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Business Segments | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions – North America 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 PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. For comparative purposes, the 2023 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI substantially completed construction of the new smelter in June 2024 and has commenced commissioning operations. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's Chief Executive Officer, identified as its chief operating decision maker under business segment accounting guidance, makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment. 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 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 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 segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the second quarter and first six months of 2024 and 2023 follow:
| Three Months Ended |  | Six Months Ended |
| June 30, |  | June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Copper: |  |  |  |  |  |  |  |
Cathode | $ | 2,237 |  |  | $ | 1,670 |  |  | $ | 4,178 |  |  | $ | 3,181 |  |
Concentrate | 1,595 |  |  | 1,873 |  |  | 3,413 |  |  | 3,276 |  |
Rod and other refined copper products | 974 |  |  | 884 |  |  | 1,927 |  |  | 1,805 |  |
Purchased copper a | 300 |  |  | 72 |  |  | 466 |  |  | 276 |  |
Gold | 935 |  |  | 999 |  |  | 2,103 |  |  | 1,530 |  |
Molybdenum | 476 |  |  | 491 |  |  | 897 |  |  | 1,083 |  |
Silver and other | 139 |  |  | 171 |  |  | 288 |  |  | 303 |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
Royalty expense b | (93) |  |  | (94) |  |  | (213) |  |  | (154) |  |
Treatment charges | (90) |  |  | (142) |  |  | (219) |  |  | (243) |  |
PT-FI export duties c | (75) |  |  | 3 |  | d | (231) |  |  | (14) |  | d
Revenues from contracts with customers | 6,398 |  |  | 5,927 |  |  | 12,609 |  |  | 11,043 |  |
Embedded derivatives e | 226 |  |  | (190) |  |  | 336 |  |  | 83 |  |
Total consolidated revenues | $ | 6,624 |  |  | $ | 5,737 |  |  | $ | 12,945 |  |  | $ | 11,126 |  |
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.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations. d.Includes credits associated with adjustments to prior-period export duties. e.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
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 13 |  |  |  |  | $ | 10 |  |  | $ | 23 |  |  | $ | 1,075 |  |  | $ | 254 |  |  | $ | 1,329 |  |  | $ | 2,185 |  |  |  |  | $ | — |  |  | $ | 1,693 |  |  | $ | 898 |  |  |  |  |  |  |  |  | $ | 496 |  | a | $ | 6,624 |
Intersegment | 587 |  |  |  |  | 926 |  |  | 1,513 |  |  | 182 |  |  | — |  |  | 182 |  |  | 83 |  |  |  |  | 138 |  |  | 11 |  |  | 2 |  |  |  |  |  |  |  |  | (1,929) |  |  | — |
Production and delivery | 438 |  |  |  |  | 713 |  |  | 1,151 |  |  | 679 |  | b | 181 |  |  | 860 |  |  | 672 |  |  |  |  | 134 |  |  | 1,692 |  |  | 859 |  |  |  |  |  |  |  |  | (1,493) |  |  | 3,875 |
DD&A | 45 |  |  |  |  | 61 |  |  | 106 |  |  | 97 |  |  | 17 |  |  | 114 |  |  | 248 |  |  |  |  | 16 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 17 |  |  | 509 |
Selling, general and administrative expenses | 1 |  |  |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 84 |  |  | 123 |
Exploration and research expenses | 5 |  |  |  |  | 9 |  |  | 14 |  |  | 3 |  |  | 2 |  |  | 5 |  |  | 4 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 17 |  |  | 40 |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 28 |  |  | 28 |
Operating income (loss) | 111 |  |  |  |  | 153 |  |  | 264 |  |  | 476 |  |  | 54 |  |  | 530 |  |  | 1,314 |  |  |  |  | (12) |  |  | 11 |  |  | 28 |  |  |  |  |  |  |  |  | (86) |  |  | 2,049 |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | 5 |  |  | 6 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 68 |  |  | 88 |
Other income, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | 5 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 31 |  |  | 69 |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 191 |  |  | 23 |  |  | 214 |  |  | 490 |  |  |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  | 49 |  |  | 754 |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 1 |  |  | 4 |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 142 |  |  | 22 |  |  | 164 |  |  | 463 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 37 |  |  | 664 |
Total assets at June 30, 2024 | 3,182 |  |  |  |  | 6,508 |  |  | 9,690 |  |  | 8,368 |  |  | 1,988 |  |  | 10,356 |  |  | 26,501 |  |  |  |  | 1,915 |  |  | 273 |  |  | 1,410 |  |  |  |  |  |  |  |  | 4,490 |  |  | 54,635 |
Capital expenditures | 47 |  |  |  |  | 196 |  |  | 243 |  |  | 67 |  |  | 23 |  |  | 90 |  |  | 648 |  |  |  |  | 36 |  |  | 11 |  |  | 37 |  |  |  |  |  |  |  |  | 51 |  |  | 1,116 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 26 |  |  |  |  | $ | 14 |  |  | $ | 40 |  |  | $ | 783 |  |  | $ | 190 |  |  | $ | 973 |  |  | $ | 2,039 |  |  |  |  | $ | — |  |  | $ | 1,463 |  |  | $ | 744 |  |  |  |  |  |  |  |  | $ | 478 |  | a | $ | 5,737 |
Intersegment | 570 |  |  |  |  | 980 |  |  | 1,550 |  |  | 175 |  |  | — |  |  | 175 |  |  | 198 |  |  |  |  | 150 |  |  | 10 |  |  | 4 |  |  |  |  |  |  |  |  | (2,087) |  |  | — |
Production and delivery | 423 |  |  |  |  | 744 |  |  | 1,167 |  |  | 609 |  |  | 174 |  |  | 783 |  |  | 861 |  | d |  |  | 105 |  |  | 1,465 |  |  | 725 |  |  |  |  |  |  |  |  | (1,557) |  |  | 3,549 |
DD&A | 42 |  |  |  |  | 57 |  |  | 99 |  |  | 117 |  |  | 15 |  |  | 132 |  |  | 275 |  |  |  |  | 14 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 19 |  |  | 547 |
Selling, general and administrative expenses | 1 |  |  |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 75 |  |  | 115 |
Exploration and research expenses | 3 |  |  |  |  | 15 |  |  | 18 |  |  | 3 |  |  | 1 |  |  | 4 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 20 |  |  | 42 |
Environmental obligations and shutdown costs | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 73 |  |  | 74 |
Operating income (loss) | 127 |  |  |  |  | 177 |  |  | 304 |  |  | 227 |  |  | — |  |  | 227 |  |  | 1,071 |  |  |  |  | 31 |  |  | 7 |  |  | 9 |  |  |  |  |  |  |  |  | (239) |  |  | 1,410 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 55 |  | e | — |  |  | 55 |  |  | 12 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 96 |  |  | 171 |
Net gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5 |  |  | 5 |
Other (expense) income, net | (1) |  |  |  |  | (2) |  |  | (3) |  |  | (45) |  |  | 4 |  |  | (41) |  |  | 28 |  |  |  |  | (1) |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 41 |  |  | 24 |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 113 |  |  | — |  |  | 113 |  |  | 410 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 16 |  |  | 539 |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 2 |  |  | 2 |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 18 |  |  | 2 |  |  | 20 |  |  | 368 |  | c |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 388 |
Total assets at June 30, 2023 | 3,167 |  |  |  |  | 5,754 |  |  | 8,921 |  |  | 8,444 |  |  | 1,890 |  |  | 10,334 |  |  | 23,446 |  |  |  |  | 1,717 |  |  | 280 |  |  | 1,127 |  |  |  |  |  |  |  |  | 5,082 |  |  | 50,907 |
Capital expenditures | 67 |  |  |  |  | 115 |  |  | 182 |  |  | 57 |  |  | 26 |  |  | 83 |  |  | 841 |  |  |  |  | 13 |  |  | 2 |  |  | 11 |  |  |  |  |  |  |  |  | 31 |  |  | 1,163 |
Financial Information by Business Segment (continued)
(In Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  |  |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 50 |  |  |  |  | $ | 50 |  |  | $ | 100 |  |  | $ | 1,901 |  |  |  |  | $ | 462 |  |  | $ | 2,363 |  |  | $ | 4,833 |  |  |  |  | $ | — |  |  | $ | 3,182 |  |  | $ | 1,571 |  |  | $ | 896 |  | a | $ | 12,945 |  |  |  |  |
Intersegment | 1,127 |  |  |  |  | 1,811 |  |  | 2,938 |  |  | 284 |  |  |  |  | — |  |  | 284 |  |  | 260 |  |  |  |  | 283 |  |  | 21 |  |  | 2 |  |  | (3,788) |  |  | — |  |  |  |  |
Production and delivery | 897 |  |  |  |  | 1,478 |  |  | 2,375 |  |  | 1,282 |  | b |  |  | 351 |  |  | 1,633 |  |  | 1,533 |  |  |  |  | 253 |  |  | 3,179 |  |  | 1,509 |  |  | (2,763) |  |  | 7,719 |  |  |  |  |
DD&A | 93 |  |  |  |  | 125 |  |  | 218 |  |  | 189 |  |  |  |  | 33 |  |  | 222 |  |  | 583 |  |  |  |  | 32 |  |  | 2 |  |  | 14 |  |  | 33 |  |  | 1,104 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 1 |  |  | 2 |  |  | 4 |  |  |  |  | — |  |  | 4 |  |  | 61 |  |  |  |  | — |  |  | — |  |  | 15 |  |  | 185 |  |  | 267 |  |  |  |  |
Exploration and research expenses | 9 |  |  |  |  | 17 |  |  | 26 |  |  | 6 |  |  |  |  | 3 |  |  | 9 |  |  | 6 |  |  |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 77 |  |  |  |  |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 95 |  |  |  |  |
Operating income (loss) | 177 |  |  |  |  | 240 |  |  | 417 |  |  | 704 |  |  |  |  | 75 |  |  | 779 |  |  | 2,910 |  |  |  |  | (2) |  |  | 22 |  |  | 35 |  |  | (478) |  |  | 3,683 |  |  |  |  |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 10 |  |  |  |  | — |  |  | 10 |  |  | 7 |  |  |  |  | — |  |  | — |  |  | 18 |  |  | 141 |  |  | 177 |  |  |  |  |
Other (expense) income, net | — |  |  |  |  | (1) |  |  | (1) |  |  | 16 |  |  |  |  | 13 |  |  | 29 |  |  | 68 |  |  |  |  | — |  |  | — |  |  | 8 |  |  | 94 |  |  | 198 |  |  |  |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 282 |  |  |  |  | 35 |  |  | 317 |  |  | 899 |  | f |  |  | — |  |  | — |  |  | (12) |  |  | 62 |  |  | 1,266 |  |  |  |  |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1 |  |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 4 |  |  |  |  |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 218 |  |  |  |  | 36 |  |  | 254 |  |  | 1,063 |  | c |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 1,353 |  |  |  |  |
Capital expenditures | 91 |  |  |  |  | 389 |  |  | 480 |  |  | 127 |  |  |  |  | 45 |  |  | 172 |  |  | 1,490 |  |  |  |  | 63 |  |  | 16 |  |  | 60 |  |  | 89 |  |  | 2,370 |  |  |  |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 58 |  |  |  |  | $ | 111 |  |  | $ | 169 |  |  | $ | 1,741 |  |  |  |  | $ | 424 |  |  | $ | 2,165 |  |  | $ | 3,238 |  |  |  |  | $ | — |  |  | $ | 2,986 |  |  | $ | 1,493 |  |  | $ | 1,075 |  | a | $ | 11,126 |  |  |  |  |
Intersegment | 1,163 |  |  |  |  | 1,928 |  |  | 3,091 |  |  | 419 |  |  |  |  | — |  |  | 419 |  |  | 367 |  |  |  |  | 373 |  |  | 16 |  |  | 11 |  |  | (4,277) |  |  | — |  |  |  |  |
Production and delivery | 804 |  |  |  |  | 1,525 |  |  | 2,329 |  |  | 1,229 |  |  |  |  | 361 |  |  | 1,590 |  |  | 1,199 |  | d |  |  | 201 |  |  | 2,992 |  |  | 1,459 |  |  | (3,056) |  |  | 6,714 |  |  |  |  |
DD&A | 85 |  |  |  |  | 117 |  |  | 202 |  |  | 208 |  |  |  |  | 31 |  |  | 239 |  |  | 423 |  |  |  |  | 34 |  |  | 2 |  |  | 14 |  |  | 32 |  |  | 946 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 1 |  |  | 2 |  |  | 4 |  |  |  |  | — |  |  | 4 |  |  | 58 |  |  |  |  | — |  |  | — |  |  | 15 |  |  | 162 |  |  | 241 |  |  |  |  |
Exploration and research expenses | 6 |  |  |  |  | 31 |  |  | 37 |  |  | 4 |  |  |  |  | 2 |  |  | 6 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 73 |  |  |  |  |
Environmental obligations and shutdown costs | — |  |  |  |  | 22 |  |  | 22 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 119 |  |  | 141 |  |  |  |  |
Operating income (loss) | 325 |  |  |  |  | 343 |  |  | 668 |  |  | 715 |  |  |  |  | 30 |  |  | 745 |  |  | 1,925 |  |  |  |  | 138 |  |  | 8 |  |  | 16 |  |  | (489) |  |  | 3,011 |  |  |  |  |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 84 |  | e |  |  | — |  |  | 84 |  |  | 19 |  |  |  |  | — |  |  | — |  |  | 14 |  |  | 205 |  |  | 322 |  |  |  |  |
Net gain on early extinguishment of debt | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |  |  |  |  |
Other (expense) income, net | (2) |  |  |  |  | 1 |  |  | (1) |  |  | (27) |  |  |  |  | (2) |  |  | (29) |  |  | 60 |  |  |  |  | (1) |  |  | (1) |  |  | (5) |  |  | 89 |  |  | 112 |  |  |  |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 300 |  |  |  |  | 7 |  |  | 307 |  |  | 740 |  |  |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | 1,038 |  |  |  |  |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 11 |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 12 |  |  |  |  |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 158 |  |  |  |  | 20 |  |  | 178 |  |  | 639 |  | c |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | 774 |  |  |  |  |
Capital expenditures | 123 |  |  |  |  | 255 |  |  | 378 |  |  | 118 |  |  |  |  | 65 |  |  | 183 |  |  | 1,613 |  |  |  |  | 22 |  |  | 7 |  |  | 23 |  |  | 58 |  |  | 2,284 |  |  |  |  |
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 copper mines and South America operations. b.Includes non-recurring costs totaling $65 million associated with labor-related charges at Cerro Verde. c.Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss. d.Includes a $55 million charge for a potential administrative fine. Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion. e.Includes interest expense associated with contested tax rulings issued by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023. f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

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