000083125912/312024Q2falsexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureutr:lbiso4217:USDutr:lbiso4217:USDfcx:lbutr:oziso4217:USDfcx:ozfcx:casefcx:segment00008312592024-01-012024-06-3000008312592024-07-3100008312592024-06-3000008312592023-12-3100008312592024-04-012024-06-3000008312592023-04-012023-06-3000008312592023-01-012023-06-300000831259fcx:NorthAmericaCopperMinesSegmentMember2024-01-012024-06-300000831259fcx:NorthAmericaCopperMinesSegmentMember2023-01-012023-06-300000831259fcx:SouthAmericaMinesSegmentMember2024-01-012024-06-300000831259fcx:SouthAmericaMinesSegmentMember2023-01-012023-06-300000831259fcx:GrasbergSegmentMember2024-01-012024-06-300000831259fcx:GrasbergSegmentMember2023-01-012023-06-300000831259fcx:CorporateOtherAndEliminationsIndonesiaSmelterMember2024-01-012024-06-300000831259fcx:CorporateOtherAndEliminationsIndonesiaSmelterMember2023-01-012023-06-300000831259fcx:MolybdenumMember2024-01-012024-06-300000831259fcx:MolybdenumMember2023-01-012023-06-300000831259us-gaap:AllOtherSegmentsMember2024-01-012024-06-300000831259us-gaap:AllOtherSegmentsMember2023-01-012023-06-3000008312592022-12-3100008312592023-06-300000831259us-gaap:CommonStockMember2024-03-310000831259us-gaap:AdditionalPaidInCapitalMember2024-03-310000831259us-gaap:RetainedEarningsMember2024-03-310000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000831259us-gaap:TreasuryStockCommonMember2024-03-310000831259us-gaap:ParentMember2024-03-310000831259us-gaap:NoncontrollingInterestMember2024-03-3100008312592024-03-310000831259us-gaap:CommonStockMember2024-04-012024-06-300000831259us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000831259us-gaap:ParentMember2024-04-012024-06-300000831259us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000831259us-gaap:NoncontrollingInterestMember2024-04-012024-06-300000831259us-gaap:RetainedEarningsMember2024-04-012024-06-300000831259us-gaap:CommonStockMember2024-06-300000831259us-gaap:AdditionalPaidInCapitalMember2024-06-300000831259us-gaap:RetainedEarningsMember2024-06-300000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000831259us-gaap:TreasuryStockCommonMember2024-06-300000831259us-gaap:ParentMember2024-06-300000831259us-gaap:NoncontrollingInterestMember2024-06-300000831259us-gaap:CommonStockMember2023-03-310000831259us-gaap:AdditionalPaidInCapitalMember2023-03-310000831259us-gaap:RetainedEarningsMember2023-03-310000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000831259us-gaap:TreasuryStockCommonMember2023-03-310000831259us-gaap:ParentMember2023-03-310000831259us-gaap:NoncontrollingInterestMember2023-03-3100008312592023-03-310000831259us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000831259us-gaap:ParentMember2023-04-012023-06-300000831259us-gaap:NoncontrollingInterestMember2023-04-012023-06-300000831259us-gaap:RetainedEarningsMember2023-04-012023-06-300000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000831259us-gaap:CommonStockMember2023-06-300000831259us-gaap:AdditionalPaidInCapitalMember2023-06-300000831259us-gaap:RetainedEarningsMember2023-06-300000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000831259us-gaap:TreasuryStockCommonMember2023-06-300000831259us-gaap:ParentMember2023-06-300000831259us-gaap:NoncontrollingInterestMember2023-06-300000831259us-gaap:CommonStockMember2023-12-310000831259us-gaap:AdditionalPaidInCapitalMember2023-12-310000831259us-gaap:RetainedEarningsMember2023-12-310000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000831259us-gaap:TreasuryStockCommonMember2023-12-310000831259us-gaap:ParentMember2023-12-310000831259us-gaap:NoncontrollingInterestMember2023-12-310000831259us-gaap:CommonStockMember2024-01-012024-06-300000831259us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300000831259us-gaap:TreasuryStockCommonMember2024-01-012024-06-300000831259us-gaap:ParentMember2024-01-012024-06-300000831259us-gaap:NoncontrollingInterestMember2024-01-012024-06-300000831259us-gaap:RetainedEarningsMember2024-01-012024-06-300000831259us-gaap:CommonStockMember2022-12-310000831259us-gaap:AdditionalPaidInCapitalMember2022-12-310000831259us-gaap:RetainedEarningsMember2022-12-310000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000831259us-gaap:TreasuryStockCommonMember2022-12-310000831259us-gaap:ParentMember2022-12-310000831259us-gaap:NoncontrollingInterestMember2022-12-310000831259us-gaap:CommonStockMember2023-01-012023-06-300000831259us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300000831259us-gaap:ParentMember2023-01-012023-06-300000831259us-gaap:TreasuryStockCommonMember2023-01-012023-06-300000831259us-gaap:NoncontrollingInterestMember2023-01-012023-06-300000831259us-gaap:RetainedEarningsMember2023-01-012023-06-300000831259us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300000831259fcx:PtFreeportIndonesiaMember2024-06-300000831259fcx:PTSmeltingMemberfcx:PtFreeportIndonesiaMember2024-06-300000831259fcx:PTSmeltingMemberfcx:PtFreeportIndonesiaMember2024-06-290000831259fcx:FcxMember2023-01-010000831259fcx:PTMineralIndustriIndonesiaMember2023-01-010000831259fcx:PTIndonesiaPapuaMetalDanMineralMember2023-01-010000831259fcx:PtFreeportIndonesiaMember2024-04-012024-06-300000831259fcx:PtFreeportIndonesiaMember2022-12-3100008312592024-01-012024-03-310000831259fcx:PtFreeportIndonesiaMember2023-12-310000831259fcx:PtFreeportIndonesiaMember2024-01-012024-06-300000831259fcx:IncomeExpenseBenefitMemberfcx:PtFreeportIndonesiaMember2024-01-012024-06-300000831259fcx:DirectOperatingCostsMemberfcx:PtFreeportIndonesiaMember2024-01-012024-06-300000831259fcx:InterestIncomeExpenseNetMemberfcx:PtFreeportIndonesiaMember2024-01-012024-06-300000831259us-gaap:OtherNonoperatingIncomeExpenseMemberfcx:PtFreeportIndonesiaMember2024-01-012024-06-3000008312592024-05-012024-05-3100008312592023-01-0100008312592023-01-012023-01-010000831259us-gaap:SeniorNotesMemberfcx:FcxMember2024-06-300000831259us-gaap:SeniorNotesMemberfcx:FcxMember2023-12-310000831259us-gaap:SeniorNotesMemberfcx:PTFIMember2024-06-300000831259us-gaap:SeniorNotesMemberfcx:PTFIMember2023-12-310000831259us-gaap:SubordinatedDebtMemberfcx:FreeportMcmoranCorporationMember2024-06-300000831259us-gaap:SubordinatedDebtMemberfcx:FreeportMcmoranCorporationMember2023-12-310000831259fcx:OtherDebtMember2024-06-300000831259fcx:OtherDebtMember2023-12-310000831259us-gaap:RevolvingCreditFacilityMemberfcx:October2022UnsecuredRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-300000831259us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2024-06-300000831259us-gaap:RevolvingCreditFacilityMemberfcx:October2022UnsecuredRevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberfcx:PTFIMember2024-06-300000831259fcx:UnsecuredCreditFacilityMemberfcx:PTFIMember2024-06-300000831259fcx:UnsecuredCreditFacilityMemberfcx:CerroVerdeMember2024-06-300000831259us-gaap:RevolvingCreditFacilityMemberfcx:PTFIMember2024-06-300000831259us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberfcx:PTFIMember2024-08-010000831259us-gaap:PropertyPlantAndEquipmentMember2024-04-012024-06-300000831259us-gaap:PropertyPlantAndEquipmentMember2023-04-012023-06-300000831259us-gaap:PropertyPlantAndEquipmentMember2024-01-012024-06-300000831259us-gaap:PropertyPlantAndEquipmentMember2023-01-012023-06-300000831259us-gaap:SubsequentEventMember2024-07-012024-07-310000831259us-gaap:SubsequentEventMember2021-11-172024-07-3100008312592024-06-262024-06-260000831259us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300000831259us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300000831259us-gaap:CommodityContractMember2024-04-012024-06-300000831259us-gaap:CommodityContractMember2023-04-012023-06-300000831259us-gaap:CommodityContractMember2024-01-012024-06-300000831259us-gaap:CommodityContractMember2023-01-012023-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:ShortMemberfcx:CopperMember2023-06-302023-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:ShortMemberfcx:CopperMember2024-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:ShortMemberus-gaap:GoldMember2023-06-302023-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:ShortMemberus-gaap:GoldMember2024-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:LongMemberfcx:CopperMember2023-06-302023-06-300000831259us-gaap:NondesignatedMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:LongMemberfcx:CopperMember2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-01-012024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-06-300000831259fcx:CopperMemberus-gaap:NondesignatedMember2024-04-012024-06-300000831259fcx:CopperMemberus-gaap:NondesignatedMember2023-04-012023-06-300000831259fcx:CopperMemberus-gaap:NondesignatedMember2024-01-012024-06-300000831259fcx:CopperMemberus-gaap:NondesignatedMember2023-01-012023-06-300000831259fcx:GoldandotherMemberus-gaap:NondesignatedMember2024-04-012024-06-300000831259fcx:GoldandotherMemberus-gaap:NondesignatedMember2023-04-012023-06-300000831259fcx:GoldandotherMemberus-gaap:NondesignatedMember2024-01-012024-06-300000831259fcx:GoldandotherMemberus-gaap:NondesignatedMember2023-01-012023-06-300000831259us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-04-012024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-04-012023-06-300000831259us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2023-01-012023-06-300000831259us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2023-12-310000831259us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:CommodityContractMember2024-06-300000831259us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:CommodityContractMember2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310000831259us-gaap:CommodityContractMember2024-06-300000831259us-gaap:CommodityContractMember2023-12-310000831259fcx:NetAccountsReceivableMember2024-06-300000831259fcx:NetAccountsReceivableMember2023-12-310000831259us-gaap:OtherCurrentAssetsMember2024-06-300000831259us-gaap:OtherCurrentAssetsMember2023-12-310000831259us-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-06-300000831259us-gaap:AccountsPayableAndAccruedLiabilitiesMember2023-12-310000831259us-gaap:OtherLiabilitiesMember2024-06-300000831259us-gaap:OtherLiabilitiesMember2023-12-310000831259us-gaap:BankTimeDepositsMember2024-06-300000831259us-gaap:BankTimeDepositsMember2023-12-310000831259fcx:DesignatedForSmelterDevelopmentProjectsMember2023-12-310000831259fcx:DesignatedForExportProceedsMember2024-06-300000831259fcx:DesignatedForExportProceedsMember2023-12-310000831259fcx:AssuranceBondsMember2024-06-300000831259fcx:AssuranceBondsMember2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedIncomeSecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FixedIncomeSecuritiesMember2024-06-300000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-06-300000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300000831259us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-06-300000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMember2024-06-300000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2024-06-300000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2024-06-300000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2024-06-300000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2024-06-300000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CommodityContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CommodityContractMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberfcx:FuturesAndSwapsMember2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Member2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2024-06-300000831259us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedIncomeSecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FixedIncomeSecuritiesMember2023-12-310000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000831259us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMember2023-12-310000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2023-12-310000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310000831259us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CommodityContractMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:ForwardContractsMember2023-12-310000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:BankTimeDepositsMember2024-06-300000831259us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:BankTimeDepositsMember2023-12-310000831259fcx:DeepwaterGulfofMexicoInterestsMemberfcx:FreeportMcMoRanOilGasMember2016-12-310000831259fcx:FreeportMcMoRanOilGasMember2024-01-012024-06-300000831259fcx:FreeportMcMoRanOilGasMember2024-04-012024-06-300000831259fcx:LouisianaParishesCoastalErosionCasesMemberus-gaap:SettledLitigationMemberfcx:FCXAffiliatesMember2019-12-310000831259fcx:LouisianaParishesCoastalErosionCasesMemberfcx:FCXAffiliatesMember2019-12-310000831259us-gaap:SubsequentEventMember2024-07-022024-07-0200008312592024-05-300000831259fcx:CopperCathodeMember2024-04-012024-06-300000831259fcx:CopperCathodeMember2023-04-012023-06-300000831259fcx:CopperCathodeMember2024-01-012024-06-300000831259fcx:CopperCathodeMember2023-01-012023-06-300000831259fcx:CopperInConcentratesMember2024-04-012024-06-300000831259fcx:CopperInConcentratesMember2023-04-012023-06-300000831259fcx:CopperInConcentratesMember2024-01-012024-06-300000831259fcx:CopperInConcentratesMember2023-01-012023-06-300000831259fcx:RefinedCopperProductsMember2024-04-012024-06-300000831259fcx:RefinedCopperProductsMember2023-04-012023-06-300000831259fcx:RefinedCopperProductsMember2024-01-012024-06-300000831259fcx:RefinedCopperProductsMember2023-01-012023-06-300000831259fcx:PurchasedCopperMember2024-04-012024-06-300000831259fcx:PurchasedCopperMember2023-04-012023-06-300000831259fcx:PurchasedCopperMember2024-01-012024-06-300000831259fcx:PurchasedCopperMember2023-01-012023-06-300000831259us-gaap:GoldMember2024-04-012024-06-300000831259us-gaap:GoldMember2023-04-012023-06-300000831259us-gaap:GoldMember2024-01-012024-06-300000831259us-gaap:GoldMember2023-01-012023-06-300000831259fcx:MolybdenumMember2024-04-012024-06-300000831259fcx:MolybdenumMember2023-04-012023-06-300000831259fcx:MolybdenumMember2024-01-012024-06-300000831259fcx:MolybdenumMember2023-01-012023-06-300000831259fcx:SilverAndOtherMember2024-04-012024-06-300000831259fcx:SilverAndOtherMember2023-04-012023-06-300000831259fcx:SilverAndOtherMember2024-01-012024-06-300000831259fcx:SilverAndOtherMember2023-01-012023-06-300000831259us-gaap:SalesMemberus-gaap:NondesignatedMember2024-04-012024-06-300000831259us-gaap:SalesMemberus-gaap:NondesignatedMember2023-04-012023-06-300000831259us-gaap:SalesMemberus-gaap:NondesignatedMember2024-01-012024-06-300000831259us-gaap:SalesMemberus-gaap:NondesignatedMember2023-01-012023-06-3000008312592023-07-012023-07-310000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2024-04-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2024-04-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2024-04-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2024-04-012024-06-300000831259fcx:CorporateAndEliminationsMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:MorenciMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:CerroVerdeMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-04-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMember2024-04-012024-06-300000831259country:IDus-gaap:IntersegmentEliminationMemberfcx:GrasbergSegmentMember2024-04-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:MolybdenumMember2024-04-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:RodAndRefiningSegmentMember2024-04-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2024-04-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:CorporateAndEliminationsMember2024-04-012024-06-300000831259us-gaap:IntersegmentEliminationMember2024-04-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2024-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2024-06-300000831259fcx:CorporateAndEliminationsMember2024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2023-04-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2023-04-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2023-04-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2023-04-012023-06-300000831259fcx:CorporateAndEliminationsMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:MorenciMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:CerroVerdeMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-04-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMember2023-04-012023-06-300000831259country:IDus-gaap:IntersegmentEliminationMemberfcx:GrasbergSegmentMember2023-04-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:MolybdenumMember2023-04-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:RodAndRefiningSegmentMember2023-04-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2023-04-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:CorporateAndEliminationsMember2023-04-012023-06-300000831259us-gaap:IntersegmentEliminationMember2023-04-012023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2023-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2023-06-300000831259fcx:CorporateAndEliminationsMember2023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2024-01-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2024-01-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2024-01-012024-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2024-01-012024-06-300000831259fcx:CorporateAndEliminationsMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:MorenciMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:CerroVerdeMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2024-01-012024-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMember2024-01-012024-06-300000831259country:IDus-gaap:IntersegmentEliminationMemberfcx:GrasbergSegmentMember2024-01-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:MolybdenumMember2024-01-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:RodAndRefiningSegmentMember2024-01-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2024-01-012024-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:CorporateAndEliminationsMember2024-01-012024-06-300000831259us-gaap:IntersegmentEliminationMember2024-01-012024-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:MorenciMember2023-01-012023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-01-012023-06-300000831259srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:CerroVerdeMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300000831259country:IDus-gaap:OperatingSegmentsMemberfcx:GrasbergSegmentMember2023-01-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:MolybdenumMember2023-01-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:RodAndRefiningSegmentMember2023-01-012023-06-300000831259us-gaap:OperatingSegmentsMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2023-01-012023-06-300000831259fcx:CorporateAndEliminationsMember2023-01-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:MorenciMember2023-01-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-01-012023-06-300000831259srt:NorthAmericaMemberus-gaap:IntersegmentEliminationMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:CerroVerdeMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMemberfcx:OtherIndividuallyImmaterialOperatingSegmentsMember2023-01-012023-06-300000831259srt:SouthAmericaMemberus-gaap:IntersegmentEliminationMember2023-01-012023-06-300000831259country:IDus-gaap:IntersegmentEliminationMemberfcx:GrasbergSegmentMember2023-01-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:MolybdenumMember2023-01-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:RodAndRefiningSegmentMember2023-01-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:AtlanticCopperSmeltingAndRefiningSegmentMember2023-01-012023-06-300000831259us-gaap:IntersegmentEliminationMemberfcx:CorporateAndEliminationsMember2023-01-012023-06-300000831259us-gaap:IntersegmentEliminationMember2023-01-012023-06-300000831259fcx:CerroVerdeMemberfcx:PeruvianSupremeCourtMember2023-04-012023-06-300000831259fcx:CerroVerdeMemberfcx:PeruvianSupremeCourtMember2023-01-012023-06-30

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 June 30, 2024
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, 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 July 31, 2024, there were issued and outstanding 1,436,856,316 shares of the registrant’s common stock, par value $0.10 per share.


Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
 Page
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
S-1
  

2
Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30,
2024		December 31,
2023
 (In Millions)
ASSETS  
Current assets:  
Cash and cash equivalents$5,273 $4,758 
Restricted cash and cash equivalents1,030 1,208 
Trade accounts receivable1,128 1,209 
Income and other tax receivables428 455 
Inventories: 
Product2,755 2,472 
Materials and supplies, net2,283 2,169 
Mill and leach stockpiles1,436 1,419 
Other current assets389 375 
Total current assets14,722 14,065 
Property, plant, equipment and mine development costs, net36,784 35,295 
Long-term mill and leach stockpiles1,286 1,336 
Other assets1,843 1,810 
Total assets$54,635 $52,506 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,910 $3,729 
Accrued income taxes898 786 
Current portion of debt768 766 
Current portion of environmental and asset retirement obligations342 316 
Dividends payable218 218 
Total current liabilities6,136 5,815 
Long-term debt, less current portion8,658 8,656 
Environmental and asset retirement obligations, less current portion5,083 4,624 
Deferred income taxes4,491 4,453 
Other liabilities1,581 1,648 
Total liabilities25,949 25,196 
Equity:  
Stockholders’ equity:  
Common stock162 162 
Capital in excess of par value24,321 24,637 
Accumulated deficit(970)(2,059)
Accumulated other comprehensive loss(274)(274)
Common stock held in treasury(5,835)(5,773)
Total stockholders’ equity17,404 16,693 
Noncontrolling interests11,282 10,617 
Total equity28,686 27,310 
Total liabilities and equity$54,635 $52,506 

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 EndedSix Months Ended
June 30,June 30,
 2024202320242023
(In Millions, Except Per Share Amounts)
Revenues$6,624 $5,737 $12,945 $11,126 
Cost of sales:  
Production and delivery3,875 3,549 7,719 6,714 
Depreciation, depletion and amortization 509 547 1,104 946 
Total cost of sales4,384 4,096 8,823 7,660 
Selling, general and administrative expenses123 115 267 241 
Exploration and research expenses40 42 77 73 
Environmental obligations and shutdown costs
28 74 95 141 
Total costs and expenses4,575 4,327 9,262 8,115 
Operating income2,049 1,410 3,683 3,011 
Interest expense, net(88)(171)(177)(322)
Net gain on early extinguishment of debt— 5 — 5 
Other income, net69 24 198 112 
Income before income taxes and equity in affiliated companies’ net earnings 2,030 1,268 3,704 2,806 
Provision for income taxes(754)(539)(1,266)(1,038)
Equity in affiliated companies’ net earnings 4 2 4 12 
Net income 1,280 731 2,442 1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Net income attributable to common stockholders$616 $343 $1,089 $1,006 
Net income per share attributable to common stockholders:
Basic
$0.42 $0.24 $0.75 $0.70 
Diluted
$0.42 $0.23 $0.75 $0.69 
Weighted-average shares of common stock outstanding:
Basic
1,438 1,434 1,437 1,434 
Diluted
1,445 1,442 1,445 1,443 
Dividends declared per share of common stock$0.15 $0.15 $0.30 $0.30 
 
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 EndedSix Months Ended
June 30,June 30,
2024202320242023
(In Millions)
Net income $1,280 $731 $2,442 $1,780 
Other comprehensive income, net of taxes:
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs— 1 1 2 
Foreign exchange (losses) gains— — (1)1 
Other comprehensive income — 1 — 3 
Total comprehensive income 1,280 732 2,442 1,783 
Total comprehensive income attributable to noncontrolling interests(664)(388)(1,353)(775)
Total comprehensive income attributable to common stockholders$616 $344 $1,089 $1,008 

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)
Six Months Ended
June 30,
 20242023
 (In Millions)
Cash flow from operating activities:  
Net income$2,442 $1,780 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,104 946 
Stock-based compensation77 72 
Net charges for environmental and asset retirement obligations, including accretion300 237 
Payments for environmental and asset retirement obligations(97)(114)
Net charges for defined pension and postretirement plans16 31 
Pension plan contributions(38)(6)
Net gain on early extinguishment of debt— (5)
Deferred income taxes37 74 
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting— (112)
Charges for social investment programs at PT Freeport Indonesia51 36 
Payments for social investment programs at PT Freeport Indonesia(37)(28)
Other, net21 14 
Changes in working capital and other:
 
Accounts receivable92 756 
Inventories(341)(530)
Other current assets21 (17)
Accounts payable and accrued liabilities103 (203)
Accrued income taxes and timing of other tax payments101 (208)
Net cash provided by operating activities3,852 2,723 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(480)(378)
South America operations(172)(183)
Indonesia mining(750)(790)
Indonesia downstream processing facilities(740)(823)
Molybdenum mines(63)(22)
Other(165)(88)
Loans to PT Smelting for expansion(28)(61)
Proceeds from sales of assets and other, net13 (20)
Net cash used in investing activities(2,385)(2,365)
Cash flow from financing activities:  
Proceeds from debt1,281 681 
Repayments of debt(1,281)(1,806)
Cash dividends and distributions paid:
Common stock(433)(432)
Noncontrolling interests(685)(291)
Contributions from noncontrolling interests— 50 
Proceeds from exercised stock options26 34 
Payments for withholding of employee taxes related to stock-based awards(35)(47)
Other, net(1)(1)
Net cash used in financing activities(1,128)(1,812)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents339 (1,454)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year6,063 8,390 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$6,402 $6,936 
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 JUNE 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 March 31, 20241,622 $162 $24,488 $(1,586)$(274)186 $(5,817)$16,973 $11,132 $28,105 
Exercised and issued stock-based awards2 — 31 — — — — 31 — 31 
Stock-based compensation, including the tender of shares— — 18 — — — (18)— (2)(2)
Dividends— — (216)— — — — (216)(512)(728)
Net income attributable to common stockholders— — — 616 — — — 616 — 616 
Net income attributable to noncontrolling interests
— — — — — — — — 664 664 
Balance at June 30, 20241,624 $162 $24,321 $(970)$(274)186 $(5,835)$17,404 $11,282 $28,686 
 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 March 31, 20231,618 $162 $25,227 $(3,244)$(319)184 $(5,769)$16,057 $9,591 $25,648 
Exercised and issued stock-based awards— — 3 — — — — 3 — 3 
Stock-based compensation, including the tender of shares— — 14 — — — — 14 — 14 
Dividends— — (216)— — — — (216)(154)(370)
Net income attributable to common stockholders— — — 343 — — — 343 — 343 
Net income attributable to noncontrolling interests— — — — — — — — 388 388 
Other comprehensive income— — — — 1 — — 1 — 1 
Balance at June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 






7
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
SIX MONTHS ENDED JUNE 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, 20231,619 $162 $24,637 $(2,059)$(274)184 $(5,773)$16,693 $10,617 $27,310 
Exercised and issued stock-based awards5 — 53 — — 1 — 53 — 53 
Stock-based compensation, including the tender of shares— — 64 — — 1 (62)2 (3)(1)
Dividends— — (433)— — — — (433)(685)(1,118)
Net income attributable to common stockholders— — — 1,089 — — — 1,089 — 1,089 
Net income attributable to noncontrolling interests
— — — — — — — — 1,353 1,353 
Balance at June 30, 20241,624 $162 $24,321 $(970)$(274)186 $(5,835)$17,404 $11,282 $28,686 
 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 55 — — — — 56 — 56 
Stock-based compensation, including the tender of shares— — 60 — — 1 (68)(8)(1)(9)
Dividends— — (433)— — — — (433)(291)(724)
Contributions from noncontrolling interests— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 1,006 — — — 1,006 — 1,006 
Net income attributable to noncontrolling interests
— — — — — — — — 774 774 
Other comprehensive income — — — — 2 — — 2 1 3 
Balance at June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 

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

8
Table of Contents                 
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, 2023 (2023 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 six-month period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts.

PT Smelting. In December 2023, PT Smelting completed an expansion of its facilities. The project was funded by PT Freeport Indonesia (PT-FI) with borrowings totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s ownership in PT Smelting to 66% from 39.5%.

As discussed in Note 3 of FCX’s 2023 Form 10-K, FCX has determined that PT Smelting, which is owned by PT-FI and Mitsubishi Materials Corporation, is a variable interest entity. Since mutual consent of both PT Smelting shareholders is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. Accordingly, PT-FI will continue to account for its investment in PT Smelting under the equity method.

Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement.

As further discussed in Note 3, in first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX.

As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold during 2023 were attributed approximately 81% to FCX.

Subsequent Events. FCX evaluated events after June 30, 2024, 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.


9
Table of Contents                 
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Net income$1,280 $731 $2,442 $1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$610 $338 $1,083 $1,001 
Basic weighted-average shares of common stock outstanding
1,438 1,434 1,437 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units7 8 8 9 
Diluted weighted-average shares of common stock outstanding
1,445 1,442 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.42 $0.24 $0.75 $0.70 
Diluted$0.42 $0.23 $0.75 $0.69 

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 any of the periods shown above.

NOTE 3. INCOME TAXES

Geographic sources of FCX’s (provision) benefit for income taxes follow:
Six Months Ended
June 30,
 20242023
U.S.$(4)

$3 
International(1,262)(1,041)
Total$(1,266)$(1,038)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 34% for the first six months of 2024, including a net benefit of $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion), and was 37% for the first six months of 2023. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first six months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. At current copper prices, FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

PT-FI Historical Tax Matters. During the first six months of 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

Resolution of the framework for disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion.


10
Table of Contents                 
Uncertain Tax Positions. As further discussed in Note 7, in May 2024, an arbitration tribunal rejected FCX and Cerro Verde’s claims relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. Cerro Verde had previously paid the full amount of these disputed tax assessments, including the related interest and penalties, and a full reserve had been applied against these amounts; as such, the decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. FCX has reduced its unrecognized tax benefits by $269 million and related interest and penalties by $319 million (refer to Note 11 of FCX’s 2023 Form 10-K for a summary of unrecognized tax benefits and related interest and penalties).

U.S. Inflation Reduction Act of 2022. 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 six months of 2024 or for the year 2023.

Although the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and uncertainty remains regarding the application of the CAMT to FCX. Future regulations and guidance released by the IRS and Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. net operating losses.

Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.

NOTE 4. DEBT AND EQUITY

The components of debt follow:
 June 30,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,008 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,426 9,422 
Less current portion of debt(768)(766)
Long-term debt$8,658 $8,656 
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 letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At June 30, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027.
At June 30, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

On July 31, 2024, PT-FI borrowed $250 million under its revolving credit facility to fund capital expenditures for PT-FI’s new smelter and precious metals refinery (PMR) (collectively, the new downstream processing facilities).
11
Table of Contents                 
Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2024, $234 million in second-quarter 2023, $356 million for the first six months of 2024 and $441 million for the first six months of 2023. Consolidated interest costs (before capitalization) in the 2023 periods includes $50 million in second-quarter 2023 and $74 million for the first six months of 2023 associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $93 million in second-quarter 2024, $62 million in second-quarter 2023, $179 million for the first six months of 2024 and $119 million for the first six months of 2023. The increase in capitalized interest costs in the 2024 periods compared to the 2023 periods, primarily resulted from increased construction and development costs for projects in process, primarily at PT-FI’s new downstream processing facilities.

Share Repurchase Program and Dividends. In July 2024, FCX acquired 1.2 million shares of its common stock for a total cost of $59 million ($50.48 average cost per share) bringing total purchases under its $5.0 billion share repurchase program to 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share). The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at FCX’s Board of Directors’ (Board) discretion.

On June 26, 2024, FCX’s 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 were paid on August 1, 2024, to common stockholders of record as of July 15, 2024. The declaration and payment of dividends (base or variable) are at the discretion of FCX’s Board, and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by FCX’s Board.

NOTE 5. 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 six-month periods ended June 30, 2024 and 2023. At June 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 95 million pounds at an average contract price of $4.26 per pound, with maturities through March 2026.


12
Table of Contents                 
Summary of Gains (Losses). A summary of 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:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$1 $(25)$10 $(11)
Hedged item – firm sales commitments(1)25 (10)11 
Realized gains (losses):  
Matured derivative financial instruments28 (5)29 3 

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 June 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)371 $4.26 $4.33 November 2024
Gold (thousands of ounces)93 2,333 2,344 September 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)115 4.39 4.33 September 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 June 30, 2024, Atlantic Copper held net copper forward sales contracts for 44 million pounds at an average contract price of $4.38 per pound, with maturities through August 2024.


13
Table of Contents                 
Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$181 $(169)$247 $61 
Gold and other metals45 (21)89 22 
Copper forward contractsb
(17)1 (26)(1)
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:
June 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts77 76 
Copper forward contracts5 — 
Total derivative assets$100 $80 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$4 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts43 23 
Copper forward contracts— 1 
Total derivative liabilities$47 $24 
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.


14
Table of Contents                 
A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $24 

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of June 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $100 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt). In addition, as of June 30, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 6 for the related fair values).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,273 $4,758 
Restricted cash and cash equivalents, currentb
1,030 1,208 
Restricted cash and cash equivalents, long-term - included in other assets99 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,402 $6,063 
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the
15
Table of Contents                 
Indonesia government and (ii) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.

NOTE 6. FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-quarter 2024.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At June 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities7 7 — 7 — — 
Total34 34 27 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities49 49 — — 49 — 
Corporate bonds35