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v3.22.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2022 and 2021 follow (in millions):
| Three Months Ended |  |  |
| March 31, |  |  |
| 2022 |  | 2021 |  |  |  |  |
Copper: |  |  |  |  |  |  |  |
Concentrate | $ | 2,691 |  |  | $ | 1,709 |  |  |  |  |  |
Cathode | 1,435 |  |  | 1,234 |  |  |  |  |  |
Rod and other refined copper products | 1,116 |  |  | 684 |  |  |  |  |  |
Purchased copper a | 70 |  |  | 218 |  |  |  |  |  |
Gold | 811 |  |  | 518 |  |  |  |  |  |
Molybdenum | 378 |  |  | 244 |  |  |  |  |  |
Other | 188 |  |  | 253 |  |  |  |  |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
Treatment charges | (133) |  |  | (97) |  |  |  |  |  |
Royalty expense b | (95) |  |  | (63) |  |  |  |  |  |
Export duties c | (98) |  |  | (29) |  |  |  |  |  |
Revenues from contracts with customers | 6,363 |  |  | 4,671 |  |  |  |  |  |
Embedded derivatives d | 240 |  |  | 179 |  |  |  |  |  |
Total consolidated revenues | $ | 6,603 |  |  | $ | 4,850 |  |  |  |  |  |
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.Reflects PT-FI export duties, including a first-quarter 2022 charge of $18 million associated with an adjustment to prior-period export duties. d.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment | Financial Information by Business Segment
(In millions) |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 90 |  |  |  |  | $ | 55 |  |  | $ | 145 |  |  | $ | 1,106 |  |  | $ | 160 |  |  | $ | 1,266 |  |  | $ | 2,326 |  | a |  |  | $ | — |  |  | $ | 1,743 |  |  | $ | 718 |  |  |  |  |  |  |  |  | $ | 405 |  | b | $ | 6,603 |
Intersegment | 711 |  |  |  |  | 1,095 |  |  | 1,806 |  |  | 108 |  |  | — |  |  | 108 |  |  | 78 |  |  |  |  | 128 |  |  | 9 |  |  | — |  |  |  |  |  |  |  |  | (2,129) |  |  | — |
Production and delivery | 363 |  |  |  |  | 655 |  |  | 1,018 |  |  | 558 |  |  | 112 |  |  | 670 |  |  | 626 |  |  |  |  | 75 |  |  | 1,754 |  |  | 722 |  |  |  |  |  |  |  |  | (1,715) |  |  | 3,150 |
Depreciation, depletion and amortization | 44 |  |  |  |  | 61 |  |  | 105 |  |  | 87 |  |  | 10 |  |  | 97 |  |  | 248 |  |  |  |  | 16 |  |  | 1 |  |  | 6 |  |  |  |  |  |  |  |  | 16 |  |  | 489 |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 27 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 77 |  |  | 115 |
Mining exploration and research expenses | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 24 |  |  | 24 |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 16 |  |  | 16 |
Operating income (loss) | 394 |  |  |  |  | 433 |  |  | 827 |  |  | 567 |  |  | 38 |  |  | 605 |  |  | 1,503 |  |  |  |  | 37 |  |  | (3) |  |  | (18) |  |  |  |  |  |  |  |  | (142) |  |  | 2,809 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | 2 |  |  |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 120 |  |  | 127 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 227 |  |  | 14 |  |  | 241 |  |  | 586 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (3) |  |  | 824 |
Total assets at March 31, 2022 | 2,773 |  |  |  |  | 5,284 |  |  | 8,057 |  |  | 8,678 |  |  | 1,925 |  |  | 10,603 |  |  | 19,338 |  |  |  |  | 1,702 |  |  | 299 |  |  | 1,045 |  |  |  |  |  |  |  |  | 7,788 |  |  | 48,832 |
Capital expenditures | 73 |  |  |  |  | 57 |  |  | 130 |  |  | 33 |  |  | 23 |  |  | 56 |  |  | 379 |  |  |  |  | 1 |  |  | 2 |  |  | 11 |  |  |  |  |  |  |  |  | 144 |  | c | 723 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 4 |  |  |  |  | $ | 28 |  |  | $ | 32 |  |  | $ | 917 |  |  | $ | 175 |  |  | $ | 1,092 |  |  | $ | 1,383 |  | a |  |  | $ | — |  |  | $ | 1,309 |  |  | $ | 687 |  |  |  |  |  |  |  |  | $ | 347 |  | b | $ | 4,850 |
Intersegment | 564 |  |  |  |  | 742 |  |  | 1,306 |  |  | 45 |  |  | — |  |  | 45 |  |  | 52 |  |  |  |  | 70 |  |  | 7 |  |  | — |  |  |  |  |  |  |  |  | (1,480) |  |  | — |
Production and delivery | 269 |  |  |  |  | 480 |  |  | 749 |  |  | 436 |  |  | 103 |  |  | 539 |  |  | 455 |  |  |  |  | 58 |  |  | 1,316 |  |  | 673 |  |  |  |  |  |  |  |  | (1,003) |  | d | 2,787 |
Depreciation, depletion and amortization | 34 |  |  |  |  | 46 |  |  | 80 |  |  | 89 |  |  | 12 |  |  | 101 |  |  | 199 |  |  |  |  | 15 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 16 |  |  | 419 |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 26 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 64 |  |  | 100 |
Mining exploration and research expenses | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 7 |  |  | 7 |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5 |  |  | 5 |
Operating income (loss) | 265 |  |  |  |  | 243 |  |  | 508 |  |  | 435 |  |  | 60 |  |  | 495 |  |  | 755 |  |  |  |  | (3) |  |  | (1) |  |  | — |  |  |  |  |  |  |  |  | (222) |  |  | 1,532 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |  |  | 1 |  |  |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  | 130 |  |  | 145 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 173 |  |  | 21 |  |  | 194 |  |  | 315 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (66) |  |  | 443 |
Total assets at March 31, 2021 | 2,629 |  |  |  |  | 5,283 |  |  | 7,912 |  |  | 8,723 |  |  | 1,738 |  |  | 10,461 |  |  | 17,273 |  |  |  |  | 1,753 |  |  | 235 |  |  | 997 |  |  |  |  |  |  |  |  | 5,012 |  |  | 43,643 |
Capital expenditures | 10 |  |  |  |  | 16 |  |  | 26 |  |  | 20 |  |  | 1 |  |  | 21 |  |  | 290 |  |  |  |  | 1 |  |  | 1 |  |  | 6 |  |  |  |  |  |  |  |  | 25 |  | c | 370 |
a.Includes PT-FI's sales to PT Smelting totaling $917 million in first-quarter 2022 and $792 million in first-quarter 2021. b.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. c.Includes capital expenditures for the greenfield smelter and PMR. d.Includes charges associated with the major maintenance turnaround at the Miami Smelter totaling $68 million.

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