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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 September 30, 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
fcx_logoa01a01a03a46.jpg
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 October 31, 2023, there were issued and outstanding 1,433,977,244 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
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S-1
  

2

Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,
2023
December 31,
2022
 (In Millions)
ASSETS  
Current assets:  
Cash and cash equivalents$5,745 $8,146 
Restricted cash and cash equivalents697 111 
Trade accounts receivable792 1,336 
Income and other tax receivables488 459 
Inventories: 
Product2,415 1,833 
Materials and supplies, net2,131 1,964 
Mill and leach stockpiles1,403 1,383 
Other current assets406 381 
Total current assets14,077 15,613 
Property, plant, equipment and mine development costs, net34,535 32,627 
Long-term mill and leach stockpiles1,327 1,252 
Other assets1,709 1,601 
Total assets$51,648 $51,093 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,724 $4,027 
Accrued income taxes489 744 
Current portion of environmental and asset retirement obligations (AROs)395 320 
Dividends payable217 217 
Current portion of debt35 1,037 
Total current liabilities4,860 6,345 
Long-term debt, less current portion9,370 9,583 
Environmental and AROs, less current portion4,645 4,463 
Deferred income taxes4,399 4,269 
Other liabilities1,697 1,562 
Total liabilities24,971 26,222 
Equity:  
Stockholders’ equity:  
Common stock162 161 
Capital in excess of par value24,833 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’ equity16,459 15,555 
Noncontrolling interests10,218 9,316 
Total equity26,677 24,871 
Total liabilities and equity$51,648 $51,093 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
(In Millions, Except Per Share Amounts)
Revenues$5,824 $5,003 $16,950 $17,022 
Cost of sales:  
Production and delivery3,548 3,366 10,260 9,519 
Depreciation, depletion and amortization (DD&A)533 508 1,479 1,504 
Metals inventory adjustments5 25 7 43 
Total cost of sales4,086 3,899 11,746 11,066 
Selling, general and administrative expenses118 98 359 313 
Mining exploration and research expenses30 38 103 87 
Environmental obligations and shutdown costs
98 6 239 51 
Net gain on sales of assets   (2)
Total costs and expenses4,332 4,041 12,447 11,515 
Operating income1,492 962 4,503 5,507 
Interest expense, net(96)(140)(418)(423)
Net gain on early extinguishment of debt5 20 10 28 
Other income, net71 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  8 12 33 
Net income 964 560 2,744 3,502 
Net income 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:
Basic
$0.31 $0.28 $1.01 $1.91 
Diluted
$0.31 $0.28 $1.01 $1.90 
Weighted-average shares of common stock outstanding:
Basic
1,435 1,431 1,434 1,444 
Diluted
1,443 1,439 1,443 1,455 
Dividends declared per share of common stock$0.15 $0.15 $0.45 $0.45 
 
The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
(In Millions)
Net income $964 $560 $2,744 $3,502 
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 1 3 5 
Foreign exchange losses(1)  (1)
Other comprehensive income  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 attributable to common stockholders$455 $405 $1,463 $2,774 

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



5

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
 20232022
 (In Millions)
Cash flow from operating activities:  
Net income$2,744 $3,502 
Adjustments to reconcile net income to net cash provided by operating activities:  
DD&A1,479 1,504 
Metals inventory adjustments7 43 
Net gain on sales of assets (2)
Stock-based compensation89 75 
Net charges for environmental and AROs, including accretion383 180 
Payments for environmental and AROs(181)(197)
Net charges for defined pension and postretirement plans44 28 
Pension plan contributions(10)(52)
Net gain on early extinguishment of debt(10)(28)
Deferred income taxes130 83 
Deferred profit recognized on PT Freeport Indonesia’s (PT-FI) sales to PT Smelting(112)(34)
Other, net109 (52)
Changes in working capital and other:
 
Accounts receivable550 456 
Inventories(738)(184)
Other current assets7 (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 activities3,959 4,070 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(545)(430)
South America(259)(203)
Indonesia mining(1,274)(1,148)
Indonesia smelter projects(1,193)(517)
Molybdenum mines(43)(16)
Other(148)(108)
Proceeds from sales of assets16 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 debt1,186 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 (1,347)
Contributions from noncontrolling interests50 142 
Proceeds from exercised stock options41 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)
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents(1,851)510 
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$6,539 $8,824 
The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30
 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 June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 
Exercised and issued stock-based awards— — 7 — — — — 7 — 7 
Stock-based compensation, including the tender of shares— — 14 — — — (3)11 — 11 
Dividends— — (216)— — — — (216)(116)(332)
Net income attributable to common stockholders— — — 454 — — — 454 — 454 
Net income attributable to noncontrolling interests
— — — — — — — — 510 510 
Other comprehensive income (loss) — — — — 1 — — 1 (1) 
Balance at September 30, 20231,618 $162 $24,833 $(2,447)$(317)184 $(5,772)$16,459 $10,218 $26,677 
 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 June 30, 20221,612 $161 $25,661 $(5,008)$(386)177 $(5,539)$14,889 $9,158 $24,047 
Stock-based compensation, including the tender of shares— — 12 — — — — 12 — 12 
Treasury stock purchases— — — — — 6 (162)(162)— (162)
Dividends— — (213)— — — — (213)(112)(325)
Contributions from noncontrolling interests— — 23 — — — — 23 25 48 
Net income attributable to common stockholders— — — 404 — — — 404 — 404 
Net income attributable to noncontrolling interests— — — — — — — — 156 156 
Other comprehensive income— — — — 1 — — 1 — 1 
Balance at September 30, 20221,612 $161 $25,483 $(4,604)$(385)183 $(5,701)$14,954 $9,227 $24,181 









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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
NINE MONTHS ENDED SEPTEMBER 30
 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 62 — — — — 63 — 63 
Stock-based compensation, including the tender of shares— — 74 — — 1 (71)3 (1)2 
Dividends— — (649)— — — — (649)(407)(1,056)
Contributions from noncontrolling interests
— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 1,460 — — — 1,460 — 1,460 
Net income attributable to noncontrolling interests
— — — — — — — — 1,284 1,284 
Other comprehensive income— — — — 3 — — 3 — 3 
Balance at September 30, 20231,618 $162 $24,833 $(2,447)$(317)184 $(5,772)$16,459 $10,218 $26,677 
 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 1 112 — — — — 113 — 113 
Stock-based compensation, including the tender of shares— — 75 — — 2 (62)13 (11)2 
Treasury stock purchases— — — — — 35 (1,347)(1,347)— (1,347)
Dividends— — (648)— — — — (648)(605)(1,253)
Contributions from noncontrolling interests— — 69 — — — — 69 73 142 
Net income attributable to common stockholders— — — 2,771 — — — 2,771 — 2,771 
Net income attributable to noncontrolling interests
— — — — — — — — 731 731 
Other comprehensive income — — — — 3 — — 3 — 3 
Balance at September 30, 20221,612 $161 $25,483 $(4,604)$(385)183 $(5,701)$14,954 $9,227 $24,181 

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 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.

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 EndedNine Months Ended
September 30,September 30,
 2023202220232022
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
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third quarter and first nine months of 2023, and 3 million shares and 1 million shares excluded for the third quarter and first nine months of 2022, respectively.

NOTE 3. INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):
September 30,
2023
December 31, 2022
Current inventories:
Raw materials (primarily copper concentrate)$467 $443 
Work-in-process219 221 
Finished goodsa
1,729 1,169 
Total product$2,415 $1,833 
Total materials and supplies, netb
$2,131 $1,964 
Mill stockpiles$165 $216 
Leach stockpiles1,238 1,167 
Total current mill and leach stockpiles$1,403 $1,383 
Long-term inventories:
Mill stockpiles$260 $199 
Leach stockpiles1,067 1,053 
Total long-term mill and leach stockpilesc
$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.

NOTE 4. INCOME TAXES

Geographic sources of FCX’s benefit (provision) for income taxes follow (in millions):
Nine Months Ended
September 30,
 20232022
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.

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There has been limited guidance released by the U.S. Department of the Treasury (the Treasury) on how the CAMT provisions of the Act should be applied or otherwise administered, and uncertainty remains regarding their application. In October 2023, the Treasury stated publicly that it expects to issue proposed rules regarding the application of the CAMT by the end of 2023. Future guidance released by the Treasury may differ from FCX’s interpretations, which could be material and may further limit its ability to realize future benefits from its U.S. net operating losses.

NOTE 5. DEBT AND EQUITY

The components of debt follow (in millions):
 September 30,
2023
December 31, 2022
Senior notes and debentures:
Issued by FCX$6,004 $7,225 
Issued by PT-FI2,980 2,978 
Issued by Freeport Minerals Corporation354 355 
Other 67 62 
Total debt9,405 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 AmountDiscounts/Deferred Issuance CostsBook ValueRedemption ValueGain
5.00% Senior Notes due 2027$17 $ $17 $17 $ 
4.125% Senior Notes due 202861  61 58 3 
4.375% Senior Notes due 202846 1 45 43 2 
5.25% Senior Notes due 202931  31 31  
4.25% Senior Notes due 203050 1 49 46 3 
4.625% Senior Notes due 203028  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
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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.

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 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.


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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 EndedNine Months Ended
September 30,September 30,
 2023202220232022
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 PositionsAverage Price
Per Unit
Maturities Through
 ContractMarket
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.







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Table of Contents                 
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 EndedNine Months Ended
September 30,September 30,
 2023202220232022
Embedded derivatives in provisional sales contracts:a
Copper$(30)$(272)$31 $(774)
Gold and other metals(10)(34)12 (45)
Copper forward contractsb
(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,
2023
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 contracts16 166 
Copper forward contracts 1 
Total derivative assets$