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Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. 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 PTFI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

FCX's Chief Executive Officer is identified as its chief operating decision maker (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.

Intersegment sales between FCX’s business segments are based on terms similar to arms-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. 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 operating 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 operating 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 individual operating segment would be if it was an independent entity.
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2025 and 2024 follow:
Three Months Ended
March 31,
 20252024
Copper:
Cathode$2,025 $1,959 
Concentrate1,386 1,820 
Rod and other refined copper products960 953 
Purchased coppera
298 146 
Gold475 1,168 
Molybdenum442 417 
Silver and other139 153 
Adjustments to revenues:
Royalty expenseb
(68)(120)
PTFI export dutiesc
(55)(156)
Treatment charges(28)(129)
Revenues from contracts with customers5,574 6,211 
Embedded derivativesd
154 110 
Total consolidated revenues$5,728 $6,321 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Reflects an export duty of 7.5% on copper concentrate exports.
d.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
United States Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended March 31, 2025           
Revenues:            
Unaffiliated customers$83 $108 $191 $917 $212 $1,129 $1,564 $— $1,624 $752 $468 
a
$5,728 
Intersegment494 945 1,439 174 73 247 6 177 8 3 (1,880)— 
Production and delivery419 793 1,212 587 201 788 578 

122 1,622 734 (1,300)
b
3,756 
Depreciation, depletion and amortization (DD&A)50 74 124 91 20 111 186 26 1 7 11 466 
Selling, general and administrative expenses
— 1 1 2 — 2 27 — — 9 115 154 
Exploration and research expenses6 6 12 2 2 4 2 — — — 21 39 
Environmental obligations and shutdown costs
(7)— (7)— — — — — — — 17 10 
Operating income (loss)109 179 288 409 62 471 777 29 9 5 (276)1,303 
Interest expense, net— — — 4 — 4 9 — — 11 46 70 
Other (expense) income, net(1)3 2 32 (1)31 16 — — (5)14 58 
Provision for income taxes— — — 171 22 193 288 — — 10 9 500 
Equity in affiliated companies’ net earnings (losses)— — — — — — 3 — — — (1)2 
Net income attributable to noncontrolling interests— — — 126 17 143 275 — — — 23 441 
Net income attributable to common stockholders352 
Total assets at March 31, 20253,239 6,950 10,189 8,166 2,073 10,239 28,006 2,021 364 1,448 3,755 56,022 
Capital expenditures59 196 255 74 11 85 704 19 17 43 49 1,172 
Three Months Ended March 31, 2024            
Revenues:            
Unaffiliated customers$37 $40 $77 $826 $208 $1,034 $2,648 

$— $1,489 $673 $400 
a
$6,321 
Intersegment540 885 1,425 

102 — 102 177 145 10 — (1,859)— 
Production and delivery459 765 1,224 603 170 773 861 119 1,487 650 

(1,270)
c
3,844 
DD&A48 64 112 92 16 108 335 16 1 7 16 595 
Selling, general and administrative expenses
— 1 1 2 — 2 31 — — 9 101 144 
Exploration and research expenses4 8 12 3 1 4 2 — — — 19 37 
Environmental obligations and shutdown costs
— — — — — — — — — — 67 67 
Operating income (loss)66 87 153 228 21 249 1,596 10 11 7 (392)1,634 
Interest expense, net— — — 5 — 5 1 — — 10 73 89 
Other (expense) income, net— (2)(2)11 13 24 38 — — 6 63 129 
Provision for (benefit from) income taxes— — — 91 12 103 409 
d
— — (13)13 512 
Equity in affiliated companies’ net (losses) earnings — — — — — — (2)— — — 2 — 
Net income (loss) attributable to noncontrolling interests— — — 76 14 90 600 
d
— — — (1)689 
Net income attributable to common stockholders473 
Total assets at March 31, 20243,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198 
Capital expenditures44 193 237 60 22 82 842 27 5 23 38 1,254 
Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of FCX’s U.S. copper mines and South America operations.
b.Includes charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter.
c.Includes charges totaling $109 million for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies.
d.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion