Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-11307-01 | |
Entity Registrant Name | Freeport-McMoRan Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2480931 | |
Entity Address, Address Line One | 333 North Central Avenue | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85004-2189 | |
City Area Code | (602) | |
Local Phone Number | 366-8100 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | FCX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,433,977,244 | |
Entity Central Index Key | 0000831259 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,745 | $ 8,146 |
Restricted cash and cash equivalents | 697 | 111 |
Trade accounts receivable | 792 | 1,336 |
Income and other tax receivables | 488 | 459 |
Inventories: | ||
Product | 2,415 | 1,833 |
Materials and supplies, net | 2,131 | 1,964 |
Mill and leach stockpiles | 1,403 | 1,383 |
Other current assets | 406 | 381 |
Total current assets | 14,077 | 15,613 |
Property, plant, equipment and mine development costs, net | 34,535 | 32,627 |
Long-term mill and leach stockpiles | 1,327 | 1,252 |
Other assets | 1,709 | 1,601 |
Total assets | 51,648 | 51,093 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 3,724 | 4,027 |
Long-term Debt, Current Maturities | 35 | 1,037 |
Accrued income taxes | 489 | 744 |
Environmental And Asset Retirement Obligations, Current | 395 | 320 |
Dividends Payable, Current | 217 | 217 |
Total current liabilities | 4,860 | 6,345 |
Long-term debt, less current portion | 9,370 | 9,583 |
Environmental and AROs, less current portion | 4,645 | 4,463 |
Deferred income taxes | 4,399 | 4,269 |
Other liabilities | 1,697 | 1,562 |
Total liabilities | 24,971 | 26,222 |
Stockholders’ equity: | ||
Common stock | 162 | 161 |
Capital in excess of par value | 24,833 | 25,322 |
Accumulated deficit | (2,447) | (3,907) |
Accumulated other comprehensive loss | (317) | (320) |
Common stock held in treasury | (5,772) | (5,701) |
Total stockholders’ equity | 16,459 | 15,555 |
Noncontrolling interests | 10,218 | 9,316 |
Total equity | 26,677 | 24,871 |
Total liabilities and equity | $ 51,648 | $ 51,093 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,824 | $ 5,003 | $ 16,950 | $ 17,022 |
Cost of sales: | ||||
Production and delivery | 3,548 | 3,366 | 10,260 | 9,519 |
Depreciation, depletion and amortization (DD&A) | 533 | 508 | 1,479 | 1,504 |
Metals inventory adjustments | 5 | 25 | 7 | 43 |
Total cost of sales | 4,086 | 3,899 | 11,746 | 11,066 |
Selling, general and administrative expenses | 118 | 98 | 359 | 313 |
Mining exploration and research expenses | 30 | 38 | 103 | 87 |
Environmental obligations and shutdown costs | 98 | 6 | 239 | 51 |
Net gain on sales of assets | 0 | 0 | 0 | (2) |
Total costs and expenses | 4,332 | 4,041 | 12,447 | 11,515 |
Operating income | 1,492 | 962 | 4,503 | 5,507 |
Interest expense, net | (96) | (140) | (418) | (423) |
Net gain on early extinguishment of debt | 5 | 20 | 10 | 28 |
Other income, net | 71 | 25 | 183 | 67 |
Income before income taxes and equity in affiliated companies’ net earnings | 1,472 | 867 | 4,278 | 5,179 |
Provision for income taxes | (508) | (315) | (1,546) | (1,710) |
Equity in affiliated companies’ net earnings | 0 | 8 | 12 | 33 |
Net income | 964 | 560 | 2,744 | 3,502 |
Net income (loss) attributable to noncontrolling interests | 510 | 156 | 1,284 | 731 |
Net income attributable to common stockholders | $ 454 | $ 404 | $ 1,460 | $ 2,771 |
Net income per share attributable to common stockholders: | ||||
Earnings per share, basic (in dollars per share) | $ 0.31 | $ 0.28 | $ 1.01 | $ 1.91 |
Earnings per share, diluted (in dollars per share) | $ 0.31 | $ 0.28 | $ 1.01 | $ 1.90 |
Weighted-average shares of common stock outstanding: | ||||
Basic weighted-average shares of common stock outstanding | 1,435 | 1,431 | 1,434 | 1,444 |
Diluted weighted-average shares of common shares outstanding | 1,443 | 1,439 | 1,443 | 1,455 |
Dividends declared per share of common stock (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 964 | $ 560 | $ 2,744 | $ 3,502 |
Defined benefit plans: | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | (1) |
Amortization of unrecognized amounts included in net periodic benefit costs | 1 | 1 | 3 | 5 |
Foreign exchange losses | (1) | 0 | 0 | (1) |
Other comprehensive income | 0 | 1 | 3 | 3 |
Total comprehensive income | 964 | 561 | 2,747 | 3,505 |
Total comprehensive income attributable to noncontrolling interests | (509) | (156) | (1,284) | (731) |
Total comprehensive income (loss) | $ 455 | $ 405 | $ 1,463 | $ 2,774 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flow from operating activities: | ||
Net income | $ 2,744 | $ 3,502 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
DD&A | 1,479 | 1,504 |
Metals inventory adjustments | 7 | 43 |
Net gain on sales of assets | 0 | (2) |
Stock-based compensation | 89 | 75 |
Net charges for environmental and AROs, including accretion | 383 | 180 |
Payments for environmental and AROs | (181) | (197) |
Net charges for defined pension and postretirement plans | 44 | 28 |
Pension plan contributions | (10) | (52) |
Net gain on early extinguishment of debt | (10) | (28) |
Deferred income taxes | 130 | 83 |
Deferred profit recognized on PT Freeport Indonesia’s (PT-FI) sales to PT Smelting | (112) | (34) |
Other, net | 109 | (52) |
Changes in working capital and other: | ||
Accounts receivable | 550 | 456 |
Inventories | (738) | (184) |
Other current assets | 7 | (71) |
Accounts payable and accrued liabilities | (180) | 84 |
Accrued income taxes and timing of other tax payments | (352) | (1,265) |
Net cash provided by operating activities | 3,959 | 4,070 |
Cash flow from investing activities: | ||
Capital expenditures | (3,462) | (2,422) |
Proceeds from sales of assets | 16 | 102 |
Loans to PT Smelting for expansion | (109) | (51) |
Other, net | (29) | (10) |
Net cash used in investing activities | (3,584) | (2,381) |
Cash flow from financing activities: | ||
Proceeds from debt | 1,186 | 5,366 |
Repayments of debt | (2,397) | (4,073) |
Cash dividends and distributions paid: | ||
Common stock | (647) | (652) |
Noncontrolling interests | (407) | (625) |
Treasury stock purchases | 0 | (1,347) |
Contributions from noncontrolling interests | 50 | 142 |
Proceeds from exercised stock options | 41 | 106 |
Payments for withholding of employee taxes related to stock-based awards | (50) | (55) |
Debt financing costs and other, net | (2) | (41) |
Net cash used in financing activities | (2,226) | (1,179) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,851) | 510 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 8,390 | 8,314 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 6,539 | 8,824 |
North America Copper Mines Segment | ||
Cash flow from investing activities: | ||
Capital expenditures | (545) | (430) |
South America Mines Segment | ||
Cash flow from investing activities: | ||
Capital expenditures | (259) | (203) |
Grasberg Segment | ||
Cash flow from investing activities: | ||
Capital expenditures | (1,274) | (1,148) |
Indonesia Smelter | ||
Cash flow from investing activities: | ||
Capital expenditures | (1,193) | (517) |
Molybdenum | ||
Cash flow from investing activities: | ||
Capital expenditures | (43) | (16) |
Other Segments | ||
Cash flow from investing activities: | ||
Capital expenditures | $ (148) | $ (108) |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | AOCI Attributable to Parent | Common Stock Held in Treasury | Total Stockholder's Equity | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2021 | 1,603 | 146 | ||||||
Balance at Dec. 31, 2021 | $ 23,019 | $ 160 | $ 25,875 | $ (7,375) | $ (388) | $ (4,292) | $ 13,980 | $ 9,039 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 9 | |||||||
Exercised and issued stock-based awards | $ 113 | $ 1 | 112 | 113 | ||||
Stock-based compensation, including the tender of shares (in shares) | 2 | |||||||
Stock-based compensation, including the tender of shares | 2 | 75 | $ (62) | 13 | (11) | |||
Treasury stock purchases (in shares) | 35 | |||||||
Treasury stock purchases | (1,347) | $ (1,347) | (1,347) | |||||
Dividends | (1,253) | (648) | (648) | (605) | ||||
Contributions from noncontrolling interests | 142 | 69 | 69 | 73 | ||||
Net loss attributable to common stockholders | 2,771 | 2,771 | 2,771 | |||||
Net income (loss) attributable to noncontrolling interests | 731 | 731 | ||||||
Other comprehensive income | 3 | 3 | 3 | |||||
Balance (in shares) at Sep. 30, 2022 | 1,612 | 183 | ||||||
Balance at Sep. 30, 2022 | 24,181 | $ 161 | 25,483 | (4,604) | (385) | $ (5,701) | 14,954 | 9,227 |
Balance (in shares) at Jun. 30, 2022 | 1,612 | 177 | ||||||
Balance at Jun. 30, 2022 | 24,047 | $ 161 | 25,661 | (5,008) | (386) | $ (5,539) | 14,889 | 9,158 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation, including the tender of shares | 12 | 12 | 12 | |||||
Treasury stock purchases (in shares) | 6 | |||||||
Treasury stock purchases | (162) | $ (162) | (162) | |||||
Dividends | (325) | (213) | (213) | (112) | ||||
Contributions from noncontrolling interests | 48 | 23 | 23 | 25 | ||||
Net loss attributable to common stockholders | 404 | 404 | 404 | |||||
Net income (loss) attributable to noncontrolling interests | 156 | 156 | ||||||
Other comprehensive income | 1 | 1 | 1 | |||||
Balance (in shares) at Sep. 30, 2022 | 1,612 | 183 | ||||||
Balance at Sep. 30, 2022 | 24,181 | $ 161 | 25,483 | (4,604) | (385) | $ (5,701) | 14,954 | 9,227 |
Balance (in shares) at Dec. 31, 2022 | 1,613 | 183 | ||||||
Balance at Dec. 31, 2022 | $ 24,871 | $ 161 | 25,322 | (3,907) | (320) | $ (5,701) | 15,555 | 9,316 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 5 | |||||||
Exercised and issued stock-based awards | $ 63 | $ 1 | 62 | 63 | ||||
Stock-based compensation, including the tender of shares (in shares) | 1 | |||||||
Stock-based compensation, including the tender of shares | 2 | 74 | $ (71) | 3 | (1) | |||
Dividends | (1,056) | (649) | (649) | (407) | ||||
Contributions from noncontrolling interests | 50 | 24 | 24 | 26 | ||||
Net loss attributable to common stockholders | 1,460 | 1,460 | 1,460 | |||||
Net income (loss) attributable to noncontrolling interests | 1,284 | 1,284 | ||||||
Other comprehensive income | 3 | 3 | 3 | |||||
Balance (in shares) at Sep. 30, 2023 | 1,618 | 184 | ||||||
Balance at Sep. 30, 2023 | 26,677 | $ 162 | 24,833 | (2,447) | (317) | $ (5,772) | 16,459 | 10,218 |
Balance (in shares) at Jun. 30, 2023 | 1,618 | 184 | ||||||
Balance at Jun. 30, 2023 | 26,027 | $ 162 | 25,028 | (2,901) | (318) | $ (5,769) | 16,202 | 9,825 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards | 7 | 7 | 7 | |||||
Stock-based compensation, including the tender of shares | 11 | 14 | $ (3) | 11 | ||||
Dividends | (332) | (216) | (216) | (116) | ||||
Net loss attributable to common stockholders | 454 | 454 | 454 | |||||
Net income (loss) attributable to noncontrolling interests | 510 | 510 | ||||||
Other comprehensive income | 0 | 1 | 1 | (1) | ||||
Balance (in shares) at Sep. 30, 2023 | 1,618 | 184 | ||||||
Balance at Sep. 30, 2023 | $ 26,677 | $ 162 | $ 24,833 | $ (2,447) | $ (317) | $ (5,772) | $ 16,459 | $ 10,218 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2023 | |
General Information [Abstract] | |
General Information | GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine-month period ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. PT-FI. FCX’s economic ownership interest in PT-FI is 48.76% and prior to January 1, 2023, FCX’s economic interest in PT-FI approximated 81%. As discussed in Note 3 of FCX’s 2022 Form 10-K, in accordance with provisions pertaining to PT-FI’s shareholders agreement, FCX's first-quarter 2023 net income included a $35 million net benefit associated with PT-FI sales volumes that were attributed to FCX at its previous approximate 81% economic ownership interest. Subsequent Events. FCX evaluated events after September 30, 2023, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive. Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income $ 964 $ 560 $ 2,744 $ 3,502 Net income attributable to noncontrolling interests (510) (156) (1,284) (731) Undistributed dividends and earnings allocated to participating securities (5) (5) (5) (6) Net income attributable to common stockholders $ 449 $ 399 $ 1,455 $ 2,765 Basic weighted-average shares of common stock outstanding 1,435 1,431 1,434 1,444 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 8 8 9 11 Diluted weighted-average shares of common stock outstanding 1,443 1,439 1,443 1,455 Net income per share attributable to common stockholders: Basic $ 0.31 $ 0.28 $ 1.01 $ 1.91 Diluted $ 0.31 $ 0.28 $ 1.01 $ 1.90 Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in the |
Inventories, Including Long-Ter
Inventories, Including Long-Term Mill and Leach Stockpiles | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Including Long-Term Mill and Leach Stockpiles | INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): September 30, December 31, 2022 Current inventories: Raw materials (primarily copper concentrate) $ 467 $ 443 Work-in-process 219 221 Finished goods a 1,729 1,169 Total product $ 2,415 $ 1,833 Total materials and supplies, net b $ 2,131 $ 1,964 Mill stockpiles $ 165 $ 216 Leach stockpiles 1,238 1,167 Total current mill and leach stockpiles $ 1,403 $ 1,383 Long-term inventories: Mill stockpiles $ 260 $ 199 Leach stockpiles 1,067 1,053 Total long-term mill and leach stockpiles c $ 1,327 $ 1,252 a. The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion. b. Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022. c. Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Geographic sources of FCX’s benefit (provision) for income taxes follow (in millions): Nine Months Ended September 30, 2023 2022 U.S. operations $ 3 $ (5) International operations (1,549) (1,705) a Total $ (1,546) $ (1,710) a. Includes a credit of $31 million, primarily associated with completion of Cerro Verde’s 2016 tax audit. FCX’s consolidated effective income tax rate was 36% for the first nine months of 2023 and 33% for the first nine months of 2022. A higher 2023 effective income tax rate primarily reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first nine months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. In addition, variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Because of its U.S. tax position, FCX does not record a tax impact for income or losses generated in the U.S. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for the first nine months of 2023. |
Debt and Equity
Debt and Equity | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Equity | DEBT AND EQUITY The components of debt follow (in millions): September 30, December 31, 2022 Senior notes and debentures: Issued by FCX $ 6,004 $ 7,225 Issued by PT-FI 2,980 2,978 Issued by Freeport Minerals Corporation 354 355 Other 67 62 Total debt 9,405 10,620 Less current portion of debt (35) (1,037) Long-term debt $ 9,370 $ 9,583 Revolving Credit Facilities. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion with PT-FI’s capacity limited to $500 million, and letters of credit issuance limited to $1.5 billion. At September 30, 2023, FCX had $7 million in letters of credit issued under its revolving credit facility. PT-FI has a $1.3 billion unsecured revolving credit facility that matures in July 2026 and Cerro Verde has a $350 million unsecured revolving credit facility that matures in May 2027. At September 30, 2023, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants. Senior Notes. In March 2023, FCX repaid in full the outstanding principal balance of its 3.875% Senior Notes totaling $996 million at maturity. Beginning in 2022 and through November 3, 2023, FCX has purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion, including $102 million aggregate principal amount in third-quarter 2023 and $233 million in the first nine months of 2023. A summary of the senior note purchases and related gains on debt extinguishments for the first nine months of 2023 follows (in millions): Principal Amount Discounts/Deferred Issuance Costs Book Value Redemption Value Gain 5.00% Senior Notes due 2027 $ 17 $ — $ 17 $ 17 $ — 4.125% Senior Notes due 2028 61 — 61 58 3 4.375% Senior Notes due 2028 46 1 45 43 2 5.25% Senior Notes due 2029 31 — 31 31 — 4.25% Senior Notes due 2030 50 1 49 46 3 4.625% Senior Notes due 2030 28 — 28 26 2 $ 233 $ 2 $ 231 $ 221 $ 10 Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $165 million in third-quarter 2023, $182 million in third-quarter 2022, $606 million for the first nine months of 2023 and $524 million for the first nine months of 2022. Consolidated interest costs (before capitalization) for the first nine months of 2023, includes interest charges totaling $74 million associated with Cerro Verde’s contested tax rulings issued by the Peruvian Supreme Court. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $69 million in third-quarter 2023, $42 million in third-quarter 2022, $188 million for the first nine months of 2023 and $101 million for the first nine months of 2022. The increase in capitalized interest costs in the 2023 periods, compared to the 2022 periods, primarily resulted from increased construction and development projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects). Share Repurchase Program and Dividends. Beginning in mid-2021 and through July 11, 2022, FCX acquired 47.8 million shares of its common stock under the share repurchase program for a total cost of $1.8 billion ($38.35 average cost per share). FCX has $3.2 billion available for repurchases under the program. On September 20, 2023, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which was paid on November 1, 2023, to common stockholders of record as of October 13, 2023. The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments - Fair Value Hedges. Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2023 and 2022. At September 30, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 85 million pounds at an average contract price of $3.85 per pound, with maturities through May 2025. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 2 $ 17 $ (9) $ (61) Hedged item – firm sales commitments (2) (17) 9 61 Realized losses: Matured derivative financial instruments (4) (50) (1) (48) Derivatives Not Designated as Hedging Instruments. Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at September 30, 2023, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 553 $ 3.78 $ 3.75 February 2024 Gold (thousands of ounces) 209 1,925 1,884 December 2023 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 165 3.80 3.75 January 2024 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At September 30, 2023, Atlantic Copper held net copper forward purchase contracts for 19 million pounds at an average contract price of $3.77 per pound, with maturities through November 2023. Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Embedded derivatives in provisional sales contracts: a Copper $ (30) $ (272) $ 31 $ (774) Gold and other metals (10) (34) 12 (45) Copper forward contracts b (1) 5 (3) 31 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments. A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): September 30, December 31, 2022 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 3 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 16 166 Copper forward contracts — 1 Total derivative assets $ 16 $ 170 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ 3 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 35 39 Copper forward contracts 1 — Total derivative liabilities $ 44 $ 42 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets Liabilities September 30, December 31, 2022 September 30, December 31, 2022 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 16 $ 166 $ 35 $ 39 Copper derivatives — 4 9 3 16 170 44 42 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 3 — 3 — 3 — 3 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 13 166 32 39 Copper derivatives — 4 9 3 $ 13 $ 170 $ 41 $ 42 Balance sheet classification: Trade accounts receivable $ 5 $ 163 $ 20 $ 7 Other current assets — 4 — — Accounts payable and accrued liabilities 8 3 21 34 Other liabilities — — — 1 $ 13 $ 170 $ 41 $ 42 Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of September 30, 2023, the maximum amount of credit exposure associated with derivative transactions was $16 million. Other Financial Instruments. Other financial instruments include cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt). In addition, as of September 30, 2023, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values). Cash, Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows (in millions): September 30, December 31, 2022 Balance sheet components: Cash and cash equivalents a $ 5,745 $ 8,146 Restricted cash and cash equivalents, current 697 b 111 Restricted cash and cash equivalents, long-term - included in other assets 97 133 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,539 $ 8,390 a. Includes time deposits of $0.3 billion at September 30, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.6 billion at September 30, 2023, and $1.8 billion at December 31, 2022. b. Includes $0.5 billion associated with PT-FI’s export proceeds. See Note 8 for further discussion. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during third-quarter 2023. FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions): At September 30, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 5 5 — 5 — — Total 30 30 25 5 — — Legally restricted funds: a U.S. core fixed income fund 61 61 61 — — — Government mortgage-backed securities 43 43 — — 43 — Government bonds and notes 30 30 — — 30 — Corporate bonds 30 30 — — 30 — Money market funds 19 19 — 19 — — Asset-backed securities 15 15 — — 15 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 199 199 61 19 119 — Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 16 16 — — 16 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 55 47 — — — 47 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 35 35 — — 35 — Copper futures and swap contracts 8 8 — 6 2 — Copper forward contracts 1 1 — 1 — — Total 44 44 — 7 37 — Long-term debt, including current portion d 9,405 8,639 — — 8,639 — At December 31, 2022 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 7 7 — 7 — — Total 32 32 25 7 — — Legally restricted funds: a U.S. core fixed income fund 56 56 56 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Asset-backed securities 17 17 — — 17 — Money market funds 3 3 — 3 — — Collateralized mortgage-backed securities 3 3 — — 3 — Total 181 181 56 3 122 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 166 166 — — 166 — Copper futures and swap contracts 3 3 — 3 — — Copper forward contracts 1 1 — 1 — — Total 170 170 — 4 166 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 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 portion d 10,620 10,097 — — 10,097 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.5 billion at September 30, 2023), (ii) an assurance bond to support PT-FI’s commitment for additional smelter development in Indonesia ($135 million at September 30, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($111 million at September 30, 2023, and $103 million at December 31, 2022). c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold price at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in 2018. The contingent consideration included in (i) other current assets totaled $17 million at September 30, 2023, and $20 million at December 31, 2022, and (ii) other assets totaled $38 million at September 30, 2023, and $47 million at December 31, 2022. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at September 30, 2023, as compared with those techniques used at December 31, 2022. A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2023 follows (in millions): Fair value at January 1, 2023 $ 57 Net unrealized gain related to assets still held at the end of the period 1 Settlements (11) Fair value at September 30, 2023 $ 47 |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | CONTINGENCIES AND COMMITMENTS Environmental FCX recorded adjustments to environmental obligations totaling $83 million in third-quarter 2023 and $199 million for the first nine months of 2023, primarily related to Pinal Creek in Arizona for a refined engineering evaluation and Newtown Creek in New York based on a focused feasibility study for an early action in the East Branch tributary. Refer to Note 12 of FCX’s 2022 Form 10-K for further discussion of FCX’s environmental obligations. There were no other significant updates to previously reported environmental matters included in Note 12 of FCX’s 2022 Form 10-K, other than the matters discussed below. Historical Smelter Sites. On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc. , Docket No. 734-17, was filed in the Superior Court of New Jersey. In July 2023, the Court approved an agreement between the parties pursuant to which all claims were settled for an amount not material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2022 Form 10-K, other than the matters discussed below. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases and, as of October 2022, all parties have executed the settlement agreement. On March 16, 2023, a non-plaintiff coastal parish included in the settlement (Terrebonne), filed an amended petition titled Terrebonne Parish Consolidated Government vs. Louisiana Department of Natural Resources et al. , Docket No. 185576, in the 32nd Judicial District Court, Terrebonne Parish, State of Louisiana, adding the settling FCX affiliates to a lawsuit that challenges whether Terrebonne Parish is validly bound to the settlement agreement and seeks to have the court declare the settlement void. FCX is evaluating and exploring options to resolve this dispute and will vigorously defend this matter. Asbestos and Talc Claims. As previously discussed in Note 12 of FCX’s 2022 Form 10-K, in 2021 Imerys Talc America (Imerys), an affiliate of Imerys S.A., filed the form of a settlement and release agreement to be entered into by Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, FCX, Imerys and the other debtors, tort claimants’ committee and future claims representative in the Imerys bankruptcy. The bankruptcy court continues to temporarily stay approximately 950 talc-related lawsuits against CAMC, Cyprus Mines, FCX and Imerys but there can be no assurance that the bankruptcy court will continue to impose the interim stay. In accordance with the global settlement agreement, among other things, (1) CAMC agreed to contribute a total of $130 million in cash to a settlement trust in seven annual installments, which will be guaranteed by FCX, and (2) CAMC and Cyprus Mines and their affiliates will contribute to the settlement trust all rights that they have to the proceeds of certain legacy insurance policies as well as indemnity rights they have against Johnson & Johnson. Mediation to resolve open issues in the Imerys and Cyprus Mines bankruptcy cases is ongoing, including the adequacy of the settlement and agreed contribution from CAMC, with a deadline for the parties to complete mediation by December 31, 2023, set by the bankruptcy court. There can be no assurance that the global settlement will be successfully implemented. Other Matters Indonesia Regulatory Matters Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various products, including copper concentrates. Export License. On June 10, 2023, export licenses for several exporters, including PT-FI and PT Smelting, expired. During the second quarter and through July 2023, the Indonesia government issued various regulations to address exports of unrefined metals, including regulations by the Ministry of Energy and Mineral Resources (MEMR) to allow continued exports of copper concentrates through May 2024 for companies engaged in ongoing smelter development projects with construction progress greater than 50%, and regulations by the Ministry of Trade on the permitted export of various products, including copper concentrates. On July 24, 2023, PT-FI was granted an export license through May 2024 for 1.7 million metric tons of copper concentrate. Through June 10, 2023, PT-FI exported anode slimes under PT Smelting’s export license. A change in regulations during second-quarter 2023 requires PT-FI to follow a new administrative process for the export of anode slimes. The administrative process is advancing, and PT-FI expects to receive approval to resume exports of anode slimes during fourth-quarter 2023. PT-FI will continue to work with the Indonesia government to obtain approvals to continue exports of copper concentrates and anode slimes beyond May 2024 and until the Indonesia smelter projects are fully commissioned and reach designed operating conditions. Export Duties. Under PT-FI’s special mining license (IUPK), which was granted by the Indonesia government in 2018, export duties are determined based on regulations that were in effect in 2018 and no duties are required after smelter construction progress reached 50%. In March 2023, the Indonesia government verified that construction progress on the Manyar smelter exceeded 50% and PT-FI's export duties were eliminated effective March 29, 2023. In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. The revised regulation assesses export duties for copper concentrates at 7.5% in the second half of 2023 and 10% in 2024 for companies with smelter progress of 70% to 90%. For companies with smelter progress above 90%, export duties would be 5% in the second half of 2023 and 7.5% in 2024. During third-quarter 2023, PT-FI incurred $147 million in export duties under the revised regulation. PT-FI does not believe any export duties should be assessed under the revised regulation and continues to discuss the applicability of the revised regulation with the Indonesia government because of inconsistencies with its IUPK. Additionally, PT-FI is required by the Indonesia government to provide bank guarantees for unpaid export duties, which have been presented as current restricted cash and cash equivalents at September 30, 2023. Smelter Development Progress . In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is advancing the construction of the Indonesia smelter projects and expanding capacity at PT Smelting. PT-FI estimates construction of the Manyar smelter to be complete in mid-2024 followed by commissioning of the facilities and a ramp-up schedule through year-end 2024. As disclosed in Note 12 of FCX’s 2022 Form 10-K, in March 2022, PT-FI paid the Indonesia government an administrative fine totaling $57 million (which included charges of $41 million recorded in first-quarter 2022) related to smelter development delays in light of the COVID-19 pandemic. In May 2023, MEMR issued a decree prescribing a revised formula for administrative fines for delays in construction of smelter and refining facilities, taking into account allowances for certain delays associated with the COVID-19 pandemic as verified by a third-party. In mid-July 2023, PT-FI submitted its third-party verified calculation, which resulted in an accrual for a potential administrative fine of $55 million based on the formula prescribed by the decree related to the period from August 2020 through January 2022. PT-FI continues to discuss the applicability of this administrative fine with MEMR. Based on PT-FI’s revised smelter construction schedule, which was accepted by the Indonesia government in connection with the renewal of PT-FI's export license in early 2022, PT-FI does not believe any additional fines should be assessed under the decree. Smelter Assurance. PT-FI has an assurance bond to support its commitment for additional smelter development in Indonesia, totaling $135 million at September 30, 2023, for which the terms have been fulfilled (refer to Note 7). In August 2023, PT-FI submitted a request to MEMR for release of the assurance bond and is awaiting a response. The decree issued by MEMR in May 2023 also requires assurance in the form of an escrow account that will be released if smelter development progress reaches 90% of the construction plan by June 10, 2024. During third-quarter 2023, PT-FI deposited $10 million in a joint account with the Indonesia government while it continues to discuss the applicability of the May 2023 decree with the Indonesia government. If the May 2023 decree is determined to be applicable, PT-FI may be required to make an additional refundable deposit of approximately $370 million. Export Proceeds . |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTSFCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mining operations to Atlantic Copper (and on 39.5% of PT-FI’s sales to PT Smelting for the 2022 periods) until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties ( i.e., there are no further sales from PT-FI to PT Smelting). While the new tolling agreement with PT Smelting does not significantly change PT-FI’s economics, it impacts the timing of PT-FI’s sales and working capital requirements. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2023 and 2022 follow (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Copper: Concentrate $ 2,365 $ 2,091 $ 6,137 $ 7,476 Cathode 1,331 1,255 4,016 3,873 Rod and other refined copper products 992 755 2,797 2,942 Purchased copper a 71 168 347 342 Gold 854 858 2,384 2,578 Molybdenum 479 304 1,562 1,059 Other b 136 174 439 527 Adjustments to revenues: Treatment charges c (151) (132) (394) (404) Royalty expense d (80) (83) (234) (289) PT-FI export duties e (133) (81) (147) (263) Revenues from contracts with customers 5,864 5,309 16,907 17,841 Embedded derivatives f (40) (306) 43 (819) Total consolidated revenues $ 5,824 $ 5,003 $ 16,950 $ 17,022 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with silver. c. Treatment charges for the third quarter and first nine months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e. Refer to Note 8 for further discussion of PT-FI export duties. f. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts. Financial Information by Business Segment (in Millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended September 30, 2023 Revenues: Unaffiliated customers $ 17 $ 22 $ 39 $ 822 $ 203 $ 1,025 $ 2,030 $ — $ 1,566 $ 692 $ 472 a $ 5,824 Intersegment 624 994 1,618 219 — 219 65 147 12 8 (2,069) — Production and delivery 476 799 1,275 648 178 826 667 120 1,566 680 (1,586) 3,548 DD&A 47 63 110 94 17 111 271 14 2 7 18 533 Metals inventory adjustments 4 — 4 1 — 1 — — — — — 5 Selling, general and administrative expenses — 1 1 3 — 3 32 — — 6 76 118 Mining exploration and research expenses — 1 1 — — — — — — — 29 30 Environmental obligations and shutdown costs — 4 4 — — — — — — — 94 98 Operating income (loss) 114 148 262 295 8 303 1,125 13 10 7 (228) 1,492 Interest expense, net — 1 1 (10) b — (10) 10 — — 8 87 96 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (2) (9) (11) (9) 13 4 30 — — 5 43 71 Provision for (benefit from) income taxes — — — 119 12 131 419 — — — (42) 508 Equity in affiliated companies' net (losses) earnings — — — — — — (2) — — — 2 — Net income attributable to noncontrolling interests — — — 84 14 98 392 c — — — 20 510 Total assets at September 30, 2023 3,171 5,799 8,970 8,227 1,893 10,120 21,020 1,747 288 1,176 8,327 51,648 Capital expenditures 53 114 167 61 15 76 441 21 2 20 451 d 1,178 Three Months Ended September 30, 2022 Revenues: Unaffiliated customers $ 18 $ 74 $ 92 $ 666 $ 215 $ 881 $ 1,726 e $ — $ 1,436 $ 604 $ 264 a $ 5,003 Intersegment 551 805 1,356 83 — 83 72 127 7 5 (1,650) — Production and delivery 408 736 1,144 579 221 800 663 94 1,450 604 (1,389) 3,366 DD&A 44 56 100 84 14 98 265 18 1 8 18 508 Metals inventory adjustments 2 1 3 2 20 22 — — — — — 25 Selling, general and administrative expenses — 1 1 2 — 2 26 — — 6 63 98 Mining exploration and research expenses — — — — — — — — — — 38 38 Environmental obligations and shutdown costs — 1 1 — — — — — — — 5 6 Operating income (loss) 115 84 199 82 (40) 42 844 15 (8) (9) (121) 962 Interest expense, net — 1 1 5 — 5 15 — — 4 115 140 Net gain on early extinguishment of debt — — — — — — — — — — 20 20 Other (expense) income, net — (8) (8) (21) 5 (16) 19 (1) — 11 20 25 Provision for (benefit from) income taxes — — — 3 (18) (15) 343 — — — (13) 315 Equity in affiliated companies' net earnings — — — — — — 7 — — — 1 8 Net income attributable to noncontrolling interests — — — 29 11 40 105 c — — — 11 156 Total assets at September 30, 2022 2,996 5,456 8,452 8,390 1,826 10,216 20,496 1,701 216 1,082 7,764 49,927 Capital expenditures 71 83 154 41 38 79 389 7 2 17 188 d 836 Financial Information by Business Segment (continued) (In Millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Nine Months Ended September 30, 2023 Revenues: Unaffiliated customers $ 75 $ 133 $ 208 $ 2,563 $ 627 $ 3,190 $ 5,268 e $ — $ 4,552 $ 2,185 $ 1,547 a $ 16,950 Intersegment 1,787 2,922 4,709 638 — 638 432 520 28 19 (6,346) — Production and delivery 1,279 2,324 3,603 1,877 539 2,416 1,860 f 321 4,558 2,139 (4,637) 10,260 DD&A 132 180 312 302 48 350 694 48 4 21 50 1,479 Metals inventory adjustments 5 — 5 1 — 1 — — — — 1 7 Selling, general and administrative expenses 1 2 3 7 — 7 90 — — 21 238 359 Mining exploration and research expenses — 2 2 — — — — — — — 101 103 Environmental obligations and shutdown costs — 26 26 — — — — — — — 213 239 Operating income (loss) 445 521 966 1,014 40 1,054 3,056 151 18 23 (765) 4,503 Interest expense, net — 1 1 74 b — 74 32 — — 22 289 418 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (4) (8) (12) (36) 11 (25) 92 (1) (1) — 130 183 Provision for (benefit from) income taxes — — — 419 19 438 1,159 — — — (51) 1,546 Equity in affiliated companies' net earnings — — — — — — 9 — — — 3 12 Net income (loss) attributable to noncontrolling interests — — — 242 34 276 1,031 c — — — (23) 1,284 Capital expenditures 176 369 545 179 80 259 1,274 43 9 43 1,289 d 3,462 Nine Months Ended September 30, 2022 Revenues: Unaffiliated customers $ 125 $ 159 $ 284 $ 2,474 $ 555 $ 3,029 $ 5,972 e $ — $ 4,932 $ 1,755 $ 1,050 a $ 17,022 Intersegment 1,992 2,978 4,970 325 — 325 208 399 24 5 (5,931) — Production and delivery 1,168 2,111 3,279 1,702 510 2,212 1,853 f 249 4,969 1,789 g (4,832) 9,519 DD&A 132 175 307 262 35 297 775 52 3 20 50 1,504 Metals inventory adjustments 2 8 10 11 22 33 — — — — — 43 Selling, general and administrative expenses 1 2 3 6 — 6 83 — — 19 202 313 Mining exploration and research expenses — 1 1 — — — — — — — 86 87 Environmental obligations and shutdown costs (13) 1 (12) — — — — — — — 63 51 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 827 839 1,666 818 (12) 806 3,469 98 (16) (68) (448) 5,507 Interest expense, net — 1 1 12 — 12 30 — — 8 372 423 Net (loss) gain on early extinguishment of debt — — — — — — (10) — — — 38 28 Other (expense) income, net (1) (32) (33) (11) 12 1 27 (1) (1) 29 45 67 Provision for (benefit from) income taxes — — — 298 (11) 287 1,363 — — — 60 1,710 Equity in affiliated companies' net earnings — — — — — — 27 — — — 6 33 Net income attributable to noncontrolling interests — — — 247 25 272 436 c — — — 23 731 Capital expenditures 207 223 430 109 94 203 1,148 16 6 60 559 d 2,422 b. The third quarter and first nine months of 2023 include a $13 million credit for the settlement of interest on Cerro Verde's historical profit sharing liability. The first nine months of 2023 also includes $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court. c. FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%. Refer to Note 1 for further discussion of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement. d. Primarily includes capital expenditures for the Indonesia smelter projects. e. Includes PT-FI sales to PT Smelting totaling $572 million in third-quarter 2022, $27 million for the first nine months of 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $2.3 billion for the first nine months of 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting). f. Includes charges for administrative fines of $55 million for the first nine months of 2023 and $41 million for the first nine months of 2022. Refer to Note 8 for further discussion. g. Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million at Atlantic Copper for the first nine months of 2022. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income $ 964 $ 560 $ 2,744 $ 3,502 Net income attributable to noncontrolling interests (510) (156) (1,284) (731) Undistributed dividends and earnings allocated to participating securities (5) (5) (5) (6) Net income attributable to common stockholders $ 449 $ 399 $ 1,455 $ 2,765 Basic weighted-average shares of common stock outstanding 1,435 1,431 1,434 1,444 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 8 8 9 11 Diluted weighted-average shares of common stock outstanding 1,443 1,439 1,443 1,455 Net income per share attributable to common stockholders: Basic $ 0.31 $ 0.28 $ 1.01 $ 1.91 Diluted $ 0.31 $ 0.28 $ 1.01 $ 1.90 |
Inventories, Including Long-T_2
Inventories, Including Long-Term Mill and Leach Stockpiles (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The components of inventories follow (in millions): September 30, December 31, 2022 Current inventories: Raw materials (primarily copper concentrate) $ 467 $ 443 Work-in-process 219 221 Finished goods a 1,729 1,169 Total product $ 2,415 $ 1,833 Total materials and supplies, net b $ 2,131 $ 1,964 Mill stockpiles $ 165 $ 216 Leach stockpiles 1,238 1,167 Total current mill and leach stockpiles $ 1,403 $ 1,383 Long-term inventories: Mill stockpiles $ 260 $ 199 Leach stockpiles 1,067 1,053 Total long-term mill and leach stockpiles c $ 1,327 $ 1,252 a. The increase in finished goods inventory at September 30, 2023, was primarily associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a copper concentrate sales agreement to a tolling arrangement beginning on January 1, 2023, and also included approximately 75 thousand ounces of gold available for sale pending approval of PT-FI’s export license for anode slimes. See Note 8 for further discussion. b. Materials and supplies inventory was net of obsolescence reserves totaling $31 million at September 30, 2023, and $39 million at December 31, 2022. c. Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Geographic sources of FCX’s benefit (provision) for income taxes follow (in millions): Nine Months Ended September 30, 2023 2022 U.S. operations $ 3 $ (5) International operations (1,549) (1,705) a Total $ (1,546) $ (1,710) a. Includes a credit of $31 million, primarily associated with completion of Cerro Verde’s 2016 tax audit. |
Debt and Equity (Tables)
Debt and Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of debt follow (in millions): September 30, December 31, 2022 Senior notes and debentures: Issued by FCX $ 6,004 $ 7,225 Issued by PT-FI 2,980 2,978 Issued by Freeport Minerals Corporation 354 355 Other 67 62 Total debt 9,405 10,620 Less current portion of debt (35) (1,037) Long-term debt $ 9,370 $ 9,583 |
Schedule of Extinguishment of Debt | A summary of the senior note purchases and related gains on debt extinguishments for the first nine months of 2023 follows (in millions): Principal Amount Discounts/Deferred Issuance Costs Book Value Redemption Value Gain 5.00% Senior Notes due 2027 $ 17 $ — $ 17 $ 17 $ — 4.125% Senior Notes due 2028 61 — 61 58 3 4.375% Senior Notes due 2028 46 1 45 43 2 5.25% Senior Notes due 2029 31 — 31 31 — 4.25% Senior Notes due 2030 50 1 49 46 3 4.625% Senior Notes due 2030 28 — 28 26 2 $ 233 $ 2 $ 231 $ 221 $ 10 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 2 $ 17 $ (9) $ (61) Hedged item – firm sales commitments (2) (17) 9 61 Realized losses: Matured derivative financial instruments (4) (50) (1) (48) |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at September 30, 2023, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 553 $ 3.78 $ 3.75 February 2024 Gold (thousands of ounces) 209 1,925 1,884 December 2023 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 165 3.80 3.75 January 2024 |
Schedule of Derivative Instruments Included in Trading Activities | A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Embedded derivatives in provisional sales contracts: a Copper $ (30) $ (272) $ 31 $ (774) Gold and other metals (10) (34) 12 (45) Copper forward contracts b (1) 5 (3) 31 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): September 30, December 31, 2022 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 3 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 16 166 Copper forward contracts — 1 Total derivative assets $ 16 $ 170 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ 3 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 35 39 Copper forward contracts 1 — Total derivative liabilities $ 44 $ 42 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets Liabilities September 30, December 31, 2022 September 30, December 31, 2022 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 16 $ 166 $ 35 $ 39 Copper derivatives — 4 9 3 16 170 44 42 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 3 — 3 — 3 — 3 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 13 166 32 39 Copper derivatives — 4 9 3 $ 13 $ 170 $ 41 $ 42 Balance sheet classification: Trade accounts receivable $ 5 $ 163 $ 20 $ 7 Other current assets — 4 — — Accounts payable and accrued liabilities 8 3 21 34 Other liabilities — — — 1 $ 13 $ 170 $ 41 $ 42 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets Liabilities September 30, December 31, 2022 September 30, December 31, 2022 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 16 $ 166 $ 35 $ 39 Copper derivatives — 4 9 3 16 170 44 42 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 3 — 3 — 3 — 3 — Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 13 166 32 39 Copper derivatives — 4 9 3 $ 13 $ 170 $ 41 $ 42 Balance sheet classification: Trade accounts receivable $ 5 $ 163 $ 20 $ 7 Other current assets — 4 — — Accounts payable and accrued liabilities 8 3 21 34 Other liabilities — — — 1 $ 13 $ 170 $ 41 $ 42 |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows (in millions): September 30, December 31, 2022 Balance sheet components: Cash and cash equivalents a $ 5,745 $ 8,146 Restricted cash and cash equivalents, current 697 b 111 Restricted cash and cash equivalents, long-term - included in other assets 97 133 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,539 $ 8,390 a. Includes time deposits of $0.3 billion at September 30, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.6 billion at September 30, 2023, and $1.8 billion at December 31, 2022. b. Includes $0.5 billion associated with PT-FI’s export proceeds. See Note 8 for further discussion. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs Disclosure | A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6) follows (in millions): At September 30, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 5 5 — 5 — — Total 30 30 25 5 — — Legally restricted funds: a U.S. core fixed income fund 61 61 61 — — — Government mortgage-backed securities 43 43 — — 43 — Government bonds and notes 30 30 — — 30 — Corporate bonds 30 30 — — 30 — Money market funds 19 19 — 19 — — Asset-backed securities 15 15 — — 15 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 199 199 61 19 119 — Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 16 16 — — 16 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 55 47 — — — 47 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 35 35 — — 35 — Copper futures and swap contracts 8 8 — 6 2 — Copper forward contracts 1 1 — 1 — — Total 44 44 — 7 37 — Long-term debt, including current portion d 9,405 8,639 — — 8,639 — At December 31, 2022 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 7 7 — 7 — — Total 32 32 25 7 — — Legally restricted funds: a U.S. core fixed income fund 56 56 56 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Asset-backed securities 17 17 — — 17 — Money market funds 3 3 — 3 — — Collateralized mortgage-backed securities 3 3 — — 3 — Total 181 181 56 3 122 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 166 166 — — 166 — Copper futures and swap contracts 3 3 — 3 — — Copper forward contracts 1 1 — 1 — — Total 170 170 — 4 166 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 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 portion d 10,620 10,097 — — 10,097 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.5 billion at September 30, 2023), (ii) an assurance bond to support PT-FI’s commitment for additional smelter development in Indonesia ($135 million at September 30, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($111 million at September 30, 2023, and $103 million at December 31, 2022). c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. |
Summary of Unobservable Input Reconciliation | A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first nine months of 2023 follows (in millions): Fair value at January 1, 2023 $ 57 Net unrealized gain related to assets still held at the end of the period 1 Settlements (11) Fair value at September 30, 2023 $ 47 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services | Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2023 and 2022 follow (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Copper: Concentrate $ 2,365 $ 2,091 $ 6,137 $ 7,476 Cathode 1,331 1,255 4,016 3,873 Rod and other refined copper products 992 755 2,797 2,942 Purchased copper a 71 168 347 342 Gold 854 858 2,384 2,578 Molybdenum 479 304 1,562 1,059 Other b 136 174 439 527 Adjustments to revenues: Treatment charges c (151) (132) (394) (404) Royalty expense d (80) (83) (234) (289) PT-FI export duties e (133) (81) (147) (263) Revenues from contracts with customers 5,864 5,309 16,907 17,841 Embedded derivatives f (40) (306) 43 (819) Total consolidated revenues $ 5,824 $ 5,003 $ 16,950 $ 17,022 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with silver. c. Treatment charges for the third quarter and first nine months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e. Refer to Note 8 for further discussion of PT-FI export duties. f. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts. |
Schedule of Segment Reporting Information, by Segment | Financial Information by Business Segment (in Millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Three Months Ended September 30, 2023 Revenues: Unaffiliated customers $ 17 $ 22 $ 39 $ 822 $ 203 $ 1,025 $ 2,030 $ — $ 1,566 $ 692 $ 472 a $ 5,824 Intersegment 624 994 1,618 219 — 219 65 147 12 8 (2,069) — Production and delivery 476 799 1,275 648 178 826 667 120 1,566 680 (1,586) 3,548 DD&A 47 63 110 94 17 111 271 14 2 7 18 533 Metals inventory adjustments 4 — 4 1 — 1 — — — — — 5 Selling, general and administrative expenses — 1 1 3 — 3 32 — — 6 76 118 Mining exploration and research expenses — 1 1 — — — — — — — 29 30 Environmental obligations and shutdown costs — 4 4 — — — — — — — 94 98 Operating income (loss) 114 148 262 295 8 303 1,125 13 10 7 (228) 1,492 Interest expense, net — 1 1 (10) b — (10) 10 — — 8 87 96 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (2) (9) (11) (9) 13 4 30 — — 5 43 71 Provision for (benefit from) income taxes — — — 119 12 131 419 — — — (42) 508 Equity in affiliated companies' net (losses) earnings — — — — — — (2) — — — 2 — Net income attributable to noncontrolling interests — — — 84 14 98 392 c — — — 20 510 Total assets at September 30, 2023 3,171 5,799 8,970 8,227 1,893 10,120 21,020 1,747 288 1,176 8,327 51,648 Capital expenditures 53 114 167 61 15 76 441 21 2 20 451 d 1,178 Three Months Ended September 30, 2022 Revenues: Unaffiliated customers $ 18 $ 74 $ 92 $ 666 $ 215 $ 881 $ 1,726 e $ — $ 1,436 $ 604 $ 264 a $ 5,003 Intersegment 551 805 1,356 83 — 83 72 127 7 5 (1,650) — Production and delivery 408 736 1,144 579 221 800 663 94 1,450 604 (1,389) 3,366 DD&A 44 56 100 84 14 98 265 18 1 8 18 508 Metals inventory adjustments 2 1 3 2 20 22 — — — — — 25 Selling, general and administrative expenses — 1 1 2 — 2 26 — — 6 63 98 Mining exploration and research expenses — — — — — — — — — — 38 38 Environmental obligations and shutdown costs — 1 1 — — — — — — — 5 6 Operating income (loss) 115 84 199 82 (40) 42 844 15 (8) (9) (121) 962 Interest expense, net — 1 1 5 — 5 15 — — 4 115 140 Net gain on early extinguishment of debt — — — — — — — — — — 20 20 Other (expense) income, net — (8) (8) (21) 5 (16) 19 (1) — 11 20 25 Provision for (benefit from) income taxes — — — 3 (18) (15) 343 — — — (13) 315 Equity in affiliated companies' net earnings — — — — — — 7 — — — 1 8 Net income attributable to noncontrolling interests — — — 29 11 40 105 c — — — 11 156 Total assets at September 30, 2022 2,996 5,456 8,452 8,390 1,826 10,216 20,496 1,701 216 1,082 7,764 49,927 Capital expenditures 71 83 154 41 38 79 389 7 2 17 188 d 836 Financial Information by Business Segment (continued) (In Millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Nine Months Ended September 30, 2023 Revenues: Unaffiliated customers $ 75 $ 133 $ 208 $ 2,563 $ 627 $ 3,190 $ 5,268 e $ — $ 4,552 $ 2,185 $ 1,547 a $ 16,950 Intersegment 1,787 2,922 4,709 638 — 638 432 520 28 19 (6,346) — Production and delivery 1,279 2,324 3,603 1,877 539 2,416 1,860 f 321 4,558 2,139 (4,637) 10,260 DD&A 132 180 312 302 48 350 694 48 4 21 50 1,479 Metals inventory adjustments 5 — 5 1 — 1 — — — — 1 7 Selling, general and administrative expenses 1 2 3 7 — 7 90 — — 21 238 359 Mining exploration and research expenses — 2 2 — — — — — — — 101 103 Environmental obligations and shutdown costs — 26 26 — — — — — — — 213 239 Operating income (loss) 445 521 966 1,014 40 1,054 3,056 151 18 23 (765) 4,503 Interest expense, net — 1 1 74 b — 74 32 — — 22 289 418 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (4) (8) (12) (36) 11 (25) 92 (1) (1) — 130 183 Provision for (benefit from) income taxes — — — 419 19 438 1,159 — — — (51) 1,546 Equity in affiliated companies' net earnings — — — — — — 9 — — — 3 12 Net income (loss) attributable to noncontrolling interests — — — 242 34 276 1,031 c — — — (23) 1,284 Capital expenditures 176 369 545 179 80 259 1,274 43 9 43 1,289 d 3,462 Nine Months Ended September 30, 2022 Revenues: Unaffiliated customers $ 125 $ 159 $ 284 $ 2,474 $ 555 $ 3,029 $ 5,972 e $ — $ 4,932 $ 1,755 $ 1,050 a $ 17,022 Intersegment 1,992 2,978 4,970 325 — 325 208 399 24 5 (5,931) — Production and delivery 1,168 2,111 3,279 1,702 510 2,212 1,853 f 249 4,969 1,789 g (4,832) 9,519 DD&A 132 175 307 262 35 297 775 52 3 20 50 1,504 Metals inventory adjustments 2 8 10 11 22 33 — — — — — 43 Selling, general and administrative expenses 1 2 3 6 — 6 83 — — 19 202 313 Mining exploration and research expenses — 1 1 — — — — — — — 86 87 Environmental obligations and shutdown costs (13) 1 (12) — — — — — — — 63 51 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 827 839 1,666 818 (12) 806 3,469 98 (16) (68) (448) 5,507 Interest expense, net — 1 1 12 — 12 30 — — 8 372 423 Net (loss) gain on early extinguishment of debt — — — — — — (10) — — — 38 28 Other (expense) income, net (1) (32) (33) (11) 12 1 27 (1) (1) 29 45 67 Provision for (benefit from) income taxes — — — 298 (11) 287 1,363 — — — 60 1,710 Equity in affiliated companies' net earnings — — — — — — 27 — — — 6 33 Net income attributable to noncontrolling interests — — — 247 25 272 436 c — — — 23 731 Capital expenditures 207 223 430 109 94 203 1,148 16 6 60 559 d 2,422 |
General Information - Additiona
General Information - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
PT Freeport Indonesia | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Portion of Gold Sales Attributable to Parent | $ 35 | ||
PT Freeport Indonesia | FCX | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 48.76% | 81% | |
FCX | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Dividends Receivable, Percentage | 81% | 81% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 964 | $ 560 | $ 2,744 | $ 3,502 |
Net income attributable to noncontrolling interests | (510) | (156) | (1,284) | (731) |
Undistributed dividends and earnings allocated to participating securities | (5) | (5) | (5) | (6) |
Net income attributable to common stockholders | $ 449 | $ 399 | $ 1,455 | $ 2,765 |
Basic weighted-average shares of common stock outstanding | 1,435 | 1,431 | 1,434 | 1,444 |
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) | 8 | 8 | 9 | 11 |
Diluted weighted-average shares of common stock outstanding | 1,443 | 1,439 | 1,443 | 1,455 |
Earnings per share, basic (in dollars per share) | $ 0.31 | $ 0.28 | $ 1.01 | $ 1.91 |
Earnings per share, diluted (in dollars per share) | $ 0.31 | $ 0.28 | $ 1.01 | $ 1.90 |
Dilutive Securities Excluded from Computation of EPS Amount | 0 | 3 | 0 | 1 |
Inventories, Including Long-T_3
Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) t in Thousands, $ in Millions | Sep. 30, 2023 USD ($) t | Dec. 31, 2022 USD ($) |
Current inventories: | ||
Raw materials (primarily copper concentrate) | $ 467 | $ 443 |
Work-in-process | 219 | 221 |
Finished goods | 1,729 | 1,169 |
Product | 2,415 | 1,833 |
Materials and supplies, net | 2,131 | 1,964 |
Mill stockpiles | 165 | 216 |
Leach stockpiles | 1,238 | 1,167 |
Total current mill and leach stockpiles | 1,403 | 1,383 |
Long-term inventories: | ||
Mill stockpiles | 260 | 199 |
Leach stockpiles | 1,067 | 1,053 |
Total long-term mill and leach stockpiles | $ 1,327 | 1,252 |
Gold deferred in inventory for future sale | t | 75 | |
Inventory obsolescence reserves | $ 31 | $ 39 |
PT Freeport Indonesia | ||
Long-term inventories: | ||
Ownership interest in copper smelter and refinery | 39.50% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
U.S. operations | $ 3 | $ (5) | ||
International operations | (1,549) | (1,705) | ||
Total | $ (508) | $ (315) | $ (1,546) | (1,710) |
Income tax credit | $ 31 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Aug. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Consolidated effective income tax rate (percent) | 36% | 33% | |
Nondeductible charges | $ 142 | ||
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate | 15% | ||
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax | $ 1,000 |
Debt and Equity - Components of
Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 9,405 | $ 10,620 |
Less current portion of debt | (35) | (1,037) |
Long-term debt, less current portion | 9,370 | 9,583 |
Senior Notes | FCX | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,004 | 7,225 |
Senior Notes | PT-FI | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,980 | 2,978 |
Debentures | Freeport McMoRan Corporation | ||
Debt Instrument [Line Items] | ||
Long-term debt | 354 | 355 |
Other Debt, Including Capital Leases and Short Term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 67 | $ 62 |
Debt and Equity - Additional In
Debt and Equity - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 22 Months Ended | 27 Months Ended | |||||||
Sep. 20, 2023 $ / shares | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Nov. 02, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2019 case | |
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 9,405 | $ 9,405 | $ 9,405 | $ 10,620 | ||||||||
Repayments of debt | 2,397 | $ 4,073 | ||||||||||
Interest costs | 165 | $ 182 | 606 | $ 524 | ||||||||
Treasury stock purchases (in shares) | shares | 47.8 | |||||||||||
Shares repurchased | $ 1,800 | |||||||||||
Cost per share repurchased (in dollars per share) | $ / shares | $ 38.35 | |||||||||||
Remaining authorized shares repurchase amount | $ 3,200 | $ 3,200 | $ 3,200 | |||||||||
Dividends declared per share of common stock (in dollars per share) | $ / shares | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.45 | |||||||
Base cash dividend (in dollars per share) | $ / shares | 0.075 | |||||||||||
Variable cash dividend (in dollars per share) | $ / shares | $ 0.075 | |||||||||||
Tax Matters In Peru, Contingent Liability | $ 74 | |||||||||||
FCX affiliates | Louisiana Parishes Coastal Erosion Cases | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of pending claims | case | 42 | |||||||||||
FCX affiliates | Louisiana Parishes Coastal Erosion Cases | Settled litigation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of pending claims | case | 13 | |||||||||||
Unsecured Credit Facility | PT-FI | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,300 | 1,300 | 1,300 | |||||||||
Unsecured Credit Facility | Cerro Verde | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit | 0 | 0 | 0 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 350 | |||||||||||
Revolving Credit Facility | PT-FI | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit | 0 | 0 | 0 | |||||||||
Property, Plant and Equipment | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest costs capitalized | 69 | $ 42 | 188 | $ 101 | ||||||||
Line of Credit | Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit | 7 | 7 | 7 | |||||||||
Revolving credit facility, availability | $ 1,500 | |||||||||||
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 3,000 | 3,000 | 3,000 | |||||||||
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500 | |||||||||||
Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repurchased senior notes | 102 | 233 | ||||||||||
Senior Notes | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cumulative repurchased principal amount | $ 1,300 | |||||||||||
Cumulative repurchase cost | $ 1,200 | |||||||||||
Senior Notes | PT-FI | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 2,980 | $ 2,980 | $ 2,980 | $ 2,978 | ||||||||
Repayments of debt | $ 996 | |||||||||||
Stated interest rate | 3.875% |
Debt and Equity - Purchase of S
Debt and Equity - Purchase of Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Gain | $ 5 | $ 20 | $ 10 | $ 28 |
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 233 | 233 | ||
Discounts/Deferred Issuance Costs | 2 | 2 | ||
Book Value | 231 | |||
Redemption Value | 221 | 221 | ||
Gain | 10 | |||
5.00% Senior Notes due March 2027 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 17 | 17 | ||
Discounts/Deferred Issuance Costs | 0 | 0 | ||
Book Value | 17 | |||
Redemption Value | 17 | 17 | ||
Gain | 0 | |||
4.125% Senior Notes Due 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 61 | 61 | ||
Discounts/Deferred Issuance Costs | 0 | 0 | ||
Book Value | 61 | |||
Redemption Value | 58 | 58 | ||
Gain | 3 | |||
4.375% Senior Notes Due 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 46 | 46 | ||
Discounts/Deferred Issuance Costs | 1 | 1 | ||
Book Value | 45 | |||
Redemption Value | 43 | 43 | ||
Gain | 2 | |||
5.25% Senior Notes Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 31 | 31 | ||
Discounts/Deferred Issuance Costs | 0 | 0 | ||
Book Value | 31 | |||
Redemption Value | 31 | 31 | ||
Gain | 0 | |||
4.25% Senior Notes Due 2030 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 50 | 50 | ||
Discounts/Deferred Issuance Costs | 1 | 1 | ||
Book Value | 49 | |||
Redemption Value | 46 | 46 | ||
Gain | 3 | |||
4.625% Senior Notes Due 2030 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Amount | 28 | 28 | ||
Discounts/Deferred Issuance Costs | 0 | 0 | ||
Book Value | 28 | |||
Redemption Value | $ 26 | 26 | ||
Gain | $ 2 |
Financial Instruments - Unreali
Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 oz lb | Sep. 30, 2023 USD ($) $ / lb $ / oz $ / lb | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb | Sep. 30, 2022 USD ($) | |
Not Designated as Hedging Instrument | Amounts recorded in Sales | |||||
Realized gains (losses): | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (40) | $ (306) | $ 43 | $ (819) | |
Commodity Contract | |||||
Unrealized gains (losses): | |||||
Derivative financial instruments | 2 | 17 | (9) | (61) | |
Hedged item – firm sales commitments | (2) | (17) | 9 | 61 | |
Realized gains (losses): | |||||
Matured derivative financial instruments | $ (4) | (50) | $ (1) | (48) | |
Commodity Contract | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 85 | ||||
Derivative, Average Forward Price | $ / lb | 3.85 | 3.85 | |||
Copper Forward Contracts | Not Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 19 | ||||
Derivative, Average Forward Price | $ / lb | 3.77 | 3.77 | |||
Realized gains (losses): | |||||
Matured derivative financial instruments | $ (1) | 5 | $ (3) | 31 | |
Copper | Not Designated as Hedging Instrument | |||||
Realized gains (losses): | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (30) | (272) | $ 31 | (774) | |
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 553 | ||||
Derivative, Average Forward Price | $ / lb | 3.78 | 3.78 | |||
Realized gains (losses): | |||||
Derivative Average Market Price | $ / lb | 3.75 | 3.75 | |||
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 165 | ||||
Derivative, Average Forward Price | $ / lb | 3.80 | 3.80 | |||
Realized gains (losses): | |||||
Derivative Average Market Price | $ / lb | 3.75 | 3.75 | |||
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | oz | 209 | ||||
Derivative, Average Forward Price | $ / oz | 1,925 | 1,925 | |||
Realized gains (losses): | |||||
Derivative Average Market Price | $ / oz | 1,884 | 1,884 | |||
gold and other | Not Designated as Hedging Instrument | |||||
Realized gains (losses): | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (10) | $ (34) | $ 12 | $ (45) |
Financial Instruments - Unsettl
Financial Instruments - Unsettled Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2023 oz lb | Sep. 30, 2023 USD ($) $ / lb $ / oz $ / lb | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) lb $ / lb $ / oz $ / lb | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 16 | $ 16 | $ 170 | |||
Derivative Liability, Fair Value, Gross Liability | 44 | 44 | 42 | |||
Derivative Asset, Fair Value, Gross Liability | 3 | 3 | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 3 | 3 | 0 | |||
Derivative Asset | 13 | 13 | 170 | |||
Derivative Liability | 41 | 41 | 42 | |||
Trade accounts receivable [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 5 | 5 | 163 | |||
Derivative Liability | 20 | 20 | 7 | |||
Accounts Payable and Accrued Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 8 | 8 | 3 | |||
Derivative Liability | 21 | 21 | 34 | |||
Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 0 | 0 | 4 | |||
Derivative Liability | 0 | 0 | 0 | |||
Other Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 0 | 0 | 0 | |||
Derivative Liability | 0 | 0 | 1 | |||
Commodity Contract | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | (4) | $ (50) | (1) | $ (48) | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 4 | |||
Derivative Liability, Fair Value, Gross Liability | 9 | 9 | 3 | |||
Derivative Asset | 0 | 0 | 4 | |||
Derivative Liability | 9 | 9 | 3 | |||
Embedded Derivative Financial Instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 16 | 16 | 166 | |||
Derivative Liability, Fair Value, Gross Liability | 35 | 35 | 39 | |||
Derivative Asset, Fair Value, Gross Liability | 3 | 3 | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 3 | 3 | 0 | |||
Derivative Asset | 13 | 13 | 166 | |||
Derivative Liability | 32 | 32 | 39 | |||
Designated as Hedging Instrument [Member] | Commodity Contract | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 0 | 3 | |||
Derivative, Nonmonetary Notional Amount, Mass | lb | 85 | |||||
Derivative, Average Forward Price | $ / lb | 3.85 | 3.85 | ||||
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 16 | $ 16 | 166 | |||
Derivative Liability, Fair Value, Gross Liability | 35 | 35 | 39 | |||
Not Designated as Hedging Instrument | Forward Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | $ (1) | 5 | $ (3) | 31 | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 19 | |||||
Derivative, Average Forward Price | $ / lb | 3.77 | 3.77 | ||||
Future | Not Designated as Hedging Instrument | FMC's Copper Futures and Swap Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 8 | $ 8 | 3 | |||
Commodity Contract | Not Designated as Hedging Instrument | Forward Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 1 | |||
Derivative Liability, Fair Value, Gross Liability | 1 | 1 | $ 0 | |||
Copper | Not Designated as Hedging Instrument | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (30) | (272) | $ 31 | (774) | ||
Copper | Short [Member] | Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / lb | 3.75 | 3.75 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 553 | |||||
Derivative, Average Forward Price | $ / lb | 3.78 | 3.78 | ||||
Copper | Long [Member] | Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / lb | 3.75 | 3.75 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 165 | |||||
Derivative, Average Forward Price | $ / lb | 3.80 | 3.80 | ||||
Gold | Short [Member] | Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / oz | 1,884 | 1,884 | ||||
Derivative, Nonmonetary Notional Amount, Mass | oz | 209 | |||||
Derivative, Average Forward Price | $ / oz | 1,925 | 1,925 | ||||
gold and other | Not Designated as Hedging Instrument | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (10) | $ (34) | $ 12 | $ (45) |
Financial Instruments - Derivat
Financial Instruments - Derivative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 5,745 | $ 8,146 | ||
Restricted cash and cash equivalents | 697 | 111 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 97 | 133 | ||
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows | 6,539 | 8,390 | $ 8,824 | $ 8,314 |
Credit Derivative, Maximum Exposure, Undiscounted | 16 | |||
Bank Time Deposits | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 300 | 500 | ||
Designated for Smelter Development Projects | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows | 600 | $ 1,800 | ||
Designated For Export Proceeds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash and cash equivalents | $ 500 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities (current and long-term): | ||
Other Assets, Current | $ 406 | $ 381 |
Other assets | 1,709 | 1,601 |
Derivatives: | ||
Derivative Asset | 13 | 170 |
Derivatives: [Abstract] | ||
Derivative Liability | 41 | 42 |
Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 25 | 25 |
Trust Assets Fair Value Disclosure | 61 | 56 |
Derivatives: | ||
Derivative Asset | 0 | |
Discontinued Operation, Contingent Receivable | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Level 1 | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 5 | 7 |
Trust Assets Fair Value Disclosure | 19 | 3 |
Derivatives: | ||
Derivative Asset | 4 | |
Discontinued Operation, Contingent Receivable | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 7 | 0 |
Long-term debt, including current portion | 0 | 0 |
Level 2 | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 0 | 0 |
Trust Assets Fair Value Disclosure | 119 | 122 |
Derivatives: | ||
Derivative Asset | 166 | |
Discontinued Operation, Contingent Receivable | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 37 | 42 |
Long-term debt, including current portion | 8,639 | 10,097 |
Level 3 | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 0 | 0 |
Trust Assets Fair Value Disclosure | 0 | 0 |
Derivatives: | ||
Derivative Asset | 0 | |
Discontinued Operation, Contingent Receivable | 47 | 57 |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 30 | 32 |
Trust Assets Fair Value Disclosure | 199 | 181 |
Derivatives: | ||
Derivative Asset | 170 | |
Discontinued Operation, Contingent Receivable | 47 | 57 |
Derivatives: [Abstract] | ||
Derivative Liability | 44 | 42 |
Long-term debt, including current portion | 8,639 | 10,097 |
Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Investments, Fair Value Disclosure | 30 | 32 |
Trust Assets Fair Value Disclosure | 199 | 181 |
Derivatives: | ||
Derivative Asset | 170 | |
Discontinued Operation, Contingent Receivable | 55 | 67 |
Derivatives: [Abstract] | ||
Derivative Liability | 44 | 42 |
Long-term debt, including current portion | 9,405 | 10,620 |
Embedded Derivative Financial Instruments | ||
Derivatives: | ||
Derivative Asset | 13 | 166 |
Derivatives: [Abstract] | ||
Derivative Liability | 32 | 39 |
Embedded Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share | ||
Derivatives: | ||
Derivative Asset | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | 0 |
Embedded Derivative Financial Instruments | Level 1 | ||
Derivatives: | ||
Derivative Asset | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | 0 |
Embedded Derivative Financial Instruments | Level 2 | ||
Derivatives: | ||
Derivative Asset | 16 | 166 |
Derivatives: [Abstract] | ||
Derivative Liability | 35 | 39 |
Embedded Derivative Financial Instruments | Level 3 | ||
Derivatives: | ||
Derivative Asset | 0 | 0 |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | 0 |
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement | ||
Derivatives: | ||
Derivative Asset | 16 | 166 |
Derivatives: [Abstract] | ||
Derivative Liability | 35 | 39 |
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure | ||
Derivatives: | ||
Derivative Asset | 16 | 166 |
Derivatives: [Abstract] | ||
Derivative Liability | 35 | 39 |
Forward Contracts | Level 1 | ||
Derivatives: | ||
Derivative Asset | 1 | |
Forward Contracts | Level 2 | ||
Derivatives: | ||
Derivative Asset | 0 | |
Forward Contracts | Level 3 | ||
Derivatives: | ||
Derivative Asset | 0 | |
Forward Contracts | Estimate of Fair Value Measurement | ||
Derivatives: | ||
Derivative Asset | 1 | |
Forward Contracts | Carrying Amount, Fair Value Disclosure | ||
Derivatives: | ||
Derivative Asset | 1 | |
Commodity Contract | ||
Derivatives: | ||
Derivative Asset | 0 | 4 |
Derivatives: [Abstract] | ||
Derivative Liability | 9 | 3 |
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | ||
Derivatives: | ||
Derivative Asset | 0 | |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Level 1 | ||
Derivatives: | ||
Derivative Asset | 3 | |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Level 1 | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 1 | |
Commodity Contract | Level 1 | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 6 | |
Commodity Contract | Level 2 | ||
Derivatives: | ||
Derivative Asset | 0 | |
Derivatives: [Abstract] | ||
Derivative Liability | 3 | |
Commodity Contract | Level 2 | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Level 2 | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 2 | |
Commodity Contract | Level 3 | ||
Derivatives: | ||
Derivative Asset | 0 | |
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Level 3 | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Level 3 | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 0 | |
Commodity Contract | Estimate of Fair Value Measurement | ||
Derivatives: | ||
Derivative Asset | 3 | |
Derivatives: [Abstract] | ||
Derivative Liability | 3 | |
Commodity Contract | Estimate of Fair Value Measurement | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 1 | |
Commodity Contract | Estimate of Fair Value Measurement | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 8 | |
Commodity Contract | Carrying Amount, Fair Value Disclosure | ||
Derivatives: | ||
Derivative Asset | 3 | |
Derivatives: [Abstract] | ||
Derivative Liability | 3 | |
Commodity Contract | Carrying Amount, Fair Value Disclosure | Forward Contracts | ||
Derivatives: [Abstract] | ||
Derivative Liability | 1 | |
Commodity Contract | Carrying Amount, Fair Value Disclosure | Futures and Swaps | ||
Derivatives: [Abstract] | ||
Derivative Liability | 8 | |
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Marketable Securities | 25 | 25 |
Trust Assets Fair Value Disclosure | 61 | 56 |
U.S. core fixed income fund | Level 1 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Trust Assets Fair Value Disclosure | 0 | 0 |
U.S. core fixed income fund | Level 2 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Trust Assets Fair Value Disclosure | 0 | 0 |
U.S. core fixed income fund | Level 3 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Trust Assets Fair Value Disclosure | 0 | 0 |
U.S. core fixed income fund | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Marketable Securities | 25 | 25 |
Trust Assets Fair Value Disclosure | 61 | 56 |
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Marketable Securities | 25 | 25 |
Trust Assets Fair Value Disclosure | 61 | 56 |
Equity securities | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Equity securities | Level 1 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 5 | 7 |
Equity securities | Level 2 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Equity securities | Level 3 | ||
Investment securities (current and long-term): | ||
Marketable Securities | 0 | 0 |
Equity securities | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Marketable Securities | 5 | 7 |
Equity securities | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Marketable Securities | 5 | 7 |
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government mortgage-backed securities | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government mortgage-backed securities | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 43 | 37 |
Government mortgage-backed securities | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government mortgage-backed securities | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 43 | 37 |
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 43 | 37 |
Government bonds | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government bonds | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government bonds | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 34 |
Government bonds | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Government bonds | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 34 |
Government bonds | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 34 |
Corporate bonds | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Corporate bonds | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Corporate bonds | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 31 |
Corporate bonds | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Corporate bonds | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 31 |
Corporate bonds | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 30 | 31 |
Money market funds | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Money market funds | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 19 | 3 |
Money market funds | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Money market funds | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Money market funds | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 19 | 3 |
Money market funds | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 19 | 3 |
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Asset-backed securities | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Asset-backed securities | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 15 | 17 |
Asset-backed securities | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Asset-backed securities | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 15 | 17 |
Asset-backed securities | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 15 | 17 |
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Collateralized Mortgage Backed Securities | Level 1 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Collateralized Mortgage Backed Securities | Level 2 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 1 | 3 |
Collateralized Mortgage Backed Securities | Level 3 | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 0 | 0 |
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 1 | 3 |
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Trust Assets Fair Value Disclosure | 1 | 3 |
Bank Time Deposits | Carrying Amount, Fair Value Disclosure | ||
Investment securities (current and long-term): | ||
Other Assets, Current | 111 | 103 |
Other assets | $ 135 | 133 |
Fair Value, Recurring [Member] | Forward Contracts | Estimate of Fair Value Measurement | ||
Derivatives: | ||
Derivative Asset | $ 0 |
Fair Value Measurement - Unobse
Fair Value Measurement - Unobservable inputs (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Other Assets, Current | $ 406 | $ 381 | |
Other Assets, Noncurrent | 1,709 | 1,601 | |
Gulf of Mexico Contingent Consideration | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value at January 1, 2023 | 57 | ||
Net unrealized gain related to assets still held at the end of the period | 1 | ||
Settlements | (11) | ||
Fair value at September 30, 2023 | 47 | ||
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent Receivable | $ 150 | ||
Other Assets, Current | 17 | 20 | |
Other Assets, Noncurrent | $ 38 | $ 47 |
Contingencies and Commitments -
Contingencies and Commitments - Litigation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) litigation | Sep. 30, 2023 USD ($) litigation installment | Dec. 31, 2019 case | |
Loss Contingencies [Line Items] | |||
Accrual for environmental loss contingencies, period increase | $ | $ 83 | $ 199 | |
Cyprus Amax Minerals Company | |||
Loss Contingencies [Line Items] | |||
Amount contributed to settlement | $ | $ 130 | ||
Number of installments | installment | 7 | ||
Louisiana Parishes Coastal Erosion Cases | FCX affiliates | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | 42 | ||
Number of Parishes That Filed Claims | 6 | ||
Asbestos and Talc Claims | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | litigation | 950 | 950 | |
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | 13 |
Contingencies and Commitments_2
Contingencies and Commitments - Other Matters (Details) t in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2024 | Aug. 01, 2023 | Jul. 24, 2023 t | Jul. 15, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||
Export duties, construction progress, threshold | 50% | 50% | |||||||||||
Export license granted for concentrate | t | 1.7 | ||||||||||||
Construction progress Manyar smelter, percentage | 50% | ||||||||||||
Export proceeds to be held in Indonesian banks, percent | 30% | ||||||||||||
Export proceeds to be held in Indonesian banks, term | 90 days | ||||||||||||
Other assets | $ 1,709 | $ 1,709 | $ 1,601 | ||||||||||
Escrow account, smelter development progress, percent | 90% | ||||||||||||
Estimated future deposit | 370 | 370 | |||||||||||
Bank Time Deposits | Carrying Amount, Fair Value Disclosure | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Other assets | 135 | $ 135 | $ 133 | ||||||||||
Forecast | Smelter Progress from 70% to 90% | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Export duty to be paid, percent | 7.50% | 10% | |||||||||||
Forecast | Smelter Progress Above 90% | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Export duty to be paid, percent | 5% | 7.50% | |||||||||||
Minimum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Export duties, smelter construction progress, percent | 70% | ||||||||||||
Maximum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Export duties, smelter construction progress, percent | 90% | ||||||||||||
PT Freeport Indonesia | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Export duties assessed | 147 | ||||||||||||
Payment for administrative fees | $ 57 | ||||||||||||
Administrative fine | $ 41 | $ 55 | $ 41 | ||||||||||
Loss contingency, estimate of possible loss | $ 55 | ||||||||||||
PT Freeport Indonesia | Indonesia Government | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Deposits in joint account | $ 10 |
Business Segments (Product Reve
Business Segments (Product Revenue) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Revenue from External Customer [Line Items] | ||||
Treatment chargesc | $ (151) | $ (132) | $ (394) | $ (404) |
Royalty expense | (80) | (83) | (234) | (289) |
PT-FI export dutiese | (133) | (81) | (147) | (263) |
Revenues from contracts with customers | 5,864 | 5,309 | 16,907 | 17,841 |
Revenues | 5,824 | 5,003 | $ 16,950 | 17,022 |
Number of Operating Segments | segment | 4 | |||
Sales | Not Designated as Hedging Instrument | ||||
Revenue from External Customer [Line Items] | ||||
Matured derivative financial instruments | (40) | (306) | $ 43 | (819) |
Copper In Concentrates | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 2,365 | 2,091 | 6,137 | 7,476 |
Copper Cathode | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 1,331 | 1,255 | 4,016 | 3,873 |
Refined Copper Products | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 992 | 755 | 2,797 | 2,942 |
Purchased Copper | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 71 | 168 | 347 | 342 |
Gold | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 854 | 858 | 2,384 | 2,578 |
Molybdenum | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 479 | 304 | 1,562 | 1,059 |
Other Products Or Services | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 136 | $ 174 | $ 439 | $ 527 |
Business Segments (Segment Repo
Business Segments (Segment Reporting) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of Operating Segments | segment | 4 | |||||
Revenues | $ 5,824 | $ 5,003 | $ 16,950 | $ 17,022 | ||
Production and delivery | 3,548 | 3,366 | 10,260 | 9,519 | ||
Cost, Depreciation, Amortization and Depletion | 533 | 508 | 1,479 | 1,504 | ||
Selling, general and administrative expenses | 118 | 98 | 359 | 313 | ||
Mining exploration and research expenses | 30 | 38 | 103 | 87 | ||
Environmental obligations and shutdown costs | 98 | 6 | 239 | 51 | ||
Operating income | 1,492 | 962 | 4,503 | 5,507 | ||
Interest expense, net | 96 | 140 | 418 | 423 | ||
Provision for (benefit from) income taxes | 508 | 315 | 1,546 | 1,710 | ||
Net income (loss) attributable to noncontrolling interests | 510 | 156 | 1,284 | 731 | ||
Total assets | 51,648 | 49,927 | 51,648 | 49,927 | $ 51,093 | |
Capital expenditures | 1,178 | 836 | 3,462 | 2,422 | ||
Metals inventory adjustments | 5 | 25 | 7 | 43 | ||
Net gain on sales of assets | 0 | 0 | 0 | (2) | ||
Net gain on early extinguishment of debt | 5 | 20 | 10 | 28 | ||
Other Nonoperating Income (Expense) | 71 | 25 | 183 | 67 | ||
Equity in affiliated companies’ net earnings | $ 0 | 8 | $ 12 | 33 | ||
PT Smelting | ||||||
Segment Reporting Information [Line Items] | ||||||
Deferred Intercompany Profit, Percentage | 39.50% | |||||
PT Freeport Indonesia | ||||||
Segment Reporting Information [Line Items] | ||||||
Portion of Gold Sales Attributable to Parent | $ 35 | |||||
Administrative fine | 41 | $ 55 | 41 | |||
PT Freeport Indonesia | FCX | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 48.76% | 48.76% | 81% | |||
FCX | ||||||
Segment Reporting Information [Line Items] | ||||||
Dividends Receivable, Percentage | 81% | 81% | ||||
Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 39 | 92 | $ 208 | 284 | ||
Production and delivery | 1,275 | 1,144 | 3,603 | 3,279 | ||
Cost, Depreciation, Amortization and Depletion | 110 | 100 | 312 | 307 | ||
Selling, general and administrative expenses | 1 | 1 | 3 | 3 | ||
Mining exploration and research expenses | 1 | 0 | 2 | 1 | ||
Environmental obligations and shutdown costs | 4 | 1 | 26 | (12) | ||
Operating income | 262 | 199 | 966 | 1,666 | ||
Interest expense, net | 1 | 1 | 1 | 1 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 8,970 | 8,452 | 8,970 | 8,452 | ||
Capital expenditures | 167 | 154 | 545 | 430 | ||
Metals inventory adjustments | 4 | 3 | 5 | 10 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | (11) | (8) | (12) | (33) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,025 | 881 | 3,190 | 3,029 | ||
Production and delivery | 826 | 800 | 2,416 | 2,212 | ||
Cost, Depreciation, Amortization and Depletion | 111 | 98 | 350 | 297 | ||
Selling, general and administrative expenses | 3 | 2 | 7 | 6 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 303 | 42 | 1,054 | 806 | ||
Interest expense, net | (10) | 5 | 74 | 12 | ||
Provision for (benefit from) income taxes | 131 | (15) | 438 | 287 | ||
Net income (loss) attributable to noncontrolling interests | 98 | 40 | 276 | 272 | ||
Total assets | 10,120 | 10,216 | 10,120 | 10,216 | ||
Capital expenditures | 76 | 79 | 259 | 203 | ||
Metals inventory adjustments | 1 | 22 | 1 | 33 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | 4 | (16) | (25) | 1 | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Corporate And Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 472 | 264 | 1,547 | 1,050 | ||
Production and delivery | (1,586) | (1,389) | (4,637) | (4,832) | ||
Cost, Depreciation, Amortization and Depletion | 18 | 18 | 50 | 50 | ||
Selling, general and administrative expenses | 76 | 63 | 238 | 202 | ||
Mining exploration and research expenses | 29 | 38 | 101 | 86 | ||
Environmental obligations and shutdown costs | 94 | 5 | 213 | 63 | ||
Operating income | (228) | (121) | (765) | (448) | ||
Interest expense, net | 87 | 115 | 289 | 372 | ||
Provision for (benefit from) income taxes | (42) | (13) | (51) | 60 | ||
Net income (loss) attributable to noncontrolling interests | 20 | 11 | (23) | 23 | ||
Total assets | 8,327 | 7,764 | 8,327 | 7,764 | ||
Capital expenditures | 451 | 188 | 1,289 | 559 | ||
Metals inventory adjustments | 0 | 0 | 1 | 0 | ||
Net gain on sales of assets | (2) | |||||
Net gain on early extinguishment of debt | 5 | 20 | 10 | 38 | ||
Other Nonoperating Income (Expense) | 43 | 20 | 130 | 45 | ||
Equity in affiliated companies’ net earnings | 2 | 1 | 3 | 6 | ||
Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,618 | 1,356 | 4,709 | 4,970 | ||
Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 219 | 83 | 638 | 325 | ||
PT Smelting | Affiliated Entity [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 572 | 27 | 2,300 | |||
Morenci | Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 17 | 18 | 75 | 125 | ||
Production and delivery | 476 | 408 | 1,279 | 1,168 | ||
Cost, Depreciation, Amortization and Depletion | 47 | 44 | 132 | 132 | ||
Selling, general and administrative expenses | 0 | 0 | 1 | 1 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | (13) | ||
Operating income | 114 | 115 | 445 | 827 | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 3,171 | 2,996 | 3,171 | 2,996 | ||
Capital expenditures | 53 | 71 | 176 | 207 | ||
Metals inventory adjustments | 4 | 2 | 5 | 2 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | (2) | 0 | (4) | (1) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Morenci | Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 624 | 551 | 1,787 | 1,992 | ||
Other Individually Immaterial Operating Segments | Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 22 | 74 | 133 | 159 | ||
Production and delivery | 799 | 736 | 2,324 | 2,111 | ||
Cost, Depreciation, Amortization and Depletion | 63 | 56 | 180 | 175 | ||
Selling, general and administrative expenses | 1 | 1 | 2 | 2 | ||
Mining exploration and research expenses | 1 | 0 | 2 | 1 | ||
Environmental obligations and shutdown costs | 4 | 1 | 26 | 1 | ||
Operating income | 148 | 84 | 521 | 839 | ||
Interest expense, net | 1 | 1 | 1 | 1 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 5,799 | 5,456 | 5,799 | 5,456 | ||
Capital expenditures | 114 | 83 | 369 | 223 | ||
Metals inventory adjustments | 0 | 1 | 0 | 8 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | (9) | (8) | (8) | (32) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Other Individually Immaterial Operating Segments | Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 203 | 215 | 627 | 555 | ||
Production and delivery | 178 | 221 | 539 | 510 | ||
Cost, Depreciation, Amortization and Depletion | 17 | 14 | 48 | 35 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 8 | (40) | 40 | (12) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 12 | (18) | 19 | (11) | ||
Net income (loss) attributable to noncontrolling interests | 14 | 11 | 34 | 25 | ||
Total assets | 1,893 | 1,826 | 1,893 | 1,826 | ||
Capital expenditures | 15 | 38 | 80 | 94 | ||
Metals inventory adjustments | 0 | 20 | 0 | 22 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | 13 | 5 | 11 | 12 | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Other Individually Immaterial Operating Segments | Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 994 | 805 | 2,922 | 2,978 | ||
Other Individually Immaterial Operating Segments | Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Cerro Verde | Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 822 | 666 | 2,563 | 2,474 | ||
Production and delivery | 648 | 579 | 1,877 | 1,702 | ||
Cost, Depreciation, Amortization and Depletion | 94 | 84 | 302 | 262 | ||
Selling, general and administrative expenses | 3 | 2 | 7 | 6 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 295 | 82 | 1,014 | 818 | ||
Interest expense, net | (10) | 5 | 74 | 12 | ||
Provision for (benefit from) income taxes | 119 | 3 | 419 | 298 | ||
Net income (loss) attributable to noncontrolling interests | 84 | 29 | 242 | 247 | ||
Total assets | 8,227 | 8,390 | 8,227 | 8,390 | ||
Capital expenditures | 61 | 41 | 179 | 109 | ||
Metals inventory adjustments | 1 | 2 | 1 | 11 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | (9) | (21) | (36) | (11) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Credit for settlement of interest | (13) | (13) | ||||
Cerro Verde | Operating Segments | South America | Peruvian Supreme Court | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense, net | 74 | |||||
Cerro Verde | Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 219 | 83 | 638 | 325 | ||
Grasberg Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 1,274 | 1,148 | ||||
Grasberg Segment | Operating Segments | Indonesia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,030 | 1,726 | 5,268 | 5,972 | ||
Production and delivery | 667 | 663 | 1,860 | 1,853 | ||
Cost, Depreciation, Amortization and Depletion | 271 | 265 | 694 | 775 | ||
Selling, general and administrative expenses | 32 | 26 | 90 | 83 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 1,125 | 844 | 3,056 | 3,469 | ||
Interest expense, net | 10 | 15 | 32 | 30 | ||
Provision for (benefit from) income taxes | 419 | 343 | 1,159 | 1,363 | ||
Net income (loss) attributable to noncontrolling interests | 392 | 105 | 1,031 | 436 | ||
Total assets | 21,020 | 20,496 | 21,020 | 20,496 | ||
Capital expenditures | 441 | 389 | 1,274 | 1,148 | ||
Metals inventory adjustments | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | (10) | ||
Other Nonoperating Income (Expense) | 30 | 19 | 92 | 27 | ||
Equity in affiliated companies’ net earnings | (2) | 7 | 9 | 27 | ||
Grasberg Segment | Intersegment | Indonesia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 65 | 72 | 432 | 208 | ||
Molybdenum | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 43 | 16 | ||||
Molybdenum | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Production and delivery | 120 | 94 | 321 | 249 | ||
Cost, Depreciation, Amortization and Depletion | 14 | 18 | 48 | 52 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 13 | 15 | 151 | 98 | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 1,747 | 1,701 | 1,747 | 1,701 | ||
Capital expenditures | 21 | 7 | 43 | 16 | ||
Metals inventory adjustments | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | 0 | (1) | (1) | (1) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Molybdenum | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 147 | 127 | 520 | 399 | ||
Rod and Refining Segment | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,566 | 1,436 | 4,552 | 4,932 | ||
Production and delivery | 1,566 | 1,450 | 4,558 | 4,969 | ||
Cost, Depreciation, Amortization and Depletion | 2 | 1 | 4 | 3 | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 10 | (8) | 18 | (16) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 288 | 216 | 288 | 216 | ||
Capital expenditures | 2 | 2 | 9 | 6 | ||
Metals inventory adjustments | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | 0 | 0 | (1) | (1) | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Rod and Refining Segment | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 12 | 7 | 28 | 24 | ||
Atlantic Copper Smelting and Refining Segment | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 692 | 604 | 2,185 | 1,755 | ||
Production and delivery | 680 | 604 | 2,139 | 1,789 | ||
Cost, Depreciation, Amortization and Depletion | 7 | 8 | 21 | 20 | ||
Selling, general and administrative expenses | 6 | 6 | 21 | 19 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Operating income | 7 | (9) | 23 | (68) | ||
Interest expense, net | 8 | 4 | 22 | 8 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Total assets | 1,176 | 1,082 | 1,176 | 1,082 | ||
Capital expenditures | 20 | 17 | 43 | 60 | ||
Metals inventory adjustments | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | |||||
Net gain on early extinguishment of debt | 0 | 0 | 0 | 0 | ||
Other Nonoperating Income (Expense) | 5 | 11 | 0 | 29 | ||
Equity in affiliated companies’ net earnings | 0 | 0 | 0 | 0 | ||
Atlantic Copper Smelting and Refining Segment | Corporate And Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost, Maintenance | 41 | |||||
Atlantic Copper Smelting and Refining Segment | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 8 | 5 | 19 | 5 | ||
Corporate And Eliminations | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ (2,069) | $ (1,650) | (6,346) | (5,931) | ||
Indonesia Smelter | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | $ 1,193 | $ 517 |