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Business Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations (including the Grasberg minerals district and PTFI’s downstream processing facilities), and U.S. Rod & Refining operations. FCX has also separately disclosed the Morenci copper mine and Atlantic Copper Smelting & Refining segments in the following tables. FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions. 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 operating 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 operating 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 individual operating segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:
| Three Months Ended |  | Six Months Ended |
| June 30, |  | June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Copper: |  |  |  |  |  |  |  |
Cathode | $ | 2,173 |  |  | $ | 2,273 |  |  | $ | 4,198 |  |  | $ | 4,232 |  |
Concentrate | 2,023 |  |  | 1,596 |  |  | 3,409 |  |  | 3,416 |  |
Rod and other refined copper products | 969 |  |  | 974 |  |  | 1,929 |  |  | 1,927 |  |
Purchased copper a | 173 |  |  | 262 |  |  | 471 |  |  | 408 |  |
Gold | 1,833 |  |  | 935 |  |  | 2,308 |  |  | 2,103 |  |
Molybdenum | 479 |  |  | 472 |  |  | 921 |  |  | 889 |  |
Silver and other | 173 |  |  | 144 |  |  | 312 |  |  | 297 |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
PTFI export duties b | (146) |  |  | (75) |  |  | (202) |  |  | (231) |  |
Royalty expense c | (135) |  |  | (93) |  |  | (203) |  |  | (213) |  |
Treatment charges | (16) |  |  | (90) |  |  | (43) |  |  | (219) |  |
Revenues from contracts with customers | 7,526 |  |  | 6,398 |  |  | 13,100 |  |  | 12,609 |  |
Embedded derivatives d | 56 |  |  | 226 |  |  | 210 |  |  | 336 |  |
Total consolidated revenues | $ | 7,582 |  |  | $ | 6,624 |  |  | $ | 13,310 |  |  | $ | 12,945 |  |
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations. b.Reflects an export duty of 7.5% on copper concentrate exports. c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices. d.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, |  |  |
| U.S. Copper Mines |  | South America Operations |  |  |  |  |  |  |  | U.S. |  | 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, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 63 |  |  |  |  | $ | 64 |  |  | $ | 127 |  |  | $ | 836 |  |  | $ | 183 |  |  | $ | 1,019 |  |  | $ | 3,419 |  |  |  |  | $ | — |  |  | $ | 1,692 |  |  | $ | 815 |  |  |  |  |  |  |  |  | $ | 510 |  | a | $ | 7,582 |  |
Intersegment | 559 |  |  |  |  | 1,028 |  |  | 1,587 |  |  | 193 |  |  | 49 |  |  | 242 |  |  | (2) |  | b |  |  | 180 |  |  | 9 |  |  | 3 |  |  |  |  |  |  |  |  | (2,019) |  |  | — |  |
Production and delivery | 435 |  |  |  |  | 779 |  |  | 1,214 |  |  | 590 |  |  | 178 |  |  | 768 |  |  | 1,124 |  |  |  |  | 128 |  |  | 1,693 |  |  | 791 |  |  |  |  |  |  |  |  | (1,436) |  |  | 4,282 |  |
Depreciation, depletion and amortization (DD&A) | 46 |  |  |  |  | 72 |  |  | 118 |  |  | 94 |  |  | 19 |  |  | 113 |  |  | 389 |  |  |  |  | 26 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 14 |  |  | 668 |  |
Selling, general and administrative expenses | 1 |  |  |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 35 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 82 |  |  | 127 |  |
Exploration and research expenses | 8 |  |  |  |  | 5 |  |  | 13 |  |  | 4 |  |  | — |  |  | 4 |  |  | 1 |  |  |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 27 |  |  | 46 |  |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 27 |  |  | 27 |  |
Operating income (loss) | 132 |  |  |  |  | 236 |  |  | 368 |  |  | 340 |  |  | 34 |  |  | 374 |  |  | 1,868 |  |  |  |  | 25 |  |  | 7 |  |  | 13 |  |  |  |  |  |  |  |  | (223) |  |  | 2,432 |  |
Interest expense, net | — |  |  |  |  | 1 |  |  | 1 |  |  | 4 |  |  | — |  |  | 4 |  |  | 16 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 54 |  |  | 82 |  |
Other (expense) income, net | (1) |  |  |  |  | 1 |  |  | — |  |  | 20 |  |  | 2 |  |  | 22 |  |  | 15 |  |  |  |  | (1) |  |  | (1) |  |  | (14) |  |  |  |  |  |  |  |  | 20 |  |  | 41 |  |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 139 |  |  | 12 |  |  | 151 |  |  | 677 |  |  |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 20 |  |  | 850 |  |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 6 |  |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 105 |  |  | 4 |  |  | 109 |  |  | 648 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 18 |  |  | 775 |  |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 772 |  |
Total assets at June 30, 2025 | 3,337 |  |  |  |  | 7,253 |  |  | 10,590 |  |  | 8,385 |  |  | 2,091 |  |  | 10,476 |  |  | 27,781 |  |  |  |  | 2,027 |  |  | 432 |  |  | 1,508 |  |  |  |  |  |  |  |  | 3,678 |  |  | 56,492 |  |
Capital expenditures | 70 |  |  |  |  | 203 |  |  | 273 |  |  | 78 |  |  | 14 |  |  | 92 |  |  | 740 |  |  |  |  | 27 |  |  | 26 |  |  | 45 |  |  |  |  |  |  |  |  | 58 |  |  | 1,261 |  |
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 |  | c | 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 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 37 |  |  | 664 |  |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 616 |  |
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 |  |
Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine. b.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period. c.Includes nonrecurring labor-related charges totaling $65 million at Cerro Verde associated with a new collective labor agreement. d.Includes charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter. e.Includes oil and gas charges totaling $105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies. f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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