equivalents [Line Items]
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	600	$ 1,800
Designated For Export Proceeds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents	$ 500

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investment securities (current and long-term):
Other Assets, Current	$ 406	$ 381
Other assets	1,709	1,601
Derivatives:
Derivative Asset	13	170
Derivatives: [Abstract]
Derivative Liability	41	42
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	25	25
Trust Assets Fair Value Disclosure	61	56
Derivatives:
Derivative Asset		0
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	5	7
Trust Assets Fair Value Disclosure	19	3
Derivatives:
Derivative Asset		4
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	7	0
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	119	122
Derivatives:
Derivative Asset		166
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	37	42
Long-term debt, including current portion	8,639	10,097
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset		0
Discontinued Operation, Contingent Receivable	47	57
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Estimate of Fair Value Measurement
Investment securities (current and long-term):
Investments, Fair Value Disclosure	30	32
Trust Assets Fair Value Disclosure	199	181
Derivatives:
Derivative Asset		170
Discontinued Operation, Contingent Receivable	47	57
Derivatives: [Abstract]
Derivative Liability	44	42
Long-term debt, including current portion	8,639	10,097
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	30	32
Trust Assets Fair Value Disclosure	199	181
Derivatives:
Derivative Asset		170
Discontinued Operation, Contingent Receivable	55	67
Derivatives: [Abstract]
Derivative Liability	44	42
Long-term debt, including current portion	9,405	10,620
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	13	166
Derivatives: [Abstract]
Derivative Liability	32	39
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	16	166
Derivatives: [Abstract]
Derivative Liability	35	39
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	16	166
Derivatives: [Abstract]
Derivative Liability	35	39
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	16	166
Derivatives: [Abstract]
Derivative Liability	35	39
Forward Contracts \| Level 1
Derivatives:
Derivative Asset		1
Forward Contracts \| Level 2
Derivatives:
Derivative Asset		0
Forward Contracts \| Level 3
Derivatives:
Derivative Asset		0
Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		1
Forward Contracts \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		1
Commodity Contract
Derivatives:
Derivative Asset	0	4
Derivatives: [Abstract]
Derivative Liability	9	3
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 1
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	6
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	2
Commodity Contract \| Level 3
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Level 3 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Estimate of Fair Value Measurement \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract \| Estimate of Fair Value Measurement \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	8
Commodity Contract \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	8
U.S. core fixed income fund \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	25	25
Trust Assets Fair Value Disclosure	61	56
U.S. core fixed income fund \| Level 1
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	25	25
Trust Assets Fair Value Disclosure	61	56
U.S. core fixed income fund \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	25	25
Trust Assets Fair Value Disclosure	61	56
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	5	7
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	5	7
Equity securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	5	7
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	43	37
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	43	37
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	43	37
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	30	34
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	30	34
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	30	34
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	30	31
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	30	31
Corporate bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	30	31
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	19	3
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	19	3
Money market funds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	19	3
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	15	17
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	15	17
Asset-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	15	17
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	3
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	3
Collateralized Mortgage Backed Securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	3
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Other Assets, Current	111	103
Other assets	$ 135	133
Fair Value, Recurring [Member] \| Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		$ 0

Fair Value Measurement - Unobservable inputs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 406	$ 381
Other Assets, Noncurrent	1,709	1,601
Gulf of Mexico Contingent Consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2023	57
Net unrealized gain related to assets still held at the end of the period	1
Settlements	(11)
Fair value at September 30, 2023	47
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent Receivable			$ 150
Other Assets, Current	17	20
Other Assets, Noncurrent	$ 38	$ 47

Contingencies and Commitments - Litigation (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) litigation	Sep. 30, 2023 USD ($) litigation installment	Dec. 31, 2019 case
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies, period increase \| $	$ 83	$ 199
Cyprus Amax Minerals Company
Loss Contingencies [Line Items]
Amount contributed to settlement \| $		$ 130
Number of installments \| installment		7
Louisiana Parishes Coastal Erosion Cases \| FCX affiliates
Loss Contingencies [Line Items]
Number of pending claims			42
Number of Parishes That Filed Claims			6
Asbestos and Talc Claims
Loss Contingencies [Line Items]
Number of pending claims \| litigation	950	950
Settled litigation \| Louisiana Parishes Coastal Erosion Cases \| FCX affiliates
Loss Contingencies [Line Items]
Number of pending claims			13

Contingencies and Commitments - Other Matters (Details) t in Millions, $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	May 31, 2023	Mar. 31, 2023	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2024	Aug. 01, 2023	Jul. 24, 2023 t	Jul. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Export duties, construction progress, threshold				50.00%			50.00%
Export license granted for concentrate \| t											1.7
Construction progress Manyar smelter, percentage		50.00%
Export proceeds to be held in Indonesian banks, percent										30.00%
Export proceeds to be held in Indonesian banks, term										90 days
Other assets				$ 1,709			$ 1,709						$ 1,601
Escrow account, smelter development progress, percent	90.00%
Estimated future deposit				370			370
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Loss Contingencies [Line Items]
Other assets				135			$ 135						$ 133
Forecast \| Smelter Progress from 70% to 90%
Loss Contingencies [Line Items]
Export duty to be paid, percent						7.50%			10.00%
Forecast \| Smelter Progress Above 90%
Loss Contingencies [Line Items]
Export duty to be paid, percent						5.00%			7.50%
Minimum
Loss Contingencies [Line Items]
Export duties, smelter construction progress, percent							70.00%
Maximum
Loss Contingencies [Line Items]
Export duties, smelter construction progress, percent							90.00%
PT Freeport Indonesia
Loss Contingencies [Line Items]
Export duties assessed				147
Payment for administrative fees			$ 57
Administrative fine					$ 41		$ 55	$ 41
Loss contingency, estimate of possible loss												$ 55
PT Freeport Indonesia \| Indonesia Government
Loss Contingencies [Line Items]
Deposits in joint account				$ 10

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Revenue from External Customer [Line Items]
Treatment chargesc	$ (151)	$ (132)	$ (394)	$ (404)
Royalty expense	(80)	(83)	(234)	(289)
PT-FI export dutiese	(133)	(81)	(147)	(263)
Revenues from contracts with customers	5,864	5,309	16,907	17,841
Revenues	5,824	5,003	$ 16,950	17,022
Number of Operating Segments \| segment			4
Sales \| Not Designated as Hedging Instrument
Revenue from External Customer [Line Items]
Matured derivative financial instruments	(40)	(306)	$ 43	(819)
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue	2,365	2,091	6,137	7,476
Copper Cathode
Revenue from External Customer [Line Items]
Revenue	1,331	1,255	4,016	3,873
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue	992	755	2,797	2,942
Purchased Copper
Revenue from External Customer [Line Items]
Revenue	71	168	347	342
Gold
Revenue from External Customer [Line Items]
Revenue	854	858	2,384	2,578
Molybdenum
Revenue from External Customer [Line Items]
Revenue	479	304	1,562	1,059
Other Products Or Services
Revenue from External Customer [Line Items]
Revenue	$ 136	$ 174	$ 439	$ 527

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment				4
Revenues	$ 5,824		$ 5,003	$ 16,950	$ 17,022
Production and delivery	3,548		3,366	10,260	9,519
Cost, Depreciation, Amortization and Depletion	533		508	1,479	1,504
Selling, general and administrative expenses	118		98	359	313
Mining exploration and research expenses	30		38	103	87
Environmental obligations and shutdown costs	98		6	239	51
Operating income	1,492		962	4,503	5,507
Interest expense, net	96		140	418	423
Provision for (benefit from) income taxes	508		315	1,546	1,710
Net income (loss) attributable to noncontrolling interests	510		156	1,284	731
Total assets	51,648		49,927	51,648	49,927	$ 51,093
Capital expenditures	1,178		836	3,462	2,422
Metals inventory adjustments	5		25	7	43
Net gain on sales of assets	0		0	0	(2)
Net gain on early extinguishment of debt	5		20	10	28
Other Nonoperating Income (Expense)	71		25	183	67
Equity in affiliated companies’ net earnings	$ 0		8	$ 12	33
PT Smelting
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage				39.50%
PT Freeport Indonesia
Segment Reporting Information [Line Items]
Portion of Gold Sales Attributable to Parent		$ 35
Administrative fine			41	$ 55	41
PT Freeport Indonesia \| FCX
Segment Reporting Information [Line Items]
Noncontrolling interest, ownership percentage by parent	48.76%			48.76%		81.00%
FCX
Segment Reporting Information [Line Items]
Dividends Receivable, Percentage	81.00%	81.00%
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	$ 39		92	$ 208	284
Production and delivery	1,275		1,144	3,603	3,279
Cost, Depreciation, Amortization and Depletion	110		100	312	307
Selling, general and administrative expenses	1		1	3	3
Mining exploration and research expenses	1		0	2	1
Environmental obligations and shutdown costs	4		1	26	(12)
Operating income	262		199	966	1,666
Interest expense, net	1		1	1	1
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	8,970		8,452	8,970	8,452
Capital expenditures	167		154	545	430
Metals inventory adjustments	4		3	5	10
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	(11)		(8)	(12)	(33)
Equity in affiliated companies’ net earnings	0		0	0	0
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	1,025		881	3,190	3,029
Production and delivery	826		800	2,416	2,212
Cost, Depreciation, Amortization and Depletion	111		98	350	297
Selling, general and administrative expenses	3		2	7	6
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	303		42	1,054	806
Interest expense, net	(10)		5	74	12
Provision for (benefit from) income taxes	131		(15)	438	287
Net income (loss) attributable to noncontrolling interests	98		40	276	272
Total assets	10,120		10,216	10,120	10,216
Capital expenditures	76		79	259	203
Metals inventory adjustments	1		22	1	33
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	4		(16)	(25)	1
Equity in affiliated companies’ net earnings	0		0	0	0
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	472		264	1,547	1,050
Production and delivery	(1,586)		(1,389)	(4,637)	(4,832)
Cost, Depreciation, Amortization and Depletion	18		18	50	50
Selling, general and administrative expenses	76		63	238	202
Mining exploration and research expenses	29		38	101	86
Environmental obligations and shutdown costs	94		5	213	63
Operating income	(228)		(121)	(765)	(448)
Interest expense, net	87		115	289	372
Provision for (benefit from) income taxes	(42)		(13)	(51)	60
Net income (loss) attributable to noncontrolling interests	20		11	(23)	23
Total assets	8,327		7,764	8,327	7,764
Capital expenditures	451		188	1,289	559
Metals inventory adjustments	0		0	1	0
Net gain on sales of assets					(2)
Net gain on early extinguishment of debt	5		20	10	38
Other Nonoperating Income (Expense)	43		20	130	45
Equity in affiliated companies’ net earnings	2		1	3	6
Intersegment
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	1,618		1,356	4,709	4,970
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	219		83	638	325
PT Smelting \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues			572	27	2,300
Morenci \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	17		18	75	125
Production and delivery	476		408	1,279	1,168
Cost, Depreciation, Amortization and Depletion	47		44	132	132
Selling, general and administrative expenses	0		0	1	1
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	(13)
Operating income	114		115	445	827
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	3,171		2,996	3,171	2,996
Capital expenditures	53		71	176	207
Metals inventory adjustments	4		2	5	2
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	(2)		0	(4)	(1)
Equity in affiliated companies’ net earnings	0		0	0	0
Morenci \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	624		551	1,787	1,992
Other Individually Immaterial Operating Segments \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	22		74	133	159
Production and delivery	799		736	2,324	2,111
Cost, Depreciation, Amortization and Depletion	63		56	180	175
Selling, general and administrative expenses	1		1	2	2
Mining exploration and research expenses	1		0	2	1
Environmental obligations and shutdown costs	4		1	26	1
Operating income	148		84	521	839
Interest expense, net	1		1	1	1
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	5,799		5,456	5,799	5,456
Capital expenditures	114		83	369	223
Metals inventory adjustments	0		1	0	8
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	(9)		(8)	(8)	(32)
Equity in affiliated companies’ net earnings	0		0	0	0
Other Individually Immaterial Operating Segments \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	203		215	627	555
Production and delivery	178		221	539	510
Cost, Depreciation, Amortization and Depletion	17		14	48	35
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	8		(40)	40	(12)
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	12		(18)	19	(11)
Net income (loss) attributable to noncontrolling interests	14		11	34	25
Total assets	1,893		1,826	1,893	1,826
Capital expenditures	15		38	80	94
Metals inventory adjustments	0		20	0	22
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	13		5	11	12
Equity in affiliated companies’ net earnings	0		0	0	0
Other Individually Immaterial Operating Segments \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	994		805	2,922	2,978
Other Individually Immaterial Operating Segments \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Cerro Verde \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	822		666	2,563	2,474
Production and delivery	648		579	1,877	1,702
Cost, Depreciation, Amortization and Depletion	94		84	302	262
Selling, general and administrative expenses	3		2	7	6
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	295		82	1,014	818
Interest expense, net	(10)		5	74	12
Provision for (benefit from) income taxes	119		3	419	298
Net income (loss) attributable to noncontrolling interests	84		29	242	247
Total assets	8,227		8,390	8,227	8,390
Capital expenditures	61		41	179	109
Metals inventory adjustments	1		2	1	11
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	(9)		(21)	(36)	(11)
Equity in affiliated companies’ net earnings	0		0	0	0
Credit for settlement of interest	(13)			(13)
Cerro Verde \| Operating Segments \| South America \| Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net				74
Cerro Verde \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	219		83	638	325
Grasberg Segment
Segment Reporting Information [Line Items]
Capital expenditures				1,274	1,148
Grasberg Segment \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues	2,030		1,726	5,268	5,972
Production and delivery	667		663	1,860	1,853
Cost, Depreciation, Amortization and Depletion	271		265	694	775
Selling, general and administrative expenses	32		26	90	83
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	1,125		844	3,056	3,469
Interest expense, net	10		15	32	30
Provision for (benefit from) income taxes	419		343	1,159	1,363
Net income (loss) attributable to noncontrolling interests	392		105	1,031	436
Total assets	21,020		20,496	21,020	20,496
Capital expenditures	441		389	1,274	1,148
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	(10)
Other Nonoperating Income (Expense)	30		19	92	27
Equity in affiliated companies’ net earnings	(2)		7	9	27
Grasberg Segment \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues	65		72	432	208
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures				43	16
Molybdenum \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Production and delivery	120		94	321	249
Cost, Depreciation, Amortization and Depletion	14		18	48	52
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	13		15	151	98
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	1,747		1,701	1,747	1,701
Capital expenditures	21		7	43	16
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	0		(1)	(1)	(1)
Equity in affiliated companies’ net earnings	0		0	0	0
Molybdenum \| Intersegment
Segment Reporting Information [Line Items]
Revenues	147		127	520	399
Rod and Refining Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,566		1,436	4,552	4,932
Production and delivery	1,566		1,450	4,558	4,969
Cost, Depreciation, Amortization and Depletion	2		1	4	3
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	10		(8)	18	(16)
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	288		216	288	216
Capital expenditures	2		2	9	6
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	0		0	(1)	(1)
Equity in affiliated companies’ net earnings	0		0	0	0
Rod and Refining Segment \| Intersegment
Segment Reporting Information [Line Items]
Revenues	12		7	28	24
Atlantic Copper Smelting and Refining Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	692		604	2,185	1,755
Production and delivery	680		604	2,139	1,789
Cost, Depreciation, Amortization and Depletion	7		8	21	20
Selling, general and administrative expenses	6		6	21	19
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	7		(9)	23	(68)
Interest expense, net	8		4	22	8
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	1,176		1,082	1,176	1,082
Capital expenditures	20		17	43	60
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets					0
Net gain on early extinguishment of debt	0		0	0	0
Other Nonoperating Income (Expense)	5		11	0	29
Equity in affiliated companies’ net earnings	0		0	0	0
Atlantic Copper Smelting and Refining Segment \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Cost, Maintenance					41
Atlantic Copper Smelting and Refining Segment \| Intersegment
Segment Reporting Information [Line Items]
Revenues	8		5	19	5
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (2,069)		$ (1,650)	(6,346)	(5,931)
Indonesia Smelter
Segment Reporting Information [Line Items]
Capital expenditures				$ 1,193	$ 517