INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income before income taxes and equity in affiliated companies' net earnings

Geographic sources of (losses) income before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 follow:

	2024		2023		2022
U.S.	$	(547)	$	68	$	840
Foreign	7,454		5,938		5,875
Total	$	6,907	$	6,006	$	6,715

Schedule of Benefit from (Provision for) income taxes

FCX’s provision for income taxes for the years ended December 31 follows:

	2024		2023		2022
Current income taxes:
Federal	$	36	$	5	$	—
State	(1)		(6)		1
Foreign	(2,635)		(2,087)		(2,232)
Total current	(2,600)		(2,088)		(2,231)
Deferred income taxes:
Federal	1		(50)		(149)
State	(1)		(3)		(6)
Foreign	74		(320)		(144)
Total deferred	74		(373)		(299)
Adjustments	—		6		1
Operating loss carryforwards	3		185		262
Provision for income taxes	$	(2,523)	$	(2,270)	$	(2,267)

Reconciliation of the U.S. federal statutory tax rate to effective income tax rate

A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows:

	2024				2023				2022
	Amount		%		Amount		%		Amount		%
U.S. federal statutory tax rate	$	(1,450)	(21)	%	$	(1,261)	(21)	%	$	(1,410)	(21)	%
Foreign tax credit expiration/ limitationa	(1,053)		(15)		(289)		(5)		(50)		(1)
Valuation allowancea	898		13		119		2		65		—
Withholding and other impacts on
foreign earnings	(753)		(11)		(615)		(10)		(673)		(10)
Effect of foreign rates different than the U.S.
federal statutory rate	(373)		(6)		(313)		(5)		(314)		(5)
PT-FI historical tax disputesb	185		2		—		—		(8)		—
Percentage depletion	123		2		183		3		189		3
State income taxes	(52)		(1)		3		—		(41)		—
Non-deductible permanent differences	(41)		—		(68)		(1)		(29)		—
Uncertain tax positions	5		—		(28)		(1)		(17)		—
Other items, net	(12)		—		(1)		—		21		—
Provision for income taxes	$	(2,523)	(37)	%	$	(2,270)	(38)	%	$	(2,267)	(34)	%

a.Refer to “Valuation Allowances” below.

b.Refer to “Indonesia Tax Matters” below.

Components of deferred tax assets and liabilities

The components of deferred taxes follow:

	December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	1,814	$	1,761
Accrued expenses	1,657		1,390
Foreign tax credits	184		1,228
Employee benefit plans	76		78
Other	214		215
Deferred tax assets	3,945		4,672
Valuation allowances	(2,984)		(3,894)
Net deferred tax assets	961		778
Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,193)		(4,118)
Undistributed earnings	(981)		(911)
Other	(155)		(195)
Total deferred tax liabilities	(5,329)		(5,224)
Net deferred tax liabilities	$	(4,368)	$	(4,446)

Reserve for unrecognized tax benefits, interest and penalties

A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows.

	2024		2023		2022
Balance at beginning of year	$	720	$	810	$	808
Additions:
Prior year tax positions	13		27		26
Current year tax positions	10		28		25
Decreases:
Prior year tax positions	(54)		(13)		(12)
Settlements with taxing authorities	(492)		(132)		(37)
Lapse of statute of limitations	(36)		—		—
Balance at end of year	$	161	$	720	$	810

Summary of income tax examinations

The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:

Jurisdiction	Years Subject to Examination	Additional Open Years
U.S. Federal	—	2021-2024
Indonesia	2017, 2020	2022-2024
Peru	2020-2021	2017-2019, 2022-2024
Chile	2023	2021-2022, 2024

A summary of these assessments follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2003 to 2008	$	32	$	112	$	144
2009	9		30		39
2010	8		69		77
2011 and 2012	5		36		41
2013	8		26		34
2014 to 2022	88		40		128
	$	150	$	313	$	463

summary of these assessments follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2005	$	61	$	29	$	90
2007	45		21		66
2013 and 2017	7		4		11
	$	113	$	54	$	167