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BUSINESS SEGMENTS INFORMATION | 12 Months Ended
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Dec. 31, 2022
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:
| 2022 |  | 2021 |  | 2020
Copper: |  |  |  |  |
Concentrate | $ | 9,650 |  |  | $ | 8,705 |  |  | $ | 4,294 |
Cathode | 5,134 |  |  | 5,900 |  |  | 4,204 |
Rod and other refined copper products | 3,699 |  |  | 3,369 |  |  | 2,052 |
Purchased copper a | 481 |  |  | 757 |  |  | 821 |
Gold | 3,397 |  |  | 2,580 |  |  | 1,702 |
Molybdenum | 1,416 |  |  | 1,283 |  |  | 848 |
Other b | 688 |  |  | 821 |  |  | 592 |
Adjustments to revenues: |  |  |  |  |
Treatment charges | (503) |  |  | (445) |  |  | (362) |
Royalty expense c | (366) |  |  | (330) |  |  | (165) |
PT-FI export duties | (325) |  | d | (218) |  |  | (92) |
Revenues from contracts with customers | 23,271 |  |  | 22,422 |  |  | 13,894 |
Embedded derivatives e | (491) |  |  | 423 |  |  | 304 |
Total consolidated revenues | $ | 22,780 |  |  | $ | 22,845 |  |  | $ | 14,198 |
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b.Primarily includes revenues associated with silver and, prior to 2022, cobalt. c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d.Includes a charge of $18 million associated with an adjustment to prior-period export duties. e.Refer to Note 14 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,
| 2022 |  | 2021
Long-lived assets:a |  |  |
Indonesia | $ | 18,121 |  |  | $ | 16,288 |
U.S. | 8,801 |  |  | 8,292 |
Peru | 6,727 |  |  | 6,827 |
Chile | 1,103 |  |  | 1,110 |
Other | 309 |  |  | 261 |
Total | $ | 35,061 |  |  | $ | 32,778 |
a.Excludes deferred tax assets and intangible assets.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues:a |  |  |  |  |
U.S. | $ | 7,339 |  |  | $ | 7,168 |  |  | $ | 5,248 |
Indonesia | 3,026 |  |  | 3,132 |  |  | 1,760 |
Switzerland | 2,740 |  |  | 3,682 |  |  | 2,032 |
Japan | 2,462 |  |  | 2,372 |  |  | 1,205 |
Singapore | 1,492 |  |  | 156 |  |  | 191 |
Spain | 1,174 |  |  | 1,495 |  |  | 785 |
China | 929 |  |  | 1,044 |  |  | 692 |
Germany | 632 |  |  | 469 |  |  | 248 |
Chile | 383 |  |  | 343 |  |  | 221 |
United Kingdom | 355 |  |  | 659 |  |  | 491 |
India | 330 |  |  | 207 |  |  | 152 |
South Korea | 302 |  |  | 270 |  |  | 89 |
Philippines | 249 |  |  | 264 |  |  | 34 |
Other | 1,367 |  |  | 1,584 |  |  | 1,050 |
Total | $ | 22,780 |  |  | $ | 22,845 |  |  | $ | 14,198 |
a.Revenues are attributed to countries based on the location of the customer. Major Customers and Affiliated Companies. Copper concentrate sales to PT Smelting totaled 13% of FCX’s consolidated revenues in 2022, 14% in 2021 and 12% in 2020, and they are the only customer that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2022. Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations totaling $1.7 billion in 2022, $1.4 billion in 2021 and $0.9 billion in 2020, and PT-FI’s sales to PT Smelting totaling $3.0 billion in 2022, $3.1 billion in 2021 and $1.8 billion in 2020. Labor Matters. As of December 31, 2022, approximately 30% of FCX’s global labor force was covered by collective bargaining agreements, and approximately 2% was covered by agreements that will or were scheduled to expire during 2023 or that had expired as of December 31, 2022, and continue to be negotiated. In February 2022, PT-FI completed negotiations with its unions on a two-year collective bargaining agreement that is effective through March 2024. Business Segments. FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining 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, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. 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, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and on 39.5% of PT-FI’s sales to PT Smelting (25.0% prior to April 30, 2021) 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. Beginning in 2023, PT-FI's commercial arrangement with PT Smelting converted to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its concentrate and will retain title to all products for sale to third parties (i.e., there are no further sales from PT-FI to PT Smelting). 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, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or 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 2022, the Morenci mine produced 43% of FCX’s North America copper and 15% of FCX’s consolidated copper production. South America Mining. South America mining 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 2022, the Cerro Verde mine produced 83% of FCX’s South America copper and 23% of FCX’s consolidated copper production. Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. During 2022, PT-FI’s Grasberg minerals district produced 37% 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 2022, Atlantic Copper purchased 7% of its concentrate requirements from FCX’s North America copper mines, 10% from FCX’s South America mining operations and 18% from FCX’s Indonesia mining 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, Freeport Cobalt (until its sale in September 2021), molybdenum conversion facilities in the U.S. and Europe, the greenfield smelter and PMR in Indonesia, 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 Mines |  | South America Mining |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX |
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 175 |  |  |  |  | $ | 253 |  |  | $ | 428 |  |  | $ | 3,444 |  |  | $ | 768 |  |  | $ | 4,212 |  |  | $ | 8,028 |  | a |  |  | $ | — |  |  | $ | 6,281 |  |  | $ | 2,439 |  |  |  |  |  |  |  |  | $ | 1,392 |  | b | $ | 22,780 |  |
Intersegment | 2,514 |  |  |  |  | 3,768 |  |  | 6,282 |  |  | 506 |  |  | — |  |  | 506 |  |  | 398 |  |  |  |  | 565 |  |  | 31 |  |  | 4 |  |  |  |  |  |  |  |  | (7,786) |  |  | — |  |
Production and delivery | 1,542 |  |  |  |  | 2,819 |  |  | 4,361 |  |  | 2,359 |  |  | 702 |  |  | 3,061 |  |  | 2,684 |  | c |  |  | 359 |  |  | 6,330 |  |  | 2,452 |  | d |  |  |  |  |  |  | (6,206) |  |  | 13,041 |  |
Depreciation, depletion and amortization | 177 |  |  |  |  | 233 |  |  | 410 |  |  | 357 |  |  | 51 |  |  | 408 |  |  | 1,025 |  |  |  |  | 74 |  |  | 5 |  |  | 27 |  |  |  |  |  |  |  |  | 70 |  |  | 2,019 |  |
Metals inventory adjustments | 8 |  |  |  |  | 8 |  |  | 16 |  |  | 10 |  |  | 3 |  |  | 13 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 29 |  |
Selling, general and administrative expenses | 2 |  |  |  |  | 3 |  |  | 5 |  |  | 8 |  |  | — |  |  | 8 |  |  | 117 |  |  |  |  | — |  |  | — |  |  | 25 |  |  |  |  |  |  |  |  | 265 |  |  | 420 |  |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 114 |  |  | 115 |  |
Environmental obligations and shutdown costs | (5) |  |  |  |  | 1 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 125 |  |  | 121 |  |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (2) |  |  | (2) |  |
Operating income (loss) | 965 |  |  |  |  | 956 |  |  | 1,921 |  |  | 1,216 |  |  | 12 |  |  | 1,228 |  |  | 4,600 |  |  |  |  | 132 |  |  | (23) |  |  | (61) |  |  |  |  |  |  |  |  | (760) |  |  | 7,037 |  |
Interest expense, net | 1 |  |  |  |  | 1 |  |  | 2 |  |  | 15 |  |  | — |  |  | 15 |  |  | 40 |  |  |  |  | — |  |  | — |  |  | 15 |  |  |  |  |  |  |  |  | 488 |  |  | 560 |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 461 |  |  | (8) |  |  | 453 |  |  | 1,820 |  |  |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  | (5) |  |  | 2,267 |  |
Total assets at December 31, 2022 | 3,052 |  |  |  |  | 5,552 |  |  | 8,604 |  |  | 8,398 |  |  | 1,873 |  |  | 10,271 |  |  | 20,639 |  |  |  |  | 1,697 |  |  | 183 |  |  | 1,262 |  |  |  |  |  |  |  |  | 8,437 |  |  | 51,093 |  |
Capital expenditures | 263 |  |  |  |  | 334 |  |  | 597 |  |  | 164 |  |  | 140 |  |  | 304 |  |  | 1,575 |  |  |  |  | 33 |  |  | 9 |  |  | 76 |  |  |  |  |  |  |  |  | 875 |  | e | 3,469 |  |
a.Includes sales to PT Smelting totaling $3.0 billion. 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 charges totaling $116 million associated with an unfavorable ARO change. Refer to Note 12 for further discussion. d.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million. e.Primarily includes capital expenditures for the Indonesia smelter projects.
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX |
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 82 |  |  |  |  | $ | 180 |  |  | $ | 262 |  |  | $ | 3,736 |  |  | $ | 720 |  |  | $ | 4,456 |  |  | $ | 7,241 |  | a |  |  | $ | — |  |  | $ | 6,356 |  |  | $ | 2,961 |  |  |  |  |  |  |  |  | $ | 1,569 |  | b | $ | 22,845 |  |
Intersegment | 2,728 |  |  |  |  | 3,835 |  |  | 6,563 |  |  | 460 |  |  | — |  |  | 460 |  |  | 282 |  |  |  |  | 444 |  |  | 29 |  |  | — |  |  |  |  |  |  |  |  | (7,778) |  |  | — |  |
Production and delivery | 1,226 |  |  |  |  | 2,235 |  |  | 3,461 |  |  | 2,000 |  | c | 429 |  |  | 2,429 |  |  | 2,425 |  | d |  |  | 253 |  |  | 6,381 |  |  | 2,907 |  |  |  |  |  |  |  |  | (5,840) |  | e | 12,016 |  |
Depreciation, depletion and amortization | 152 |  |  |  |  | 217 |  |  | 369 |  |  | 366 |  |  | 47 |  |  | 413 |  |  | 1,049 |  |  |  |  | 67 |  |  | 5 |  |  | 28 |  |  |  |  |  |  |  |  | 67 |  |  | 1,998 |  |
Metals inventory adjustments | 13 |  |  |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 2 |  |  | 16 |  |
Selling, general and administrative expenses | 2 |  |  |  |  | 2 |  |  | 4 |  |  | 8 |  |  | — |  |  | 8 |  |  | 111 |  |  |  |  | — |  |  | — |  |  | 24 |  |  |  |  |  |  |  |  | 236 |  |  | 383 |  |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 54 |  |  | 55 |  |
Environmental obligations and shutdown costs | — |  |  |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 92 |  |  | 91 |  |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (19) |  |  |  |  |  |  |  |  | (61) |  | f | (80) |  |
Operating income (loss) | 1,417 |  |  |  |  | 1,561 |  |  | 2,978 |  |  | 1,822 |  |  | 244 |  |  | 2,066 |  |  | 3,938 |  |  |  |  | 123 |  |  | (1) |  |  | 21 |  |  |  |  |  |  |  |  | (759) |  |  | 8,366 |  |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 28 |  |  | — |  |  | 28 |  |  | 48 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 519 |  |  | 602 |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 730 |  |  | 90 |  |  | 820 |  |  | 1,524 |  | g |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (45) |  |  | 2,299 |  |
Total assets at December 31, 2021 | 2,708 |  |  |  |  | 5,208 |  |  | 7,916 |  |  | 8,694 |  |  | 1,921 |  |  | 10,615 |  |  | 18,971 |  |  |  |  | 1,713 |  |  | 228 |  |  | 1,318 |  |  |  |  |  |  |  |  | 7,261 |  |  | 48,022 |  |
Capital expenditures | 135 |  |  |  |  | 207 |  |  | 342 |  |  | 132 |  |  | 30 |  |  | 162 |  |  | 1,296 |  |  |  |  | 6 |  |  | 2 |  |  | 34 |  |  |  |  |  |  |  |  | 273 |  | h | 2,115 |  |
a.Includes sales to PT Smelting totaling $3.1 billion. 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 nonrecurring charges totaling $92 million associated with labor-related costs at Cerro Verde for agreements reached with its hourly employees. d.Includes charges totaling $340 million associated with an unfavorable ARO change. Refer to Note 12 for further discussion. e.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million. f.Includes a $60 million gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland. Refer to Note 2 for further discussion. g.Includes net tax benefits of $189 million associated with the release of a portion of the valuation allowance recorded against PT Rio Tinto NOLs. Refer to Note 11 for further discussion. h.Primarily includes capital expenditures for the Indonesia smelter projects.
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX |
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 29 |  |  |  |  | $ | 48 |  |  | $ | 77 |  |  | $ | 2,282 |  |  | $ | 431 |  |  | $ | 2,713 |  |  | $ | 3,534 |  | a |  |  | $ | — |  |  | $ | 4,781 |  |  | $ | 2,020 |  |  |  |  |  |  |  |  | $ | 1,073 |  | b | $ | 14,198 |  |
Intersegment | 2,015 |  |  |  |  | 2,272 |  |  | 4,287 |  |  | 242 |  |  | — |  |  | 242 |  |  | 80 |  |  |  |  | 222 |  |  | 33 |  |  | 17 |  |  |  |  |  |  |  |  | (4,881) |  |  | — |  |
Production and delivery | 1,269 |  |  |  |  | 1,831 |  |  | 3,100 |  |  | 1,599 |  |  | 379 |  |  | 1,978 |  |  | 1,606 |  |  |  |  | 230 |  |  | 4,819 |  |  | 1,962 |  |  |  |  |  |  |  |  | (3,664) |  |  | 10,031 |  |
Depreciation, depletion and amortization | 166 |  |  |  |  | 189 |  |  | 355 |  |  | 367 |  |  | 54 |  |  | 421 |  |  | 580 |  |  |  |  | 57 |  |  | 16 |  |  | 29 |  |  |  |  |  |  |  |  | 70 |  |  | 1,528 |  |
Metals inventory adjustments | 4 |  |  |  |  | 48 |  |  | 52 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  |  |  | 10 |  |  | 3 |  |  | — |  |  |  |  |  |  |  |  | 28 |  |  | 96 |  |
Selling, general and administrative expenses | 2 |  |  |  |  | 2 |  |  | 4 |  |  | 6 |  |  | — |  |  | 6 |  |  | 108 |  |  |  |  | — |  |  | — |  |  | 21 |  |  |  |  |  |  |  |  | 231 |  |  | 370 |  |
Mining exploration and research expenses | — |  |  |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 48 |  |  | 50 |  |
Environmental obligations and shutdown costs | — |  |  |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1 |  |  | — |  |  |  |  |  |  |  |  | 159 |  | c | 159 |  |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (473) |  | d | (473) |  |
Operating income (loss) | 603 |  |  |  |  | 249 |  |  | 852 |  |  | 552 |  | e | (5) |  |  | 547 |  |  | 1,320 |  |  |  |  | (75) |  |  | (25) |  | e | 25 |  |  |  |  |  |  |  |  | (207) |  | e | 2,437 |  | e
Interest expense, net | 2 |  |  |  |  | — |  |  | 2 |  |  | 139 |  |  | — |  |  | 139 |  |  | 39 |  | f |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 412 |  |  | 598 |  |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 238 |  |  | 1 |  |  | 239 |  |  | 606 |  |  |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 97 |  | g | 944 |  |
Total assets at December 31, 2020 | 2,574 |  |  |  |  | 5,163 |  |  | 7,737 |  |  | 8,474 |  |  | 1,678 |  |  | 10,152 |  |  | 16,918 |  |  |  |  | 1,760 |  |  | 211 |  |  | 877 |  |  |  |  |  |  |  |  | 4,489 |  |  | 42,144 |  |
Capital expenditures | 102 |  |  |  |  | 326 |  |  | 428 |  |  | 141 |  |  | 42 |  |  | 183 |  |  | 1,161 |  |  |  |  | 19 |  |  | 6 |  |  | 29 |  |  |  |  |  |  |  |  | 135 |  | h | 1,961 |  |
a.Includes sales to PT Smelting totaling $1.8 billion. 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 charges totaling $130 million associated with a framework for the resolution of all current and future potential talc-related litigation. Refer to Note 12 for further discussion. d.Includes a $486 million gain associated with the sale of FCX’s interests in the Kisanfu undeveloped project. Refer to Note 2 for further discussion. e.Includes charges totaling $258 million associated with (i) idle facility costs (Cerro Verde), contract cancellation and other charges directly related to the COVID-19 pandemic and (ii) the April 2020 revised operating plans (including employee separation costs). These charges were primarily recorded in the Cerro Verde segment ($89 million), Corporate, Other & Eliminations ($57 million) and the Rod & Refining segment ($30 million). f.Includes charges totaling $35 million associated with PT-FI's historical contested tax audits. Refer to Note 12 for further discussion. g.Includes tax charges totaling $135 million associated with the sale of the Kisanfu undeveloped project, partly offset by tax credits of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project. h.Primarily includes capital expenditures for the Indonesia smelter projects.

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