XML 55 R38.htm IDEA: XBRL DOCUMENT v3.24.3
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 01, 2024
Aug. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]              
Revenues $ 6,790 $ 5,824 $ 19,735 $ 16,950      
Production and delivery 4,077 3,553 11,796 10,267      
Depreciation, depletion and amortization (DD&A) 600 533 1,704 1,479      
Selling, general and administrative expenses 117 118 384 359      
Exploration and research expenses 38 30 115 103      
Environmental obligations and shutdown costs 20 98 115 239      
Operating income 1,938 1,492 5,621 4,503      
Interest expense, net 72 96 249 418      
Net gain on early extinguishment of debt 0 5 0 10      
Other Nonoperating Income (Expense) 97 71 295 183      
Provision for (benefit from) income taxes 737 508 2,003 1,546      
Equity in affiliated companies’ net earnings 10 0 14 12      
Net income (loss) attributable to noncontrolling interests 710 510 2,063 1,284      
Total assets 55,400 51,648 55,400 51,648     $ 52,506
Capital expenditures 1,199 1,178 3,569 3,462      
Cerro Verde              
Segment Reporting Information [Line Items]              
Investment owned, percent         55.08% 53.56%  
PT Freeport Indonesia              
Segment Reporting Information [Line Items]              
Provision for (benefit from) income taxes 182            
Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 52 39 152 208      
Production and delivery 1,303 1,279 3,678 3,608      
Depreciation, depletion and amortization (DD&A) 109 110 327 312      
Selling, general and administrative expenses 1 1 3 3      
Exploration and research expenses 8 6 34 43      
Environmental obligations and shutdown costs 0 4 0 26      
Operating income 170 257 587 925      
Interest expense, net 0 1 1 1      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 9 (11) 8 (12)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 9,819 8,970 9,819 8,970      
Capital expenditures 263 167 743 545      
Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 1,123 1,025 3,486 3,190      
Production and delivery 817 827 2,450 2,417      
Depreciation, depletion and amortization (DD&A) 110 111 332 350      
Selling, general and administrative expenses 2 3 6 7      
Exploration and research expenses 2 2 11 8      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 385 301 1,164 1,046      
Interest expense, net 6 (10) 16 74      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 20 4 49 (25)      
Provision for (benefit from) income taxes 158 131 475 438      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 126 98 380 276      
Total assets 10,289 10,120 10,289 10,120      
Capital expenditures 100 76 272 259      
Corporate And Eliminations              
Segment Reporting Information [Line Items]              
Revenues 440 472 1,336 1,547      
Production and delivery (1,417) (1,591) (4,180) (4,647)      
Depreciation, depletion and amortization (DD&A) 14 18 47 50      
Selling, general and administrative expenses 76 76 261 238      
Exploration and research expenses 26 22 62 52      
Environmental obligations and shutdown costs 20 94 115 213      
Operating income (286) (216) (764) (705)      
Interest expense, net 46 88 187 293      
Net gain on early extinguishment of debt   5   10      
Other Nonoperating Income (Expense) 34 43 128 132      
Provision for (benefit from) income taxes (47) (42) 15 (51)      
Equity in affiliated companies’ net earnings 4 2 7 3      
Net income (loss) attributable to noncontrolling interests (17) 20 19 (23)      
Total assets 4,078 4,909 4,078 4,909      
Capital expenditures 63 38 152 96      
Intersegment              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 1,539 1,618 4,477 4,709      
Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 193 219 477 638      
Morenci | Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 40 17 90 75      
Production and delivery 492 480 1,389 1,284      
Depreciation, depletion and amortization (DD&A) 47 47 140 132      
Selling, general and administrative expenses 0 0 1 1      
Exploration and research expenses 4 2 13 8      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 50 112 227 437      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (1) (2) (1) (4)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 3,172 3,171 3,172 3,171      
Capital expenditures 48 53 139 176      
Morenci | Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 553 624 1,680 1,787      
Other Individually Immaterial Operating Segments | Operating Segments | North America              
Segment Reporting Information [Line Items]              
Revenues 12 22 62 133      
Production and delivery 811 799 2,289 2,324      
Depreciation, depletion and amortization (DD&A) 62 63 187 180      
Selling, general and administrative expenses 1 1 2 2      
Exploration and research expenses 4 4 21 35      
Environmental obligations and shutdown costs 0 4 0 26      
Operating income 120 145 360 488      
Interest expense, net 0 1 1 1      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 10 (9) 9 (8)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 6,647 5,799 6,647 5,799      
Capital expenditures 215 114 604 369      
Other Individually Immaterial Operating Segments | Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 237 203 699 627      
Production and delivery 187 178 538 539      
Depreciation, depletion and amortization (DD&A) 18 17 51 48      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses (1) 0 2 2      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 33 8 108 38      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (2) 13 11 11      
Provision for (benefit from) income taxes 10 12 45 19      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 12 14 48 34      
Total assets 2,013 1,893 2,013 1,893      
Capital expenditures 18 15 63 80      
Other Individually Immaterial Operating Segments | Intersegment | North America              
Segment Reporting Information [Line Items]              
Revenues 986 994 2,797 2,922      
Other Individually Immaterial Operating Segments | Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Cerro Verde | Cerro Verde              
Segment Reporting Information [Line Items]              
Interest expense, net   (13)   (13)      
Cerro Verde | Peruvian Supreme Court              
Segment Reporting Information [Line Items]              
Interest expense, net       (74)      
Cerro Verde | Operating Segments | South America              
Segment Reporting Information [Line Items]              
Revenues 886 822 2,787 2,563      
Production and delivery 630 649 1,912 1,878      
Depreciation, depletion and amortization (DD&A) 92 94 281 302      
Selling, general and administrative expenses 2 3 6 7      
Exploration and research expenses 3 2 9 6      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 352 293 1,056 1,008      
Interest expense, net 6 (10) 16 74      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 22 (9) 38 (36)      
Provision for (benefit from) income taxes 148 119 430 419      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 114 84 332 242      
Total assets 8,276 8,227 8,276 8,227      
Capital expenditures 82 61 209 179      
Labor-related charges 34   99        
Cerro Verde | Intersegment | South America              
Segment Reporting Information [Line Items]              
Revenues 193 219 477 638      
Grasberg Segment              
Segment Reporting Information [Line Items]              
Capital expenditures     1,198 1,209      
Grasberg Segment | Operating Segments | Indonesia              
Segment Reporting Information [Line Items]              
Revenues 2,856 2,030 7,689 5,268      
Production and delivery 918 672 2,451 1,871      
Depreciation, depletion and amortization (DD&A) 340 271 923 694      
Selling, general and administrative expenses 32 32 93 90      
Exploration and research expenses 2 0 8 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 1,690 1,120 4,600 3,045      
Interest expense, net 10 9 17 28      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 42 30 110 90      
Provision for (benefit from) income taxes 625 419 1,524 1,159      
Equity in affiliated companies’ net earnings 6 (2) 7 9      
Net income (loss) attributable to noncontrolling interests 601 392 1,664 1,031      
Total assets 27,474 24,438 27,474 24,438      
Capital expenditures 713 854 2,203 2,467      
Administrative fine   55   55      
Grasberg Segment | Intersegment | Indonesia              
Segment Reporting Information [Line Items]              
Revenues 126 65 386 432      
Molybdenum              
Segment Reporting Information [Line Items]              
Capital expenditures     88 43      
Molybdenum | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 0 0 0 0      
Production and delivery 140 120 393 321      
Depreciation, depletion and amortization (DD&A) 19 14 51 48      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income (27) 13 (29) 151      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) 0 0 0 (1)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 1,955 1,747 1,955 1,747      
Capital expenditures 25 21 88 43      
Molybdenum | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 132 147 415 520      
Rod and Refining Segment | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 1,560 1,566 4,742 4,552      
Production and delivery 1,562 1,566 4,741 4,558      
Depreciation, depletion and amortization (DD&A) 2 2 4 4      
Selling, general and administrative expenses 0 0 0 0      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income 7 10 29 18      
Interest expense, net 0 0 0 0      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (1) 0 (1) (1)      
Provision for (benefit from) income taxes 0 0 0 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 294 288 294 288      
Capital expenditures 7 2 23 9      
Rod and Refining Segment | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 11 12 32 28      
Atlantic Copper Smelting and Refining Segment | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 759 692 2,330 2,185      
Production and delivery 754 680 2,263 2,139      
Depreciation, depletion and amortization (DD&A) 6 7 20 21      
Selling, general and administrative expenses 6 6 21 21      
Exploration and research expenses 0 0 0 0      
Environmental obligations and shutdown costs 0 0 0 0      
Operating income (1) 7 34 23      
Interest expense, net 10 8 28 22      
Net gain on early extinguishment of debt   0   0      
Other Nonoperating Income (Expense) (7) 5 1 0      
Provision for (benefit from) income taxes 1 0 (11) 0      
Equity in affiliated companies’ net earnings 0 0 0 0      
Net income (loss) attributable to noncontrolling interests 0 0 0 0      
Total assets 1,491 1,176 1,491 1,176      
Capital expenditures 28 20 88 43      
Atlantic Copper Smelting and Refining Segment | Intersegment              
Segment Reporting Information [Line Items]              
Revenues 6 8 8 19      
Corporate And Eliminations | Intersegment              
Segment Reporting Information [Line Items]              
Revenues $ (2,007) $ (2,069) $ (5,795) $ (6,346)