Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,433,635,627
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,683	$ 8,146
Trade accounts receivable	675	1,336
Income and other tax receivables	417	459
Inventories:
Total materials and supplies, net	2,098	1,964
Mill and leach stockpiles	1,498	1,383
Product	2,214	1,833
Other current assets	472	492
Total current assets	14,057	15,613
Property, plant, equipment and mine development costs, net	33,845	32,627
Long-term mill and leach stockpiles	1,241	1,252
Other assets	1,764	1,601
Total assets	50,907	51,093
Current liabilities:
Accounts payable and accrued liabilities	3,642	4,027
Long-term Debt, Current Maturities	37	1,037
Accrued income taxes	531	744
Environmental And Asset Retirement Obligations, Current	361	320
Dividends Payable, Current	217	217
Total current liabilities	4,788	6,345
Long-term debt, less current portion	9,458	9,583
Environmental and AROs, less current portion	4,566	4,463
Deferred income taxes	4,343	4,269
Other liabilities	1,725	1,562
Total liabilities	24,880	26,222
Stockholders’ equity:
Common stock	162	161
Capital in excess of par value	25,028	25,322
Accumulated deficit	(2,901)	(3,907)
Accumulated other comprehensive loss	(318)	(320)
Common stock held in treasury	(5,769)	(5,701)
Total stockholders’ equity	16,202	15,555
Noncontrolling interests	9,825	9,316
Total equity	26,027	24,871
Total liabilities and equity	$ 50,907	$ 51,093

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 5,737	$ 5,416	$ 11,126	$ 12,019
Cost of sales:
Production and delivery	3,548	3,003	6,712	6,153
Depreciation, depletion and amortization (DD&A)	547	507	946	996
Metals inventory adjustments	1	18	2	18
Total cost of sales	4,096	3,528	7,660	7,167
Selling, general and administrative expenses	115	100	241	215
Mining exploration and research expenses	42	25	73	49
Environmental obligations and shutdown costs	74	29	141	45
Net gain on sales of assets	0	(2)	0	(2)
Total costs and expenses	4,327	3,680	8,115	7,474
Operating income	1,410	1,736	3,011	4,545
Interest expense, net	(171)	(156)	(322)	(283)
Net gain on early extinguishment of debt	5	8	5	8
Other income, net	24	11	112	42
Income before income taxes and equity in affiliated companies’ net earnings	1,268	1,599	2,806	4,312
Provision for income taxes	(539)	(571)	(1,038)	(1,395)
Equity in affiliated companies’ net earnings	2	10	12	25
Net income	731	1,038	1,780	2,942
Net income (loss) attributable to noncontrolling interests	388	198	774	575
Net income attributable to common stockholders	$ 343	$ 840	$ 1,006	$ 2,367
Net income per share attributable to common stockholders:
Earnings per share, basic (in dollars per share)	$ 0.24	$ 0.58	$ 0.70	$ 1.63
Earnings per share, diluted (in dollars per share)	$ 0.23	$ 0.57	$ 0.69	$ 1.61
Weighted-average shares of common stock outstanding:
Basic weighted-average shares of common stock outstanding	1,434	1,447	1,434	1,451
Diluted weighted-average shares of common shares outstanding	1,442	1,457	1,443	1,463
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 731	$ 1,038	$ 1,780	$ 2,942
Defined benefit plans:
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax	0	0	0	(1)
Amortization of unrecognized amounts included in net periodic benefit costs	1	2	2	4
Foreign exchange (losses) gains	0	(1)	1	(1)
Other comprehensive income	1	1	3	2
Total comprehensive income	732	1,039	1,783	2,944
Total comprehensive income attributable to noncontrolling interests	(388)	(198)	(775)	(575)
Total comprehensive income (loss)	$ 344	$ 841	$ 1,008	$ 2,369

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net income	$ 1,780	$ 2,942
Adjustments to reconcile net income to net cash provided by operating activities:
DD&A	946	996
Metals inventory adjustments	2	18
Net gain on sales of assets	0	(2)
Stock-based compensation	72	62
Net charges for environmental and AROs, including accretion	237	119
Payments for environmental and AROs	(114)	(120)
Net charges for defined pension and postretirement plans	31	20
Pension plan contributions	(6)	(50)
Net gain on early extinguishment of debt	(5)	(8)
Deferred income taxes	74	63
Change in deferred profit on PT Freeport Indonesia’s (PT-FI) sales to PT Smelting	(112)	27
Other, net	48	(44)
Changes in working capital and other:
Accounts receivable	756	314
Inventories	(530)	(40)
Other current assets	(17)	(99)
Accounts payable and accrued liabilities	(231)	185
Accrued income taxes and timing of other tax payments	(208)	(1,071)
Net cash provided by operating activities	2,723	3,312
Cash flow from investing activities:
Capital expenditures	(2,284)	(1,586)
Proceeds from sales of assets	11	96
Loans to PT Smelting for expansion	(61)	(34)
Other, net	(31)	(6)
Net cash used in investing activities	(2,365)	(1,530)
Cash flow from financing activities:
Proceeds from debt	681	4,666
Repayments of debt	(1,806)	(2,993)
Cash dividends and distributions paid:
Common stock	(432)	(438)
Noncontrolling interests	(291)	(513)
Treasury stock purchases	0	(1,185)
Contributions from noncontrolling interests	50	94
Proceeds from exercised stock options	34	106
Payments for withholding of employee taxes related to stock-based awards	(47)	(55)
Debt financing costs and other, net	(1)	(33)
Net cash used in financing activities	(1,812)	(351)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(1,454)	1,431
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	8,390	8,314
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	6,936	9,745
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(378)	(276)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(183)	(124)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(833)	(759)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(780)	(344)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(22)	(9)
Other Segments
Cash flow from investing activities:
Capital expenditures	$ (88)	$ (74)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2021		1,603				146
Balance at Dec. 31, 2021	$ 23,019	$ 160	$ 25,875	$ (7,375)	$ (388)	$ (4,292)	$ 13,980	$ 9,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	9
Exercised and issued stock-based awards	$ 113	$ 1	112				113
Stock-based compensation, including the tender of shares (in shares)						2
Stock-based compensation, including the tender of shares	(10)		63			$ (62)	1	(11)
Treasury stock purchases (in shares)						29
Treasury stock purchases	(1,185)					$ (1,185)	(1,185)
Dividends	(928)		(435)				(435)	(493)
Contributions from noncontrolling interests	94		46				46	48
Net loss attributable to common stockholders	2,367			2,367			2,367
Net income (loss) attributable to noncontrolling interests	575							575
Other comprehensive income	2				2		2	0
Balance (in shares) at Jun. 30, 2022		1,612				177
Balance at Jun. 30, 2022	24,047	$ 161	25,661	(5,008)	(386)	$ (5,539)	14,889	9,158
Balance (in shares) at Mar. 31, 2022		1,612				160
Balance at Mar. 31, 2022	24,042	$ 161	25,835	(5,848)	(387)	$ (4,895)	14,866	9,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	5		5				5
Stock-based compensation, including the tender of shares	14		15				15	(1)
Treasury stock purchases (in shares)						17
Treasury stock purchases	(644)					$ (644)	(644)
Dividends	(456)		(217)				(217)	(239)
Contributions from noncontrolling interests	47		23				23	24
Net loss attributable to common stockholders	840			840			840
Net income (loss) attributable to noncontrolling interests	198							198
Other comprehensive income	1				1		1
Balance (in shares) at Jun. 30, 2022		1,612				177
Balance at Jun. 30, 2022	24,047	$ 161	25,661	(5,008)	(386)	$ (5,539)	14,889	9,158
Balance (in shares) at Dec. 31, 2022		1,613				183
Balance at Dec. 31, 2022	$ 24,871	$ 161	25,322	(3,907)	(320)	$ (5,701)	15,555	9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	5
Exercised and issued stock-based awards	$ 56	$ 1	55				56
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	(9)		60			$ (68)	(8)	(1)
Dividends	(724)		(433)				(433)	(291)
Contributions from noncontrolling interests	50		24				24	26
Net loss attributable to common stockholders	1,006			1,006			1,006
Net income (loss) attributable to noncontrolling interests	774							774
Other comprehensive income	3				2		2
Balance (in shares) at Jun. 30, 2023		1,618				184
Balance at Jun. 30, 2023	26,027	$ 162	25,028	(2,901)	(318)	$ (5,769)	16,202	9,825
Balance (in shares) at Mar. 31, 2023		1,618				184
Balance at Mar. 31, 2023	25,648	$ 162	25,227	(3,244)	(319)	$ (5,769)	16,057	9,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	3		3				3
Stock-based compensation, including the tender of shares	14		14				14
Dividends	(370)		(216)				(216)	(154)
Net loss attributable to common stockholders	343			343			343
Net income (loss) attributable to noncontrolling interests	388							388
Other comprehensive income	1				1		1
Balance (in shares) at Jun. 30, 2023		1,618				184
Balance at Jun. 30, 2023	$ 26,027	$ 162	$ 25,028	$ (2,901)	$ (318)	$ (5,769)	$ 16,202	$ 9,825

General Information	6 Months Ended
General Information	Jun. 30, 2023
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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 June 30, 2023, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Earnings per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	731	$	1,038	$	1,780	$	2,942
Net income attributable to noncontrolling interests	(388)		(198)		(774)		(575)

Undistributed dividends and earnings allocated to participating securities	(5)		(4)		(5)		(5)







Net income attributable to common stockholders	$	338	$	836	$	1,001	$	2,362


Basic weighted-average shares of common stock outstanding	1,434		1,447		1,434		1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		10		9		12
Diluted weighted-average shares of common stock outstanding	1,442		1,457		1,443		1,463

Net income per share attributable to common stockholders:


Basic	$	0.24	$	0.58	$	0.70	$	1.63



Diluted	$	0.23	$	0.57	$	0.69	$	1.61

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

second-quarter 2023, second-quarter 2022 and for the first six months of 2023, and 1 million shares excluded for the first six months of 2022.

Inventories, Including Long-Term Mill and Leach Stockpiles

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	June 30, 2023		December 31, 2022
Current inventories:
Total materials and supplies, neta	$	2,098	$	1,964

Mill stockpiles	$	224	$	216
Leach stockpiles	1,274		1,167
Total current mill and leach stockpiles	$	1,498	$	1,383

Raw materials (primarily copper concentrate)	$	382	$	443
Work-in-process	189		221
Finished goodsb	1,643		1,169
Total product	$	2,214	$	1,833

Long-term inventories:
Mill stockpiles	$	216	$	199
Leach stockpiles	1,025		1,053
Total long-term mill and leach stockpilesc	$	1,241	$	1,252

a.Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2023, and $39 million at December 31, 2022.

b.The increase in finished goods inventory at June 30, 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 copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. At June 30, 2023, approximately 85 million pounds of copper and 40 thousand ounces of gold from PT-FI’s 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

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Six Months Ended
	June 30,
	2023		2022
U.S. operations	$	3	$	(5)
International operations	(1,041)		(1,390)
Total	$	(1,038)	$	(1,395)

FCX’s consolidated effective income tax rate was 37% for the first six months of 2023 and 32% for the first six months of 2022. The higher 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first six months of 2023 associated with contested tax rulings by the Peruvian Supreme Court. In addition, variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Because of its U.S. tax position, FCX does not record a financial statement impact for income or losses generated in the U.S.

The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. 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 its financial results for the first six months of

2023. However, future guidance released by the Treasury may differ from its interpretations, which could be material and may 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.

+ References

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Debt and Equity

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	June 30, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,103	$	7,225
Issued by PT-FI	2,979		2,978
Issued by Freeport Minerals Corporation	354		355



Other	59		62
Total debt	9,495		10,620
Less current portion of debt	(37)		(1,037)
Long-term debt	$	9,458	$	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 June 30, 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 and Cerro Verde has a $350 million unsecured revolving credit facility that matures in May 2027.

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

Senior Notes.

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

Beginning in 2022 and through August 3, 2023, FCX has purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion, including $131 million aggregate principal amount in the second quarter and first six months of 2023, and $103 million aggregate principal amount from July 1, 2023, through August 3, 2023. A summary of the senior note purchases and related gains on debt extinguishments for the second quarter and first six months of 2023, follows (in millions):



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

5.00% Senior Notes due 2027	$	12	$	—	$	12	$	12	$	—
4.125% Senior Notes due 2028	22		—		22		21		1
4.375% Senior Notes due 2028	6		—		6		5		1
5.25% Senior Notes due 2029	31		—		31		31		—
4.25% Senior Notes due 2030	45		1		44		42		2
4.625% Senior Notes due 2030	15		—		15		14		1


	$	131	$	1	$	130	$	125	$	5

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $234 million in second-quarter 2023, $189 million in second-quarter 2022, $441 million for the first six months of 2023 and $342 million for the first six months of 2022. Consolidated interest costs (before capitalization) in the 2023 periods includes, interest expense associated with Cerro Verde’s contested tax rulings by the Peruvian Supreme Court totaling $50 million in second-quarter 2023 and $74 million for the first six months of 2023.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $62 million in second-quarter 2023, $33 million in second-quarter 2022, $119 million for the first six months of 2023 and $59 million for the first six months of 2022. The increase in capitalized interest costs in the 2023 periods, compared to the 2022 periods, primarily resulted from increased construction and development projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects).

Share Repurchase Program and Dividends. 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). No shares have been purchased since July 11, 2022, and FCX has $3.2 billion available for repurchases under the program.

On June 21, 2023, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which was paid on August 1, 2023, to common stockholders of record as of July 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 and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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

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

A discussion of FCX’s 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 six-month periods ended June 30, 2023 and 2022. At June 30, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 88 million pounds at an average contract price of $3.88 per pound, with maturities through May 2025.

Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(25)	$	(89)	$	(11)	$	(78)
Hedged item – firm sales commitments	25		89		11		78

Realized (losses) gains:
Matured derivative financial instruments	(5)		(12)		3		2

Derivatives Not Designated as Hedging Instruments.

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

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


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	587	$	3.90	$	3.78	November 2023
Gold (thousands of ounces)	165	1,980		1,919		September 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	152	3.89		3.77		October 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 June 30, 2023, Atlantic Copper held net copper forward purchase contracts for 7 million pounds at an average contract price of $3.81 per pound, with maturities through August 2023.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	(169)	$	(720)	$	61	$	(502)
Gold and other metals	(21)		(33)		22		(11)
Copper forward contractsb	1		22		(1)		26

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):


	June 30, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	37		166
Copper forward contracts	—		1
Total derivative assets	$	37	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	10	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	100		39



Total derivative liabilities	$	110	$	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
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	37	$	166	$	99	$	39

Copper derivatives	—		4		11		3
	37		170		110		42

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	9		—		9		—


	9		—		9		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	28		166		90		39

Copper derivatives	—		4		11		3
	$	28	$	170	$	101	$	42

Balance sheet classification:
Trade accounts receivable	$	8	$	163	$	72	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	20		3		29		34
Other liabilities	—		—		—		1
	$	28	$	170	$	101	$	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 June 30, 2023, the maximum amount of credit exposure associated with derivative transactions was $37 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 June 30, 2023, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

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


	June 30, 2023		December 31, 2022
Balance sheet components:
Cash and cash equivalentsa,b	$	6,683	$	8,146
Restricted cash and cash equivalents included in:
Other current assets	119		111
Other assets	134		133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	6,936	$	8,390

a.Includes time deposits of $0.3 billion at June 30, 2023, and $0.5 billion at December 31, 2022.

b.Includes cash designated for smelter development projects totaling $1.1 billion at June 30, 2023, and $1.8 billion at December 31, 2022.

Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-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 June 30, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	31		31		26		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	63		63		63		—		—		—
Government mortgage-backed securities	40		40		—		—		40		—
Government bonds and notes	33		33		—		—		33		—
Corporate bonds	31		31		—		—		31		—
Asset-backed securities	19		19		—		—		19		—
Money market funds	17		17		—		17		—		—
Collateralized mortgage-backed securities	2		2		—		—		2		—

Total	205		205		63		17		125		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	37		37		—		—		37		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	59		51		—		—		—		51



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	100		100		—		—		100		—


Copper futures and swap contracts	10		10		—		8		2		—



Total	110		110		—		8		102		—




Long-term debt, including current portiond	9,495		9,129		—		—		9,129		—


	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 $119 million at June 30, 2023, and $118 million at December 31, 2022, associated with PT-FI’s closure and reclamation guarantees and (ii) other assets of $134 million at June 30, 2023, and $133 million at December 31, 2022, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia.

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

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

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

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

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

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

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

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

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in 2018. The contingent consideration included in (i) other current assets totaled $17 million at June 30, 2023, and $20 million at December 31, 2022, and (ii) other assets totaled $42 million at June 30, 2023, and $47 million at December 31, 2022. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

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

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

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six 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	(7)
Fair value at June 30, 2023	$	51

- 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	6 Months Ended
Contingencies and Commitments	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	CONTINGENCIES AND COMMITMENTS Environmental There were no significant updates to previously reported environmental matters included in Note 12 of FCX’s 2022 Form 10-K, other than the matter discussed below. Historical Smelter Sites. On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc., Docket No. 734-17, was filed in the Superior Court of New Jersey. In July 2023, the Court approved an agreement between the parties pursuant to which all claims were settled for an amount not material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2022 Form 10-K, other than the 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 Indonesia Regulatory Matters Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various minerals, including copper concentrates. Export License. On June 10, 2023, export licenses for several exporters, including PT-FI, expired. During the second quarter and through July 2023, the Indonesia government issued various regulations to address exports of unrefined metals, including regulations by the Ministry of Energy and Mineral Resources (MEMR) to allow continued exports of copper concentrates through May 2024 for companies engaged in ongoing smelter development projects with construction progress greater than 50%, and regulations by the Ministry of Trade on the permitted export of various products, including copper concentrates. On July 24, 2023, PT-FI was granted an export license through May 2024 for 1.7 million metric tons of copper concentrate. PT-FI will continue to work with the Indonesia government to obtain approvals to continue exports until the Manyar smelter is fully commissioned and has reached designed operating conditions. Export Duties. Under PT-FI’s special mining license (IUPK), export duties are determined based on regulations that were in effect in 2018, which provided that no duties are required after smelter construction progress reached 50%. In March 2023, the Indonesia government verified that construction progress on the Manyar smelter exceeded 50% and PT-FI's export duties were eliminated effective March 29, 2023. In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. The revised regulation assesses export duties for copper concentrates at 7.5% in the second half of 2023 and 10% in 2024 for companies with smelter progress of 70% to 90%. For companies with smelter progress above 90%, export duties would be 5% in the second half of 2023 and 7.5% in 2024. PT-FI is continuing to discuss the applicability of the revised regulation with the Indonesia government and will contest, and seek recovery of, any assessments. Smelter Development Progress. In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is advancing the construction of the Indonesia smelter projects and expanding capacity at PT Smelting. PT-FI estimates construction of the Manyar smelter to be complete in mid-2024 followed by commissioning of the facilities and a ramp-up schedule through year-end 2024. As disclosed in Note 12 of FCX’s 2022 Form 10-K, in March 2022, PT-FI paid the Indonesia government an administrative fine totaling $57 million (which included charges of $41 million recorded in first-quarter 2022) related to smelter development delays in light of the COVID-19 pandemic. In May 2023, MEMR issued a decree prescribing a revised formula for administrative fines for delays in construction of smelter and refining facilities, taking into account allowances for certain delays associated with the COVID-19 pandemic as verified by a third-party. In mid-July 2023, PT-FI submitted its third-party verified calculation, which resulted in an accrual for a potential administrative fine of $55 million based on the formula prescribed by the decree related to the period from August 2020 through January 2022. PT-FI continues to discuss the applicability of this administrative fine with MEMR. Based on PT-FI’s revised smelter construction schedule, which was accepted by the Indonesia government in connection with the renewal of PT-FI's export license in early 2022, PT-FI does not believe any additional fines should be assessed under the decree. Smelter Bond. The May 2023 decree by MEMR also requires an assurance bond to be held in escrow until project completion. PT-FI has an existing assurance bond to support its commitment for additional smelter development in Indonesia, which totals $134 million at June 30, 2023 (refer to Note 7), and may be required to make an additional refundable deposit of approximately $250 million in connection with the May 2023 decree. Export Proceeds. The Indonesia government issued a regulation that became effective August 1, 2023, that requires 30% of PT-FI’s gross export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. PT-FI is reviewing implementing guidelines associated with this regulation.

Business Segments

6 Months Ended

Jun. 30, 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 mining operations to Atlantic Copper (and on 39.5% of PT-FI’s sales to PT Smelting for the 2022 periods) until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Copper:
Concentrate	$	2,185	$	2,694	$	3,772	$	5,385
Cathode	1,358		1,183		2,685		2,618
Rod and other refined copper products	884		1,071		1,805		2,187
Purchased coppera	72		104		276		174
Gold	999		909		1,530		1,720
Molybdenum	491		377		1,083		755
Otherb	170		165		303		353
Adjustments to revenues:
Treatment chargesc	(142)		(139)		(243)		(272)
Royalty expensed	(94)		(111)		(154)		(206)
PT-FI export dutiese	4		(84)		(14)		(182)		f
Revenues from contracts with customers	5,927		6,169		11,043		12,532
Embedded derivativesg	(190)		(753)		83		(513)
Total consolidated revenues	$	5,737	$	5,416	$	11,126	$	12,019

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

b.Primarily includes revenues associated with silver.

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

d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

e.Refer to Note 8 for further discussion of PT-FI export duties.

f.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.

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 June 30, 2023
Revenues:
Unaffiliated customers	$	26	$	14	$	40	$	783		$	190	$	973	$	2,039		$	—	$	1,463	$	744			$	478	a	$	5,737
Intersegment	570		980		1,550		175			—		175		198			150		10		4				(2,087)			—
Production and delivery	422		744		1,166		609			174		783		858		b	105		1,465		725				(1,554)			3,548
DD&A	42		57		99		117			15		132		275			14		1		7				19			547

Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—				—			1
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		7				75			115
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—				41			42
Environmental obligations and shutdown costs	—		1		1		—			—		—		—			—		—		—				73			74

Operating income (loss)	130		191		321		230			1		231		1,074			31		7		9				(263)			1,410

Interest expense, net	—		—		—		55		c	—		55		13			—		—		8				95			171
Provision for income taxes	—		—		—		113			—		113		410			—		—		—				16			539
Net income attributable to noncontrolling interests	—		—		—		18			2		20		368		d	—		—		—				—			388
Total assets at June 30, 2023	3,167		5,754		8,921		8,444			1,890		10,334		20,460			1,717		280		1,127				8,068			50,907
Capital expenditures	67		115		182		57			26		83		384			13		2		11				488		e	1,163

Three Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	17	$	30	$	47	$	702		$	180	$	882	$	1,920	f	$	—	$	1,753	$	433			$	381	a	$	5,416
Intersegment	730		1,078		1,808		134			—		134		58			144		8		—				(2,152)			—
Production and delivery	397		720		1,117		565			177		742		564			80		1,765		463			g	(1,728)			3,003
DD&A	44		58		102		91			11		102		262			18		1		6				16			507

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—				—			18
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		5				62			100
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—				24			25
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—				42			29
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—				(2)			(2)
Operating income (loss)	318		322		640		169			(10)		159		1,122			46		(5)		(41)				(185)			1,736

Interest expense, net	—		—		—		4			—		4		13			—		—		2				137			156
Provision for (benefit from) income taxes	—		—		—		68			(7)		61		434			—		—		—				76			571
Net income (loss) attributable to noncontrolling interests	—		—		—		50			8		58		141		d	—		—		—				(1)			198
Total assets at June 30, 2022	2,839		5,338		8,177		8,379			1,843		10,222		20,679			1,702		300		1,078				7,955			50,113
Capital expenditures	63		83		146		35			33		68		388			8		2		32				219		e	863


(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
Six Months Ended June 30, 2023
Revenues:
Unaffiliated customers	$	58	$	111	$	169	$	1,741		$	424	$	2,165	$	3,238	f	$	—	$	2,986	$	1,493		$	1,075	a	$	11,126
Intersegment	1,163		1,928		3,091		419			—		419		367			373		16		11			(4,277)			—
Production and delivery	803		1,525		2,328		1,229			361		1,590		1,193		b	201		2,992		1,459			(3,051)			6,712
DD&A	85		117		202		208			31		239		423			34		2		14			32			946
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			1			2
Selling, general and administrative expenses	1		1		2		4			—		4		58			—		—		15			162			241
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			72			73
Environmental obligations and shutdown costs	—		22		22		—			—		—		—			—		—		—			119			141


Operating income (loss)	331		373		704		719			32		751		1,931			138		8		16			(537)			3,011

Interest expense, net	—		—		—		84		c	—		84		22			—		—		14			202			322
Provision for (benefit from) income taxes	—		—		—		300			7		307		740			—		—		—			(9)			1,038
Net income (loss) attributable to noncontrolling interests	—		—		—		158			20		178		639		d	—		—		—			(43)			774
Capital expenditures	123		255		378		118			65		183		833			22		7		23			838		e	2,284

Six Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	107	$	85	$	192	$	1,808		$	340	$	2,148	$	4,246	f	$	—	$	3,496	$	1,151		$	786	a	$	12,019
Intersegment	1,441		2,173		3,614		242			—		242		136			272		17		—			(4,281)			—
Production and delivery	760		1,375		2,135		1,123			289		1,412		1,190		b	155		3,519		1,185		g	(3,443)			6,153
DD&A	88		119		207		178			21		199		510			34		2		12			32			996

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		1		2		4			—		4		57			—		—		13			139			215
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			48			49
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			58			45

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	712		755		1,467		736			28		764		2,625			83		(8)		(59)			(327)			4,545

Interest expense, net	—		—		—		7			—		7		15			—		—		4			257			283
Provision for income taxes	—		—		—		295			7		302		1,020			—		—		—			73			1,395
Net income attributable to noncontrolling interests	—		—		—		218			14		232		331		d	—		—		—			12			575
Capital expenditures	136		140		276		68			56		124		759			9		4		43			371		e	1,586

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

b.Includes a $55 million charge for administrative fines in the second quarter and first six months of 2023 and $41 million for the first six months of 2022. Refer to Note 8 for further discussion.

c.Includes interest expense associated with contested tax rulings by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023.

d.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%. In addition, 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.

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

f.Includes PT-FI sales to PT Smelting totaling $827 million in second-quarter 2022, $27 million for the first six months 2023 (reflecting adjustments to prior period provisionally priced copper concentrate sales) and $1.7 billion for the first six months 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).

g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $40 million at Atlantic Copper in the second quarter and first six months of 2022.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	731	$	1,038	$	1,780	$	2,942
Net income attributable to noncontrolling interests	(388)		(198)		(774)		(575)

Undistributed dividends and earnings allocated to participating securities	(5)		(4)		(5)		(5)







Net income attributable to common stockholders	$	338	$	836	$	1,001	$	2,362


Basic weighted-average shares of common stock outstanding	1,434		1,447		1,434		1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		10		9		12
Diluted weighted-average shares of common stock outstanding	1,442		1,457		1,443		1,463

Net income per share attributable to common stockholders:


Basic	$	0.24	$	0.58	$	0.70	$	1.63



Diluted	$	0.23	$	0.57	$	0.69	$	1.61

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

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	June 30, 2023		December 31, 2022
Current inventories:
Total materials and supplies, neta	$	2,098	$	1,964

Mill stockpiles	$	224	$	216
Leach stockpiles	1,274		1,167
Total current mill and leach stockpiles	$	1,498	$	1,383

Raw materials (primarily copper concentrate)	$	382	$	443
Work-in-process	189		221
Finished goodsb	1,643		1,169
Total product	$	2,214	$	1,833

Long-term inventories:
Mill stockpiles	$	216	$	199
Leach stockpiles	1,025		1,053
Total long-term mill and leach stockpilesc	$	1,241	$	1,252

a.Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2023, and $39 million at December 31, 2022.

b.The increase in finished goods inventory at June 30, 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 copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. At June 30, 2023, approximately 85 million pounds of copper and 40 thousand ounces of gold from PT-FI’s 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)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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


	Six Months Ended
	June 30,
	2023		2022
U.S. operations	$	3	$	(5)
International operations	(1,041)		(1,390)
Total	$	(1,038)	$	(1,395)

Debt and Equity (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	June 30, 2023		December 31, 2022



Senior notes and debentures:
Issued by FCX	$	6,103	$	7,225
Issued by PT-FI	2,979		2,978
Issued by Freeport Minerals Corporation	354		355



Other	59		62
Total debt	9,495		10,620
Less current portion of debt	(37)		(1,037)
Long-term debt	$	9,458	$	9,583

Schedule of Extinguishment of Debt

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



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

5.00% Senior Notes due 2027	$	12	$	—	$	12	$	12	$	—
4.125% Senior Notes due 2028	22		—		22		21		1
4.375% Senior Notes due 2028	6		—		6		5		1
5.25% Senior Notes due 2029	31		—		31		31		—
4.25% Senior Notes due 2030	45		1		44		42		2
4.625% Senior Notes due 2030	15		—		15		14		1


	$	131	$	1	$	130	$	125	$	5

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(25)	$	(89)	$	(11)	$	(78)
Hedged item – firm sales commitments	25		89		11		78

Realized (losses) gains:
Matured derivative financial instruments	(5)		(12)		3		2

Schedule of Derivative Instruments

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


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	587	$	3.90	$	3.78	November 2023
Gold (thousands of ounces)	165	1,980		1,919		September 2023
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	152	3.89		3.77		October 2023

Schedule of Derivative Instruments Included in Trading Activities

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Embedded derivatives in provisional sales contracts:a
Copper	$	(169)	$	(720)	$	61	$	(502)
Gold and other metals	(21)		(33)		22		(11)
Copper forward contractsb	1		22		(1)		26

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):


	June 30, 2023		December 31, 2022
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	—	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	37		166
Copper forward contracts	—		1
Total derivative assets	$	37	$	170

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	10	$	3
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	100		39



Total derivative liabilities	$	110	$	42

Offsetting Assets

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


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

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	37	$	166	$	99	$	39

Copper derivatives	—		4		11		3
	37		170		110		42

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	9		—		9		—


	9		—		9		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	28		166		90		39

Copper derivatives	—		4		11		3
	$	28	$	170	$	101	$	42

Balance sheet classification:
Trade accounts receivable	$	8	$	163	$	72	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	20		3		29		34
Other liabilities	—		—		—		1
	$	28	$	170	$	101	$	42

Offsetting Liabilities

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


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

Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	$	37	$	166	$	99	$	39

Copper derivatives	—		4		11		3
	37		170		110		42

Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	9		—		9		—


	9		—		9		—

Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts	28		166		90		39

Copper derivatives	—		4		11		3
	$	28	$	170	$	101	$	42

Balance sheet classification:
Trade accounts receivable	$	8	$	163	$	72	$	7
Other current assets	—		4		—		—


Accounts payable and accrued liabilities	20		3		29		34
Other liabilities	—		—		—		1
	$	28	$	170	$	101	$	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):


	June 30, 2023		December 31, 2022
Balance sheet components:
Cash and cash equivalentsa,b	$	6,683	$	8,146
Restricted cash and cash equivalents included in:
Other current assets	119		111
Other assets	134		133
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	6,936	$	8,390

a.Includes time deposits of $0.3 billion at June 30, 2023, and $0.5 billion at December 31, 2022.

b.Includes cash designated for smelter development projects totaling $1.1 billion at June 30, 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

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


	At June 30, 2023
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	26	$	26	$	26	$	—	$	—	$	—
Equity securities	5		5		—		5		—		—

Total	31		31		26		5		—		—

Legally restricted funds:a
U.S. core fixed income fund	63		63		63		—		—		—
Government mortgage-backed securities	40		40		—		—		40		—
Government bonds and notes	33		33		—		—		33		—
Corporate bonds	31		31		—		—		31		—
Asset-backed securities	19		19		—		—		19		—
Money market funds	17		17		—		17		—		—
Collateralized mortgage-backed securities	2		2		—		—		2		—

Total	205		205		63		17		125		—


Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	37		37		—		—		37		—









Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa	59		51		—		—		—		51



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	100		100		—		—		100		—


Copper futures and swap contracts	10		10		—		8		2		—



Total	110		110		—		8		102		—




Long-term debt, including current portiond	9,495		9,129		—		—		9,129		—


	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 $119 million at June 30, 2023, and $118 million at December 31, 2022, associated with PT-FI’s closure and reclamation guarantees and (ii) other assets of $134 million at June 30, 2023, and $133 million at December 31, 2022, primarily associated with an assurance bond to support PT-FI’s commitment for additional domestic smelter development in Indonesia.

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 six 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	(7)
Fair value at June 30, 2023	$	51

Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Copper:
Concentrate	$	2,185	$	2,694	$	3,772	$	5,385
Cathode	1,358		1,183		2,685		2,618
Rod and other refined copper products	884		1,071		1,805		2,187
Purchased coppera	72		104		276		174
Gold	999		909		1,530		1,720
Molybdenum	491		377		1,083		755
Otherb	170		165		303		353
Adjustments to revenues:
Treatment chargesc	(142)		(139)		(243)		(272)
Royalty expensed	(94)		(111)		(154)		(206)
PT-FI export dutiese	4		(84)		(14)		(182)		f
Revenues from contracts with customers	5,927		6,169		11,043		12,532
Embedded derivativesg	(190)		(753)		83		(513)
Total consolidated revenues	$	5,737	$	5,416	$	11,126	$	12,019

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

b.Primarily includes revenues associated with silver.

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

d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

e.Refer to Note 8 for further discussion of PT-FI export duties.

f.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 June 30, 2023
Revenues:
Unaffiliated customers	$	26	$	14	$	40	$	783		$	190	$	973	$	2,039		$	—	$	1,463	$	744			$	478	a	$	5,737
Intersegment	570		980		1,550		175			—		175		198			150		10		4				(2,087)			—
Production and delivery	422		744		1,166		609			174		783		858		b	105		1,465		725				(1,554)			3,548
DD&A	42		57		99		117			15		132		275			14		1		7				19			547

Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—				—			1
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		7				75			115
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—				41			42
Environmental obligations and shutdown costs	—		1		1		—			—		—		—			—		—		—				73			74

Operating income (loss)	130		191		321		230			1		231		1,074			31		7		9				(263)			1,410

Interest expense, net	—		—		—		55		c	—		55		13			—		—		8				95			171
Provision for income taxes	—		—		—		113			—		113		410			—		—		—				16			539
Net income attributable to noncontrolling interests	—		—		—		18			2		20		368		d	—		—		—				—			388
Total assets at June 30, 2023	3,167		5,754		8,921		8,444			1,890		10,334		20,460			1,717		280		1,127				8,068			50,907
Capital expenditures	67		115		182		57			26		83		384			13		2		11				488		e	1,163

Three Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	17	$	30	$	47	$	702		$	180	$	882	$	1,920	f	$	—	$	1,753	$	433			$	381	a	$	5,416
Intersegment	730		1,078		1,808		134			—		134		58			144		8		—				(2,152)			—
Production and delivery	397		720		1,117		565			177		742		564			80		1,765		463			g	(1,728)			3,003
DD&A	44		58		102		91			11		102		262			18		1		6				16			507

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—				—			18
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		5				62			100
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—				24			25
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—				42			29
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—				(2)			(2)
Operating income (loss)	318		322		640		169			(10)		159		1,122			46		(5)		(41)				(185)			1,736

Interest expense, net	—		—		—		4			—		4		13			—		—		2				137			156
Provision for (benefit from) income taxes	—		—		—		68			(7)		61		434			—		—		—				76			571
Net income (loss) attributable to noncontrolling interests	—		—		—		50			8		58		141		d	—		—		—				(1)			198
Total assets at June 30, 2022	2,839		5,338		8,177		8,379			1,843		10,222		20,679			1,702		300		1,078				7,955			50,113
Capital expenditures	63		83		146		35			33		68		388			8		2		32				219		e	863


(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
Six Months Ended June 30, 2023
Revenues:
Unaffiliated customers	$	58	$	111	$	169	$	1,741		$	424	$	2,165	$	3,238	f	$	—	$	2,986	$	1,493		$	1,075	a	$	11,126
Intersegment	1,163		1,928		3,091		419			—		419		367			373		16		11			(4,277)			—
Production and delivery	803		1,525		2,328		1,229			361		1,590		1,193		b	201		2,992		1,459			(3,051)			6,712
DD&A	85		117		202		208			31		239		423			34		2		14			32			946
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			1			2
Selling, general and administrative expenses	1		1		2		4			—		4		58			—		—		15			162			241
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			72			73
Environmental obligations and shutdown costs	—		22		22		—			—		—		—			—		—		—			119			141


Operating income (loss)	331		373		704		719			32		751		1,931			138		8		16			(537)			3,011

Interest expense, net	—		—		—		84		c	—		84		22			—		—		14			202			322
Provision for (benefit from) income taxes	—		—		—		300			7		307		740			—		—		—			(9)			1,038
Net income (loss) attributable to noncontrolling interests	—		—		—		158			20		178		639		d	—		—		—			(43)			774
Capital expenditures	123		255		378		118			65		183		833			22		7		23			838		e	2,284

Six Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	107	$	85	$	192	$	1,808		$	340	$	2,148	$	4,246	f	$	—	$	3,496	$	1,151		$	786	a	$	12,019
Intersegment	1,441		2,173		3,614		242			—		242		136			272		17		—			(4,281)			—
Production and delivery	760		1,375		2,135		1,123			289		1,412		1,190		b	155		3,519		1,185		g	(3,443)			6,153
DD&A	88		119		207		178			21		199		510			34		2		12			32			996

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		1		2		4			—		4		57			—		—		13			139			215
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			48			49
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			58			45

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	712		755		1,467		736			28		764		2,625			83		(8)		(59)			(327)			4,545

Interest expense, net	—		—		—		7			—		7		15			—		—		4			257			283
Provision for income taxes	—		—		—		295			7		302		1,020			—		—		—			73			1,395
Net income attributable to noncontrolling interests	—		—		—		218			14		232		331		d	—		—		—			12			575
Capital expenditures	136		140		276		68			56		124		759			9		4		43			371		e	1,586

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

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 731	$ 1,038	$ 1,780	$ 2,942
Net income attributable to noncontrolling interests	(388)	(198)	(774)	(575)
Undistributed dividends and earnings allocated to participating securities	(5)	(4)	(5)	(5)
Net income attributable to common stockholders	$ 338	$ 836	$ 1,001	$ 2,362
Basic weighted-average shares of common stock outstanding	1,434	1,447	1,434	1,451
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8	10	9	12
Diluted weighted-average shares of common stock outstanding	1,442	1,457	1,443	1,463
Earnings per share, basic (in dollars per share)	$ 0.24	$ 0.58	$ 0.70	$ 1.63
Earnings per share, diluted (in dollars per share)	$ 0.23	$ 0.57	$ 0.69	$ 1.61
Dilutive Securities Excluded from Computation of EPS Amount	0	0	0	1

Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2023 USD ($) oz lb	Dec. 31, 2022 USD ($)
Current inventories:
Total materials and supplies, net	$ 2,098	$ 1,964
Mill stockpiles	224	216
Leach stockpiles	1,274	1,167
Total current mill and leach stockpiles	1,498	1,383
Raw materials (primarily copper concentrate)	382	443
Work-in-process	189	221
Finished goodsb	1,643	1,169
Total product	2,214	1,833
Long-term inventories:
Mill stockpiles	216	199
Leach stockpiles	1,025	1,053
Total long-term mill and leach stockpiles	1,241	1,252
Inventory obsolescence reserves	$ 33	$ 39
Copper deferred in inventory for future sale \| lb	85
Gold deferred in inventory for future sale \| oz	40
PT Freeport Indonesia
Long-term inventories:
Ownership interest in copper smelter and refinery	39.50%

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. operations			$ 3	$ (5)
International operations			(1,041)	(1,390)
Total	$ (539)	$ (571)	$ (1,038)	$ (1,395)

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)		37.00%	32.00%
Nondeductible charges		$ 142
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate	15.00%
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1,000

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 9,495	$ 10,620
Less current portion of debt	(37)	(1,037)
Long-term debt, less current portion	9,458	9,583
Senior Notes \| FCX
Debt Instrument [Line Items]
Long-term debt	6,103	7,225
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt	2,979	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	$ 59	$ 62

Debt and Equity - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended			3 Months Ended		6 Months Ended			19 Months Ended	24 Months Ended
	Jun. 21, 2023 $ / shares	Aug. 03, 2023 USD ($)	Mar. 31, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) $ / shares	Aug. 03, 2023 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2019 case
Debt Instrument [Line Items]
Long-term debt					$ 9,495		$ 9,495	$ 10,620			$ 9,495
Repayments of debt							1,806		$ 2,993
Interest costs					234	$ 189	441		$ 342
Treasury stock purchases (in shares) \| shares								0.0			47.8
Shares repurchased											$ 1,800
Cost per share repurchased (in dollars per share) \| $ / shares											$ 38.35
Remaining authorized shares repurchase amount					$ 3,200		$ 3,200				$ 3,200
Dividends declared per share of common stock (in dollars per share) \| $ / shares	$ 0.15				$ 0.15	$ 0.15	$ 0.30		$ 0.30
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					$ 50		$ 74
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				0
Line of credit facility, maximum borrowing capacity													$ 350
Revolving Credit Facility \| PT-FI
Debt Instrument [Line Items]
Letter of credit					0		0				0
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized					62	$ 33	119		$ 59
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit					8		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
Debt Instrument [Line Items]
Repurchased senior notes					131		131
Senior Notes \| Subsequent event
Debt Instrument [Line Items]
Cumulative repurchased principal amount										$ 1,300
Cumulative repurchase cost										$ 1,200
Repurchased senior notes		$ 103
Senior Notes \| PT-FI
Debt Instrument [Line Items]
Long-term debt					$ 2,979		$ 2,979	$ 2,978			$ 2,979
Repayments of debt			$ 996
Stated interest rate			3.875%

Debt and Equity - Purchase of Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Gain	$ 5	$ 8	$ 5	$ 8
Senior Notes
Debt Instrument [Line Items]
Principal Amount	131		131
Discounts/Deferred Issuance Costs	1		1
Book Value			130
Redemption Value	125		125
Gain			5
5.00% Senior Notes due March 2027 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	12		12
Discounts/Deferred Issuance Costs	0		0
Book Value			12
Redemption Value	12		12
Gain			0
4.125% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	22		22
Discounts/Deferred Issuance Costs	0		0
Book Value			22
Redemption Value	21		21
Gain			1
4.375% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	6		6
Discounts/Deferred Issuance Costs	0		0
Book Value			6
Redemption Value	5		5
Gain			1
5.25% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	31		31
Discounts/Deferred Issuance Costs	0		0
Book Value			31
Redemption Value	31		31
Gain			0
4.25% Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	45		45
Discounts/Deferred Issuance Costs	1		1
Book Value			44
Redemption Value	42		42
Gain			2
4.625% Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	15		15
Discounts/Deferred Issuance Costs	0		0
Book Value			15
Redemption Value	$ 14		14
Gain			$ 1

Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2023 lb oz $ / lb $ / oz $ / lb	Jun. 30, 2023 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($)
Not Designated as Hedging Instrument \| Amounts recorded in Sales
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (190)	$ (753)	$ 83	$ (513)
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		(25)	(89)	(11)	(78)
Hedged item – firm sales commitments		25	89	11	78
Realized gains (losses):
Matured derivative financial instruments		$ (5)	(12)	$ 3	2
Commodity Contract \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				88
Derivative, Average Forward Price \| $ / lb	3.88	3.88		3.88
Copper Forward Contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				7
Derivative, Average Forward Price \| $ / lb	3.81	3.81		3.81
Realized gains (losses):
Matured derivative financial instruments		$ 1	22	$ (1)	26
Copper \| Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (169)	(720)	$ 61	(502)
Copper \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	587
Derivative, Average Forward Price \| $ / lb	3.90	3.90		3.90
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.78	3.78		3.78
Copper \| Long [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	152
Derivative, Average Forward Price \| $ / lb	3.89	3.89		3.89
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.77	3.77		3.77
Gold \| Short [Member] \| Embedded Derivative Financial Instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz	165
Derivative, Average Forward Price \| $ / oz	1,980	1,980		1,980
Realized gains (losses):
Derivative Average Market Price \| $ / oz	1,919	1,919		1,919
gold and other \| Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (21)	$ (33)	$ 22	$ (11)

Financial Instruments - Unsettled Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) lb oz $ / lb $ / oz $ / lb	Jun. 30, 2023 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 37	$ 37		$ 37		$ 170
Derivative Liability, Fair Value, Gross Liability	110	110		110		42
Derivative Asset, Fair Value, Gross Liability	9	9		9		0
Derivative Liability, Fair Value, Gross Asset	9	9		9		0
Derivative Asset	28	28		28		170
Derivative Liability	101	101		101		42
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	8	8		8		163
Derivative Liability	72	72		72		7
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	20	20		20		3
Derivative Liability	29	29		29		34
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0		0		4
Derivative Liability	0	0		0		0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0		0		0
Derivative Liability	0	0		0		1
Commodity Contract
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		(5)	$ (12)	3	$ 2
Derivative Asset, Fair Value, Gross Asset	0	0		0		4
Derivative Liability, Fair Value, Gross Liability	11	11		11		3
Derivative Asset	0	0		0		4
Derivative Liability	11	11		11		3
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	37	37		37		166
Derivative Liability, Fair Value, Gross Liability	99	99		99		39
Derivative Asset, Fair Value, Gross Liability	9	9		9		0
Derivative Liability, Fair Value, Gross Asset	9	9		9		0
Derivative Asset	28	28		28		166
Derivative Liability	90	90		90		39
Designated as Hedging Instrument [Member] \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 0		$ 0		3
Derivative, Nonmonetary Notional Amount, Mass \| lb				88
Derivative, Average Forward Price \| $ / lb	3.88	3.88		3.88
Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 37	$ 37		$ 37		166
Derivative Liability, Fair Value, Gross Liability	$ 100	100		100		39
Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ 1	22	$ (1)	26
Derivative, Nonmonetary Notional Amount, Mass \| lb				7
Derivative, Average Forward Price \| $ / lb	3.81	3.81		3.81
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	$ 10	$ 10		$ 10		3
Commodity Contract \| Not Designated as Hedging Instrument \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	0		0		$ 1
Copper \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (169)	(720)	$ 61	(502)
Copper \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.78	3.78		3.78
Derivative, Nonmonetary Notional Amount, Mass \| lb	587
Derivative, Average Forward Price \| $ / lb	3.90	3.90		3.90
Copper \| Long [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb	3.77	3.77		3.77
Derivative, Nonmonetary Notional Amount, Mass \| lb	152
Derivative, Average Forward Price \| $ / lb	3.89	3.89		3.89
Gold \| Short [Member] \| Not Designated as Hedging Instrument \| Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz	1,919	1,919		1,919
Derivative, Nonmonetary Notional Amount, Mass \| oz	165
Derivative, Average Forward Price \| $ / oz	1,980	1,980		1,980
gold and other \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (21)	$ (33)	$ 22	$ (11)

Financial Instruments - Derivative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 6,683	$ 8,146
Restricted Cash and Cash Equivalents, Current	119	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	6,936	8,390	$ 9,745	$ 8,314
Credit Derivative, Maximum Exposure, Undiscounted	37
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	$ 1,100	$ 1,800

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investment securities (current and long-term):
Marketable Securities	$ 0
Other Assets, Current	472	$ 492
Other assets	1,764	1,601
Derivatives:
Derivative Asset	28	170
Derivatives: [Abstract]
Derivative Liability	101	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
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	5	7
Trust Assets Fair Value Disclosure	17	3
Derivatives:
Derivative Asset		4
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	8	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	125	122
Derivatives:
Derivative Asset		166
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	102	42
Long-term debt, including current portion	9,129	10,097
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset		0
Discontinued Operation, Contingent Receivable	51	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	31	32
Trust Assets Fair Value Disclosure	205	181
Derivatives:
Derivative Asset		170
Discontinued Operation, Contingent Receivable	51	57
Derivatives: [Abstract]
Derivative Liability	110	42
Long-term debt, including current portion	9,129	10,097
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	31	32
Trust Assets Fair Value Disclosure	205	181
Derivatives:
Derivative Asset		170
Discontinued Operation, Contingent Receivable	59	67
Derivatives: [Abstract]
Derivative Liability	110	42
Long-term debt, including current portion	9,495	10,620
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	28	166
Derivatives: [Abstract]
Derivative Liability	90	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	37	166
Derivatives: [Abstract]
Derivative Liability	100	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	37	166
Derivatives: [Abstract]
Derivative Liability	100	39
Embedded Derivative Financial Instruments \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	37	166
Derivatives: [Abstract]
Derivative Liability	100	39
Forward Contracts \| Level 1
Derivatives:
Derivative Asset		1
Forward Contracts \| Level 2
Derivatives:
Derivative Asset		0
Forward Contracts \| Level 3
Derivatives:
Derivative Asset		0
Forward Contracts \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		1
Forward Contracts \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		1
Commodity Contract
Derivatives:
Derivative Asset	0	4
Derivatives: [Abstract]
Derivative Liability	11	3
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Fair Value Measured at Net Asset Value Per Share \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Level 1
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	8
Commodity Contract \| Level 2
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	2
Commodity Contract \| Level 3
Derivatives:
Derivative Asset		0
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract \| Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Estimate of Fair Value Measurement \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	10
Commodity Contract \| Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		3
Derivatives: [Abstract]
Derivative Liability		3
Commodity Contract \| Carrying Amount, Fair Value Disclosure \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	10
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	5	7
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities \| Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	5	7
Equity securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	5	7
Government 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	33	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	33	34
Government bonds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	33	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	40	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	40	37
Government mortgage-backed securities \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40	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	17	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	17	3
Money market funds \| Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	17	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	119	118
Other assets	$ 134	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	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 472	$ 492
Other Assets, Noncurrent	1,764	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	(7)
Fair value at June 30, 2023	51
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	$ 42	$ 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) t in Millions, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended			12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2024	Aug. 01, 2023	Jul. 24, 2023 t	Jul. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Export duties, construction progress, threshold					50.00%
Construction progress Manyar smelter, percentage	50.00%
Other assets					$ 1,764						$ 1,601
Estimated future deposit					250
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure
Loss Contingencies [Line Items]
Other assets					$ 134						$ 133
Subsequent event
Loss Contingencies [Line Items]
Export license granted for concentrate \| t									1.7
Export proceeds to be held in Indonesian banks, percent								30.00%
Export proceeds to be held in Indonesian banks, term								90 days
Forecast \| Smelter Progress from 70% to 90%
Loss Contingencies [Line Items]
Export duty to be paid, percent				7.50%			10.00%
Forecast \| Smelter Progress Above 90%
Loss Contingencies [Line Items]
Export duty to be paid, percent				5.00%			7.50%
Minimum
Loss Contingencies [Line Items]
Export duties, smelter construction progress, percent					70.00%
Maximum
Loss Contingencies [Line Items]
Export duties, smelter construction progress, percent					90.00%
PT Freeport Indonesia
Loss Contingencies [Line Items]
Payment for administrative fees		$ 57
Administrative fine			$ 41		$ 55	$ 41
PT Freeport Indonesia \| Subsequent event
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss										$ 55

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Revenue from External Customer [Line Items]
Treatment chargesc	$ (142)	$ (139)	$ (243)	$ (272)
Royalty expense	(94)	(111)	(154)	(206)
PT-FI export dutiese	4	(84)	(14)	(182)
Revenues from contracts with customers	5,927	6,169	11,043	12,532
Revenues	5,737	5,416	$ 11,126	12,019
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	(190)	(753)	$ 83	(513)
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue	2,185	2,694	3,772	5,385
Copper Cathode
Revenue from External Customer [Line Items]
Revenue	1,358	1,183	2,685	2,618
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue	884	1,071	1,805	2,187
Purchased Copper
Revenue from External Customer [Line Items]
Revenue	72	104	276	174
Gold
Revenue from External Customer [Line Items]
Revenue	999	909	1,530	1,720
Molybdenum
Revenue from External Customer [Line Items]
Revenue	491	377	1,083	755
Other Products Or Services
Revenue from External Customer [Line Items]
Revenue	$ 170	$ 165	$ 303	$ 353

Business Segments (Segment Reporting) (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment				4
Revenues	$ 5,737		$ 5,416	$ 11,126	$ 12,019
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(3,548)		(3,003)	(6,712)	(6,153)
Cost, Depreciation, Amortization and Depletion	547		507	946	996
Selling, general and administrative expenses	(115)		(100)	(241)	(215)
Mining exploration and research expenses	42		25	73	49
Environmental obligations and shutdown costs	74		29	141	45
Operating income	1,410		1,736	3,011	4,545
Interest expense, net	171		156	322	283
Provision for (benefit from) income taxes	539		571	1,038	1,395
Net income (loss) attributable to noncontrolling interests	388		198	774	575
Total assets	50,907		50,113	50,907	50,113	$ 51,093
Capital expenditures	1,163		863	2,284	1,586
Metals inventory adjustments	1		18	2	18
Net gain on sales of assets	$ 0		(2)	$ 0	(2)
PT Smelting
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage				39.50%
PT Freeport Indonesia
Segment Reporting Information [Line Items]
Portion of Gold Sales Attributable to Parent		$ 35
Administrative fine			41	$ 55	41
PT Freeport Indonesia \| FCX
Segment Reporting Information [Line Items]
Noncontrolling interest, ownership percentage by parent	48.76%			48.76%		81.00%
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	$ 40		47	$ 169	192
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(1,166)		(1,117)	(2,328)	(2,135)
Cost, Depreciation, Amortization and Depletion	99		102	202	207
Selling, general and administrative expenses	(1)		(1)	(2)	(2)
Mining exploration and research expenses	1		1	1	1
Environmental obligations and shutdown costs	1		(13)	22	(13)
Operating income	321		640	704	1,467
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	8,921		8,177	8,921	8,177
Capital expenditures	182		146	378	276
Metals inventory adjustments	1		7	1	7
Net gain on sales of assets			0		0
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	973		882	2,165	2,148
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(783)		(742)	(1,590)	(1,412)
Cost, Depreciation, Amortization and Depletion	132		102	239	199
Selling, general and administrative expenses	(2)		(2)	(4)	(4)
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	231		159	751	764
Interest expense, net	55		4	84	7
Provision for (benefit from) income taxes	113		61	307	302
Net income (loss) attributable to noncontrolling interests	20		58	178	232
Total assets	10,334		10,222	10,334	10,222
Capital expenditures	83		68	183	124
Metals inventory adjustments	0		11	0	11
Net gain on sales of assets			0		0
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	478		381	1,075	786
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	1,554		1,728	3,051	3,443
Cost, Depreciation, Amortization and Depletion	19		16	32	32
Selling, general and administrative expenses	(75)		(62)	(162)	(139)
Mining exploration and research expenses	41		24	72	48
Environmental obligations and shutdown costs	73		42	119	58
Operating income	(263)		(185)	(537)	(327)
Interest expense, net	95		137	202	257
Provision for (benefit from) income taxes	16		76	(9)	73
Net income (loss) attributable to noncontrolling interests	0		(1)	(43)	12
Total assets	8,068		7,955	8,068	7,955
Capital expenditures	488		219	838	371
Metals inventory adjustments	0		0	1	0
Net gain on sales of assets			(2)		(2)
Intersegment
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	1,550		1,808	3,091	3,614
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	175		134	419	242
PT Smelting \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues			827	27	1,700
Morenci \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	26		17	58	107
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(422)		(397)	(803)	(760)
Cost, Depreciation, Amortization and Depletion	42		44	85	88
Selling, general and administrative expenses	(1)		(1)	(1)	(1)
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		(13)	0	(13)
Operating income	130		318	331	712
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	3,167		2,839	3,167	2,839
Capital expenditures	67		63	123	136
Metals inventory adjustments	1		0	1	0
Net gain on sales of assets			0		0
Morenci \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	570		730	1,163	1,441
Other Individually Immaterial Operating Segments \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	14		30	111	85
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(744)		(720)	(1,525)	(1,375)
Cost, Depreciation, Amortization and Depletion	57		58	117	119
Selling, general and administrative expenses	0		0	(1)	(1)
Mining exploration and research expenses	1		1	1	1
Environmental obligations and shutdown costs	1		0	22	0
Operating income	191		322	373	755
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	5,754		5,338	5,754	5,338
Capital expenditures	115		83	255	140
Metals inventory adjustments	0		7	0	7
Net gain on sales of assets			0		0
Other Individually Immaterial Operating Segments \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	190		180	424	340
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(174)		(177)	(361)	(289)
Cost, Depreciation, Amortization and Depletion	15		11	31	21
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	1		(10)	32	28
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		(7)	7	7
Net income (loss) attributable to noncontrolling interests	2		8	20	14
Total assets	1,890		1,843	1,890	1,843
Capital expenditures	26		33	65	56
Metals inventory adjustments	0		2	0	2
Net gain on sales of assets			0		0
Other Individually Immaterial Operating Segments \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	980		1,078	1,928	2,173
Other Individually Immaterial Operating Segments \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Cerro Verde \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	783		702	1,741	1,808
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(609)		(565)	(1,229)	(1,123)
Cost, Depreciation, Amortization and Depletion	117		91	208	178
Selling, general and administrative expenses	(2)		(2)	(4)	(4)
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	230		169	719	736
Interest expense, net	55		4	84	7
Provision for (benefit from) income taxes	113		68	300	295
Net income (loss) attributable to noncontrolling interests	18		50	158	218
Total assets	8,444		8,379	8,444	8,379
Capital expenditures	57		35	118	68
Metals inventory adjustments	0		9	0	9
Net gain on sales of assets			0		0
Cerro Verde \| Operating Segments \| South America \| Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net	50			74
Cerro Verde \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	175		134	419	242
Grasberg Segment
Segment Reporting Information [Line Items]
Capital expenditures				833	759
Grasberg Segment \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues	2,039		1,920	3,238	4,246
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(858)		(564)	(1,193)	(1,190)
Cost, Depreciation, Amortization and Depletion	275		262	423	510
Selling, general and administrative expenses	(30)		(30)	(58)	(57)
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	1,074		1,122	1,931	2,625
Interest expense, net	13		13	22	15
Provision for (benefit from) income taxes	410		434	740	1,020
Net income (loss) attributable to noncontrolling interests	368		141	639	331
Total assets	20,460		20,679	20,460	20,679
Capital expenditures	384		388	833	759
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets			0		0
Grasberg Segment \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues	198		58	367	136
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures				22	9
Molybdenum \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(105)		(80)	(201)	(155)
Cost, Depreciation, Amortization and Depletion	14		18	34	34
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	31		46	138	83
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	1,717		1,702	1,717	1,702
Capital expenditures	13		8	22	9
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets			0		0
Molybdenum \| Intersegment
Segment Reporting Information [Line Items]
Revenues	150		144	373	272
Rod and Refining Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,463		1,753	2,986	3,496
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(1,465)		(1,765)	(2,992)	(3,519)
Cost, Depreciation, Amortization and Depletion	1		1	2	2
Selling, general and administrative expenses	0		0	0	0
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	7		(5)	8	(8)
Interest expense, net	0		0	0	0
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	280		300	280	300
Capital expenditures	2		2	7	4
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets			0		0
Rod and Refining Segment \| Intersegment
Segment Reporting Information [Line Items]
Revenues	10		8	16	17
Atlantic Copper Smelting and Refining Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	744		433	1,493	1,151
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)	(725)		(463)	(1,459)	(1,185)
Cost, Depreciation, Amortization and Depletion	7		6	14	12
Selling, general and administrative expenses	(7)		(5)	(15)	(13)
Mining exploration and research expenses	0		0	0	0
Environmental obligations and shutdown costs	0		0	0	0
Operating income	9		(41)	16	(59)
Interest expense, net	8		2	14	4
Provision for (benefit from) income taxes	0		0	0	0
Net income (loss) attributable to noncontrolling interests	0		0	0	0
Total assets	1,127		1,078	1,127	1,078
Capital expenditures	11		32	23	43
Metals inventory adjustments	0		0	0	0
Net gain on sales of assets			0		0
Atlantic Copper Smelting and Refining Segment \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Cost, Maintenance					40
Atlantic Copper Smelting and Refining Segment \| Intersegment
Segment Reporting Information [Line Items]
Revenues	4		0	11	0
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (2,087)		$ (2,152)	(4,277)	(4,281)
Indonesia Smelter
Segment Reporting Information [Line Items]
Capital expenditures				$ 780	$ 344