BUSINESS SEGMENTS INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

FCX’s revenues attributable to the products it sold for the years ended December 31 follow:


	2024		2023		2022
Copper:
Cathode	$	8,316	$	6,629	$	5,134
Concentrate	6,726		7,127		9,650
Rod and other refined copper products	3,851		3,659		3,699
Purchased coppera	693		416		481
Gold	4,446		3,472		3,397
Molybdenum	1,801		2,006		1,416
Silver and other	631		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 customers	25,169		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.

Long-lived assets by geographic area

Information concerning financial data by geographic area follows:


	December 31,
	2024		2023
Long-lived assets:a
Indonesia	$	22,580	$	20,602
U.S.	10,468		9,386
Peru	6,452		6,563

Chile	1,120		1,105
Other	496		355
Total	$	41,116	$	38,011

a.Excludes deferred tax assets and intangible assets

Revenues by geographic area of customer


	Years Ended December 31,
	2024		2023		2022
Revenues:a
U.S.	$	7,806	$	7,264	$	7,339
Japan	5,930		3,431		2,462
Switzerland	4,251		3,971		2,740
Singapore	1,116		1,178		1,492
Indonesia	1,108		767		3,026
Spain	1,052		1,251		1,174
China	743		1,081		929
Germany	500		714		632
Chile	451		428		383
France	306		226		177
Philippines	283		396		249
India	273		354		330
Egypt	239		229		149
South Korea	203		267		302
United Kingdom	115		171		355
Other	1,079		1,127		1,041
Total	$	25,455	$	22,855	$	22,780

a.Revenues are attributed to countries based on the location of the customer.

Schedule of financial information by business segment

Financial Information by Business Segment



	North America Copper Mines				South America Operations
																					Atlantic		Corporate,
																					Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining		nations			Total
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
Intersegment	2,246		3,814		6,060		638			—		638		544			592		43		8		(7,885)			—
Production and delivery	1,826		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 amortization	187		252		439		380			66		446		1,193			73		4		28		58			2,241


Selling, general and administrative expenses	2		2		4		8			—		8		127			—		—		28		346			513
Exploration and research expenses	17		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 stockholders																										1,889
Total assets at December 31, 2024	3,228		6,766		9,994		8,096			2,060		10,156		27,309			2,018		202		1,705		3,464			54,848
Capital expenditures	184		849		1,033		293			82		375		2,908			117		35		142		198			4,808



	North America Copper Mines				South America Operations
																					Atlantic		Corporate,
																					Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining		nations			Total
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
Intersegment	2,328		3,745		6,073		787			—		787		621			677		40		19		(8,217)			—
Production and delivery	1,730		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 amortization	175		243		418		395			64		459		1,028			66		5		28		64			2,068


Selling, general and administrative expenses	2		2		4		9			—		9		129			—		—		28		309			479
Exploration and research expenses	11		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 stockholders																										1,848
Total assets at December 31, 2023	3,195		5,996		9,191		8,120			1,930		10,050		25,548			1,782		172		1,326		4,437			52,506
Capital expenditures	232		529		761		271			97		368		3,324			84		13		64		210			4,824

Financial Information by Business Segment (continued)



	North America Copper Mines				South America Operations
																					Atlantic			Corporate,
																					Copper			Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining			nations			Total
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
Intersegment	2,514		3,768		6,282		506			—		506		398			565		31		4			(7,786)			—
Production and delivery	1,550		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 amortization	177		233		410		357			51		408		1,025			74		5		27			70			2,019


Selling, general and administrative expenses	2		3		5		8			—		8		117			—		—		25			265			420
Exploration and research expenses	2		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, net	1		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 stockholders																											3,468
Total assets at December 31, 2022	3,052		5,552		8,604		8,398			1,873		10,271		22,727			1,697		183		1,262			6,349			51,093
Capital expenditures	263		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.