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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 October 31, 2024, there were issued and outstanding 1,436,927,710 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
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Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,
2024
December 31,
2023
 (In Millions)
ASSETS  
Current assets:  
Cash and cash equivalents$5,000 $4,758 
Restricted cash and cash equivalents1,117 1,208 
Trade accounts receivable979 1,209 
Value added and other tax receivables570 455 
Inventories: 
Product2,709 2,472 
Materials and supplies, net2,328 2,169 
Mill and leach stockpiles1,406 1,419 
Other current assets436 375 
Total current assets14,545 14,065 
Property, plant, equipment and mine development costs, net37,750 35,295 
Long-term mill and leach stockpiles1,257 1,336 
Other assets1,848 1,810 
Total assets$55,400 $52,506 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,824 $3,729 
Accrued income taxes1,072 786 
Current portion of debt769 766 
Current portion of environmental and asset retirement obligations364 316 
Dividends payable218 218 
Total current liabilities6,247 5,815 
Long-term debt, less current portion8,910 8,656 
Environmental and asset retirement obligations, less current portion5,103 4,624 
Deferred income taxes4,492 4,453 
Other liabilities1,782 1,648 
Total liabilities26,534 25,196 
Equity:  
Stockholders’ equity:  
Common stock162 162 
Capital in excess of par value23,997 24,637 
Accumulated deficit(444)(2,059)
Accumulated other comprehensive loss(273)(274)
Common stock held in treasury(5,894)(5,773)
Total stockholders’ equity17,548 16,693 
Noncontrolling interests11,318 10,617 
Total equity28,866 27,310 
Total liabilities and equity$55,400 $52,506 

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
(In Millions, Except Per Share Amounts)
Revenues$6,790 $5,824 $19,735 $16,950 
Cost of sales:  
Production and delivery4,077 3,553 11,796 10,267 
Depreciation, depletion and amortization 600 533 1,704 1,479 
Total cost of sales4,677 4,086 13,500 11,746 
Selling, general and administrative expenses117 118 384 359 
Exploration and research expenses38 30 115 103 
Environmental obligations and shutdown costs
20 98 115 239 
Total costs and expenses4,852 4,332 14,114 12,447 
Operating income1,938 1,492 5,621 4,503 
Interest expense, net(72)(96)(249)(418)
Net gain on early extinguishment of debt 5  10 
Other income, net97 71 295 183 
Income before income taxes and equity in affiliated companies’ net earnings 1,963 1,472 5,667 4,278 
Provision for income taxes(737)(508)(2,003)(1,546)
Equity in affiliated companies’ net earnings 10  14 12 
Net income 1,236 964 3,678 2,744 
Net income attributable to noncontrolling interests(710)(510)(2,063)(1,284)
Net income attributable to common stockholders$526 $454 $1,615 $1,460 
Net income per share attributable to common stockholders:
Basic
$0.36 $0.31 $1.12 $1.01 
Diluted
$0.36 $0.31 $1.11 $1.01 
Weighted-average shares of common stock outstanding:
Basic
1,438 1,435 1,438 1,434 
Diluted
1,444 1,443 1,445 1,443 
Dividends declared per share of common stock$0.15 $0.15 $0.45 $0.45 
 
The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In Millions)
Net income $1,236 $964 $3,678 $2,744 
Other comprehensive income, net of taxes:
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs 1 1 3 
Foreign exchange gains (losses)1 (1)  
Other comprehensive income 1  1 3 
Total comprehensive income 1,237 964 3,679 2,747 
Total comprehensive income attributable to noncontrolling interests(710)(509)(2,063)(1,284)
Total comprehensive income attributable to common stockholders$527 $455 $1,616 $1,463 

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



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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
 20242023
 (In Millions)
Cash flow from operating activities:  
Net income$3,678 $2,744 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,704 1,479 
Net charges for environmental and asset retirement obligations, including accretion382 383 
Payments for environmental and asset retirement obligations(157)(181)
Stock-based compensation94 89 
Net charges for defined pension and postretirement plans29 44 
Pension plan contributions(58)(10)
Net gain on early extinguishment of debt (10)
Deferred income taxes36 130 
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting (112)
Charges for social investment programs at PT Freeport Indonesia81 57 
Payments for social investment programs at PT Freeport Indonesia(50)(29)
Other, net14 59 
Changes in working capital and other:
 
Accounts receivable93 550 
Inventories(301)(738)
Other current assets(24)7 
Accounts payable and accrued liabilities(79)(151)
Accrued income taxes and timing of other tax payments282 (352)
Net cash provided by operating activities5,724 3,959 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(743)(545)
South America operations(272)(259)
Indonesia mining(1,198)(1,209)
Indonesia downstream processing facilities(1,005)(1,258)
Molybdenum mines(88)(43)
Other(263)(148)
Acquisition of additional ownership interest in Cerro Verde(210) 
Loans to PT Smelting for expansion(28)(109)
Proceeds from sales of assets and other, net10 (13)
Net cash used in investing activities(3,797)(3,584)
Cash flow from financing activities:  
Proceeds from debt1,948 1,186 
Repayments of debt(1,699)(2,397)
Cash dividends and distributions paid:
Common stock(649)(647)
Noncontrolling interests(1,269)(407)
Treasury stock purchases(59) 
Contributions from noncontrolling interests 50 
Proceeds from exercised stock options27 41 
Payments for withholding of employee taxes related to stock-based awards(35)(50)
Other, net(38)(2)
Net cash used in financing activities(1,774)(2,226)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents153 (1,851)
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$6,216 $6,539 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at June 30, 20241,624 $162 $24,321 $(970)$(274)186 $(5,835)$17,404 $11,282 $28,686 
Exercised and issued stock-based awards— — 1 — — — — 1 — 1 
Stock-based compensation, including the tender of shares— — 13 — — — — 13 1 14 
Treasury stock purchases— — — — — 1 (59)(59)— (59)
Acquisition of additional ownership interest in Cerro Verde— — (125)— — — — (125)(90)(215)
Dividends— — (216)— — — — (216)(584)(800)
Change in consolidated subsidiary ownership interests— — 3 — — — — 3 (1)2 
Net income attributable to common stockholders— — — 526 — — — 526 — 526 
Net income attributable to noncontrolling interests
— — — — — — — — 710 710 
Other comprehensive income— — — — 1 — — 1  1 
Balance at September 30, 20241,624 $162 $23,997 $(444)$(273)187 $(5,894)$17,548 $11,318 $28,866 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 
Exercised and issued stock-based awards— — 7 — — — — 7 — 7 
Stock-based compensation, including the tender of shares— — 14 — — — (3)11 — 11 
Dividends— — (216)— — — — (216)(116)(332)
Net income attributable to common stockholders— — — 454 — — — 454 — 454 
Net income attributable to noncontrolling interests— — — — — — — — 510 510 
Other comprehensive income (loss)— — — — 1 — — 1 (1) 
Balance at September 30, 20231,618 $162 $24,833 $(2,447)$(317)184 $(5,772)$16,459 $10,218 $26,677 






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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
NINE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at December 31, 20231,619 $162 $24,637 $(2,059)$(274)184 $(5,773)$16,693 $10,617 $27,310 
Exercised and issued stock-based awards5 — 54 — — 1 — 54 — 54 
Stock-based compensation, including the tender of shares— — 77 — — 1 (62)15 (2)13 
Treasury stock purchases— — — — — 1 (59)(59)— (59)
Acquisition of additional ownership interest in Cerro Verde— — (125)— — — — (125)(90)(215)
Dividends— — (649)— — — — (649)(1,269)(1,918)
Change in consolidated subsidiary ownership interests— — 3 — — — — 3 (1)2 
Net income attributable to common stockholders— — — 1,615 — — — 1,615 — 1,615 
Net income attributable to noncontrolling interests
— — — — — — — — 2,063 2,063 
Other comprehensive income— — — — 1 — — 1 — 1 
Balance at September 30, 20241,624 $162 $23,997 $(444)$(273)187 $(5,894)$17,548 $11,318 $28,866 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at December 31, 20221,613 $161 $25,322 $(3,907)$(320)183 $(5,701)$15,555 $9,316 $24,871 
Exercised and issued stock-based awards5 1 62 — — — — 63 — 63 
Stock-based compensation, including the tender of shares— — 74 — — 1 (71)3 (1)2 
Dividends— — (649)— — — — (649)(407)(1,056)
Contributions from noncontrolling interests— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 1,460 — — — 1,460 — 1,460 
Net income attributable to noncontrolling interests
— — — — — — — — 1,284 1,284 
Other comprehensive income — — — — 3 — — 3  3 
Balance at September 30, 20231,618 $162 $24,833 $(2,447)$(317)184 $(5,772)$16,459 $10,218 $26,677 

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

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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 nine-month period ended September 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.

Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing FCX’s ownership interest in Cerro Verde to 55.08% from 53.56%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $90 million, with $125 million recorded to capital in excess to par value, including a $5 million deferred tax impact.

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 is continuing 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 Indonesia 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 September 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.
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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 EndedNine Months Ended
September 30,September 30,
 2024202320242023
Net income$1,236 $964 $3,678 $2,744 
Net income attributable to noncontrolling interests(710)(510)(2,063)(1,284)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$520 $449 $1,609 $1,455 
Basic weighted-average shares of common stock outstanding
1,438 1,435 1,438 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 8 7 9 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.36 $0.31 $1.12 $1.01 
Diluted$0.36 $0.31 $1.11 $1.01 

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 benefit (provision) for income taxes follow:
Nine Months Ended
September 30,
 20242023
U.S.$30 

$3 
International(2,033)(1,549)
Total$(2,003)$(1,546)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 35% for the first nine months of 2024, and 36% for the first nine months of 2023. The 2024 effective income tax rate reflects net benefits of (i) $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 (ii) $36 million associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax exams. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first nine months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court.

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. In conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters in first-quarter 2024, 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 Indonesia 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.
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Table of Contents                 
Uncertain Tax Positions. As further discussed in Note 7, in May 2024, an arbitration tribunal rejected FCX’s 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 annual AFSI exceeding $1.0 billion over a three-year period.

In September 2024, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance on the application of CAMT, which is not final and subject to change. Based on the proposed guidance released by the IRS, FCX has determined that the provisions of the Act would not impact its financial results for the first nine months of 2024 or for the year 2023.

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 does not expect enactment of the recommended framework in jurisdictions where it operates to materially impact its financial results.

NOTE 4. DEBT AND EQUITY

The components of debt follow:
 September 30,
2024
December 31, 2023
PT-FI revolving credit facility$250 $ 
Senior notes and debentures:
Issued by FCX6,010 6,005 
Issued by PT-FI2,982 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,679 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,910 $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 September 30, 2024, there were no borrowings and $7 million in letters of credit issued under FCX’s revolving credit facility.

At September 30, 2024, PT-FI had $250 million in borrowings outstanding under its $1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million unsecured revolving credit facility that matures in May 2027.
At September 30, 2024, FCX, PT-FI and Cerro Verde were in compliance with their respective credit facility’s covenants.


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Table of Contents                 
Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $173 million in third-quarter 2024, $165 million in third-quarter 2023, $529 million for the first nine months of 2024 and $606 million for the first nine months of 2023. Consolidated interest costs (before capitalization) include a credit of $11 million in the 2024 periods associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax exams and a credit of $13 million in the 2023 periods for the settlement of interest on Cerro Verde’s historical profit sharing liability. Additionally, the first nine months of 2023 included $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $101 million in third-quarter 2024, $69 million in third-quarter 2023, $280 million for the first nine months of 2024 and $188 million for the first nine 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 progress, primarily at PT-FI’s new smelter and precious metals refinery (PMR) (collectively 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 are 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 September 25, 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 November 1, 2024, to common stockholders of record as of October 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 nine-month periods ended September 30, 2024 and 2023. At September 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 101 million pounds at an average contract price of $4.30 per pound, with maturities through September 2026.


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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 EndedNine Months Ended
September 30,September 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$12 $2 $22 $(9)
Hedged item – firm sales commitments(12)(2)(22)9 
Realized (losses) gains:  
Matured derivative financial instruments (4)29 (1)

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.

FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at September 30, 2024, follows:
Open PositionsAverage Price
Per Unit
Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)327 $4.23 $4.43 February 2025
Gold (thousands of ounces)218 2,492 2,654 December 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)26 4.29 4.42 December 2024

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At September 30, 2024, Atlantic Copper held net copper forward sales contracts for 112 million pounds at an average contract price of $4.22 per pound, with maturities through December 2024.


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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 EndedNine Months Ended
September 30,September 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$29 $(30)$276 $31 
Gold and other metals81 (10)170 12 
Copper forward contractsb
(19)(1)(45)(3)
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:
September 30,
2024
December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$27 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts108 76 
Total derivative assets$135 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts11 23 
Copper forward contracts23 1 
Total derivative liabilities$34 $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.


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A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
September 30,
2024
December 31, 2023September 30,
2024
December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$108 $76 $11 $23 
Copper derivatives27 4 23 1 
135 80 34 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts3  3  
3  3  
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts105 76 8 23 
Copper derivatives27 4 23 1 
$132 $80 $31 $24 
Balance sheet classification:
Trade accounts receivable$101 $76 $4 $2 
Other current assets26 4   
Accounts payable and accrued liabilities5  27 22 
$132 $80 $31 $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 September 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $135 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).

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:
September 30,
2024
December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,000 $