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BUSINESS SEGMENTS INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow:
 202420232022
Copper:
Cathode$8,316 $6,629 $5,134 
Concentrate6,726 7,127 9,650 
Rod and other refined copper products3,851 3,659 3,699 
Purchased coppera
693 416 481 
Gold4,446 3,472 3,397 
Molybdenum1,801 2,006 1,416 
Silver and other631 585 688 
Adjustments to revenues:
Royalty expenseb
(442)(346)(366)
Treatment charges(396)(538)(503)
PT-FI export dutiesc
(457)(307)(325)
Revenues from contracts with customers25,169 22,703 23,271 
Embedded derivativesd
286 152 (491)
Total consolidated revenues$25,455 $22,855 $22,780 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Refer to Note 11 for further discussion of PT-FI export duties. Amounts include credits (charges) of $17 million in 2023 and $(18) million in 2022 associated with adjustments to prior-period export duties.
d.Refer to Note 12 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Geographic Area. Information concerning financial data by geographic area follows:
December 31,
 20242023
Long-lived assets:a
  
Indonesia$22,580 $20,602 
U.S.10,468 9,386 
Peru6,452 6,563 
Chile1,120 1,105 
Other496 355 
Total$41,116 $38,011 
a.Excludes deferred tax assets and intangible assets.
Years Ended December 31,
 202420232022
Revenues:a
   
U.S.$7,806 $7,264 $7,339 
Japan5,930 3,431 2,462 
Switzerland4,251 3,971 2,740 
Singapore1,116 1,178 1,492 
Indonesia1,108 767 3,026 
Spain1,052 1,251 1,174 
China743 1,081 929 
Germany500 714 632 
Chile451 428 383 
France306 226 177 
Philippines283 396 249 
India273 354 330 
Egypt239 229 149 
South Korea203 267 302 
United Kingdom115 171 355 
Other1,079 1,127 1,041 
Total$25,455 $22,855 $22,780 
a.Revenues are attributed to countries based on the location of the customer.

Major Customers and Affiliated Companies. Sales to MMC, PT-FI’s joint venture partner in PT Smelting, were 17% of FCX’s consolidated revenues in 2024 and totaled $4.4 billion in 2024, $2.0 billion in 2023 and $0.6 billion in 2022. Sales to PT Smelting were 13% of FCX’s consolidated revenues in 2022 and totaled $3.0 billion in 2022. Sales to PT Smelting totaled $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales). MMC and PT Smelting are the only customers that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2024.

Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations and Morenci’s joint venture partners totaling $1.6 billion in 2024, $1.4 billion in 2023 and $1.7 billion in 2022.

Labor Matters. As of December 31, 2024, approximately 28% of FCX’s global labor force was covered by collective labor agreements (CLAs), none of which will expire during 2025.

Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

FCX's Chief Executive Officer is identified as its CODM under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

The 2023 and 2022 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's CODM makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment.
Intersegment sales between FCX’s business segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Until December 31, 2022, FCX also deferred recognizing 39.5% of PT-FI’s sales to PT Smelting, until final sales to third parties occurred. Beginning in 2023, PT-FI’s commercial arrangement with PT Smelting changed to a tolling arrangement and there were no further sales from PT-FI to PT Smelting during 2023 and 2024. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual reportable segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or reportable segment would be if it was an independent entity.

North America Copper Mines. FCX operates seven open-pit copper mines in North America – Morenci, Safford (including Lone Star), Bagdad, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining segment. In addition to copper, certain of FCX’s North America copper mines also produce molybdenum concentrate, gold and silver.

The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. During 2024, the Morenci mine produced 41% of FCX’s North America copper and 12% of FCX’s consolidated copper production.

South America Operations. South America operations includes two operating copper mines – Cerro Verde in Peru and El Abra in Chile. These operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations.

The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. During 2024, the Cerro Verde mine produced 81% of FCX’s South America copper and 23% of FCX’s consolidated copper production.

Indonesia Operations. Indonesia operations include PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PT-FI’s new downstream processing facilities. During 2024, PT-FI’s Grasberg minerals district produced 43% of FCX’s consolidated copper production and 99% of FCX’s consolidated gold production.
 
Molybdenum Mines. Molybdenum mines include the wholly owned Henderson underground mine and Climax open-pit mine, both in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products.

Rod & Refining. The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery and two rod mills, which are combined in accordance with segment reporting aggregation guidance. These operations process copper produced at FCX’s North America copper mines and purchased copper into copper cathode and rod. At times these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.
Atlantic Copper Smelting & Refining. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2024, Atlantic Copper purchased 2% of its concentrate requirements from FCX’s North America copper mines, 15% from FCX’s South America operations and 13% from FCX’s Indonesia operations, with the remainder purchased from unaffiliated third parties.
Corporate, Other & Eliminations. Corporate, Other & Eliminations consists of FCX’s other mining, oil and gas operations and other corporate and elimination items, which include the Miami smelter, molybdenum conversion facilities in the U.S. and Europe, certain non-operating copper mines in North America (Ajo, Bisbee and Tohono in Arizona) and other mining support entities.
Financial Information by Business Segment
North America Copper MinesSouth America Operations     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Year Ended December 31, 2024          
Revenues:           
Unaffiliated customers$101 $79 $180 $3,618 $915 $4,533 $9,774 $— $6,196 $3,009 $1,763 
a
$25,455 
Intersegment2,246 3,814 6,060 638 — 

638 544 592 43 8 (7,885)— 
Production and delivery1,826 3,170 4,996 2,529 
b
701 3,230 3,368 
c
530 6,206 2,912 (5,688)
d
15,554 
e
Depreciation, depletion and amortization187 252 439 380 66 446 1,193 73 4 28 58 2,241 
Selling, general and administrative expenses2 2 4 8 — 8 127 — — 28 346 

513 
Exploration and research expenses17 27 44 12 4 16 8 — — — 88 156 
Environmental obligations and shutdown costs— — — — — — — — — — 127 127 
Operating income (loss)315 442 757 1,327 144 1,471 5,622 (11)29 49 

(1,053)6,864 
Interest expense, net— 1 1 21 — 21 28 — — 36 233 

319 
Other (expense) income, net(1)2 1 42 24 66 136 — (1)13 147 362 
Provision for (benefit from) income taxes— — — 542 

62 604 1,907 
f
— — (11)23 2,523 
Equity in affiliated companies’ net earnings — — — — — — 7 — — — 8 15 
Net income attributable to noncontrolling interests— — — 412 
g
67 479 2,022 
h
— — — 9 2,510 
Net income attributable to common stockholders1,889 
Total assets at December 31, 20243,228 6,766 9,994 8,096 2,060 10,156 27,309 2,018 202 1,705 3,464 54,848 
Capital expenditures184 849 1,033 293 82 375 2,908 117 35 142 198 4,808 
North America Copper MinesSouth America Operations     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Year Ended December 31, 2023           
Revenues:            
Unaffiliated customers$91 $152 $243 $3,330 $824 $4,154 $7,816 
i
$— $5,886 $2,791 $1,965 
a
$22,855 
Intersegment2,328 3,745 6,073 787 — 787 621 677 40 19 (8,217)— 
Production and delivery1,730 3,048 4,778 2,529 710 3,239 2,570 
c
439 5,901 2,718 

(6,018)
d
13,627 
e
Depreciation, depletion and amortization175 243 418 395 64 459 1,028 66 5 28 64 2,068 
Selling, general and administrative expenses2 2 4 9 — 9 129 — — 28 309 479 
Exploration and research expenses11 39 50 10 4 14 2 — — — 71 137 
Environmental obligations and shutdown costs(1)28 27 — — — — — — — 292 
j
319 
Operating income (loss)502 537 1,039 1,174 46 1,220 4,708 172 20 36 (970)6,225 
Interest expense, net— 1 1 77 
k
— 77 35 — — 31 371 515 
Net gain on early extinguishment of debt— — — — — — — — — — 10 10 
Other (expense) income, net(5)3 (2)(13)
k
11 (2)122 (1)(2)(8)179 286 
Provision for (benefit from) income taxes— — — 495 17 512 1,774 — — — (16)2,270 
Equity in affiliated companies’ net earnings — — — — — — 10 — — — 5 15 
Net income (loss) attributable to noncontrolling interests— — — 300 
g
36 336 1,614 
h
— — — (47)1,903 
Net income attributable to common stockholders1,848 
Total assets at December 31, 20233,195 5,996 9,191 8,120 1,930 10,050 25,548 1,782 172 1,326 4,437 52,506 
Capital expenditures232 529 761 271 97 368 3,324 84 13 64 210 4,824 
Financial Information by Business Segment (continued)
North America Copper MinesSouth America Operations     
AtlanticCorporate,
CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Year Ended December 31, 2022           
Revenues:            
Unaffiliated customers$175 $253 $428 $3,444 $768 $4,212 $8,028 
i
$— $6,281 $2,439 $1,392 
a
$22,780 
Intersegment2,514 3,768 6,282 506 — 

506 398 565 31 4 (7,786)— 
Production and delivery1,550 2,827 4,377 2,369 705 3,074 2,686 
c
359 6,330 2,452 
l
(6,208)
d
13,070 
e
Depreciation, depletion and amortization177 233 410 357 51 408 1,025 74 5 27 70 2,019 
Selling, general and administrative expenses2 3 5 8 — 8 117 — — 25 265 420 
Exploration and research expenses2 45 47 5 4 9 — 3 — — 56 115 
Environmental obligations and shutdown costs(5)1 (4)— — — — — — — 125 121 
Net gain on sales of assets— — — — — — — — — — (2)

(2)
Operating income (loss)963 912 1,875 1,211 8 1,219 4,598 129 (23)(61)(700)7,037 
Interest expense, net1 1 2 15 — 15 38 — — 15 490 560 
Net (loss) gain on early extinguishment of debt— — — — — — (11)— — — 42 31 
Other (expense) income, net(2)(30)(32)13 4 17 120 — (1)13 90 207 
Provision for (benefit from) income taxes— — — 461 (8)453 1,820 — — (1)(5)2,267 
Equity in affiliated companies’ net earnings — — — — — — 24 — — — 7 31 
Net income attributable to noncontrolling interests— — — 372 
g
35 407 592 
h
— — — 12 1,011 
Net income attributable to common stockholders3,468 
Total assets at December 31, 20223,052 5,552 8,604 8,398 1,873 10,271 22,727 1,697 183 1,262 6,349 

51,093 
Capital expenditures263 334 597 164 140 304 2,382 33 9 76 68 3,469 
a.Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.
b.Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions.
c.Includes charges for administrative fines of $4 million in 2024, $55 million in 2023 and $41 million in 2022. Also includes charges (credits) totaling $144 million in 2024, $(112) million in 2023 and $116 million in 2022 associated with ARO adjustments. Refer to Note 10 for further discussion.
d.Includes oil and gas charges totaling $217 million in 2024, $70 million in 2023 and $6 million in 2022 related to asset impairments and adjustments to AROs, including assumed abandonment obligations resulting from bankruptcies of other companies.
e.Includes metals inventory adjustments of $91 million in 2024, $14 million in 2023, and $29 million in 2022.
f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. Refer to Note 9 for further discussion.
g.Beginning in September 2024, FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 was 53.56%.
h.Beginning January 1, 2023, FCX’s economic and ownership interest in PT-FI is 48.76% except for net income associated with the settlement of historical tax matters in 2024 and approximately 190 thousand ounces of gold sales in 2023, which were attributed based on the economic interests prior to January 1, 2023 (i.e., approximate 81% to FCX and 19% to MIND ID). Refer to Note 2 for further discussion.
i.Includes sales to PT Smelting totaling $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales), and $3.0 billion in 2022.
j.Includes a charge of $65 million associated with an adjustment to the proposed settlement of talc-related litigation.
k.Interest expense, net includes $74 million of charges associated with contested tax rulings issued by the Peru Supreme Court, partly offset by a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. Other (expense) income, net includes a charge of $69 million associated with contested tax rulings issued by the Peru Supreme Court.
l.Includes maintenance charges and idle facility costs associated with a major maintenance turnaround at Atlantic Copper totaling $41 million.