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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-11307-01
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Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(Address of principal executive offices)(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 
On April 28, 2023, there were issued and outstanding 1,433,286,280 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
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Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,
2023
December 31,
2022
 (In millions)
ASSETS  
Current assets:  
Cash and cash equivalents$6,852 $8,146 
Trade accounts receivable1,134 1,336 
Income and other tax receivables550 459 
Inventories: 
Materials and supplies, net2,056 1,964 
Mill and leach stockpiles1,440 1,383 
Product2,241 1,833 
Other current assets473 492 
Total current assets14,746 15,613 
Property, plant, equipment and mine development costs, net33,159 32,627 
Long-term mill and leach stockpiles1,235 1,252 
Other assets1,769 1,601 
Total assets$50,909 $51,093 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,836 $4,027 
Accrued income taxes846 744 
Current portion of environmental and asset retirement obligations333 320 
Dividends payable217 217 
Current portion of debt49 1,037 
Total current liabilities5,281 6,345 
Long-term debt, less current portion9,586 9,583 
Environmental and asset retirement obligations, less current portion4,493 4,463 
Deferred income taxes4,305 4,269 
Other liabilities1,596 1,562 
Total liabilities25,261 26,222 
Equity:  
Stockholders’ equity:  
Common stock162 161 
Capital in excess of par value25,227 25,322 
Accumulated deficit(3,244)(3,907)
Accumulated other comprehensive loss(319)(320)
Common stock held in treasury(5,769)(5,701)
Total stockholders’ equity16,057 15,555 
Noncontrolling interests9,591 9,316 
Total equity25,648 24,871 
Total liabilities and equity$50,909 $51,093 

The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
March 31,
 20232022
(In millions, except per share amounts)
Revenues$5,389 $6,603 
Cost of sales: 
Production and delivery3,165 3,150 
Depreciation, depletion and amortization399 489 
Total cost of sales3,564 3,639 
Selling, general and administrative expenses126 115 
Mining exploration and research expenses31 24 
Environmental obligations and shutdown costs
67 16 
Total costs and expenses3,788 3,794 
Operating income1,601 2,809 
Interest expense, net(151)(127)
Other income, net88 31 
Income before income taxes and equity in affiliated companies’ net earnings 1,538 2,713 
Provision for income taxes(499)(824)
Equity in affiliated companies’ net earnings 10 15 
Net income 1,049 1,904 
Net income attributable to noncontrolling interests(386)(377)
Net income attributable to common stockholders$663 $1,527 
Net income per share attributable to common stockholders:
Basic
$0.46 $1.05 
Diluted
$0.46 $1.04 
Weighted-average shares of common stock outstanding:
Basic
1,433 1,455 
Diluted
1,443 1,469 
Dividends declared per share of common stock$0.15 $0.15 
 
The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended
March 31,
20232022
(In millions)
Net income $1,049 $1,904 
Other comprehensive income, net of taxes:
Defined benefit plans:
Prior service costs arising during the period (1)
Amortization of unrecognized amounts included in net periodic benefit costs1 2 
Foreign exchange gains1  
Other comprehensive income 2 1 
Total comprehensive income 1,051 1,905 
Total comprehensive income attributable to noncontrolling interests(387)(377)
Total comprehensive income attributable to common stockholders$664 $1,528 

The accompanying notes are an integral part of these consolidated financial statements.



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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
 20232022
 (In millions)
Cash flow from operating activities:  
Net income$1,049 $1,904 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization399 489 
Stock-based compensation53 49 
Net charges for environmental and asset retirement obligations, including accretion117 55 
Payments for environmental and asset retirement obligations(60)(55)
Net charges for defined pension and postretirement plans16 10 
Pension plan contributions(2)(25)
Deferred income taxes35 48 
Change in deferred profit on sales to PT Smelting(112)53 
Other, net22 (26)
Changes in working capital and other:
 
Accounts receivable157 (222)
Inventories(457)47 
Other current assets(20)19 
Accounts payable and accrued liabilities(303)(519)
Accrued income taxes and timing of other tax payments156 (136)
Net cash provided by operating activities1,050 1,691 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(196)(130)
South America(100)(56)
Indonesia mining(449)(379)
Indonesia smelter projects(323)(130)
Molybdenum mines(9)(1)
Other(44)(27)
Loans to PT Smelting for expansion(24)(9)
Other, net(19)18 
Net cash used in investing activities(1,164)(714)
Cash flow from financing activities:  
Proceeds from debt284 604 
Repayments of debt(1,273)(434)
Cash dividends and distributions paid:
Common stock(217)(220)
Noncontrolling interests (204)
Treasury stock purchases (541)
Contributions from noncontrolling interests50 47 
Proceeds from exercised stock options31 101 
Payments for withholding of employee taxes related to stock-based awards(47)(55)
Debt financing costs and other, net (1)
Net cash used in financing activities(1,172)(703)
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents(1,286)274 
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year8,390 8,314 
Cash, cash equivalents and restricted cash and cash equivalents at end of period$7,104 $8,588 
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED MARCH 31
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In millions)
Balance at December 31, 20221,613 $161 $25,322 $(3,907)$(320)183 $(5,701)$15,555 $9,316 $24,871 
Exercised and issued stock-based awards5 1 52 — — — — 53 — 53 
Stock-based compensation, including the tender of shares— — 46 — — 1 (68)(22)(1)(23)
Dividends— — (217)— — — — (217)(137)(354)
Contributions from noncontrolling interests— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 663 — — — 663 — 663 
Net income attributable to noncontrolling interests
— — — — — — — — 386 386 
Other comprehensive income — — — — 1 — — 1 1 2 
Balance at March 31, 20231,618 $162 $25,227 $(3,244)$(319)184 $(5,769)$16,057 $9,591 $25,648 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In millions)
Balance at December 31, 20211,603 $160 $25,875 $(7,375)$(388)146 $(4,292)$13,980 $9,039 $23,019 
Exercised and issued stock-based awards9 1 107 — — — — 108 — 108 
Stock-based compensation, including the tender of shares— — 48 — — 2 (62)(14)(10)(24)
Treasury stock purchases— — — — — 12 (541)(541)— (541)
Dividends— — (218)— — — — (218)(254)(472)
Contributions from noncontrolling interests— — 23 — — — — 23 24 47 
Net income attributable to common stockholders— — — 1,527 — — — 1,527 — 1,527 
Net income attributable to noncontrolling interests— — — — — — — — 377 377 
Other comprehensive income— — — — 1 — — 1 — 1 
Balance at March 31, 20221,612 $161 $25,835 $(5,848)$(387)160 $(4,895)$14,866 $9,176 $24,042 

The accompanying notes are an integral part of these consolidated financial statements.



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Freeport-McMoRan Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. GENERAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

PT Freeport Indonesia (PT-FI). Beginning January 1, 2023, FCX’s economic ownership interest in PT-FI is 48.76% and prior to January 1, 2023, FCX’s economic interest in PT-FI approximated 81%. As discussed in Note 3 of FCX’s 2022 Form 10-K, in accordance with provisions pertaining to PT-FI’s shareholders agreement, FCX's first-quarter 2023 net income included a $35 million net benefit associated with PT-FI sales volumes that were attributed to FCX at its previous approximate 81% economic ownership interest.

Subsequent Events. FCX evaluated events after March 31, 2023, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

NOTE 2. EARNINGS PER SHARE

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

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):
Three Months Ended
March 31,
 20232022
Net income$1,049 $1,904 
Net income attributable to noncontrolling interests(386)(377)
Undistributed dividends and earnings allocated to participating securities(5)(5)
Net income attributable to common stockholders$658 $1,522 
Basic weighted-average shares of common stock outstanding
1,433 1,455 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)10 14 
Diluted weighted-average shares of common stock outstanding
1,443 1,469 
Basic net income per share attributable to common stockholders$0.46 $1.05 
Diluted net income per share attributable to common stockholders$0.46 $1.04 

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in first-quarter 2023 and 2 million shares associated with outstanding stock options excluded in first-quarter 2022.
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NOTE 3. INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):
March 31,
2023
December 31, 2022
Current inventories:
Total materials and supplies, neta
$2,056 $1,964 
Mill stockpiles$222 $216 
Leach stockpiles1,218 1,167 
Total current mill and leach stockpiles$1,440 $1,383 
Raw materials (primarily concentrate)$392 $443 
Work-in-process245 221 
Finished goodsb
1,604 1,169 
Total product$2,241 $1,833 
Long-term inventories:
Mill stockpiles$206 $199 
Leach stockpiles1,029 1,053 
Total long-term mill and leach stockpilesc
$1,235 $1,252 
a.Materials and supplies inventory was net of obsolescence reserves totaling $28 million at March 31, 2023, and $39 million at December 31, 2022.
b.The increase in finished goods inventory at March 31, 2023, was associated with the change in PT-FI's commercial arrangement with PT Smelting (PT-FI’s 39.5% owned copper smelter and refinery in Gresik, Indonesia) from a concentrate sales agreement to a tolling arrangement beginning on January 1, 2023. As a result of the arrangement, a portion of PT-FI’s first-quarter 2023 production was deferred in inventory and will be sold as refined metal in future periods.
c.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

NOTE 4. INCOME TAXES

Geographic sources of FCX’s benefit (provision) for income taxes follow (in millions):
Three Months Ended
March 31,
 20232022
U.S. operations$4 

$(3)
International operations(503)(821)
Total$(499)$(824)

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

In August 2022, the U.S. Inflation Reduction Act of 2022 (Act) was signed into law, which includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. The provisions of the Act became applicable to FCX on January 1, 2023. As limited guidance related to how the CAMT provisions of the Act should be applied or otherwise administered has been released by the U.S. Department of the Treasury (Treasury), uncertainty remains regarding the application of the CAMT. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s first-quarter 2023 financial results. However, future guidance released by the Treasury may differ from FCX’s interpretations, which could be material and could further limit FCX’s ability to realize future benefits from its U.S. net operating losses.

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NOTE 5. DEBT AND EQUITY

The components of debt follow (in millions):
 March 31,
2023
December 31, 2022
Senior notes and debentures:
Issued by FCX$6,232 $7,225 
Issued by PT-FI2,978 2,978 
Issued by Freeport Minerals Corporation354 355 
Other 71 62 
Total debt9,635 10,620 
Less current portion of debt(49)(1,037)
Long-term debt$9,586 $9,583 

Revolving Credit Facilities.
FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion with PT-FI’s capacity limited to $500 million, and letters of credit issuance limited to $1.5 billion. At March 31, 2023, FCX had $8 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.3 billion unsecured revolving credit facility that matures in July 2026.

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

At March 31, 2023, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

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

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

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $56 million in first-quarter 2023 and $26 million in first-quarter 2022. The increase in capitalized interest costs resulted from increased construction and development projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects).

Share Repurchase Program and Dividends. Since mid-2021, FCX has acquired 47.8 million shares of its common stock under the share repurchase program for a total cost of $1.8 billion ($38.35 average cost per share), including 12.3 million shares in first-quarter 2022 for a cost of $541 million. No shares have been purchased since July 11, 2022. As of May 4, 2023, FCX has $3.2 billion available for repurchases under the program.

On March 22, 2023, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on May 1, 2023, to common stockholders of record as of April 14, 2023.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board of Directors (Board) and management, respectively, and are subject to a number of factors, including maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

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NOTE 6. FINANCIAL INSTRUMENTS

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

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

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

Derivatives Designated as Hedging Instruments - Fair Value Hedges
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three-month periods ended March 31, 2023 and 2022. At March 31, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 96 million pounds at an average contract price of $3.94 per pound, with maturities through December 2024.

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows (in millions):
 Three Months Ended
March 31,
 20232022
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$14 $12 
Hedged item – firm sales commitments(14)(12)
Realized gains:
Matured derivative financial instruments8 14 

Derivatives Not Designated as Hedging Instruments
Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.
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A summary of FCX’s embedded derivatives at March 31, 2023, follows:
Open PositionsAverage Price
Per Unit
Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)547 $3.92 $4.08 August 2023
Gold (thousands of ounces)199 1,876 1,991 June 2023
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)78 4.01 4.06 August 2023

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

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 Three Months Ended
March 31,
 20232022
Embedded derivatives in provisional sales contracts:a
Copper$231 $218 
Gold and other metals42 22 
Copper forward contractsb
(2)4 
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):
March 31,
2023
December 31, 2022
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$15 $3 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts119 166 
Copper forward contracts 1 
Total derivative assets$134 $170 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$ $3 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts10 39 
Copper forward contracts1  
Total derivative liabilities$11 $42 
FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.
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A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions):
AssetsLiabilities
March 31,
2023
December 31, 2022March 31,
2023
December 31, 2022
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$119 $166 $10 $39 
Copper derivatives15 4 1 3 
134 170 11 42 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3  3  
3  3  
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts116 166 7 39 
Copper derivatives15 4 1 3 
$131 $170 $8 $42 
Balance sheet classification:
Trade accounts receivable$108 $163 $3 $7 
Other current assets15 4   
Accounts payable and accrued liabilities8