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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 2024 and 2023 follow:
| Three Months Ended |  |  |
| March 31, |  |  |
| 2024 |  | 2023 |  |  |  |  |
Copper: |  |  |  |  |  |  |  |
Cathode | $ | 1,941 |  |  | $ | 1,511 |  |  |  |  |  |
Concentrate | 1,818 |  |  | 1,403 |  |  |  |  |  |
Rod and other refined copper products | 953 |  |  | 921 |  |  |  |  |  |
Purchased copper a | 166 |  |  | 204 |  |  |  |  |  |
Gold | 1,168 |  |  | 531 |  |  |  |  |  |
Molybdenum | 421 |  |  | 592 |  |  |  |  |  |
Other b | 149 |  |  | 132 |  |  |  |  |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
PT-FI export duties c | (156) |  |  | (17) |  |  |  |  |  |
Treatment charges | (129) |  |  | (101) |  |  |  |  |  |
Royalty expense d | (120) |  |  | (60) |  |  |  |  |  |
Revenues from contracts with customers | 6,211 |  |  | 5,116 |  |  |  |  |  |
Embedded derivatives e | 110 |  |  | 273 |  |  |  |  |  |
Total consolidated revenues | $ | 6,321 |  |  | $ | 5,389 |  |  |  |  |  |
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b.Primarily includes revenues associated with silver. c.PT-FI is currently being assessed export duties for copper concentrates at a rate of 7.5% and was paying a 2.5% export duty in first-quarter 2023. 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 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment | Financial Information by Business Segment
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |
| North America Copper Mines |  | South America Operations |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Operations |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total
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 |
Intersegment | 540 |  |  |  |  | 885 |  |  | 1,425 |  |  | 102 |  |  | — |  |  | 102 |  |  | 177 |  |  |  |  | 145 |  |  | 10 |  |  | — |  |  |  |  |  |  |  |  | (1,859) |  |  | — |
Production and delivery | 459 |  |  |  |  | 765 |  |  | 1,224 |  |  | 603 |  |  | 170 |  |  | 773 |  |  | 861 |  |  |  |  | 119 |  |  | 1,487 |  |  | 650 |  |  |  |  |  |  |  |  | (1,270) |  |  | 3,844 |
DD&A | 48 |  |  |  |  | 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 expenses | 4 |  |  |  |  | 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 |  | b |  |  | — |  |  | — |  |  | (13) |  |  |  |  |  |  |  |  | 13 |  |  | 512 |
Equity in affiliated companies’ net (losses) earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 2 |  |  | — |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 76 |  |  | 14 |  |  | 90 |  |  | 600 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (1) |  |  | 689 |
Total assets at March 31, 2024 | 3,148 |  |  |  |  | 6,315 |  |  | 9,463 |  |  | 8,075 |  |  | 1,960 |  |  | 10,035 |  |  | 27,162 |  |  |  |  | 1,885 |  |  | 257 |  |  | 1,354 |  |  |  |  |  |  |  |  | 4,042 |  |  | 54,198 |
Capital expenditures | 44 |  |  |  |  | 193 |  |  | 237 |  |  | 60 |  |  | 22 |  |  | 82 |  |  | 842 |  |  |  |  | 27 |  |  | 5 |  |  | 23 |  |  |  |  |  |  |  |  | 38 |  |  | 1,254 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 32 |  |  |  |  | $ | 97 |  |  | $ | 129 |  |  | $ | 958 |  |  | $ | 234 |  |  | $ | 1,192 |  |  | $ | 1,199 |  |  |  |  | $ | — |  |  | $ | 1,523 |  |  | $ | 749 |  |  |  |  |  |  |  |  | $ | 597 |  | a | $ | 5,389 |
Intersegment | 593 |  |  |  |  | 948 |  |  | 1,541 |  |  | 244 |  |  | — |  |  | 244 |  |  | 169 |  |  |  |  | 223 |  |  | 6 |  |  | 7 |  |  |  |  |  |  |  |  | (2,190) |  |  | — |
Production and delivery | 381 |  |  |  |  | 781 |  |  | 1,162 |  |  | 620 |  |  | 187 |  |  | 807 |  |  | 338 |  |  |  |  | 96 |  |  | 1,527 |  |  | 734 |  |  |  |  |  |  |  |  | (1,499) |  |  | 3,165 |
DD&A | 43 |  |  |  |  | 60 |  |  | 103 |  |  | 91 |  |  | 16 |  |  | 107 |  |  | 148 |  |  |  |  | 20 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 13 |  |  | 399 |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 28 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 87 |  |  | 126 |
Exploration and research expenses | 3 |  |  |  |  | 16 |  |  | 19 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 10 |  |  | 31 |
Environmental obligations and shutdown costs | — |  |  |  |  | 21 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 46 |  |  | 67 |
Operating income (loss) | 198 |  |  |  |  | 166 |  |  | 364 |  |  | 488 |  |  | 30 |  |  | 518 |  |  | 854 |  |  |  |  | 107 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | (250) |  |  | 1,601 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 29 |  |  | — |  |  | 29 |  |  | 7 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 109 |  |  | 151 |
Other (expense) income, net | (1) |  |  |  |  | 3 |  |  | 2 |  |  | 18 |  |  | (6) |  |  | 12 |  |  | 32 |  |  |  |  | — |  |  | (1) |  |  | (5) |  |  |  |  |  |  |  |  | 48 |  |  | 88 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 187 |  |  | 7 |  |  | 194 |  |  | 330 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (25) |  |  | 499 |
Equity in affiliated companies’ net earnings (losses) | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (1) |  |  | 10 |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 140 |  |  | 18 |  |  | 158 |  |  | 271 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (43) |  |  | 386 |
Total assets at March 31, 2023 | 3,142 |  |  |  |  | 5,668 |  |  | 8,810 |  |  | 8,612 |  |  | 1,871 |  |  | 10,483 |  |  | 23,462 |  |  |  |  | 1,707 |  |  | 221 |  |  | 1,152 |  |  |  |  |  |  |  |  | 5,074 |  |  | 50,909 |
Capital expenditures | 56 |  |  |  |  | 140 |  |  | 196 |  |  | 61 |  |  | 39 |  |  | 100 |  |  | 772 |  |  |  |  | 9 |  |  | 5 |  |  | 12 |  |  |  |  |  |  |  |  | 27 |  |  | 1,121 |

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