XML 55 R39.htm IDEA: XBRL DOCUMENT v3.23.3
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%   81.00%
FCX            
Segment Reporting Information [Line Items]            
Dividends Receivable, Percentage 81.00% 81.00%        
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