XML 55 R39.htm IDEA: XBRL DOCUMENT v3.23.2
Business Segments (Segment Reporting) (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
segment
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]            
Number of Operating Segments | segment       4    
Revenues $ 5,737   $ 5,416 $ 11,126 $ 12,019  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (3,548)   (3,003) (6,712) (6,153)  
Cost, Depreciation, Amortization and Depletion 547   507 946 996  
Selling, general and administrative expenses (115)   (100) (241) (215)  
Mining exploration and research expenses 42   25 73 49  
Environmental obligations and shutdown costs 74   29 141 45  
Operating income 1,410   1,736 3,011 4,545  
Interest expense, net 171   156 322 283  
Provision for (benefit from) income taxes 539   571 1,038 1,395  
Net income (loss) attributable to noncontrolling interests 388   198 774 575  
Total assets 50,907   50,113 50,907 50,113 $ 51,093
Capital expenditures 1,163   863 2,284 1,586  
Metals inventory adjustments 1   18 2 18  
Net gain on sales of assets $ 0   (2) $ 0 (2)  
PT Smelting            
Segment Reporting Information [Line Items]            
Deferred Intercompany Profit, Percentage       39.50%    
PT Freeport Indonesia            
Segment Reporting Information [Line Items]            
Portion of Gold Sales Attributable to Parent   $ 35        
Administrative fine     41 $ 55 41  
PT Freeport Indonesia | FCX            
Segment Reporting Information [Line Items]            
Noncontrolling interest, ownership percentage by parent 48.76%     48.76%   81.00%
Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues $ 40   47 $ 169 192  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (1,166)   (1,117) (2,328) (2,135)  
Cost, Depreciation, Amortization and Depletion 99   102 202 207  
Selling, general and administrative expenses (1)   (1) (2) (2)  
Mining exploration and research expenses 1   1 1 1  
Environmental obligations and shutdown costs 1   (13) 22 (13)  
Operating income 321   640 704 1,467  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 8,921   8,177 8,921 8,177  
Capital expenditures 182   146 378 276  
Metals inventory adjustments 1   7 1 7  
Net gain on sales of assets     0   0  
Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 973   882 2,165 2,148  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (783)   (742) (1,590) (1,412)  
Cost, Depreciation, Amortization and Depletion 132   102 239 199  
Selling, general and administrative expenses (2)   (2) (4) (4)  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 231   159 751 764  
Interest expense, net 55   4 84 7  
Provision for (benefit from) income taxes 113   61 307 302  
Net income (loss) attributable to noncontrolling interests 20   58 178 232  
Total assets 10,334   10,222 10,334 10,222  
Capital expenditures 83   68 183 124  
Metals inventory adjustments 0   11 0 11  
Net gain on sales of assets     0   0  
Corporate And Eliminations            
Segment Reporting Information [Line Items]            
Revenues 478   381 1,075 786  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) 1,554   1,728 3,051 3,443  
Cost, Depreciation, Amortization and Depletion 19   16 32 32  
Selling, general and administrative expenses (75)   (62) (162) (139)  
Mining exploration and research expenses 41   24 72 48  
Environmental obligations and shutdown costs 73   42 119 58  
Operating income (263)   (185) (537) (327)  
Interest expense, net 95   137 202 257  
Provision for (benefit from) income taxes 16   76 (9) 73  
Net income (loss) attributable to noncontrolling interests 0   (1) (43) 12  
Total assets 8,068   7,955 8,068 7,955  
Capital expenditures 488   219 838 371  
Metals inventory adjustments 0   0 1 0  
Net gain on sales of assets     (2)   (2)  
Intersegment            
Segment Reporting Information [Line Items]            
Revenues 0   0 0 0  
Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 1,550   1,808 3,091 3,614  
Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 175   134 419 242  
PT Smelting | Affiliated Entity [Member]            
Segment Reporting Information [Line Items]            
Revenues     827 27 1,700  
Morenci | Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues 26   17 58 107  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (422)   (397) (803) (760)  
Cost, Depreciation, Amortization and Depletion 42   44 85 88  
Selling, general and administrative expenses (1)   (1) (1) (1)  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   (13) 0 (13)  
Operating income 130   318 331 712  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 3,167   2,839 3,167 2,839  
Capital expenditures 67   63 123 136  
Metals inventory adjustments 1   0 1 0  
Net gain on sales of assets     0   0  
Morenci | Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 570   730 1,163 1,441  
Other Individually Immaterial Operating Segments | Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues 14   30 111 85  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (744)   (720) (1,525) (1,375)  
Cost, Depreciation, Amortization and Depletion 57   58 117 119  
Selling, general and administrative expenses 0   0 (1) (1)  
Mining exploration and research expenses 1   1 1 1  
Environmental obligations and shutdown costs 1   0 22 0  
Operating income 191   322 373 755  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 5,754   5,338 5,754 5,338  
Capital expenditures 115   83 255 140  
Metals inventory adjustments 0   7 0 7  
Net gain on sales of assets     0   0  
Other Individually Immaterial Operating Segments | Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 190   180 424 340  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (174)   (177) (361) (289)  
Cost, Depreciation, Amortization and Depletion 15   11 31 21  
Selling, general and administrative expenses 0   0 0 0  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 1   (10) 32 28  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   (7) 7 7  
Net income (loss) attributable to noncontrolling interests 2   8 20 14  
Total assets 1,890   1,843 1,890 1,843  
Capital expenditures 26   33 65 56  
Metals inventory adjustments 0   2 0 2  
Net gain on sales of assets     0   0  
Other Individually Immaterial Operating Segments | Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 980   1,078 1,928 2,173  
Other Individually Immaterial Operating Segments | Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 0   0 0 0  
Cerro Verde | Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 783   702 1,741 1,808  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (609)   (565) (1,229) (1,123)  
Cost, Depreciation, Amortization and Depletion 117   91 208 178  
Selling, general and administrative expenses (2)   (2) (4) (4)  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 230   169 719 736  
Interest expense, net 55   4 84 7  
Provision for (benefit from) income taxes 113   68 300 295  
Net income (loss) attributable to noncontrolling interests 18   50 158 218  
Total assets 8,444   8,379 8,444 8,379  
Capital expenditures 57   35 118 68  
Metals inventory adjustments 0   9 0 9  
Net gain on sales of assets     0   0  
Cerro Verde | Operating Segments | South America | Peruvian Supreme Court            
Segment Reporting Information [Line Items]            
Interest expense, net 50     74    
Cerro Verde | Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 175   134 419 242  
Grasberg Segment            
Segment Reporting Information [Line Items]            
Capital expenditures       833 759  
Grasberg Segment | Operating Segments | Indonesia            
Segment Reporting Information [Line Items]            
Revenues 2,039   1,920 3,238 4,246  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (858)   (564) (1,193) (1,190)  
Cost, Depreciation, Amortization and Depletion 275   262 423 510  
Selling, general and administrative expenses (30)   (30) (58) (57)  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 1,074   1,122 1,931 2,625  
Interest expense, net 13   13 22 15  
Provision for (benefit from) income taxes 410   434 740 1,020  
Net income (loss) attributable to noncontrolling interests 368   141 639 331  
Total assets 20,460   20,679 20,460 20,679  
Capital expenditures 384   388 833 759  
Metals inventory adjustments 0   0 0 0  
Net gain on sales of assets     0   0  
Grasberg Segment | Intersegment | Indonesia            
Segment Reporting Information [Line Items]            
Revenues 198   58 367 136  
Molybdenum            
Segment Reporting Information [Line Items]            
Capital expenditures       22 9  
Molybdenum | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 0   0 0 0  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (105)   (80) (201) (155)  
Cost, Depreciation, Amortization and Depletion 14   18 34 34  
Selling, general and administrative expenses 0   0 0 0  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 31   46 138 83  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 1,717   1,702 1,717 1,702  
Capital expenditures 13   8 22 9  
Metals inventory adjustments 0   0 0 0  
Net gain on sales of assets     0   0  
Molybdenum | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 150   144 373 272  
Rod and Refining Segment | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 1,463   1,753 2,986 3,496  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (1,465)   (1,765) (2,992) (3,519)  
Cost, Depreciation, Amortization and Depletion 1   1 2 2  
Selling, general and administrative expenses 0   0 0 0  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 7   (5) 8 (8)  
Interest expense, net 0   0 0 0  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 280   300 280 300  
Capital expenditures 2   2 7 4  
Metals inventory adjustments 0   0 0 0  
Net gain on sales of assets     0   0  
Rod and Refining Segment | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 10   8 16 17  
Atlantic Copper Smelting and Refining Segment | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 744   433 1,493 1,151  
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) (725)   (463) (1,459) (1,185)  
Cost, Depreciation, Amortization and Depletion 7   6 14 12  
Selling, general and administrative expenses (7)   (5) (15) (13)  
Mining exploration and research expenses 0   0 0 0  
Environmental obligations and shutdown costs 0   0 0 0  
Operating income 9   (41) 16 (59)  
Interest expense, net 8   2 14 4  
Provision for (benefit from) income taxes 0   0 0 0  
Net income (loss) attributable to noncontrolling interests 0   0 0 0  
Total assets 1,127   1,078 1,127 1,078  
Capital expenditures 11   32 23 43  
Metals inventory adjustments 0   0 0 0  
Net gain on sales of assets     0   0  
Atlantic Copper Smelting and Refining Segment | Corporate And Eliminations            
Segment Reporting Information [Line Items]            
Cost, Maintenance         40  
Atlantic Copper Smelting and Refining Segment | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 4   0 11 0  
Corporate And Eliminations | Intersegment            
Segment Reporting Information [Line Items]            
Revenues $ (2,087)   $ (2,152) (4,277) (4,281)  
Indonesia Smelter            
Segment Reporting Information [Line Items]            
Capital expenditures       $ 780 $ 344