Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

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

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

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

b.Primarily includes revenues associated with silver.

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

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

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

f.Includes a charge of $18 million associated with an adjustment to prior-period export duties.

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

Schedule of Segment Reporting Information, by Segment

Financial Information by Business Segment

(In Millions)
																					Atlantic			Corporate,
	North America Copper Mines						South America Mining														Copper			Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended June 30, 2023
Revenues:
Unaffiliated customers	$	26	$	14	$	40	$	783		$	190	$	973	$	2,039		$	—	$	1,463	$	744		$	478	a	$	5,737
Intersegment	570		980		1,550		175			—		175		198			150		10		4			(2,087)			—
Production and delivery	422		744		1,166		609			174		783		858		b	105		1,465		725			(1,554)			3,548
DD&A	42		57		99		117			15		132		275			14		1		7			19			547
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			—			1
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		7			75			115
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			41			42
Environmental obligations and shutdown costs	—		1		1		—			—		—		—			—		—		—			73			74
Operating income (loss)	130		191		321		230			1		231		1,074			31		7		9			(263)			1,410
Interest expense, net	—		—		—		55		c	—		55		13			—		—		8			95			171
Provision for income taxes	—		—		—		113			—		113		410			—		—		—			16			539
Net income attributable to noncontrolling interests	—		—		—		18			2		20		368		d	—		—		—			—			388
Total assets at June 30, 2023	3,167		5,754		8,921		8,444			1,890		10,334		20,460			1,717		280		1,127			8,068			50,907
Capital expenditures	67		115		182		57			26		83		384			13		2		11			488		e	1,163
Three Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	17	$	30	$	47	$	702		$	180	$	882	$	1,920	f	$	—	$	1,753	$	433		$	381	a	$	5,416
Intersegment	730		1,078		1,808		134			—		134		58			144		8		—			(2,152)			—
Production and delivery	397		720		1,117		565			177		742		564			80		1,765		463		g	(1,728)			3,003
DD&A	44		58		102		91			11		102		262			18		1		6			16			507
Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		5			62			100
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			24			25
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			42			29
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	318		322		640		169			(10)		159		1,122			46		(5)		(41)			(185)			1,736
Interest expense, net	—		—		—		4			—		4		13			—		—		2			137			156
Provision for (benefit from) income taxes	—		—		—		68			(7)		61		434			—		—		—			76			571
Net income (loss) attributable to noncontrolling interests	—		—		—		50			8		58		141		d	—		—		—			(1)			198
Total assets at June 30, 2022	2,839		5,338		8,177		8,379			1,843		10,222		20,679			1,702		300		1,078			7,955			50,113
Capital expenditures	63		83		146		35			33		68		388			8		2		32			219		e	863

    

(In Millions)
																					Atlantic			Corporate,
	North America Copper Mines						South America Mining														Copper			Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Six Months Ended June 30, 2023
Revenues:
Unaffiliated customers	$	58	$	111	$	169	$	1,741		$	424	$	2,165	$	3,238	f	$	—	$	2,986	$	1,493		$	1,075	a	$	11,126
Intersegment	1,163		1,928		3,091		419			—		419		367			373		16		11			(4,277)			—
Production and delivery	803		1,525		2,328		1,229			361		1,590		1,193		b	201		2,992		1,459			(3,051)			6,712
DD&A	85		117		202		208			31		239		423			34		2		14			32			946
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			1			2
Selling, general and administrative expenses	1		1		2		4			—		4		58			—		—		15			162			241
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			72			73
Environmental obligations and shutdown costs	—		22		22		—			—		—		—			—		—		—			119			141
Operating income (loss)	331		373		704		719			32		751		1,931			138		8		16			(537)			3,011
Interest expense, net	—		—		—		84		c	—		84		22			—		—		14			202			322
Provision for (benefit from) income taxes	—		—		—		300			7		307		740			—		—		—			(9)			1,038
Net income (loss) attributable to noncontrolling interests	—		—		—		158			20		178		639		d	—		—		—			(43)			774
Capital expenditures	123		255		378		118			65		183		833			22		7		23			838		e	2,284
Six Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	107	$	85	$	192	$	1,808		$	340	$	2,148	$	4,246	f	$	—	$	3,496	$	1,151		$	786	a	$	12,019
Intersegment	1,441		2,173		3,614		242			—		242		136			272		17		—			(4,281)			—
Production and delivery	760		1,375		2,135		1,123			289		1,412		1,190		b	155		3,519		1,185		g	(3,443)			6,153
DD&A	88		119		207		178			21		199		510			34		2		12			32			996
Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		1		2		4			—		4		57			—		—		13			139			215
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			48			49
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			58			45
Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	712		755		1,467		736			28		764		2,625			83		(8)		(59)			(327)			4,545
Interest expense, net	—		—		—		7			—		7		15			—		—		4			257			283
Provision for income taxes	—		—		—		295			7		302		1,020			—		—		—			73			1,395
Net income attributable to noncontrolling interests	—		—		—		218			14		232		331		d	—		—		—			12			575
Capital expenditures	136		140		276		68			56		124		759			9		4		43			371		e	1,586