Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		1,433,286,280
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,852	$ 8,146
Trade accounts receivable	1,134	1,336
Income and other tax receivables	550	459
Inventories:
Total materials and supplies, net	2,056	1,964
Mill and leach stockpiles	1,440	1,383
Product	2,241	1,833
Other current assets	473	492
Total current assets	14,746	15,613
Property, plant, equipment and mine development costs, net	33,159	32,627
Long-term mill and leach stockpiles	1,235	1,252
Other assets	1,769	1,601
Total assets	50,909	51,093
Current liabilities:
Accounts payable and accrued liabilities	3,836	4,027
Long-term Debt, Current Maturities	49	1,037
Accrued income taxes	846	744
Environmental And Asset Retirement Obligations, Current	333	320
Dividends Payable, Current	217	217
Total current liabilities	5,281	6,345
Long-term debt, less current portion	9,586	9,583
Environmental and asset retirement obligations, less current portion	4,493	4,463
Deferred income taxes	4,305	4,269
Other liabilities	1,596	1,562
Total liabilities	25,261	26,222
Stockholders’ equity:
Common stock	162	161
Capital in excess of par value	25,227	25,322
Accumulated deficit	(3,244)	(3,907)
Accumulated other comprehensive loss	(319)	(320)
Common stock held in treasury	(5,769)	(5,701)
Total stockholders’ equity	16,057	15,555
Noncontrolling interests	9,591	9,316
Total equity	25,648	24,871
Total liabilities and equity	$ 50,909	$ 51,093

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 5,389	$ 6,603
Cost of sales:
Production and delivery	3,165	3,150
Depreciation, depletion and amortization	399	489
Total cost of sales	3,564	3,639
Selling, general and administrative expenses	126	115
Mining exploration and research expenses	31	24
Environmental obligations and shutdown costs	67	16
Total costs and expenses	3,788	3,794
Operating income	1,601	2,809
Interest expense, net	(151)	(127)
Other income, net	88	31
Income before income taxes and equity in affiliated companies’ net earnings	1,538	2,713
Provision for income taxes	(499)	(824)
Equity in affiliated companies’ net earnings	10	15
Net income	1,049	1,904
Net income (loss) attributable to noncontrolling interests	386	377
Net income attributable to common stockholders	$ 663	$ 1,527
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 0.46	$ 1.05
Earnings per share, diluted (in dollars per share)	$ 0.46	$ 1.04
Basic weighted-average shares of common stock outstanding	1,433	1,455
Diluted weighted-average shares of common shares outstanding	1,443	1,469
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.15

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,049	$ 1,904
Defined benefit plans:
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	(1)
Amortization of unrecognized amounts included in net periodic benefit costs	1	2
Foreign exchange gains	1	0
Other comprehensive income	2	1
Total comprehensive income	1,051	1,905
Total comprehensive income attributable to noncontrolling interests	(387)	(377)
Total comprehensive income (loss)	$ 664	$ 1,528

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Net income	$ 1,049	$ 1,904
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	399	489
Stock-based compensation	53	49
Net charges for environmental and asset retirement obligations, including accretion	117	55
Payments for environmental and asset retirement obligations	(60)	(55)
Net charges for defined pension and postretirement plans	16	10
Pension plan contributions	(2)	(25)
Deferred income taxes	35	48
Change in deferred profit on sales to PT Smelting	(112)	53
Other, net	22	(26)
Changes in working capital and other:
Accounts receivable	157	(222)
Inventories	(457)	47
Other current assets	(20)	19
Accounts payable and accrued liabilities	(303)	(519)
Accrued income taxes and timing of other tax payments	156	(136)
Net cash provided by operating activities	1,050	1,691
Cash flow from investing activities:
Capital expenditures	(1,121)	(723)
Loans to PT Smelting for expansion	(24)	(9)
Other, net	(19)	18
Net cash used in investing activities	(1,164)	(714)
Cash flow from financing activities:
Proceeds from debt	284	604
Repayments of debt	(1,273)	(434)
Cash dividends and distributions paid:
Common stock	(217)	(220)
Noncontrolling interests	0	(204)
Treasury stock purchases	0	(541)
Contributions from noncontrolling interests	50	47
Proceeds from exercised stock options	31	101
Payments for withholding of employee taxes related to stock-based awards	47	55
Debt financing costs and other, net	0	(1)
Net cash used in financing activities	(1,172)	(703)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(1,286)	274
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	7,104	8,588
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(196)	(130)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(100)	(56)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(449)	(379)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(323)	(130)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(9)	(1)
Other Segments
Cash flow from investing activities:
Capital expenditures	$ (44)	$ (27)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Total Stockholder's Equity	Noncontrolling Interests	Common Stock Held in Treasury
Balance (in shares) at Dec. 31, 2021		1,603.0						146.0
Balance at Dec. 31, 2021	$ 23,019	$ 160	$ 25,875	$ (7,375)	$ (388)	$ 13,980	$ 9,039	$ (4,292)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		9.0
Exercised and issued stock-based awards	108	$ 1	107			108
Stock-based compensation, including the tender of shares	$ (24)		48			(14)	(10)	$ (62)
Stock-based compensation, including the tender of shares (in shares)								2.0
Treasury stock purchases (in shares)	12.3							12.0
Treasury stock purchases	$ (541)					(541)		$ (541)
Dividends	(472)		(218)			(218)	(254)
Net loss attributable to common stockholders	1,527			1,527		1,527
Net income (loss) attributable to noncontrolling interests	377						377
Other comprehensive income	1				1	1
Balance (in shares) at Mar. 31, 2022		1,612.0						160.0
Balance at Mar. 31, 2022	24,042	$ 161	25,835	(5,848)	(387)	14,866	9,176	$ (4,895)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	47		23			23	24
Balance (in shares) at Dec. 31, 2022		1,613.0						183.0
Balance at Dec. 31, 2022	24,871	$ 161	25,322	(3,907)	(320)	15,555	9,316	$ (5,701)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		5.0
Exercised and issued stock-based awards	53	$ 1	52			53
Stock-based compensation, including the tender of shares	(23)		46			(22)	(1)	$ (68)
Stock-based compensation, including the tender of shares (in shares)								1.0
Dividends	(354)		(217)			(217)	(137)
Net loss attributable to common stockholders	663			663		663
Net income (loss) attributable to noncontrolling interests	386						386
Other comprehensive income	2				1	1	1
Balance (in shares) at Mar. 31, 2023		1,618.0						184.0
Balance at Mar. 31, 2023	25,648	$ 162	25,227	$ (3,244)	$ (319)	16,057	9,591	$ (5,769)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	$ 50		$ 24			$ 24	$ 26

General Information	3 Months Ended
General Information	Mar. 31, 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 three-month period ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. PT Freeport Indonesia (PT-FI). Beginning January 1, 2023, 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 March 31, 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

3 Months Ended

Mar. 31, 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
	March 31,
	2023		2022
Net income	$	1,049	$	1,904
Net income attributable to noncontrolling interests	(386)		(377)

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







Net income attributable to common stockholders	$	658	$	1,522


Basic weighted-average shares of common stock outstanding	1,433		1,455
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10		14
Diluted weighted-average shares of common stock outstanding	1,443		1,469




Basic net income per share attributable to common stockholders	$	0.46	$	1.05



Diluted net income per share attributable to common stockholders	$	0.46	$	1.04

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in first-quarter 2023 and 2 million shares associated with outstanding stock options excluded in first-quarter 2022.

Inventories, Including Long-Term Mill and Leach Stockpiles

3 Months Ended

Mar. 31, 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):


	March 31, 2023		December 31, 2022
Current inventories:
Total materials and supplies, neta	$	2,056	$	1,964

Mill stockpiles	$	222	$	216
Leach stockpiles	1,218		1,167
Total current mill and leach stockpiles	$	1,440	$	1,383

Raw materials (primarily concentrate)	$	392	$	443
Work-in-process	245		221
Finished goodsb	1,604		1,169
Total product	$	2,241	$	1,833

Long-term inventories:
Mill stockpiles	$	206	$	199
Leach stockpiles	1,029		1,053
Total long-term mill and leach stockpilesc	$	1,235	$	1,252

a.Materials and supplies inventory was net of obsolescence reserves totaling $28 million at March 31, 2023, and $39 million at December 31, 2022.

b.The increase in finished goods inventory at March 31, 2023, was 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 concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. As a result of the arrangement, a portion of PT-FI’s first-quarter 2023 production was deferred in inventory and will be sold as refined metal in future periods.

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

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Three Months Ended
	March 31,
	2023		2022
U.S. operations	$	4	$	(3)
International operations	(503)		(821)
Total	$	(499)	$	(824)

FCX’s consolidated effective income tax rate was 32% for first-quarter 2023 and 30% for first-quarter 2022. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Because of its U.S. tax position, FCX does not record a financial statement impact for income or losses generated in the U.S.

In August 2022, the U.S. Inflation Reduction Act of 2022 (Act) was signed into law, which 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. The provisions of the Act became applicable to FCX on January 1, 2023. As limited guidance related to how the CAMT provisions of the Act should be applied or otherwise administered has been released by the U.S. Department of the Treasury (Treasury), uncertainty remains regarding the application of the CAMT. 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 first-quarter 2023 financial results. However, future guidance released by the Treasury may differ from FCX’s interpretations, which could be material and could further limit FCX’s 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.

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+ Details

Debt and Equity

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	March 31, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,232	$	7,225
Issued by PT-FI	2,978		2,978
Issued by Freeport Minerals Corporation	354		355



Other	71		62
Total debt	9,635		10,620
Less current portion of debt	(49)		(1,037)
Long-term debt	$	9,586	$	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 March 31, 2023, FCX had $8 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.

Cerro Verde has a $350 million unsecured revolving credit facility that matures in May 2027.

At March 31, 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.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $207 million in first-quarter 2023 and $153 million in first-quarter 2022. The increase in consolidated interest costs (before capitalization) is primarily related to interest associated with PT-FI’s $3.0 billion of senior notes that were issued in April 2022 and a charge of $25 million related to contested tax matters in Peru.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $56 million in first-quarter 2023 and $26 million in first-quarter 2022. The increase in capitalized interest costs 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. Since mid-2021, FCX has 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), including 12.3 million shares in first-quarter 2022 for a cost of $541 million. No shares have been purchased since July 11, 2022. As of May 4, 2023, FCX has $3.2 billion available for repurchases under the program.

On March 22, 2023, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on May 1, 2023, to common stockholders of record as of April 14, 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 of Directors (Board) and management, respectively, and are subject to a number of factors, including maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, 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.

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-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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

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

+ Details

Financial Instruments

3 Months Ended

Mar. 31, 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 other derivative contracts and programs follows.

Derivatives Designated as Hedging Instruments - Fair Value Hedges

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the 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 three-month periods ended March 31, 2023 and 2022. At March 31, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 96 million pounds at an average contract price of $3.94 per pound, with maturities through December 2024.

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


	Three Months Ended
	March 31,
	2023		2022
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	14	$	12
Hedged item – firm sales commitments	(14)		(12)

Realized gains:
Matured derivative financial instruments	8		14

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold 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 or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at March 31, 2023, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	547	$	3.92	$	4.08	August 2023
Gold (thousands of ounces)	199	1,876		1,991		June 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	78	4.01		4.06		August 2023

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2023, Atlantic Copper held net copper forward sales contracts for 12 million pounds at an average contract price of $4.01 per pound, with maturities through May 2023.

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


	Three Months Ended
	March 31,
	2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	231	$	218
Gold and other metals	42		22
Copper forward contractsb	(2)		4

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):


	March 31, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	15	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	119		166
Copper forward contracts	—		1
Total derivative assets	$	134	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	10		39


Copper forward contracts	1		—
Total derivative liabilities	$	11	$	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
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	119	$	166	$	10	$	39

Copper derivatives	15		4		1		3
	134		170		11		42

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


	3		—		3		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	116		166		7		39

Copper derivatives	15		4		1		3
	$	131	$	170	$	8	$	42

Balance sheet classification:
Trade accounts receivable	$	108	$	163	$	3	$	7
Other current assets	15		4		—		—


Accounts payable and accrued liabilities	8		3		5		34
Other liabilities	—		—		—		1
	$	131	$	170	$	8	$	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 March 31, 2023, the maximum amount of credit exposure associated with derivative transactions was $134 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 March 31, 2023, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

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


	March 31, 2023		December 31, 2022
Balance sheet components:
Cash and cash equivalentsa,b	$	6,852	$	8,146
Restricted cash and cash equivalents included in:
Other current assets	118		111
Other assets	134		133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	7,104	$	8,390

a.Includes time deposits of $0.3 billion at March 31, 2023, and $0.5 billion at December 31, 2022.

b.Includes cash designated for smelter development projects totaling $1.5 billion at March 31, 2023, and $1.8 billion at December 31, 2022.

Fair Value Measurement

3 Months Ended

Mar. 31, 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 first-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 March 31, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—

Total	33		33		26		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	63		63		63		—		—		—
Government mortgage-backed securities	38		38		—		—		38		—
Government bonds and notes	32		32		—		—		32		—
Corporate bonds	31		31		—		—		31		—
Money market funds	21		21		—		21		—		—
Asset-backed securities	19		19		—		—		19		—
Collateralized mortgage-backed securities	2		2		—		—		2		—

Total	206		206		63		21		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	119		119		—		—		119		—

Copper futures and swap contracts	15		15		—		14		1		—





Total	134		134		—		14		120		—

Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	63		54		—		—		—		54



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	10		10		—		—		10		—



Copper forward contracts	1		1		—		—		1		—


Total	11		11		—		—		11		—




Long-term debt, including current portiond	9,635		9,336		—		—		9,336		—


	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 time deposits (which approximated fair value) included in (i) other current assets of $118 million at both March 31, 2023, and December 31, 2022, and (ii) other assets of $133 million at both March 31, 2023, and December 31, 2022, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

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

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

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

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

Fixed income securities (government securities, corporate bonds, asset-backed securities 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 third-quarter 2018. The contingent consideration included in (i) other current assets totaled $17 million at March 31, 2023, and $20 million at December 31, 2022, and (ii) other assets totaled $46 million at March 31, 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 March 31, 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 three 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	(4)
Fair value at March 31, 2023	$	54

- 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	3 Months Ended
Contingencies and Commitments	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	CONTINGENCIES AND COMMITMENTS 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 matter discussed below. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. 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. Other Matters Smelter Development Progress. 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 related to lack of smelter development in light of the COVID-19 pandemic (first-quarter 2022 included charges of $41 million associated with the administrative fine). Based on PT-FI’s revised smelter construction schedule, PT-FI does not believe any additional fines should be applied and will dispute any attempts by the Indonesia government to levy additional fines, which could be significant. PT-FI Export License. Indonesia regulations require PT-FI and PT Smelting to renew their export licenses annually, subject to review by the Indonesia government every six months, depending on smelter construction progress. In March 2023, PT-FI received an extension of its export license through June 10, 2023. PT-FI's special mining license provides that exports may continue through 2023, subject to force majeure considerations. PT-FI is working with the Indonesia government to obtain approval to continue exports as required for PT-FI’s operations until the Indonesia smelter projects are fully commissioned and reach designed operating conditions. PT-FI Export Duties. In late 2022, PT-FI’s export duty rate declined from 5% to 2.5% as a result of smelter development progress. In March 2023, the Indonesia government verified that construction progress on the Manyar smelter exceeded 50%, allowing PT-FI’s export duties to be eliminated effective March 29, 2023.

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

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

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and, through December 31, 2022, on 39.5% of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted from a concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its 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 impacted the timing of PT-FI’s first-quarter 2023 sales and working capital requirements, as a portion of PT-FI’s first-quarter 2023 production was deferred in inventory and will be sold as refined metal in future periods.

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 first quarters of 2023 and 2022 follow (in millions):


	Three Months Ended
	March 31,
	2023		2022
Copper:
Concentrate	$	1,587	$	2,691
Cathode	1,327		1,435
Rod and other refined copper products	921		1,116
Purchased coppera	204		70
Molybdenum	592		378
Gold	531		811
Otherb	133		188
Adjustments to revenues:
Treatment chargesc	(101)		(133)
Royalty expensed	(60)		(95)
PT-FI export dutiese	(18)		(98)		f
Revenues from contracts with customers	5,116		6,363
Embedded derivativesg	273		240
Total consolidated revenues	$	5,389	$	6,603

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

b.Primarily includes revenues associated with silver.

c.First-quarter 2023 treatment charges 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.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

g.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

- Definition

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

+ References

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

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

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

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 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
	March 31,
	2023		2022
Net income	$	1,049	$	1,904
Net income attributable to noncontrolling interests	(386)		(377)

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







Net income attributable to common stockholders	$	658	$	1,522


Basic weighted-average shares of common stock outstanding	1,433		1,455
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10		14
Diluted weighted-average shares of common stock outstanding	1,443		1,469




Basic net income per share attributable to common stockholders	$	0.46	$	1.05



Diluted net income per share attributable to common stockholders	$	0.46	$	1.04

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

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	March 31, 2023		December 31, 2022
Current inventories:
Total materials and supplies, neta	$	2,056	$	1,964

Mill stockpiles	$	222	$	216
Leach stockpiles	1,218		1,167
Total current mill and leach stockpiles	$	1,440	$	1,383

Raw materials (primarily concentrate)	$	392	$	443
Work-in-process	245		221
Finished goodsb	1,604		1,169
Total product	$	2,241	$	1,833

Long-term inventories:
Mill stockpiles	$	206	$	199
Leach stockpiles	1,029		1,053
Total long-term mill and leach stockpilesc	$	1,235	$	1,252

a.Materials and supplies inventory was net of obsolescence reserves totaling $28 million at March 31, 2023, and $39 million at December 31, 2022.

b.The increase in finished goods inventory at March 31, 2023, was 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 concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. As a result of the arrangement, a portion of PT-FI’s first-quarter 2023 production was deferred in inventory and will be sold as refined metal in future periods.

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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 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):


	Three Months Ended
	March 31,
	2023		2022
U.S. operations	$	4	$	(3)
International operations	(503)		(821)
Total	$	(499)	$	(824)

Debt and Equity (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	March 31, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,232	$	7,225
Issued by PT-FI	2,978		2,978
Issued by Freeport Minerals Corporation	354		355



Other	71		62
Total debt	9,635		10,620
Less current portion of debt	(49)		(1,037)
Long-term debt	$	9,586	$	9,583

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

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


	Three Months Ended
	March 31,
	2023		2022
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	14	$	12
Hedged item – firm sales commitments	(14)		(12)

Realized gains:
Matured derivative financial instruments	8		14

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at March 31, 2023, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	547	$	3.92	$	4.08	August 2023
Gold (thousands of ounces)	199	1,876		1,991		June 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	78	4.01		4.06		August 2023

Schedule of Derivative Instruments Included in Trading Activities

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


	Three Months Ended
	March 31,
	2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	231	$	218
Gold and other metals	42		22
Copper forward contractsb	(2)		4

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):


	March 31, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	15	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	119		166
Copper forward contracts	—		1
Total derivative assets	$	134	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	10		39


Copper forward contracts	1		—
Total derivative liabilities	$	11	$	42

Offsetting Assets

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


	Assets				Liabilities
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	119	$	166	$	10	$	39

Copper derivatives	15		4		1		3
	134		170		11		42

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


	3		—		3		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	116		166		7		39

Copper derivatives	15		4		1		3
	$	131	$	170	$	8	$	42

Balance sheet classification:
Trade accounts receivable	$	108	$	163	$	3	$	7
Other current assets	15		4		—		—


Accounts payable and accrued liabilities	8		3		5		34
Other liabilities	—		—		—		1
	$	131	$	170	$	8	$	42

Offsetting Liabilities

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


	Assets				Liabilities
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	119	$	166	$	10	$	39

Copper derivatives	15		4		1		3
	134		170		11		42

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


	3		—		3		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	116		166		7		39

Copper derivatives	15		4		1		3
	$	131	$	170	$	8	$	42

Balance sheet classification:
Trade accounts receivable	$	108	$	163	$	3	$	7
Other current assets	15		4		—		—


Accounts payable and accrued liabilities	8		3		5		34
Other liabilities	—		—		—		1
	$	131	$	170	$	8	$	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):


	March 31, 2023		December 31, 2022
Balance sheet components:
Cash and cash equivalentsa,b	$	6,852	$	8,146
Restricted cash and cash equivalents included in:
Other current assets	118		111
Other assets	134		133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	7,104	$	8,390

a.Includes time deposits of $0.3 billion at March 31, 2023, and $0.5 billion at December 31, 2022.

b.Includes cash designated for smelter development projects totaling $1.5 billion at March 31, 2023, and $1.8 billion at December 31, 2022.

- 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.

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+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	7		7		—		7		—		—

Total	33		33		26		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	63		63		63		—		—		—
Government mortgage-backed securities	38		38		—		—		38		—
Government bonds and notes	32		32		—		—		32		—
Corporate bonds	31		31		—		—		31		—
Money market funds	21		21		—		21		—		—
Asset-backed securities	19		19		—		—		19		—
Collateralized mortgage-backed securities	2		2		—		—		2		—

Total	206		206		63		21		122		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	119		119		—		—		119		—

Copper futures and swap contracts	15		15		—		14		1		—





Total	134		134		—		14		120		—

Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	63		54		—		—		—		54



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	10		10		—		—		10		—



Copper forward contracts	1		1		—		—		1		—


Total	11		11		—		—		11		—




Long-term debt, including current portiond	9,635		9,336		—		—		9,336		—


	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 time deposits (which approximated fair value) included in (i) other current assets of $118 million at both March 31, 2023, and December 31, 2022, and (ii) other assets of $133 million at both March 31, 2023, and December 31, 2022, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

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

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

Summary of Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first three 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	(4)
Fair value at March 31, 2023	$	54

Business Segments (Tables)

3 Months Ended

Mar. 31, 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 first quarters of 2023 and 2022 follow (in millions):


	Three Months Ended
	March 31,
	2023		2022
Copper:
Concentrate	$	1,587	$	2,691
Cathode	1,327		1,435
Rod and other refined copper products	921		1,116
Purchased coppera	204		70
Molybdenum	592		378
Gold	531		811
Otherb	133		188
Adjustments to revenues:
Treatment chargesc	(101)		(133)
Royalty expensed	(60)		(95)
PT-FI export dutiese	(18)		(98)		f
Revenues from contracts with customers	5,116		6,363
Embedded derivativesg	273		240
Total consolidated revenues	$	5,389	$	6,603

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

b.Primarily includes revenues associated with silver.

c.First-quarter 2023 treatment charges 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.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

g.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 March 31, 2023
Revenues:
Unaffiliated customers	$	32	$	97	$	129	$	958	$	234	$	1,192	$	1,199	a	$	—	$	1,523	$	749		$	597	b	$	5,389
Intersegment	593		948		1,541		244		—		244		169			223		6		7			(2,190)			—
Production and delivery	381		781		1,162		620		187		807		335			96		1,527		734			(1,496)			3,165
Depreciation, depletion and amortization	43		60		103		91		16		107		148			20		1		7			13			399


Selling, general and administrative expenses	—		1		1		2		—		2		28			—		—		8			87			126
Mining exploration and research expenses	—		—		—		—		—		—		—			—		—		—			31			31
Environmental obligations and shutdown costs	—		21		21		—		—		—		—			—		—		—			46			67

Operating income (loss)	201		182		383		489		31		520		857			107		1		7			(274)			1,601

Interest expense, net	—		—		—		29		—		29		9			—		—		6			107			151
Provision for (benefit from) income taxes	—		—		—		187		7		194		330			—		—		—			(25)			499
Net income attributable to noncontrolling interests	—		—		—		140		18		158		271		c	—		—		—			(43)			386
Total assets at March 31, 2023	3,142		5,668		8,810		8,612		1,871		10,483		21,046			1,707		221		1,152			7,490			50,909
Capital expenditures	56		140		196		61		39		100		449			9		5		12			350		d	1,121

Three Months Ended March 31, 2022
Revenues:
Unaffiliated customers	$	90	$	55	$	145	$	1,106	$	160	$	1,266	$	2,326	a	$	—	$	1,743	$	718		$	405	b	$	6,603
Intersegment	711		1,095		1,806		108		—		108		78			128		9		—			(2,129)			—
Production and delivery	363		655		1,018		558		112		670		626			75		1,754		722			(1,715)			3,150
Depreciation, depletion and amortization	44		61		105		87		10		97		248			16		1		6			16			489


Selling, general and administrative expenses	—		1		1		2		—		2		27			—		—		8			77			115
Mining exploration and research expenses	—		—		—		—		—		—		—			—		—		—			24			24
Environmental obligations and shutdown costs	—		—		—		—		—		—		—			—		—		—			16			16

Operating income (loss)	394		433		827		567		38		605		1,503			37		(3)		(18)			(142)			2,809

Interest expense, net	—		—		—		3		—		3		2			—		—		2			120			127
Provision for (benefit from) income taxes	—		—		—		227		14		241		586			—		—		—			(3)			824
Net income attributable to noncontrolling interests	—		—		—		168		6		174		190		c	—		—		—			13			377
Total assets at March 31, 2022	2,773		5,284		8,057		8,678		1,925		10,603		19,338			1,702		299		1,045			7,788			48,832
Capital expenditures	73		57		130		33		23		56		379			1		2		11			144		d	723

a.Includes PT-FI sales to PT Smelting totaling $27 million in first-quarter 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $917 million in first-quarter 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).

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

c.Beginning January 1, 2023, FCX’s economic and equity ownership interest in PT-FI is 48.76%. 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.

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

General Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	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%

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,049	$ 1,904
Net income attributable to noncontrolling interests	(386)	(377)
Undistributed dividends and earnings allocated to participating securities	(5)	(5)
Net income attributable to common stockholders	$ 658	$ 1,522
Basic weighted-average shares of common stock outstanding	1,433	1,455
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	10	14
Diluted weighted-average shares of common stock outstanding	1,443	1,469
Earnings per share, basic (in dollars per share)	$ 0.46	$ 1.05
Earnings per share, diluted (in dollars per share)	$ 0.46	$ 1.04
Dilutive Securities Excluded from Computation of EPS Amount	0	2

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current inventories:
Total materials and supplies, net	$ 2,056	$ 1,964
Mill stockpiles	222	216
Leach stockpiles	1,218	1,167
Total current mill and leach stockpiles	1,440	1,383
Raw materials (primarily concentrate)	392	443
Work-in-process	245	221
Finished goodsb	1,604	1,169
Total product	2,241	1,833
Long-term inventories:
Mill stockpiles	206	199
Leach stockpiles	1,029	1,053
Total long-term mill and leach stockpiles	1,235	1,252
Inventory obsolescence reserves	$ 28	$ 39

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
U.S. operations	$ 4	$ (3)
International operations	(503)	(821)
Total	$ (499)	$ (824)

- 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 Billions		3 Months Ended
	Aug. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)		32.00%	30.00%
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate	15.00%
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1.0

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 9,635	$ 10,620
Less current portion of debt	(49)	(1,037)
Long-term debt, less current portion	9,586	9,583
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	6,232	7,225
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt	2,978	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	$ 71	$ 62

Debt and Equity - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended		3 Months Ended		6 Months Ended	22 Months Ended
	Sep. 21, 2022 $ / shares	Mar. 31, 2023 USD ($)	Apr. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Apr. 30, 2023 USD ($) $ / shares shares	May 04, 2023 USD ($)	Oct. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2019 case
Debt Instrument [Line Items]
Long-term debt		$ 9,635		$ 9,635		$ 10,620
Repayments of debt				1,273	$ 434
Interest costs				$ 207	$ 153
Treasury stock purchases (in shares) \| shares					12.3	0.0
Shares repurchased					$ 541
Dividends declared per share of common stock (in dollars per share) \| $ / shares	$ 0.15			$ 0.15	$ 0.15
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		25		$ 25
Subsequent event
Debt Instrument [Line Items]
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
FCX affiliates \| Louisiana Parishes Coastal Erosion Cases
Debt Instrument [Line Items]
Loss Contingency, Pending Claims, Number \| case											42
FCX affiliates \| Louisiana Parishes Coastal Erosion Cases \| Settled litigation
Debt Instrument [Line Items]
Loss Contingency, Pending Claims, Number \| case											13
Unsecured Credit Facility \| PT-FI
Debt Instrument [Line Items]
Increase in line of credit			$ 1,300
Unsecured Credit Facility \| Cerro Verde
Debt Instrument [Line Items]
Letter of credit		0		0
Line of credit facility, maximum borrowing capacity										$ 350
Revolving Credit Facility \| PT-FI
Debt Instrument [Line Items]
Letter of credit		0		0
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized				56	$ 26
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit		8		8
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
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 \| PT-FI
Debt Instrument [Line Items]
Long-term debt		2,978		$ 2,978		$ 2,978
Repayments of debt		$ 996
Stated interest rate		3.875%		3.875%

Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended
	Mar. 31, 2023 oz lb $ / lb $ / oz $ / lb	Mar. 31, 2023 USD ($) $ / lb $ / oz $ / lb	Mar. 31, 2022 USD ($)
Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 273	$ 240
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		14	12
Hedged item – firm sales commitments		(14)	(12)
Realized gains (losses):
Matured derivative financial instruments		$ 8	14
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	96
Derivative, Average Forward Price \| $ / lb	3.94	3.94
Copper Forward Contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	12
Derivative, Average Forward Price \| $ / lb	4.01	4.01
Copper Forward Contracts \| Not Designated as Hedging Instrument \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments		$ (2)	4
Copper \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 231	218
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	547
Derivative, Average Forward Price \| $ / lb	3.92	3.92
Realized gains (losses):
Derivative Average Market Price \| $ / lb	4.08	4.08
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	78
Derivative, Average Forward Price \| $ / lb	4.01	4.01
Realized gains (losses):
Derivative Average Market Price \| $ / lb	4.06	4.06
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	199
Derivative, Average Forward Price \| $ / oz	1,876	1,876
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,991	1,991
gold and other \| Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 42	$ 22

Financial Instruments - Unsettled Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended
	Mar. 31, 2023 USD ($) oz lb $ / lb $ / oz $ / lb	Mar. 31, 2023 USD ($) $ / lb $ / oz $ / lb	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 134	$ 134		$ 170
Derivative Liability, Fair Value, Gross Liability	11	11		42
Derivative Asset, Fair Value, Gross Liability	3	3		0
Derivative Liability, Fair Value, Gross Asset	3	3		0
Derivative Asset	131	131		170
Derivative Liability	8	8		42
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	108	108		163
Derivative Liability	3	3		7
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	8	8		3
Derivative Liability	5	5		34
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	15	15		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		8	$ 14
Derivative Asset, Fair Value, Gross Asset	15	15		4
Derivative Liability, Fair Value, Gross Liability	1	1		3
Derivative Asset	15	15		4
Derivative Liability	1	1		3
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	119	119		166
Derivative Liability, Fair Value, Gross Liability	10	10		39
Derivative Asset, Fair Value, Gross Liability	3	3		0
Derivative Liability, Fair Value, Gross Asset	3	3		0
Derivative Asset	116	116		166
Derivative Liability	7	7		39
Designated as Hedging Instrument [Member] \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 15	$ 15		3
Derivative, Nonmonetary Notional Amount, Mass \| lb	96
Derivative, Average Forward Price \| $ / lb	3.94	3.94
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 119	$ 119		166
Derivative Liability, Fair Value, Gross Liability	$ 10	$ 10		39
Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	12
Derivative, Average Forward Price \| $ / lb	4.01	4.01
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	$ 0	$ 0		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 \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	4.08	4.08
Derivative, Nonmonetary Notional Amount, Mass \| lb	547
Derivative, Average Forward Price \| $ / lb	3.92	3.92
Copper \| Long [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	4.06	4.06
Derivative, Nonmonetary Notional Amount, Mass \| lb	78
Derivative, Average Forward Price \| $ / lb	4.01	4.01
Gold \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,991	1,991
Derivative, Nonmonetary Notional Amount, Mass \| oz	199
Derivative, Average Forward Price \| $ / oz	1,876	1,876
Sales \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 273	240
Sales \| Copper \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		231	218
Sales \| gold and other \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		42	22
Cost of Sales [Member] \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ (2)	$ 4

Financial Instruments - Derivative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 6,852	$ 8,146
Restricted Cash and Cash Equivalents, Current	118	111
Restricted Cash and Cash Equivalents, Noncurrent	134	133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	7,104	8,390	$ 8,588	$ 8,314
Credit Derivative, Maximum Exposure, Undiscounted	134
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	$ 1,500	$ 1,800

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investment securities (current and long-term):
Marketable Securities	$ 0
Other Assets, Current	473	$ 492
Other assets	1,769	1,601
Derivatives:
Derivative Asset	131	170
Derivatives: [Abstract]
Derivative Liability	8	42
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	26	25
Trust Assets Fair Value Disclosure	63	56
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	7	7
Trust Assets Fair Value Disclosure	21	3
Derivatives:
Derivative Asset	14	4
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	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	122	122
Derivatives:
Derivative Asset	120	166
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	11	42
Long-term debt, including current portion	9,336	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	0
Discontinued Operation, Contingent Receivable	54	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	33	32
Trust Assets Fair Value Disclosure	206	181
Derivatives:
Derivative Asset	134	170
Discontinued Operation, Contingent Receivable	54	57
Derivatives: [Abstract]
Derivative Liability	11	42
Long-term debt, including current portion	9,336	10,097
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	33	32
Trust Assets Fair Value Disclosure	206	181
Derivatives:
Derivative Asset	134	170
Discontinued Operation, Contingent Receivable	63	67
Derivatives: [Abstract]
Derivative Liability	11	42
Long-term debt, including current portion	9,635	10,620
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	116	166
Derivatives: [Abstract]
Derivative Liability	7	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	119	166
Derivatives: [Abstract]
Derivative Liability	10	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	119	166
Derivatives: [Abstract]
Derivative Liability	10	39
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	119	166
Derivatives: [Abstract]
Derivative Liability	10	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	15	4
Derivatives: [Abstract]
Derivative Liability	1	3
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset	0	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 \| Level 1
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1
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 \| 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 \| 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
Future \| Level 1
Derivatives:
Derivative Asset	14
Future \| Level 2
Derivatives:
Derivative Asset	1
Future \| Level 3
Derivatives:
Derivative Asset	0
Future \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	15
Future \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	15
U.S. core fixed income fund \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	26	25
Trust Assets Fair Value Disclosure	63	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	26	25
Trust Assets Fair Value Disclosure	63	56
U.S. core fixed income fund \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	26	25
Trust Assets Fair Value Disclosure	63	56
Equity securities \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities		0
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities	7	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	7	7
Equity securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	7	7
Government bonds \| Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	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	32	34
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	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	31	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	31	31
Corporate bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	31	31
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	38	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	38	37
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	38	37
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	19	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	19	17
Asset-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	19	17
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	21	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	21	3
Money market funds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	21	3
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	2	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	2	3
Collateralized Mortgage Backed Securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	2	3
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Other Assets, Current	118
Other assets	$ 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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 473	$ 492
Other Assets, Noncurrent	1,769	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	(4)
Fair value at March 31, 2023	54
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	$ 46	$ 47

Contingencies and Commitments - Litigation (Details) - Louisiana Parishes Coastal Erosion Cases - FCX affiliates	Dec. 31, 2019 case
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	42
Number of Parishes That Filed Claims	6
Settled litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	13

Contingencies and Commitments - Other Matters (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended
	Jan. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
PT-FI Export Licenses, Review By Indonesia Government, Term				6 months
PT-FI Export Duty Rate	5.00%				2.50%
Construction Progress Manyar Smelter, Percentage		50.00%
PT Freeport Indonesia
Loss Contingencies [Line Items]
Payment for Administrative Fees			$ 57
Administrative fine					$ 41

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Revenue from External Customer [Line Items]
Treatment chargesc	$ (101)	$ (133)
Royalty expense	(60)	(95)
PT-FI export dutiese	(18)	(98)
Revenues from contracts with customers	5,116	6,363
Revenues	$ 5,389	6,603
Number of Operating Segments \| segment	4
Indonesia \| Disputes
Revenue from External Customer [Line Items]
PT-FI export dutiese		(18)
Sales \| Not Designated as Hedging Instrument
Revenue from External Customer [Line Items]
Matured derivative financial instruments	$ 273	240
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue	1,587	2,691
Copper Cathode
Revenue from External Customer [Line Items]
Revenue	1,327	1,435
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue	921	1,116
Purchased Copper
Revenue from External Customer [Line Items]
Revenue	204	70
Gold
Revenue from External Customer [Line Items]
Revenue	531	811
Molybdenum
Revenue from External Customer [Line Items]
Revenue	592	378
Other Products Or Services
Revenue from External Customer [Line Items]
Revenue	$ 133	$ 188

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

3 Months Ended

Mar. 31, 2023

USD ($)

segment

Mar. 31, 2022

USD ($)

Dec. 31, 2022

USD ($)

Segment Reporting Information [Line Items]

Number of Operating Segments | segment

4

Revenues

$ 5,389

$ 6,603

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

(3,165)

(3,150)

Cost, Depreciation, Amortization and Depletion

399

489

Selling, general and administrative expenses

(126)

(115)

Mining exploration and research expenses

31

24

Environmental obligations and shutdown costs

67

16

Operating income

1,601

2,809

Interest expense, net

151

127

Provision for (benefit from) income taxes

499

824

Net income (loss) attributable to noncontrolling interests

386

377

Total assets

50,909

48,832

$ 51,093

Capital expenditures

$ 1,121

723

Business Segments

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

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

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and, through December 31, 2022, on 39.5% of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted from a concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its 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 impacted the timing of PT-FI’s first-quarter 2023 sales and working capital requirements, as a portion of PT-FI’s first-quarter 2023 production was deferred in inventory and will be sold as refined metal in future periods.

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 first quarters of 2023 and 2022 follow (in millions):


	Three Months Ended
	March 31,
	2023		2022
Copper:
Concentrate	$	1,587	$	2,691
Cathode	1,327		1,435
Rod and other refined copper products	921		1,116
Purchased coppera	204		70
Molybdenum	592		378
Gold	531		811
Otherb	133		188
Adjustments to revenues:
Treatment chargesc	(101)		(133)
Royalty expensed	(60)		(95)
PT-FI export dutiese	(18)		(98)		f
Revenues from contracts with customers	5,116		6,363
Embedded derivativesg	273		240
Total consolidated revenues	$	5,389	$	6,603

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

b.Primarily includes revenues associated with silver.

c.First-quarter 2023 treatment charges 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.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

g.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

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