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v3.23.3

Business Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTSFCX 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 and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), 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 mining operations to Atlantic Copper (and on 39.5% of PT-FI’s sales to PT Smelting for the 2022 periods) 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 January 1, 2023, PT-FI's commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties (i.e., there are no further sales from PT-FI to PT Smelting). While the new tolling agreement with PT Smelting does not significantly change PT-FI’s economics, it impacts the timing of PT-FI’s sales and working capital requirements. 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. Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2023 and 2022 follow (in millions):
| Three Months Ended |  | Nine Months Ended |
| September 30, |  | September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Copper: |  |  |  |  |  |  |  |
Concentrate | $ | 2,365 |  |  | $ | 2,091 |  |  | $ | 6,137 |  |  | $ | 7,476 |  |
Cathode | 1,331 |  |  | 1,255 |  |  | 4,016 |  |  | 3,873 |  |
Rod and other refined copper products | 992 |  |  | 755 |  |  | 2,797 |  |  | 2,942 |  |
Purchased copper a | 71 |  |  | 168 |  |  | 347 |  |  | 342 |  |
Gold | 854 |  |  | 858 |  |  | 2,384 |  |  | 2,578 |  |
Molybdenum | 479 |  |  | 304 |  |  | 1,562 |  |  | 1,059 |  |
Other b | 136 |  |  | 174 |  |  | 439 |  |  | 527 |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
Treatment charges c | (151) |  |  | (132) |  |  | (394) |  |  | (404) |  |
Royalty expense d | (80) |  |  | (83) |  |  | (234) |  |  | (289) |  |
PT-FI export duties e | (133) |  |  | (81) |  |  | (147) |  |  | (263) |  |
Revenues from contracts with customers | 5,864 |  |  | 5,309 |  |  | 16,907 |  |  | 17,841 |  |
Embedded derivatives f | (40) |  |  | (306) |  |  | 43 |  |  | (819) |  |
Total consolidated revenues | $ | 5,824 |  |  | $ | 5,003 |  |  | $ | 16,950 |  |  | $ | 17,022 |  |
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b.Primarily includes revenues associated with silver. c.Treatment charges for the third quarter and first nine months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e.Refer to Note 8 for further discussion of PT-FI export duties. f.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts. 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 17 |  |  |  |  | $ | 22 |  |  | $ | 39 |  |  | $ | 822 |  |  | $ | 203 |  |  | $ | 1,025 |  |  | $ | 2,030 |  |  |  |  | $ | — |  |  | $ | 1,566 |  |  | $ | 692 |  |  |  |  |  |  |  |  | $ | 472 |  | a | $ | 5,824 |
Intersegment | 624 |  |  |  |  | 994 |  |  | 1,618 |  |  | 219 |  |  | — |  |  | 219 |  |  | 65 |  |  |  |  | 147 |  |  | 12 |  |  | 8 |  |  |  |  |  |  |  |  | (2,069) |  |  | — |
Production and delivery | 476 |  |  |  |  | 799 |  |  | 1,275 |  |  | 648 |  |  | 178 |  |  | 826 |  |  | 667 |  |  |  |  | 120 |  |  | 1,566 |  |  | 680 |  |  |  |  |  |  |  |  | (1,586) |  |  | 3,548 |
DD&A | 47 |  |  |  |  | 63 |  |  | 110 |  |  | 94 |  |  | 17 |  |  | 111 |  |  | 271 |  |  |  |  | 14 |  |  | 2 |  |  | 7 |  |  |  |  |  |  |  |  | 18 |  |  | 533 |
Metals inventory adjustments | 4 |  |  |  |  | — |  |  | 4 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 5 |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 3 |  |  | — |  |  | 3 |  |  | 32 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 76 |  |  | 118 |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 29 |  |  | 30 |
Environmental obligations and shutdown costs | — |  |  |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 94 |  |  | 98 |
Operating income (loss) | 114 |  |  |  |  | 148 |  |  | 262 |  |  | 295 |  |  | 8 |  |  | 303 |  |  | 1,125 |  |  |  |  | 13 |  |  | 10 |  |  | 7 |  |  |  |  |  |  |  |  | (228) |  |  | 1,492 |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | (10) |  | b | — |  |  | (10) |  |  | 10 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 87 |  |  | 96 |
Net gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5 |  |  | 5 |
Other (expense) income, net | (2) |  |  |  |  | (9) |  |  | (11) |  |  | (9) |  |  | 13 |  |  | 4 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 5 |  |  |  |  |  |  |  |  | 43 |  |  | 71 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 119 |  |  | 12 |  |  | 131 |  |  | 419 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (42) |  |  | 508 |
Equity in affiliated companies' net (losses) earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 2 |  |  | — |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 84 |  |  | 14 |  |  | 98 |  |  | 392 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 20 |  |  | 510 |
Total assets at September 30, 2023 | 3,171 |  |  |  |  | 5,799 |  |  | 8,970 |  |  | 8,227 |  |  | 1,893 |  |  | 10,120 |  |  | 21,020 |  |  |  |  | 1,747 |  |  | 288 |  |  | 1,176 |  |  |  |  |  |  |  |  | 8,327 |  |  | 51,648 |
Capital expenditures | 53 |  |  |  |  | 114 |  |  | 167 |  |  | 61 |  |  | 15 |  |  | 76 |  |  | 441 |  |  |  |  | 21 |  |  | 2 |  |  | 20 |  |  |  |  |  |  |  |  | 451 |  | d | 1,178 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 18 |  |  |  |  | $ | 74 |  |  | $ | 92 |  |  | $ | 666 |  |  | $ | 215 |  |  | $ | 881 |  |  | $ | 1,726 |  | e |  |  | $ | — |  |  | $ | 1,436 |  |  | $ | 604 |  |  |  |  |  |  |  |  | $ | 264 |  | a | $ | 5,003 |
Intersegment | 551 |  |  |  |  | 805 |  |  | 1,356 |  |  | 83 |  |  | — |  |  | 83 |  |  | 72 |  |  |  |  | 127 |  |  | 7 |  |  | 5 |  |  |  |  |  |  |  |  | (1,650) |  |  | — |
Production and delivery | 408 |  |  |  |  | 736 |  |  | 1,144 |  |  | 579 |  |  | 221 |  |  | 800 |  |  | 663 |  |  |  |  | 94 |  |  | 1,450 |  |  | 604 |  |  |  |  |  |  |  |  | (1,389) |  |  | 3,366 |
DD&A | 44 |  |  |  |  | 56 |  |  | 100 |  |  | 84 |  |  | 14 |  |  | 98 |  |  | 265 |  |  |  |  | 18 |  |  | 1 |  |  | 8 |  |  |  |  |  |  |  |  | 18 |  |  | 508 |
Metals inventory adjustments | 2 |  |  |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 20 |  |  | 22 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 25 |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 26 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 63 |  |  | 98 |
Mining exploration and research expenses | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 38 |  |  | 38 |
Environmental obligations and shutdown costs | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5 |  |  | 6 |
Operating income (loss) | 115 |  |  |  |  | 84 |  |  | 199 |  |  | 82 |  |  | (40) |  |  | 42 |  |  | 844 |  |  |  |  | 15 |  |  | (8) |  |  | (9) |  |  |  |  |  |  |  |  | (121) |  |  | 962 |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | 5 |  |  | 15 |  |  |  |  | — |  |  | — |  |  | 4 |  |  |  |  |  |  |  |  | 115 |  |  | 140 |
Net gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 20 |  |  | 20 |
Other (expense) income, net | — |  |  |  |  | (8) |  |  | (8) |  |  | (21) |  |  | 5 |  |  | (16) |  |  | 19 |  |  |  |  | (1) |  |  | — |  |  | 11 |  |  |  |  |  |  |  |  | 20 |  |  | 25 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | (18) |  |  | (15) |  |  | 343 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (13) |  |  | 315 |
Equity in affiliated companies' net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 1 |  |  | 8 |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 29 |  |  | 11 |  |  | 40 |  |  | 105 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 11 |  |  | 156 |
Total assets at September 30, 2022 | 2,996 |  |  |  |  | 5,456 |  |  | 8,452 |  |  | 8,390 |  |  | 1,826 |  |  | 10,216 |  |  | 20,496 |  |  |  |  | 1,701 |  |  | 216 |  |  | 1,082 |  |  |  |  |  |  |  |  | 7,764 |  |  | 49,927 |
Capital expenditures | 71 |  |  |  |  | 83 |  |  | 154 |  |  | 41 |  |  | 38 |  |  | 79 |  |  | 389 |  |  |  |  | 7 |  |  | 2 |  |  | 17 |  |  |  |  |  |  |  |  | 188 |  | d | 836 |
Financial Information by Business Segment (continued)
(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 |  |  |  |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 75 |  |  |  |  | $ | 133 |  |  | $ | 208 |  |  | $ | 2,563 |  |  |  |  | $ | 627 |  |  | $ | 3,190 |  |  | $ | 5,268 |  | e |  |  | $ | — |  |  | $ | 4,552 |  |  | $ | 2,185 |  |  | $ | 1,547 |  | a | $ | 16,950 |  |  |  |  |
Intersegment | 1,787 |  |  |  |  | 2,922 |  |  | 4,709 |  |  | 638 |  |  |  |  | — |  |  | 638 |  |  | 432 |  |  |  |  | 520 |  |  | 28 |  |  | 19 |  |  | (6,346) |  |  | — |  |  |  |  |
Production and delivery | 1,279 |  |  |  |  | 2,324 |  |  | 3,603 |  |  | 1,877 |  |  |  |  | 539 |  |  | 2,416 |  |  | 1,860 |  | f |  |  | 321 |  |  | 4,558 |  |  | 2,139 |  |  | (4,637) |  |  | 10,260 |  |  |  |  |
DD&A | 132 |  |  |  |  | 180 |  |  | 312 |  |  | 302 |  |  |  |  | 48 |  |  | 350 |  |  | 694 |  |  |  |  | 48 |  |  | 4 |  |  | 21 |  |  | 50 |  |  | 1,479 |  |  |  |  |
Metals inventory adjustments | 5 |  |  |  |  | — |  |  | 5 |  |  | 1 |  |  |  |  | — |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 7 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 2 |  |  | 3 |  |  | 7 |  |  |  |  | — |  |  | 7 |  |  | 90 |  |  |  |  | — |  |  | — |  |  | 21 |  |  | 238 |  |  | 359 |  |  |  |  |
Mining exploration and research expenses | — |  |  |  |  | 2 |  |  | 2 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 101 |  |  | 103 |  |  |  |  |
Environmental obligations and shutdown costs | — |  |  |  |  | 26 |  |  | 26 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 213 |  |  | 239 |  |  |  |  |
Operating income (loss) | 445 |  |  |  |  | 521 |  |  | 966 |  |  | 1,014 |  |  |  |  | 40 |  |  | 1,054 |  |  | 3,056 |  |  |  |  | 151 |  |  | 18 |  |  | 23 |  |  | (765) |  |  | 4,503 |  |  |  |  |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 74 |  | b |  |  | — |  |  | 74 |  |  | 32 |  |  |  |  | — |  |  | — |  |  | 22 |  |  | 289 |  |  | 418 |  |  |  |  |
Net gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |  |  |  |  |
Other (expense) income, net | (4) |  |  |  |  | (8) |  |  | (12) |  |  | (36) |  |  |  |  | 11 |  |  | (25) |  |  | 92 |  |  |  |  | (1) |  |  | (1) |  |  | — |  |  | 130 |  |  | 183 |  |  |  |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 419 |  |  |  |  | 19 |  |  | 438 |  |  | 1,159 |  |  |  |  | — |  |  | — |  |  | — |  |  | (51) |  |  | 1,546 |  |  |  |  |
Equity in affiliated companies' net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 9 |  |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 12 |  |  |  |  |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 242 |  |  |  |  | 34 |  |  | 276 |  |  | 1,031 |  | c |  |  | — |  |  | — |  |  | — |  |  | (23) |  |  | 1,284 |  |  |  |  |
Capital expenditures | 176 |  |  |  |  | 369 |  |  | 545 |  |  | 179 |  |  |  |  | 80 |  |  | 259 |  |  | 1,274 |  |  |  |  | 43 |  |  | 9 |  |  | 43 |  |  | 1,289 |  | d | 3,462 |  |  |  |  |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 125 |  |  |  |  | $ | 159 |  |  | $ | 284 |  |  | $ | 2,474 |  |  |  |  | $ | 555 |  |  | $ | 3,029 |  |  | $ | 5,972 |  | e |  |  | $ | — |  |  | $ | 4,932 |  |  | $ | 1,755 |  |  | $ | 1,050 |  | a | $ | 17,022 |  |  |  |  |
Intersegment | 1,992 |  |  |  |  | 2,978 |  |  | 4,970 |  |  | 325 |  |  |  |  | — |  |  | 325 |  |  | 208 |  |  |  |  | 399 |  |  | 24 |  |  | 5 |  |  | (5,931) |  |  | — |  |  |  |  |
Production and delivery | 1,168 |  |  |  |  | 2,111 |  |  | 3,279 |  |  | 1,702 |  |  |  |  | 510 |  |  | 2,212 |  |  | 1,853 |  | f |  |  | 249 |  |  | 4,969 |  |  | 1,789 |  | g | (4,832) |  |  | 9,519 |  |  |  |  |
DD&A | 132 |  |  |  |  | 175 |  |  | 307 |  |  | 262 |  |  |  |  | 35 |  |  | 297 |  |  | 775 |  |  |  |  | 52 |  |  | 3 |  |  | 20 |  |  | 50 |  |  | 1,504 |  |  |  |  |
Metals inventory adjustments | 2 |  |  |  |  | 8 |  |  | 10 |  |  | 11 |  |  |  |  | 22 |  |  | 33 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 2 |  |  | 3 |  |  | 6 |  |  |  |  | — |  |  | 6 |  |  | 83 |  |  |  |  | — |  |  | — |  |  | 19 |  |  | 202 |  |  | 313 |  |  |  |  |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 86 |  |  | 87 |  |  |  |  |
Environmental obligations and shutdown costs | (13) |  |  |  |  | 1 |  |  | (12) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  | 51 |  |  |  |  |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  |  |  |
Operating income (loss) | 827 |  |  |  |  | 839 |  |  | 1,666 |  |  | 818 |  |  |  |  | (12) |  |  | 806 |  |  | 3,469 |  |  |  |  | 98 |  |  | (16) |  |  | (68) |  |  | (448) |  |  | 5,507 |  |  |  |  |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 12 |  |  |  |  | — |  |  | 12 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 8 |  |  | 372 |  |  | 423 |  |  |  |  |
Net (loss) gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (10) |  |  |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 28 |  |  |  |  |
Other (expense) income, net | (1) |  |  |  |  | (32) |  |  | (33) |  |  | (11) |  |  |  |  | 12 |  |  | 1 |  |  | 27 |  |  |  |  | (1) |  |  | (1) |  |  | 29 |  |  | 45 |  |  | 67 |  |  |  |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 298 |  |  |  |  | (11) |  |  | 287 |  |  | 1,363 |  |  |  |  | — |  |  | — |  |  | — |  |  | 60 |  |  | 1,710 |  |  |  |  |
Equity in affiliated companies' net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 27 |  |  |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 33 |  |  |  |  |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 247 |  |  |  |  | 25 |  |  | 272 |  |  | 436 |  | c |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 731 |  |  |  |  |
Capital expenditures | 207 |  |  |  |  | 223 |  |  | 430 |  |  | 109 |  |  |  |  | 94 |  |  | 203 |  |  | 1,148 |  |  |  |  | 16 |  |  | 6 |  |  | 60 |  |  | 559 |  | d | 2,422 |  |  |  |  |
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.The third quarter and first nine months of 2023 include a $13 million credit for the settlement of interest on Cerro Verde's historical profit sharing liability. The first nine months of 2023 also includes $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court. c.FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%. Refer to Note 1 for further discussion of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement. d.Primarily includes capital expenditures for the Indonesia smelter projects. e.Includes PT-FI sales to PT Smelting totaling $572 million in third-quarter 2022, $27 million for the first nine months of 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $2.3 billion for the first nine months of 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting). f.Includes charges for administrative fines of $55 million for the first nine months of 2023 and $41 million for the first nine months of 2022. Refer to Note 8 for further discussion. g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million at Atlantic Copper for the first nine months of 2022.

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