Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-11307-01 | |
Entity Registrant Name | Freeport-McMoRan Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2480931 | |
Entity Address, Address Line One | 333 North Central Avenue | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85004-2189 | |
City Area Code | (602) | |
Local Phone Number | 366-8100 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | FCX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,468,064,383 | |
Entity Central Index Key | 0000831259 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 6,313 | $ 3,657 |
Trade accounts receivable | 1,100 | 892 |
Income and other tax receivables | 578 | 520 |
Inventories: | ||
Total materials and supplies, net | 1,616 | 1,594 |
Mill and leach stockpiles | 1,006 | 1,014 |
Product | 1,596 | 1,285 |
Other current assets | 390 | 341 |
Total current assets | 12,599 | 9,303 |
Property, plant, equipment and mine development costs, net | 29,836 | 29,818 |
Long-term mill and leach stockpiles | 1,473 | 1,463 |
Other assets | 1,528 | 1,560 |
Total assets | 45,436 | 42,144 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 3,106 | 2,708 |
Long-term Debt, Current Maturities | 1,057 | 34 |
Accrued income taxes | 919 | 324 |
Environmental And Asset Retirement Obligations, Current | 334 | 351 |
Dividends Payable, Current | 111 | 0 |
Total current liabilities | 5,527 | 3,417 |
Long-term debt, less current portion | 8,638 | 9,677 |
Deferred Income Tax Liabilities, Net | 4,486 | 4,408 |
Environmental and asset retirement obligations, less current portion | 3,721 | 3,705 |
Other liabilities | 2,129 | 2,269 |
Total liabilities | 24,501 | 23,476 |
Stockholders’ equity: | ||
Common stock | 160 | 159 |
Capital in excess of par value | 26,084 | 26,037 |
Accumulated deficit | (9,880) | (11,681) |
Accumulated other comprehensive loss | (576) | (583) |
Common stock held in treasury | (3,777) | (3,758) |
Total stockholders’ equity | 12,011 | 10,174 |
Noncontrolling interests | 8,924 | 8,494 |
Total equity | 20,935 | 18,668 |
Total liabilities and equity | $ 45,436 | $ 42,144 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,748 | $ 3,054 | $ 10,598 | $ 5,852 |
Cost of sales: | ||||
Production and delivery | 3,067 | 2,394 | 5,853 | 4,939 |
Depreciation, depletion and amortization | 483 | 358 | 902 | 699 |
Metals inventory adjustments | 0 | (139) | 1 | 83 |
Total cost of sales | 3,550 | 2,613 | 6,756 | 5,721 |
Selling, general and administrative expenses | 87 | 91 | 187 | 201 |
Mining exploration and research expenses | 14 | 18 | 21 | 34 |
Environmental obligations and shutdown costs | 33 | 11 | 38 | 37 |
Net (gain) loss on sales of assets | (3) | 0 | (3) | 11 |
Total costs and expenses | 3,681 | 2,733 | 6,999 | 6,004 |
Operating income (loss) | 2,067 | 321 | 3,599 | (152) |
Interest expense, net | (148) | (115) | (293) | (242) |
Net loss on early extinguishment of debt | 0 | (9) | 0 | (41) |
Other income, net | 9 | 20 | 20 | 40 |
Income (loss) before income taxes and equity in affiliated companies’ net earnings | 1,928 | 217 | 3,326 | (395) |
Provision for income taxes | (603) | (96) | (1,046) | (36) |
Equity in affiliated companies’ net earnings | 6 | 3 | 4 | 6 |
Net income (loss) from continuing operations | 1,331 | 124 | 2,284 | (425) |
Net income | 1,331 | 124 | 2,284 | (425) |
Net income (loss) attributable to noncontrolling interests | 248 | 71 | 483 | 13 |
Net income (loss) attributable to common stockholders | $ 1,083 | $ 53 | $ 1,801 | $ (438) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Earnings per share, basic (in dollars per share) | $ 0.74 | $ 0.03 | $ 1.23 | $ (0.30) |
Earnings Per Share, Diluted | $ 0.73 | $ 0.03 | $ 1.21 | $ (0.30) |
Basic weighted-average shares of common stock outstanding | 1,467 | 1,453 | 1,465 | 1,453 |
Diluted weighted-average shares of common shares outstanding | 1,483 | 1,458 | 1,480 | 1,453 |
Dividends declared per share of common stock (in dollars per share) | $ 0.075 | $ 0 | $ 0.15 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,331 | $ 124 | $ 2,284 | $ (425) |
Defined benefit plans: | ||||
Actuarial losses arising during the period | 0 | 0 | (1) | 0 |
Amortization of unrecognized amounts included in net periodic benefit costs | 4 | 12 | 8 | 24 |
Foreign exchange gains (losses) | 0 | 4 | (1) | (1) |
Other comprehensive income | 4 | 16 | 6 | 23 |
Total comprehensive income (loss) | 1,335 | 140 | 2,290 | (402) |
Total comprehensive income attributable to noncontrolling interests | (248) | (71) | (482) | (12) |
Total comprehensive income (loss) | $ 1,087 | $ 69 | $ 1,808 | $ (414) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 2,284 | $ (425) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 902 | 699 |
Metals inventory adjustments | 1 | 83 |
Gain (Loss) on Disposition of Assets | 3 | (11) |
Stock-based compensation | 56 | 43 |
Net charges for environmental and asset retirement obligations, including accretion | 94 | 112 |
Payments for environmental and asset retirement obligations | (110) | (119) |
Net charges for defined pension and postretirement plans | 1 | 45 |
Pension plan contributions | (42) | (29) |
Net loss on early extinguishment of debt | 0 | 41 |
Deferred income taxes | 79 | (28) |
Other, net | 77 | (46) |
Changes in working capital and other: | ||
Accounts receivable | (279) | 83 |
Inventories | (299) | 168 |
Other current assets | (12) | (4) |
Accounts payable and accrued liabilities | 272 | (73) |
Accrued income taxes and timing of other tax payments | 505 | (33) |
Net cash provided by operating activities | 3,470 | 453 |
Cash flow from investing activities: | ||
Capital expenditures | (803) | (1,137) |
Proceeds from Sale of Other Assets, Investing Activities | 16 | 116 |
Acquisition of minority interest in PT Smelting | (33) | 0 |
Other, net | (13) | (5) |
Net cash used in investing activities | (833) | (1,026) |
Cash flow from financing activities: | ||
Proceeds from debt | 160 | 1,585 |
Repayments of debt | (179) | (1,527) |
Cash dividends and distributions paid: | ||
Common stock | (111) | (73) |
Noncontrolling interests | (93) | 0 |
Contributions from noncontrolling interests | 88 | 74 |
Proceeds from exercised stock options | 184 | 1 |
Payments for withholding of employee taxes related to stock-based awards | (19) | (5) |
Payments of Financing Costs | (1) | (31) |
Net cash provided by financing activities | 29 | 24 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 2,666 | (549) |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 3,903 | 2,278 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 6,569 | 1,729 |
North America Copper Mines Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (95) | (332) |
South America Mines Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (47) | (125) |
Grasberg Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (624) | (634) |
Molybdenum | ||
Cash flow from investing activities: | ||
Capital expenditures | (3) | (11) |
Other Segments [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (34) | (35) |
Cerro Verde Royalty Dispute | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Charges for Cerro Verde royalty dispute | 9 | 15 |
Payments for Cerro Verde royalty dispute | $ (65) | $ (90) |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | AOCI Attributable to Parent [Member] | Common Stock Held in Treasury | Total Stockholder's Equity | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2019 | 1,582 | 131 | ||||||
Balance at Dec. 31, 2019 | $ 17,448 | $ 158 | $ 25,830 | $ (12,280) | $ (676) | $ (3,734) | $ 9,298 | $ 8,150 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 1 | |||||||
Exercised and issued stock-based awards | $ 1 | 1 | 1 | |||||
Stock-based compensation, including the tender of shares | 34 | 38 | $ (5) | 33 | 1 | |||
Contributions from noncontrolling interests | 74 | 36 | 36 | 38 | ||||
Net loss attributable to common stockholders | (438) | (438) | (438) | |||||
Net income (loss) attributable to noncontrolling interests | 13 | 13 | ||||||
Other comprehensive income | 23 | 24 | 24 | (1) | ||||
Balance (in shares) at Jun. 30, 2020 | 1,583 | 131 | ||||||
Balance at Jun. 30, 2020 | 17,155 | $ 158 | 25,905 | (12,718) | (652) | $ (3,739) | 8,954 | 8,201 |
Balance (in shares) at Mar. 31, 2020 | 1,583 | 131 | ||||||
Balance at Mar. 31, 2020 | 16,963 | $ 158 | 25,875 | (12,771) | (668) | $ (3,739) | 8,855 | 8,108 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation, including the tender of shares | 10 | 9 | 9 | 1 | ||||
Contributions from noncontrolling interests | 42 | 21 | 21 | 21 | ||||
Net loss attributable to common stockholders | 53 | 53 | 53 | |||||
Net income (loss) attributable to noncontrolling interests | 71 | 71 | ||||||
Other comprehensive income | 16 | 16 | 16 | 0 | ||||
Balance (in shares) at Jun. 30, 2020 | 1,583 | 131 | ||||||
Balance at Jun. 30, 2020 | 17,155 | $ 158 | 25,905 | (12,718) | (652) | $ (3,739) | 8,954 | 8,201 |
Balance (in shares) at Dec. 31, 2020 | 1,590 | 132 | ||||||
Balance at Dec. 31, 2020 | $ 18,668 | $ 159 | 26,037 | (11,681) | (583) | $ (3,758) | 10,174 | 8,494 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 11 | |||||||
Exercised and issued stock-based awards | $ 184 | $ 1 | 183 | 184 | ||||
Stock-based compensation, including the tender of shares (in shares) | 1 | |||||||
Stock-based compensation, including the tender of shares | 20 | 43 | $ (19) | 24 | (4) | |||
Contributions from noncontrolling interests | 88 | 43 | 43 | 45 | ||||
Dividends | (315) | (222) | (222) | (93) | ||||
Net loss attributable to common stockholders | 1,801 | 1,801 | 1,801 | |||||
Net income (loss) attributable to noncontrolling interests | 483 | 483 | ||||||
Other comprehensive income | 6 | 7 | 7 | (1) | ||||
Balance (in shares) at Jun. 30, 2021 | 1,601 | 133 | ||||||
Balance at Jun. 30, 2021 | 20,935 | $ 160 | 26,084 | (9,880) | (576) | $ (3,777) | 12,011 | 8,924 |
Balance (in shares) at Mar. 31, 2021 | 1,597 | 133 | ||||||
Balance at Mar. 31, 2021 | $ 19,573 | $ 160 | 26,080 | (10,963) | (580) | $ (3,777) | 10,920 | 8,653 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 4 | |||||||
Exercised and issued stock-based awards | $ 78 | 78 | 78 | |||||
Stock-based compensation, including the tender of shares | 13 | 14 | 14 | (1) | ||||
Contributions from noncontrolling interests | 47 | 23 | 23 | 24 | ||||
Dividends | (111) | (111) | (111) | |||||
Net loss attributable to common stockholders | 1,083 | 1,083 | 1,083 | |||||
Net income (loss) attributable to noncontrolling interests | 248 | 248 | ||||||
Other comprehensive income | 4 | 4 | 4 | 0 | ||||
Balance (in shares) at Jun. 30, 2021 | 1,601 | 133 | ||||||
Balance at Jun. 30, 2021 | $ 20,935 | $ 160 | $ 26,084 | $ (9,880) | $ (576) | $ (3,777) | $ 12,011 | $ 8,924 |
General Information (Unaudited)
General Information (Unaudited) | 6 Months Ended |
Jun. 30, 2021 | |
General Information [Abstract] | |
General Information | GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Trade Accounts Receivable Agreements. In first-quarter 2021, PT Freeport Indonesia (PT-FI) entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting (PT-FI’s 39.5 percent owned copper smelter and refinery in Gresik, Indonesia - see “Acquisition of Minority Interest in PT Smelting” below for further discussion). The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at June 30, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts sold under these arrangements totaled $135 million in second-quarter 2021 and $188 million for the six-month period ended June 30, 2021. Discounts on the sold receivables totaled less than $1 million during 2021. Acquisition of Minority Interest in PT Smelting. On April 30, 2021, PT-FI acquired 14.5 percent of the outstanding common stock of PT Smelting for $33 million, increasing its ownership interest from 25 percent to 39.5 percent. The remaining shares of PT Smelting continue to be owned by Mitsubishi Materials Corporation. PT-FI has continued to account for its investment in PT Smelting using the equity method since it does not have control over PT Smelting. Subsequent Events. FCX evaluated events after June 30, 2021, and through the date the consolidated financial statements were issued, and took into account events and transactions occurring during this period requiring recognition or disclosure in these consolidated financial statements. On July 26, 2021, FCX’s 56-percent-owned subsidiary, Koboltti Chemicals Holdings Limited, entered into an agreement to sell its specialty cobalt business based in Kokkola, Finland (Freeport Cobalt) to Jervois Mining Limited (Jervois) for $85 million (in cash and Jervois shares) plus net working capital, estimated to approximate $125 million at June 30, 2021. In addition, FCX and its noncontrolling interest partners will have the right to receive up to $40 million in contingent cash consideration based on the future performance of the business. FCX currently estimates its share of the proceeds, excluding contingent consideration, would approximate $100 million cash plus its pro rata 56 percent share of 9.9 percent of Jervois shares. The transaction is subject to the completion of Jervois financing and other customary closing conditions and is expected to close in the third quarter of 2021. FCX expects to record a gain on the transaction. The operating results of Freeport Cobalt are not significant to FCX’s financial statements for the year ended December 31, 2020, or the three- and six-month periods ended June 30, 2021. At June 30, 2021, Freeport Cobalt had total assets of $180 million and total liabilities of $28 million included on FCX's balance sheet. The Freeport Cobalt operations do not represent an operating segment of FCX and did not meet the criteria to be classified as held for sale at June 30, 2021. |
Earnings per Share (Unaudited)
Earnings per Share (Unaudited) Earnings per Share (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock. Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) $ 1,331 $ 124 $ 2,284 $ (425) Net income attributable to noncontrolling interests (248) (71) (483) (13) Undistributed earnings allocated to participating securities (4) (3) (4) (3) Net income (loss) attributable to common stockholders $ 1,079 $ 50 $ 1,797 $ (441) Basic weighted-average shares of common stock outstanding 1,467 1,453 1,465 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 16 5 15 — a Diluted weighted-average shares of common stock outstanding 1,483 1,458 1,480 1,453 Basic net income (loss) per share attributable to common stockholders: $ 0.74 $ 0.03 $ 1.23 $ (0.30) Diluted net income (loss) per share attributable to common stockholders: $ 0.73 $ 0.03 $ 1.21 $ (0.30) a. Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income (loss) per share of common stock. Stock options for 4 million shares of common stock in second-quarter 2021, 38 million shares of common stock in second-quarter 2020, 7 million shares of common stock for the first six months of 2021 and 39 million shares of common stock the first six months of 2020 were excluded. |
Inventories, Including Long-Ter
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Including Long-Term Mill and Leach Stockpiles | INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): June 30, 2021 December 31, 2020 Current inventories: Total materials and supplies, net a $ 1,616 $ 1,594 Mill stockpiles $ 172 $ 205 Leach stockpiles 834 809 Total current mill and leach stockpiles $ 1,006 $ 1,014 Raw materials (primarily concentrate) $ 433 $ 366 Work-in-process 200 174 Finished goods 963 745 Total product $ 1,596 $ 1,285 Long-term inventories: Mill stockpiles $ 242 $ 223 Leach stockpiles 1,231 1,240 Total long-term mill and leach stockpiles b $ 1,473 $ 1,463 a. Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2021, and $32 million at December 31, 2020. b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded net favorable adjustments to increase long-term metals inventory carrying values by $139 million in second-quarter 2020, including an increase to long-term copper inventories ($144 million), primarily related to the reversal of net realizable value adjustments recorded on long-term copper inventories in first-quarter 2020 because of higher copper market prices at June 30, 2020, and a decrease to long-term molybdenum inventories ($5 million) because of lower molybdenum market prices at June 30, 2020. Net realizable value inventory adjustments to decrease metals inventory carrying values totaling $83 million were recorded in the first six months of 2020 associated with lower market prices for copper ($61 million) and molybdenum ($22 million). Refer to Note 9 for metals inventory adjustments by business segment. |
Income Taxes (Unaudited)
Income Taxes (Unaudited) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions): Six Months Ended June 30, 2021 2020 U.S. operations $ (4) $ 58 a International operations (1,042) (94) Total $ (1,046) $ (36) a. Includes a tax credit 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 in Serbia, after considering relevant tax law. FCX’s consolidated effective income tax rate was 31 percent for the first six months of 2021 and (9) percent for the first six months of 2020. Because FCX's U.S. jurisdiction generated pre-tax losses for the first six months of 2020 that did not result in a realized tax benefit, applicable accounting rules required FCX to adjust its 2020 estimated annual effective tax rate to exclude the impact of U.S. pre-tax losses. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world are announcing measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the six months ended June 30, 2021 and 2020. |
Debt and Equity
Debt and Equity | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Equity | DEBT AND EQUITY The components of debt follow (in millions): June 30, December 31, 2020 Senior notes and debentures: Issued by FCX $ 8,787 $ 8,783 Issued by Freeport Minerals Corporation (FMC) 356 356 Cerro Verde Term Loan 524 523 Other 28 49 Total debt 9,695 9,711 Less current portion of debt (1,057) a (34) Long-term debt $ 8,638 $ 9,677 a. Includes $0.5 billion for the 3.55% Senior Notes due March 2022 and $0.5 billion for the Cerro Verde Term Loan due June 2022. Revolving Credit Facility. At June 30, 2021, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. In March 2021, FCX delivered a Covenant Reversion Notice (as defined in the third amendment to the revolving credit facility dated June 3, 2020), which provided notification of its election to end the Covenant Increase Period (as defined in the third amendment to the revolving credit facility dated June 3, 2020). As a result, the leverage ratio limit reverted to 5.25x through the quarter ended June 30, 2021 (and will step down to 3.75x beginning with the quarter ending September 30, 2021), and the interest expense coverage ratio minimum reverted to 2.25x. Additionally, following FCX’s election to end the Covenant Increase Period, the additional limits on priority debt and liens, and the provisions related to minimum liquidity and restricted payments (which included restrictions on the payment of common stock dividends) are no longer applicable. At June 30, 2021, FCX was in compliance with its revolving credit facility covenants. PT-FI Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery, and for PT-FI’s general corporate purposes. The term loan allows for borrowings up to $667 million within the first three years, and amortizes in four installments, with 15 percent of the outstanding balance due in January 2025, 15 percent due in July 2025, 35 percent due in January 2026 and the remaining 35 percent due in July 2026. The $333 million revolving credit facility is available for drawings until June 2026. Amounts drawn under the credit facility bear interest at the London Inter-bank Offered Rate plus a margin of 1.875% or 2.125%, as defined by the agreement. PT-FI’s credit facility contains customary affirmative covenants and representations and also contains standard covenants that, among other things, restrict, subject to certain exceptions, the ability of PT-FI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage and certain environmental and social compliance requirements. Senior Notes. In March 2020, FCX completed the sale of $1.3 billion of senior notes. FCX used a portion of the net proceeds from this offering to purchase or redeem its 4.00% Senior Notes due 2021 and to purchase a portion of its 3.55% Senior Notes due 2022 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. As a result of these transactions, FCX recorded a loss on early extinguishment of debt of $9 million in second-quarter 2020 and $41 million for the six months ended June 30, 2020. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $165 million in second-quarter 2021, $159 million in second-quarter 2020, $325 million for the first six months of 2021 and $330 million for the first six months of 2020. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $17 million in second-quarter 2021, $44 million in second-quarter 2020, $32 million for the first six months of 2021 and $88 million for the first six months of 2020. The decrease in capitalized interest for the 2021 periods results from significant assets placed in service as PT-FI’s underground mining operations continue to ramp up. Common Stock. In February 2021, FCX’s Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. On June 23, 2021, FCX declared a quarterly cash dividend of $0.075 per share on its common stock, which was paid on August 2, 2021, to common stockholders of record as of July 15, 2021. |
Financial Instruments (Unaudite
Financial Instruments (Unaudited) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provided for fixed pricing of $2.34 per pound of copper on approximately 60 percent of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses totaling $24 million in second-quarter 2020 and for the six months ended June 30, 2020. There were no remaining forward sales contracts as of June 30, 2020. A discussion of FCX’s other derivative contracts and programs follows: Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2021 and 2020. At June 30, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 80 million pounds at an average contract price of $4.20 per pound, with maturities through May 2023. A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (11) $ 40 $ (8) $ 7 Hedged item – firm sales commitments 11 (40) 8 (7) Realized gains (losses): Matured derivative financial instruments 28 (8) 52 (17) Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold prices as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold prices, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at June 30, 2021, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 597 $ 4.31 $ 4.25 December 2021 Gold (thousands of ounces) 157 1,848 1,762 September 2021 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 115 4.30 4.25 November 2021 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At June 30, 2021, Atlantic Copper held net copper forward purchase contracts for 17 million pounds at an average contract price of $4.36 per pound, with maturities through August 2021. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Embedded derivatives in provisional sales contracts: a Copper $ 118 $ 162 $ 325 $ (76) Gold and other metals 15 17 (13) 24 Copper forward contracts b (5) (4) (13) 19 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2020 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ 15 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 62 169 Copper forward contracts 2 — Total derivative assets $ 72 $ 184 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 103 21 Copper forward contracts 4 — Total derivative liabilities $ 108 $ 21 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, December 31, 2020 June 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 169 $ 103 $ 21 Copper derivatives 10 15 5 — 72 184 108 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 14 1 14 1 Copper derivatives 2 — 2 — 16 1 16 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 48 168 89 20 Copper derivatives 8 15 3 — $ 56 $ 183 $ 92 $ 20 Balance sheet classification: Trade accounts receivable $ 30 $ 168 $ 62 $ — Other current assets 8 15 — — Other assets 1 — — — Accounts payable and accrued liabilities 17 — 29 20 Other liabilities — — 1 — $ 56 $ 183 $ 92 $ 20 Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of June 30, 2021, the maximum amount of credit exposure associated with derivative transactions was $72 million. Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and debt. The carrying value for cash and cash equivalents (which included time deposits of $0.2 billion at June 30, 2021, and $0.3 billion at December 31, 2020), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt). In addition, as of June 30, 2021, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values). Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): June 30, December 31, 2020 Balance sheet components: Cash and cash equivalents $ 6,313 $ 3,657 Restricted cash and restricted cash equivalents included in: Other current assets 116 97 Other assets 140 149 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 6,569 $ 3,903 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-quarter 2021. FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At June 30, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 15 15 — 15 — — Total 44 44 29 15 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 54 54 — — 54 — Corporate bonds 40 40 — — 40 — Government mortgage-backed securities 29 29 — — 29 — Asset-backed securities 12 12 — — 12 — Money market funds 6 6 — 6 — — Collateralized mortgage-backed securities 3 3 — — 3 — Municipal bonds 1 1 — — 1 — Total 209 209 64 6 139 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 62 62 — — 62 — Copper futures and swap contracts c 8 8 — 4 4 — Copper forward contracts c 2 2 — 1 1 — Total 72 72 — 5 67 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 98 85 — — — 85 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 103 103 — — 103 — Copper futures and swap contracts c 1 1 — 1 — — Copper forward contracts 4 4 — 1 3 — Total 108 108 — 2 106 — Long-term debt, including current portion d 9,695 10,853 — — 10,853 — At December 31, 2020 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 7 7 — 7 — — Total 36 36 29 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government bonds and notes 49 49 — — 49 — Corporate bonds 43 43 — — 43 — Government mortgage-backed securities 30 30 — — 30 — Asset-backed securities 16 16 — — 16 — Money market funds 5 5 — 5 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 213 213 65 5 143 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 169 169 — — 169 — Copper futures and swap contracts c 15 15 — 13 2 — Total 184 184 — 13 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 108 88 — — — 88 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 21 21 — — 21 — Long-term debt, including current portion d 9,711 10,994 — — 10,994 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at June 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $139 million at June 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for new domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $18 million at June 30, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $80 million at June 30, 2021, and $96 million at December 31, 2020. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2021, as compared with those techniques used at December 31, 2020. A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2021 follows (in millions): Fair value at January 1, 2021 $ 88 Net unrealized gain related to assets still held at the end of the period 7 Settlements (10) Fair value at June 30, 2021 $ 85 |
Contingencies and Commitments (
Contingencies and Commitments (Unaudited) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | CONTINGENCIES AND COMMITMENTS Environmental Newtown Creek. From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, U.S. Environmental Protection Agency (EPA) notified PDRC, four other companies and the City of New York that EPA considers them to be potentially responsible parties (PRPs) under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and five other parties (the Newtown Creek Group, NCG) entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify potential remedial options. The parties ’ RI/FS work under the AOC and their efforts to identify other PRPs are ongoing. The NCG submitted the initial draft RI to EPA in 2016 and currently expects the report to be finalized in 2021. The NCG currently anticipates a draft FS to be submitted to EPA for review and approval in 2024. EPA is not expected to propose a final creek-wide remedy until after the RI/FS is completed, with the actual remediation construction starting several years later. In July 2019, the NCG entered into an AOC to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an interim remedy for that section of the creek. In July 2021, EPA terminated the FFS, which effectively incorporates remediation of the lower creek with the site-wide remedy. FCX’s environmental liability balance for the creek was $308 million at June 30, 2021. The final costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2020 Form 10-K, other than the matters discussed below. Asbestos and Talc Claims . As previously disclosed, since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from, among other things, exposure to asbestos or talc allegedly contained in industrial products, and more recently alleging the presence of asbestos contamination in talc-based cosmetic and personal care products. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among the targets of such lawsuits. Cyprus Mines and subsidiaries were engaged in talc mining and processing from 1964 until 1992 when Cyprus Mines exited its talc business. On February 13, 2019, Imerys Talc America (Imerys), the current owner of the talc business assets and liabilities previously owned by Cyprus Mines, filed for Chapter 11 bankruptcy protection. On December 22, 2020, Imerys filed an amended bankruptcy plan disclosing a global settlement with Cyprus Mines and CAMC, which provides a framework for a full and comprehensive resolution of all current and future potential liabilities arising out of the Cyprus Mines talc business, including claims against FCX, its affiliates, Cyprus Mines and CAMC. A hearing to consider confirmation of the Imerys bankruptcy plan has been scheduled to be held in November 2021. Consistent with the global settlement agreement, Cyprus Mines commenced its own bankruptcy process on February 11, 2021, and talc-related litigation against both Cyprus Mines and Cyprus Amax Minerals Company is stayed through 2021. The global settlement is subject to, among other things, votes by claimants in both the Imerys and Cyprus Mines bankruptcy cases as well as bankruptcy court approvals in both cases, and there can be no assurance that the global settlement will be successfully implemented. FCX has a $130 million liability balance at June 30, 2021, associated with the proposed settlement. Other Matters PT-FI and PT Smelting Export Licenses. In March 2021, PT-FI received a one-year extension of its export license through March 15, 2022. In July 2021, PT Smelting received a six-month extension of its anodes slimes export license, which currently expires December 30, 2021. Development Progress of Greenfield Smelter at East Java . On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020 (additional fines could be levied on exports after September 30, 2020), on PT-FI for failing to achieve physical development progress on the greenfield smelter as of July 31, 2020. PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control that caused a delay in development progress for the greenfield smelter at East Java. PT-FI believes that its communications during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. In June 2021, the Indonesia government issued a ministerial decree for the calculation of an administrative fine for lack of smelter development in light of the COVID-19 pandemic. PT-FI is continuing to discuss this matter with the Indonesia government as well as provide additional documentation to support its position on the cause of delays in development progress on the greenfield smelter. During the first six months of 2021, PT-FI recorded charges totaling $16 million ($3 million in second-quarter 2021 and $13 million in first-quarter 2021) for a potential settlement of the administrative fine which is expected to include a revised construction schedule for the greenfield smelter. No additional fine is expected for the construction period after July 2020 based on the revised schedule. The final settlement could differ from the amounts recorded in 2021. Chiyoda Contract. In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of a new greenfield smelter in Gresik, Indonesia with an estimated contract cost of $2.8 billion. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment | 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 percent of PT-FI’s sales to PT Smelting, 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, 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 second quarters and first six months of 2021 and 2020 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Copper: Concentrate $ 2,076 $ 749 $ 3,785 $ 1,598 Cathode 1,535 1,124 2,769 1,961 Rod and other refined copper products 833 303 1,517 845 Purchased copper a 310 166 528 401 Gold 597 341 1,115 611 Molybdenum 288 194 532 437 Other b 203 115 456 272 Adjustments to revenues: Treatment charges (101) (75) (198) (155) Royalty expense c (82) (26) (145) (46) Export duties d (44) (16) (73) (20) Revenues from contracts with customers 5,615 2,875 10,286 5,904 Embedded derivatives e 133 179 312 (52) Total consolidated revenues $ 5,748 $ 3,054 $ 10,598 $ 5,852 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with cobalt and silver. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Reflects PT-FI export duties. e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced 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 June 30, 2021 Revenues: Unaffiliated customers $ 57 $ 55 $ 112 $ 825 $ 188 $ 1,013 $ 1,753 a $ — $ 1,689 $ 794 $ 387 b $ 5,748 Intersegment 721 1,021 1,742 120 — 120 56 89 6 — (2,013) — Production and delivery 351 574 925 494 c 106 600 528 56 1,691 775 (1,508) d 3,067 Depreciation, depletion and amortization 40 61 101 82 12 94 247 17 1 8 15 483 Selling, general and administrative expenses 1 — 1 2 — 2 27 — — 5 52 87 Mining exploration and research expenses — — — — — — — — — — 14 14 Environmental obligations and shutdown costs 1 — 1 — — — — — — — 32 33 Net gain on sales of assets — — — — — — — — — — (3) (3) Operating income (loss) 385 441 826 367 70 437 1,007 16 3 6 (228) 2,067 Interest expense, net — — — 12 — 12 6 — — 2 128 148 Provision for income taxes — — — 145 17 162 404 — — — 37 603 Total assets at June 30, 2021 2,635 5,288 7,923 8,795 1,795 10,590 18,461 1,740 271 1,117 5,334 45,436 Capital expenditures 22 47 69 23 3 26 314 2 — 7 15 433 Three Months Ended June 30, 2020 Revenues: Unaffiliated customers $ 20 $ 16 $ 36 $ 471 $ 106 $ 577 $ 683 a $ — $ 1,106 $ 464 $ 188 b $ 3,054 Intersegment 447 505 952 e 52 — 52 35 58 8 2 (1,107) — Production and delivery 348 439 787 334 104 438 378 61 1,138 446 (854) 2,394 Depreciation, depletion and amortization 43 46 89 88 14 102 124 15 6 7 15 358 Metals inventory adjustments — (89) (89) — (57) (57) — 1 1 — 5 (139) Selling, general and administrative expenses — 1 1 1 — 1 28 — — 5 56 91 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 Environmental obligations and shutdown costs — — — — — — — — — — 11 11 Operating income (loss) 76 123 199 100 45 145 188 (19) (31) 8 (169) 321 Interest expense, net 1 — 1 20 — 20 1 — — 1 92 115 Provision for (benefit from) income taxes — — — 29 16 45 78 — — 1 (28) 96 Total assets at June 30, 2020 2,697 5,198 7,895 8,515 1,631 10,146 16,848 1,777 259 726 2,579 40,230 Capital expenditures 27 121 148 31 20 51 308 4 2 5 9 527 a. Includes PT-FI's sales to PT Smelting totaling $756 million in second-quarter 2021 and $433 million in second-quarter 2020. 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 $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees. d. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $19 million. e. Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound. (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 Six months ended June 30, 2021 Revenues: Unaffiliated customers $ 61 $ 83 $ 144 $ 1,742 $ 363 $ 2,105 $ 3,136 a $ — $ 2,998 $ 1,481 $ 734 b $ 10,598 Intersegment 1,285 1,763 3,048 165 — 165 108 159 13 — (3,493) — Production and delivery 620 1,054 1,674 930 c 209 1,139 983 113 3,007 1,448 (2,511) d 5,853 Depreciation, depletion and amortization 74 107 181 171 24 195 446 32 2 15 31 902 Metals inventory adjustments — — — — — — — 1 — — — 1 Selling, general and administrative expenses 1 1 2 4 — 4 53 — — 12 116 187 Mining exploration and research expenses — — — — — — — — — — 21 21 Environmental obligations and shutdown costs 1 — 1 — — — — — — — 37 38 Net gain on sales of assets — — — — — — — — — — (3) (3) Operating income (loss) 650 684 1,334 802 130 932 1,762 13 2 6 (450) 3,599 Interest expense, net — — — 25 — 25 7 — — 3 258 293 Provision for (benefit from) income taxes — — — 318 38 356 719 — — — (29) 1,046 Capital expenditures 32 63 95 43 4 47 624 3 1 13 20 803 Six months ended June 30, 2020 Revenues: Unaffiliated customers $ 22 $ 23 $ 45 $ 847 $ 204 $ 1,051 $ 1,128 a $ — $ 2,221 $ 893 $ 514 b $ 5,852 Intersegment 889 1,039 1,928 e 90 — 90 35 129 16 13 (2,211) — Production and delivery 697 950 1,647 758 214 972 721 127 2,257 857 (1,642) 4,939 Depreciation, depletion and amortization 87 94 181 181 29 210 225 31 8 14 30 699 Metals inventory adjustments 4 52 56 — 3 3 — 5 1 — 18 83 Selling, general and administrative expenses 1 1 2 3 — 3 56 — — 10 130 201 Mining exploration and research expenses — 2 2 — — — — — — — 32 34 Environmental obligations and shutdown costs — — — — — — — — 1 — 36 37 Net loss on sales of assets — — — — — — — — — — 11 11 Operating income (loss) 122 (37) 85 (5) (42) (47) 161 (34) (30) 25 (312) (152) Interest expense, net 2 — 2 48 — 48 2 — — 4 186 242 (Benefit from) provision for income taxes — — — (23) (10) (33) 90 — — 1 (22) 36 Capital expenditures 71 261 332 90 35 125 634 11 4 11 20 1,137 a. Includes PT-FI's sales to PT Smelting totaling $1.5 billion for the first six months of 2021 and $813 million for the first six months of 2020. 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 $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees. d. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million. e. Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound. |
Earnings per Share (Unaudited_2
Earnings per Share (Unaudited) Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding | Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) $ 1,331 $ 124 $ 2,284 $ (425) Net income attributable to noncontrolling interests (248) (71) (483) (13) Undistributed earnings allocated to participating securities (4) (3) (4) (3) Net income (loss) attributable to common stockholders $ 1,079 $ 50 $ 1,797 $ (441) Basic weighted-average shares of common stock outstanding 1,467 1,453 1,465 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 16 5 15 — a Diluted weighted-average shares of common stock outstanding 1,483 1,458 1,480 1,453 Basic net income (loss) per share attributable to common stockholders: $ 0.74 $ 0.03 $ 1.23 $ (0.30) Diluted net income (loss) per share attributable to common stockholders: $ 0.73 $ 0.03 $ 1.21 $ (0.30) a. Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive. |
Inventories, Including Long-T_2
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The components of inventories follow (in millions): June 30, 2021 December 31, 2020 Current inventories: Total materials and supplies, net a $ 1,616 $ 1,594 Mill stockpiles $ 172 $ 205 Leach stockpiles 834 809 Total current mill and leach stockpiles $ 1,006 $ 1,014 Raw materials (primarily concentrate) $ 433 $ 366 Work-in-process 200 174 Finished goods 963 745 Total product $ 1,596 $ 1,285 Long-term inventories: Mill stockpiles $ 242 $ 223 Leach stockpiles 1,231 1,240 Total long-term mill and leach stockpiles b $ 1,473 $ 1,463 a. Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2021, and $32 million at December 31, 2020. b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income Taxes (Unaudited) (Table
Income Taxes (Unaudited) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income before income taxes and equity in an affiliated companies' net earnings | Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions): Six Months Ended June 30, 2021 2020 U.S. operations $ (4) $ 58 a International operations (1,042) (94) Total $ (1,046) $ (36) a. Includes a tax credit 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 in Serbia, after considering relevant tax law. |
Debt and Equity (Tables)
Debt and Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of debt follow (in millions): June 30, December 31, 2020 Senior notes and debentures: Issued by FCX $ 8,787 $ 8,783 Issued by Freeport Minerals Corporation (FMC) 356 356 Cerro Verde Term Loan 524 523 Other 28 49 Total debt 9,695 9,711 Less current portion of debt (1,057) a (34) Long-term debt $ 8,638 $ 9,677 a. Includes $0.5 billion for the 3.55% Senior Notes due March 2022 and $0.5 billion for the Cerro Verde Term Loan due June 2022. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item | A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (11) $ 40 $ (8) $ 7 Hedged item – firm sales commitments 11 (40) 8 (7) Realized gains (losses): Matured derivative financial instruments 28 (8) 52 (17) |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at June 30, 2021, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 597 $ 4.31 $ 4.25 December 2021 Gold (thousands of ounces) 157 1,848 1,762 September 2021 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 115 4.30 4.25 November 2021 |
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions | A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Embedded derivatives in provisional sales contracts: a Copper $ 118 $ 162 $ 325 $ (76) Gold and other metals 15 17 (13) 24 Copper forward contracts b (5) (4) (13) 19 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2020 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 8 $ 15 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 62 169 Copper forward contracts 2 — Total derivative assets $ 72 $ 184 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 1 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 103 21 Copper forward contracts 4 — Total derivative liabilities $ 108 $ 21 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, December 31, 2020 June 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 169 $ 103 $ 21 Copper derivatives 10 15 5 — 72 184 108 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 14 1 14 1 Copper derivatives 2 — 2 — 16 1 16 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 48 168 89 20 Copper derivatives 8 15 3 — $ 56 $ 183 $ 92 $ 20 Balance sheet classification: Trade accounts receivable $ 30 $ 168 $ 62 $ — Other current assets 8 15 — — Other assets 1 — — — Accounts payable and accrued liabilities 17 — 29 20 Other liabilities — — 1 — $ 56 $ 183 $ 92 $ 20 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, December 31, 2020 June 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 169 $ 103 $ 21 Copper derivatives 10 15 5 — 72 184 108 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts 14 1 14 1 Copper derivatives 2 — 2 — 16 1 16 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 48 168 89 20 Copper derivatives 8 15 3 — $ 56 $ 183 $ 92 $ 20 Balance sheet classification: Trade accounts receivable $ 30 $ 168 $ 62 $ — Other current assets 8 15 — — Other assets 1 — — — Accounts payable and accrued liabilities 17 — 29 20 Other liabilities — — 1 — $ 56 $ 183 $ 92 $ 20 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): June 30, December 31, 2020 Balance sheet components: Cash and cash equivalents $ 6,313 $ 3,657 Restricted cash and restricted cash equivalents included in: Other current assets 116 97 Other assets 140 149 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 6,569 $ 3,903 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs Disclosure | A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions): At June 30, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 15 15 — 15 — — Total 44 44 29 15 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 54 54 — — 54 — Corporate bonds 40 40 — — 40 — Government mortgage-backed securities 29 29 — — 29 — Asset-backed securities 12 12 — — 12 — Money market funds 6 6 — 6 — — Collateralized mortgage-backed securities 3 3 — — 3 — Municipal bonds 1 1 — — 1 — Total 209 209 64 6 139 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 62 62 — — 62 — Copper futures and swap contracts c 8 8 — 4 4 — Copper forward contracts c 2 2 — 1 1 — Total 72 72 — 5 67 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 98 85 — — — 85 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 103 103 — — 103 — Copper futures and swap contracts c 1 1 — 1 — — Copper forward contracts 4 4 — 1 3 — Total 108 108 — 2 106 — Long-term debt, including current portion d 9,695 10,853 — — 10,853 — At December 31, 2020 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 29 $ 29 $ 29 $ — $ — $ — Equity securities 7 7 — 7 — — Total 36 36 29 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government bonds and notes 49 49 — — 49 — Corporate bonds 43 43 — — 43 — Government mortgage-backed securities 30 30 — — 30 — Asset-backed securities 16 16 — — 16 — Money market funds 5 5 — 5 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 213 213 65 5 143 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 169 169 — — 169 — Copper futures and swap contracts c 15 15 — 13 2 — Total 184 184 — 13 171 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 108 88 — — — 88 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 21 21 — — 21 — Long-term debt, including current portion d 9,711 10,994 — — 10,994 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at June 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $139 million at June 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for new domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees. c. Refer to Note 6 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. |
Summary of Unobservable Input Reconciliation | A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2021 follows (in millions): Fair value at January 1, 2021 $ 88 Net unrealized gain related to assets still held at the end of the period 7 Settlements (10) Fair value at June 30, 2021 $ 85 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services | Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2021 and 2020 follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Copper: Concentrate $ 2,076 $ 749 $ 3,785 $ 1,598 Cathode 1,535 1,124 2,769 1,961 Rod and other refined copper products 833 303 1,517 845 Purchased copper a 310 166 528 401 Gold 597 341 1,115 611 Molybdenum 288 194 532 437 Other b 203 115 456 272 Adjustments to revenues: Treatment charges (101) (75) (198) (155) Royalty expense c (82) (26) (145) (46) Export duties d (44) (16) (73) (20) Revenues from contracts with customers 5,615 2,875 10,286 5,904 Embedded derivatives e 133 179 312 (52) Total consolidated revenues $ 5,748 $ 3,054 $ 10,598 $ 5,852 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with cobalt and silver. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Reflects PT-FI export duties. e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts. |
Schedule of financial information by business segment | 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 June 30, 2021 Revenues: Unaffiliated customers $ 57 $ 55 $ 112 $ 825 $ 188 $ 1,013 $ 1,753 a $ — $ 1,689 $ 794 $ 387 b $ 5,748 Intersegment 721 1,021 1,742 120 — 120 56 89 6 — (2,013) — Production and delivery 351 574 925 494 c 106 600 528 56 1,691 775 (1,508) d 3,067 Depreciation, depletion and amortization 40 61 101 82 12 94 247 17 1 8 15 483 Selling, general and administrative expenses 1 — 1 2 — 2 27 — — 5 52 87 Mining exploration and research expenses — — — — — — — — — — 14 14 Environmental obligations and shutdown costs 1 — 1 — — — — — — — 32 33 Net gain on sales of assets — — — — — — — — — — (3) (3) Operating income (loss) 385 441 826 367 70 437 1,007 16 3 6 (228) 2,067 Interest expense, net — — — 12 — 12 6 — — 2 128 148 Provision for income taxes — — — 145 17 162 404 — — — 37 603 Total assets at June 30, 2021 2,635 5,288 7,923 8,795 1,795 10,590 18,461 1,740 271 1,117 5,334 45,436 Capital expenditures 22 47 69 23 3 26 314 2 — 7 15 433 Three Months Ended June 30, 2020 Revenues: Unaffiliated customers $ 20 $ 16 $ 36 $ 471 $ 106 $ 577 $ 683 a $ — $ 1,106 $ 464 $ 188 b $ 3,054 Intersegment 447 505 952 e 52 — 52 35 58 8 2 (1,107) — Production and delivery 348 439 787 334 104 438 378 61 1,138 446 (854) 2,394 Depreciation, depletion and amortization 43 46 89 88 14 102 124 15 6 7 15 358 Metals inventory adjustments — (89) (89) — (57) (57) — 1 1 — 5 (139) Selling, general and administrative expenses — 1 1 1 — 1 28 — — 5 56 91 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 Environmental obligations and shutdown costs — — — — — — — — — — 11 11 Operating income (loss) 76 123 199 100 45 145 188 (19) (31) 8 (169) 321 Interest expense, net 1 — 1 20 — 20 1 — — 1 92 115 Provision for (benefit from) income taxes — — — 29 16 45 78 — — 1 (28) 96 Total assets at June 30, 2020 2,697 5,198 7,895 8,515 1,631 10,146 16,848 1,777 259 726 2,579 40,230 Capital expenditures 27 121 148 31 20 51 308 4 2 5 9 527 a. Includes PT-FI's sales to PT Smelting totaling $756 million in second-quarter 2021 and $433 million in second-quarter 2020. 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 $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees. d. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $19 million. e. Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound. (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 Six months ended June 30, 2021 Revenues: Unaffiliated customers $ 61 $ 83 $ 144 $ 1,742 $ 363 $ 2,105 $ 3,136 a $ — $ 2,998 $ 1,481 $ 734 b $ 10,598 Intersegment 1,285 1,763 3,048 165 — 165 108 159 13 — (3,493) — Production and delivery 620 1,054 1,674 930 c 209 1,139 983 113 3,007 1,448 (2,511) d 5,853 Depreciation, depletion and amortization 74 107 181 171 24 195 446 32 2 15 31 902 Metals inventory adjustments — — — — — — — 1 — — — 1 Selling, general and administrative expenses 1 1 2 4 — 4 53 — — 12 116 187 Mining exploration and research expenses — — — — — — — — — — 21 21 Environmental obligations and shutdown costs 1 — 1 — — — — — — — 37 38 Net gain on sales of assets — — — — — — — — — — (3) (3) Operating income (loss) 650 684 1,334 802 130 932 1,762 13 2 6 (450) 3,599 Interest expense, net — — — 25 — 25 7 — — 3 258 293 Provision for (benefit from) income taxes — — — 318 38 356 719 — — — (29) 1,046 Capital expenditures 32 63 95 43 4 47 624 3 1 13 20 803 Six months ended June 30, 2020 Revenues: Unaffiliated customers $ 22 $ 23 $ 45 $ 847 $ 204 $ 1,051 $ 1,128 a $ — $ 2,221 $ 893 $ 514 b $ 5,852 Intersegment 889 1,039 1,928 e 90 — 90 35 129 16 13 (2,211) — Production and delivery 697 950 1,647 758 214 972 721 127 2,257 857 (1,642) 4,939 Depreciation, depletion and amortization 87 94 181 181 29 210 225 31 8 14 30 699 Metals inventory adjustments 4 52 56 — 3 3 — 5 1 — 18 83 Selling, general and administrative expenses 1 1 2 3 — 3 56 — — 10 130 201 Mining exploration and research expenses — 2 2 — — — — — — — 32 34 Environmental obligations and shutdown costs — — — — — — — — 1 — 36 37 Net loss on sales of assets — — — — — — — — — — 11 11 Operating income (loss) 122 (37) 85 (5) (42) (47) 161 (34) (30) 25 (312) (152) Interest expense, net 2 — 2 48 — 48 2 — — 4 186 242 (Benefit from) provision for income taxes — — — (23) (10) (33) 90 — — 1 (22) 36 Capital expenditures 71 261 332 90 35 125 634 11 4 11 20 1,137 a. Includes PT-FI's sales to PT Smelting totaling $1.5 billion for the first six months of 2021 and $813 million for the first six months of 2020. 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 $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees. d. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million. e. Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound. |
General Information (Unaudite_2
General Information (Unaudited) (Details) - USD ($) $ in Millions | Jul. 26, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Proceeds from sale of receivables, gross | $ 135 | $ 188 | ||||||
Assets | $ 45,436 | 45,436 | 45,436 | $ 40,230 | $ 42,144 | |||
Liabilities | 24,501 | 24,501 | 24,501 | $ 23,476 | ||||
Payments to Acquire Equity Method Investments | 33 | $ 0 | ||||||
Subsequent event | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Proceeds from divestiture | $ 100 | |||||||
FCX | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Proceeds from divestiture | 125 | |||||||
FCX | Subsequent event | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Part noncash divestiture, consideration received | 85 | |||||||
Contingent consideration, asset | $ 40 | |||||||
Freeport Cobalt | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Assets | 180 | 180 | 180 | |||||
Liabilities | $ 28 | $ 28 | $ 28 | |||||
PT Smelting | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Business acquisition, percent of common stock acquired | 14.50% | |||||||
Payments to Acquire Equity Method Investments | $ 33 | |||||||
PT Smelting | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Equity method investment, percentage ownership | 39.50% | 25.00% | ||||||
Jervois | Subsequent event | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Noncontrolling interest, ownership percentage by parent | 56.00% | |||||||
Divestiture of business, percent of shares owned | 9.90% |
Earnings per Share (Unaudited_3
Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 1,331 | $ 124 | $ 2,284 | $ (425) |
Net income attributable to noncontrolling interests | (248) | (71) | (483) | (13) |
Undistributed earnings allocated to participating securities | (4) | (3) | (4) | (3) |
Net income (loss) attributable to common stockholders | $ 1,079 | $ 50 | $ 1,797 | $ (441) |
Basic weighted-average shares of common stock outstanding | 1,467 | 1,453 | 1,465 | 1,453 |
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) | 16 | 5 | 15 | 0 |
Diluted weighted-average shares of common stock outstanding | 1,483 | 1,458 | 1,480 | 1,453 |
Basic and diluted net income (loss) per share attributable to common stockholders: | ||||
Earnings per share, basic (in dollars per share) | $ 0.74 | $ 0.03 | $ 1.23 | $ (0.30) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10 | |||
Dilutive Securities Excluded from Computation of EPS Amount | 4 | 38 | 7 | 39 |
Earnings Per Share, Diluted | $ 0.73 | $ 0.03 | $ 1.21 | $ (0.30) |
Inventories, Including Long-T_3
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Components of Inventories [Line Items] | |||||
Total materials and supplies, net | $ 1,616 | $ 1,616 | $ 1,594 | ||
Mill stockpiles, current | 172 | 172 | 205 | ||
Leach stockpiles, current | 834 | 834 | 809 | ||
Total current mill and leach stockpiles | 1,006 | 1,006 | 1,014 | ||
Raw materials (primarily concentrate) | 433 | 433 | 366 | ||
Work-in-process | 200 | 200 | 174 | ||
Finished goods | 963 | 963 | 745 | ||
Total product | 1,596 | 1,596 | 1,285 | ||
Mill stockpiles, noncurrent | 242 | 242 | 223 | ||
Leach stockpiles, noncurrent | 1,231 | 1,231 | 1,240 | ||
Total long-term mill and leach stockpiles | 1,473 | 1,473 | 1,463 | ||
Inventory obsolescence reserves | 33 | 33 | $ 32 | ||
Metals inventory adjustments | $ 0 | $ 139 | $ (1) | $ (83) | |
Copper | |||||
Components of Inventories [Line Items] | |||||
Metals inventory adjustments | 144 | (61) | |||
Molybdenum | |||||
Components of Inventories [Line Items] | |||||
Metals inventory adjustments | $ 5 | $ (22) |
Income Taxes (Unaudited) (Detai
Income Taxes (Unaudited) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||||
U.S. operations | $ (4) | $ 58 | |||||
International operations | (1,042) | (94) | |||||
Total | $ (603) | $ (96) | $ (1,046) | $ (36) | |||
Consolidated effective income tax rate (percent) | 31.00% | (9.00%) | |||||
Proceeds from Income Tax Refunds | $ 23 | $ 24 | $ 221 |
Debt and Equity (Details)
Debt and Equity (Details) $ / shares in Units, $ in Millions | Jun. 23, 2021$ / shares | Jul. 31, 2021USD ($) | Dec. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2024 | Apr. 30, 2024 | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 9,695 | $ 9,695 | $ 9,695 | $ 9,711 | |||||||||||
Current portion of debt | (1,057) | (1,057) | (1,057) | (34) | |||||||||||
Long-term debt, less current portion | 8,638 | $ 8,638 | 8,638 | 9,677 | |||||||||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 5.25 | ||||||||||||||
Interest costs | 165 | $ 159 | 325 | $ 330 | |||||||||||
Net loss on early extinguishment of debt | $ 0 | $ (9) | $ 0 | $ (41) | |||||||||||
Dividends declared per share of common stock (in dollars per share) | $ / shares | $ 0.075 | $ 0 | $ 0.15 | $ 0 | |||||||||||
COVID Response, Dividend Suspended, Price Per Share | $ / shares | $ 0.075 | ||||||||||||||
Property, Plant and Equipment [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Interest costs capitalized | $ 17 | $ 44 | $ 32 | $ 88 | |||||||||||
Line of Credit [Member] | Term Loan | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 667 | ||||||||||||||
Line of Credit [Member] | Cerro Verde [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 524 | $ 524 | 524 | 523 | |||||||||||
Line of Credit [Member] | Cerro Verde [Member] | 3.55% Senior Notes Due March 2022 | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Current portion of debt | (500) | (500) | (500) | ||||||||||||
Line of Credit [Member] | Cerro Verde [Member] | 3.55% Senior Notes Due June 2022 | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Current portion of debt | (500) | (500) | (500) | ||||||||||||
Line of Credit [Member] | Letter of Credit [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Letter of credit | 8 | 8 | 8 | ||||||||||||
Revolving credit facility, availability | 1,500 | 1,500 | 1,500 | ||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 0 | 0 | 0 | ||||||||||||
Revolving credit facility, availability | 3,500 | 3,500 | 3,500 | ||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Letter of credit | $ 333 | ||||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Minimum | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Maximum | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | ||||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2024 [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Revolving credit facility, availability | 3,280 | 3,280 | 3,280 | ||||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2023 [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Revolving credit facility, availability | 220 | 220 | 220 | ||||||||||||
Line of Credit [Member] | Unsecured Credit Facility | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt, principal | $ 1,000 | ||||||||||||||
Senior Notes [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt, principal | $ 1,300 | ||||||||||||||
Net loss on early extinguishment of debt | $ (9) | $ (41) | |||||||||||||
Senior Notes [Member] | 4.00% Senior Notes Due 2021 | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Stated interest rate | 4.00% | ||||||||||||||
Senior Notes [Member] | 3.55% Senior Notes Due 2022 | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Stated interest rate | 3.55% | ||||||||||||||
Senior Notes [Member] | FCX | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 8,787 | 8,787 | 8,787 | 8,783 | |||||||||||
Debentures [Member] | Freeport McMoRan Corporation [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 356 | 356 | 356 | 356 | |||||||||||
Other Debt, Including Capital Leases and Short Term Borrowings [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 28 | $ 28 | $ 28 | $ 49 | |||||||||||
Term Loan | Subsequent event | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 667 | ||||||||||||||
Forecast | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 3.75 | ||||||||||||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 2.25 | ||||||||||||||
Forecast | Revolving Credit Facility [Member] | Credit Agreement [Member] | |||||||||||||||
Total Debt [Abstract] | |||||||||||||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 3.75 | 5.25 | |||||||||||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 2.75 | 2 |
Financial Instruments (Unrealiz
Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020lb | Jun. 30, 2020$ / lb | Jun. 30, 2021USD ($)$ / lb$ / oz$ / lb | Jun. 30, 2020USD ($)lb$ / lb | Jun. 30, 2021USD ($)lboz$ / lb$ / oz$ / lb | Jun. 30, 2020USD ($)lb$ / lb | |
North America | ||||||
Realized gains (losses): | ||||||
Percent of Copper Sale Volume | 60.00% | |||||
Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member] | ||||||
Realized gains (losses): | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 133 | $ 179 | $ 312 | $ (52) | ||
Commodity Contract [Member] | ||||||
Unrealized gains (losses): | ||||||
Derivative financial instruments | (11) | 40 | (8) | 7 | ||
Hedged item – firm sales commitments | 11 | (40) | 8 | (7) | ||
Realized gains (losses): | ||||||
Matured derivative financial instruments | $ 28 | (8) | $ 52 | (17) | ||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 80 | |||||
Derivative, Average Forward Price | $ / lb | 4.20 | 4.20 | ||||
Copper Forward Contracts [Member] | ||||||
Unrealized gains (losses): | ||||||
Derivative financial instruments | $ 24 | $ 24 | ||||
Realized gains (losses): | ||||||
Derivative, Forward Price | $ / lb | 2.34 | 2.34 | 2.34 | |||
Copper Forward Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 150 | 150 | 150 | |||
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 17 | |||||
Derivative, Average Forward Price | $ / lb | 4.36 | 4.36 | ||||
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales | ||||||
Realized gains (losses): | ||||||
Matured derivative financial instruments | $ (5) | $ (4) | $ (13) | $ 19 | ||
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member] | ||||||
Realized gains (losses): | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 118 | 162 | $ 325 | (76) | ||
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 597 | |||||
Derivative, Average Forward Price | $ / lb | 4.31 | 4.31 | ||||
Realized gains (losses): | ||||||
Derivative Average Market Price | $ / lb | 4.25 | 4.25 | ||||
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 115 | |||||
Derivative, Average Forward Price | $ / lb | 4.30 | 4.30 | ||||
Realized gains (losses): | ||||||
Derivative Average Market Price | $ / lb | 4.25 | 4.25 | ||||
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | oz | 157 | |||||
Derivative, Average Forward Price | $ / oz | 1,848 | 1,848 | ||||
Realized gains (losses): | ||||||
Derivative Average Market Price | $ / oz | 1,762 | 1,762 | ||||
gold and other | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member] | ||||||
Realized gains (losses): | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 15 | $ 17 | $ (13) | $ 24 |
Financial Instruments (Unsettle
Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2020lb | Jun. 30, 2021USD ($)$ / lb$ / oz$ / lb | Jun. 30, 2020USD ($)lb | Jun. 30, 2021USD ($)lboz$ / lb$ / oz$ / lb | Jun. 30, 2020USD ($)lb | Dec. 31, 2020USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 72 | $ 72 | $ 184 | |||
Derivative Liability, Fair Value, Gross Liability | 108 | 108 | 21 | |||
Derivative Asset, Fair Value, Gross Liability | 16 | 16 | 1 | |||
Derivative Liability, Fair Value, Gross Asset | 16 | 16 | 1 | |||
Derivative Asset | 56 | 56 | 183 | |||
Derivative Liability | 92 | 92 | 20 | |||
Trade accounts receivable [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 30 | 30 | 168 | |||
Derivative Liability | 62 | 62 | 0 | |||
Accounts Payable and Accrued Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 17 | 17 | 0 | |||
Derivative Liability | 29 | 29 | 20 | |||
Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 8 | 8 | 15 | |||
Derivative Liability | 0 | 0 | 0 | |||
Other Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 1 | 1 | 0 | |||
Derivative Liability | 0 | 0 | 0 | |||
Other Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 0 | 0 | 0 | |||
Derivative Liability | 1 | 1 | 0 | |||
Commodity Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | 28 | $ (8) | 52 | $ (17) | ||
Derivative Asset, Fair Value, Gross Asset | 10 | 10 | 15 | |||
Derivative Liability, Fair Value, Gross Liability | 5 | 5 | 0 | |||
Derivative Asset, Fair Value, Gross Liability | 2 | 2 | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 2 | 2 | 0 | |||
Derivative Asset | 8 | 8 | 15 | |||
Derivative Liability | 3 | 3 | 0 | |||
Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 62 | 62 | 169 | |||
Derivative Liability, Fair Value, Gross Liability | 103 | 103 | 21 | |||
Derivative Asset, Fair Value, Gross Liability | 14 | 14 | 1 | |||
Derivative Liability, Fair Value, Gross Asset | 14 | 14 | 1 | |||
Derivative Asset | 48 | 48 | 168 | |||
Derivative Liability | 89 | 89 | 20 | |||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 8 | $ 8 | 15 | |||
Derivative, Nonmonetary Notional Amount, Mass | lb | 80 | |||||
Derivative, Average Forward Price | $ / lb | 4.20 | 4.20 | ||||
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 150 | 150 | 150 | |||
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 62 | $ 62 | 169 | |||
Derivative Liability, Fair Value, Gross Liability | $ 103 | $ 103 | 21 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 17 | |||||
Derivative, Average Forward Price | $ / lb | 4.36 | 4.36 | ||||
Future [Member] | Not Designated as Hedging Instrument [Member] | FMC's Copper Futures and Swap Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 1 | 0 | |||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 2 | 2 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | $ 4 | $ 4 | $ 0 | |||
Copper | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / lb | 4.25 | 4.25 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 597 | |||||
Derivative, Average Forward Price | $ / lb | 4.31 | 4.31 | ||||
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / lb | 4.25 | 4.25 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 115 | |||||
Derivative, Average Forward Price | $ / lb | 4.30 | 4.30 | ||||
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / oz | 1,762 | 1,762 | ||||
Derivative, Nonmonetary Notional Amount, Mass | oz | 157 | |||||
Derivative, Average Forward Price | $ / oz | 1,848 | 1,848 | ||||
Sales [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 133 | $ 179 | $ 312 | $ (52) | ||
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 118 | 162 | 325 | (76) | ||
Sales [Member] | gold and other | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 15 | 17 | (13) | 24 | ||
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | $ (5) | $ (4) | $ (13) | $ 19 |
Financial Instruments (Derivati
Financial Instruments (Derivative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)$ / lb | Jun. 30, 2020USD ($)$ / lb | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | $ 6,313 | $ 3,657 | |||
Restricted Cash and Cash Equivalents, Current | 116 | 97 | |||
Restricted Cash and Cash Equivalents, Noncurrent | 140 | 149 | |||
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows | $ 1,729 | $ 1,729 | 6,569 | 3,903 | $ 2,278 |
Credit Derivative, Maximum Exposure, Undiscounted | 72 | ||||
Forward Contracts [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Derivative, Forward Price | $ / lb | 2.34 | 2.34 | |||
Derivative financial instruments | $ 24 | $ 24 | |||
Bank Time Deposits [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | $ 200 | $ 300 |
Fair Value Measurement (Fair Va
Fair Value Measurement (Fair Value Measurement Inputs) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Other Assets, Current | $ 390 | $ 341 | |||
Other assets | 1,528 | 1,560 | |||
Proceeds from Sale of Other Assets, contingent consideration | 16 | $ 116 | |||
Derivative Liability, Fair Value, Gross Liability | 108 | 21 | |||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | ||||
Derivatives: | |||||
Derivative Asset | 56 | 183 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 92 | 20 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 0 | 0 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 29 | 29 | |||
Trust Assets Fair Value Disclosure | 64 | 65 | |||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Long-term debt, including current portion | 0 | 0 | |||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 0 | 0 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 15 | 7 | |||
Trust Assets Fair Value Disclosure | 6 | 5 | |||
Derivatives: | |||||
Derivative Asset | 5 | 13 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 2 | ||||
Long-term debt, including current portion | 0 | 0 | |||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 0 | 0 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Trust Assets Fair Value Disclosure | 139 | 143 | |||
Derivatives: | |||||
Derivative Asset | 67 | 171 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 106 | ||||
Long-term debt, including current portion | 10,853 | 10,994 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 85 | 88 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Long-term debt, including current portion | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 85 | 88 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 44 | 36 | |||
Trust Assets Fair Value Disclosure | 209 | 213 | |||
Derivatives: | |||||
Derivative Asset | 72 | 184 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 108 | ||||
Long-term debt, including current portion | 10,853 | 10,994 | |||
Carrying Amount, Fair Value Disclosure [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Discontinued Operation, Contingent Receivable | 98 | 108 | |||
Investment securities (current and long-term): | |||||
Investments, Fair Value Disclosure | 44 | 36 | |||
Trust Assets Fair Value Disclosure | 209 | 213 | |||
Derivatives: | |||||
Derivative Asset | 72 | 184 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 108 | ||||
Long-term debt, including current portion | 9,695 | 9,711 | |||
Embedded Derivative Financial Instruments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 103 | 21 | |||
Derivatives: | |||||
Derivative Asset | 48 | 168 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 89 | 20 | |||
Embedded Derivative Financial Instruments [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | 0 | |||
Embedded Derivative Financial Instruments [Member] | Level 1 | |||||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | 0 | |||
Embedded Derivative Financial Instruments [Member] | Level 2 | |||||
Derivatives: | |||||
Derivative Asset | 62 | 169 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 103 | 21 | |||
Embedded Derivative Financial Instruments [Member] | Level 3 | |||||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | 0 | |||
Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member] | |||||
Derivatives: | |||||
Derivative Asset | 62 | 169 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 103 | 21 | |||
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Derivatives: | |||||
Derivative Asset | 62 | 169 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 103 | 21 | |||
Forward Contracts [Member] | Level 1 | |||||
Derivatives: | |||||
Derivative Asset | 1 | ||||
Forward Contracts [Member] | Level 2 | |||||
Derivatives: | |||||
Derivative Asset | 1 | ||||
Forward Contracts [Member] | Level 3 | |||||
Derivatives: | |||||
Derivative Asset | 0 | ||||
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member] | |||||
Derivatives: | |||||
Derivative Asset | 2 | ||||
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Derivatives: | |||||
Derivative Asset | 2 | ||||
Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 5 | 0 | |||
Derivatives: | |||||
Derivative Asset | 8 | 15 | |||
Derivatives: [Abstract] | |||||
Derivative Liability | 3 | 0 | |||
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Derivatives: | |||||
Derivative Asset | 0 | 0 | |||
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Commodity Contract [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Commodity Contract [Member] | Level 1 | |||||
Derivatives: | |||||
Derivative Asset | 13 | ||||
Commodity Contract [Member] | Level 1 | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 1 | ||||
Commodity Contract [Member] | Level 1 | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 1 | ||||
Commodity Contract [Member] | Level 2 | |||||
Derivatives: | |||||
Derivative Asset | 2 | ||||
Commodity Contract [Member] | Level 2 | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Commodity Contract [Member] | Level 2 | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 3 | ||||
Commodity Contract [Member] | Level 3 | |||||
Derivatives: | |||||
Derivative Asset | 0 | ||||
Commodity Contract [Member] | Level 3 | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Commodity Contract [Member] | Level 3 | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 0 | ||||
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member] | |||||
Derivatives: | |||||
Derivative Asset | 15 | ||||
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member] | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 1 | ||||
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member] | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 4 | ||||
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Derivatives: | |||||
Derivative Asset | 15 | ||||
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member] | Futures and Swaps | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 1 | ||||
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member] | Forward Contracts [Member] | |||||
Derivatives: [Abstract] | |||||
Derivative Liability | 4 | ||||
Future [Member] | Level 1 | |||||
Derivatives: | |||||
Derivative Asset | 4 | ||||
Future [Member] | Level 2 | |||||
Derivatives: | |||||
Derivative Asset | 4 | ||||
Future [Member] | Level 3 | |||||
Derivatives: | |||||
Derivative Asset | 0 | ||||
Future [Member] | Estimate of Fair Value Measurement [Member] | |||||
Derivatives: | |||||
Derivative Asset | 8 | ||||
Future [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Derivatives: | |||||
Derivative Asset | 8 | ||||
U.S. core fixed income fund [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 29 | 29 | |||
Trust Assets Fair Value Disclosure | 64 | 65 | |||
U.S. core fixed income fund [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | 0 | |||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
U.S. core fixed income fund [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | 0 | |||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
U.S. core fixed income fund [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | 0 | |||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 29 | 29 | |||
Trust Assets Fair Value Disclosure | 64 | 65 | |||
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 29 | 29 | |||
Trust Assets Fair Value Disclosure | 64 | 65 | |||
Equity securities | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | ||||
Equity securities | Level 1 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 15 | 7 | |||
Equity securities | Level 2 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | 0 | |||
Equity securities | Level 3 | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 0 | 0 | |||
Equity securities | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 15 | 7 | |||
Equity securities | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Marketable Securities | 15 | 7 | |||
Government bonds | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government bonds | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government bonds | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 54 | 49 | |||
Government bonds | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government bonds | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 54 | 49 | |||
Government bonds | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 54 | 49 | |||
Corporate bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Corporate bonds [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Corporate bonds [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 40 | 43 | |||
Corporate bonds [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Corporate bonds [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 40 | 43 | |||
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 40 | 43 | |||
Government mortgage-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government mortgage-backed securities [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government mortgage-backed securities [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 29 | 30 | |||
Government mortgage-backed securities [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 29 | 30 | |||
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 29 | 30 | |||
Asset-backed securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Asset-backed securities [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Asset-backed securities [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 12 | 16 | |||
Asset-backed securities [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 12 | 16 | |||
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 12 | 16 | |||
Money market funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Money market funds [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 6 | 5 | |||
Money market funds [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Money market funds [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Money market funds [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 6 | 5 | |||
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 6 | 5 | |||
Collateralized Mortgage Backed Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Collateralized Mortgage Backed Securities [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Collateralized Mortgage Backed Securities [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 3 | 4 | |||
Collateralized Mortgage Backed Securities [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 3 | 4 | |||
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 3 | 4 | |||
Municipal bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Municipal bonds [Member] | Level 1 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Municipal bonds [Member] | Level 2 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 1 | 1 | |||
Municipal bonds [Member] | Level 3 | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 0 | 0 | |||
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 1 | 1 | |||
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Investment securities (current and long-term): | |||||
Trust Assets Fair Value Disclosure | 1 | 1 | |||
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Other Assets, Current | 116 | 97 | |||
Other assets | 139 | 148 | |||
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 103 | 21 | |||
Freeport-McMoRan Oil & Gas | Onshore California [Member] | |||||
Derivatives: | |||||
Discontinued Operation, Contingent Receivable, Per Year | 50 | ||||
Freeport-McMoRan Oil & Gas | Deepwater Gulf of Mexico Interests [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||||
Other Assets, Current | 18 | 12 | |||
Other assets | 80 | $ 96 | |||
Discontinued Operation, Contingent Receivable | $ 150 | ||||
Forecast | Freeport-McMoRan Oil & Gas | Onshore California [Member] | |||||
Derivatives: | |||||
Discontinued Operation, Contingent Receivable, Per Year | $ 50 | ||||
Fair Value, Recurring [Member] | Forward Contracts [Member] | Estimate of Fair Value Measurement [Member] | |||||
Derivatives: | |||||
Derivative Asset | $ 0 |
Fair Value Measurement (Unobser
Fair Value Measurement (Unobservable inputs) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Current | $ 390 | $ 341 |
Other Assets, Noncurrent | 1,528 | $ 1,560 |
Gulf of Mexico Contingent Consideration [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (10) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value at January 1, 2021 | 88 | |
Net unrealized gain related to assets still held at the end of the period | 7 | |
Fair value at June 30, 2021 | $ 85 |
Contingencies and Commitments_2
Contingencies and Commitments (Unaudited) - Other Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | |
Loss Contingencies [Line Items] | |||||
Remediation liability | $ 308 | $ 308 | |||
Settlement Liabilities, Current | 130 | 130 | |||
Subsequent event | |||||
Loss Contingencies [Line Items] | |||||
Estimated Construction Costs | $ 2,800 | ||||
PT Smelting | PT Freeport Indonesia | |||||
Loss Contingencies [Line Items] | |||||
Administrative fine | $ 3 | $ 13 | $ 16 | $ 149 |
Business Segments (Product Reve
Business Segments (Product Revenue) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | |
Revenue from External Customer [Line Items] | ||||
Treatment And Refining Charges Included In Copper Concentrates Revenues | $ (101) | $ (75) | $ (198) | $ (155) |
Royalty Expense | (82) | (26) | (145) | (46) |
Export duties expense | (44) | (16) | (73) | (20) |
Revenue from Contract with Customer, Excluding Assessed Tax | 5,615 | 2,875 | 10,286 | 5,904 |
Revenues | 5,748 | 3,054 | $ 10,598 | 5,852 |
Number of Operating Segments | segment | 4 | |||
Deferred Intercompany Profit, Percentage | 39.50% | |||
Sales [Member] | Not Designated as Hedging Instrument [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Matured derivative financial instruments | 133 | 179 | $ 312 | (52) |
Copper In Concentrates [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,076 | 749 | 3,785 | 1,598 |
Copper Cathode [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,535 | 1,124 | 2,769 | 1,961 |
Refined Copper Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 833 | 303 | 1,517 | 845 |
Purchased Copper [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 310 | 166 | 528 | 401 |
Gold | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 597 | 341 | 1,115 | 611 |
Molybdenum | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 288 | 194 | 532 | 437 |
Other Products Or Services [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 203 | $ 115 | $ 456 | $ 272 |
Business Segments (Segment Repo
Business Segments (Segment Reporting) (Details) lb in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2020lb | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($)lb$ / lb | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($)lb$ / lb | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of Operating Segments | segment | 4 | |||||
Deferred Intercompany Profit, Percentage | 39.50% | |||||
Revenues | $ 5,748 | $ 3,054 | $ 10,598 | $ 5,852 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (3,067) | (2,394) | (5,853) | (4,939) | ||
Cost, Depreciation, Amortization and Depletion | 483 | 358 | 902 | 699 | ||
Metals inventory adjustments | 0 | (139) | 1 | 83 | ||
Selling, general and administrative expenses | (87) | (91) | (187) | (201) | ||
Mining exploration and research expenses | 14 | 18 | 21 | 34 | ||
Environmental obligations and shutdown costs | 33 | 11 | 38 | 37 | ||
Net gain on sales of assets | (3) | 0 | (3) | 11 | ||
Operating income (loss) | 2,067 | 321 | 3,599 | (152) | ||
Interest expense, net | 148 | 115 | 293 | 242 | ||
Provision for (benefit from) income taxes | 603 | 96 | 1,046 | 36 | ||
Total assets | 45,436 | 40,230 | 45,436 | 40,230 | $ 42,144 | |
Capital expenditures | $ 433 | 527 | 803 | $ 1,137 | ||
Cerro Verde [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Percent of Hourly Employees | 57.00% | 57.00% | ||||
Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 112 | 36 | 144 | $ 45 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (925) | (787) | (1,674) | (1,647) | ||
Cost, Depreciation, Amortization and Depletion | 101 | 89 | 181 | 181 | ||
Metals inventory adjustments | (89) | 0 | 56 | |||
Selling, general and administrative expenses | (1) | (1) | (2) | (2) | ||
Mining exploration and research expenses | 0 | 1 | 0 | 2 | ||
Environmental obligations and shutdown costs | 1 | 0 | 1 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 826 | 199 | 1,334 | 85 | ||
Interest expense, net | 0 | 1 | 0 | 2 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Total assets | 7,923 | 7,895 | 7,923 | 7,895 | ||
Capital expenditures | 69 | 148 | 95 | 332 | ||
Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,013 | 577 | 2,105 | 1,051 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (600) | (438) | (1,139) | (972) | ||
Cost, Depreciation, Amortization and Depletion | 94 | 102 | 195 | 210 | ||
Metals inventory adjustments | (57) | 0 | 3 | |||
Selling, general and administrative expenses | (2) | (1) | (4) | (3) | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 437 | 145 | 932 | (47) | ||
Interest expense, net | 12 | 20 | 25 | 48 | ||
Provision for (benefit from) income taxes | 162 | 45 | 356 | (33) | ||
Total assets | 10,590 | 10,146 | 10,590 | 10,146 | ||
Capital expenditures | 26 | 51 | 47 | 125 | ||
Corporate And Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 387 | 188 | 734 | 514 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | 1,508 | 854 | 2,511 | 1,642 | ||
Cost, Depreciation, Amortization and Depletion | 15 | 15 | 31 | 30 | ||
Metals inventory adjustments | 5 | 0 | 18 | |||
Selling, general and administrative expenses | (52) | (56) | (116) | (130) | ||
Mining exploration and research expenses | 14 | 17 | 21 | 32 | ||
Environmental obligations and shutdown costs | 32 | 11 | 37 | 36 | ||
Net gain on sales of assets | (3) | (3) | 11 | |||
Operating income (loss) | (228) | (169) | (450) | (312) | ||
Interest expense, net | 128 | 92 | 258 | 186 | ||
Provision for (benefit from) income taxes | 37 | (28) | (29) | (22) | ||
Total assets | 5,334 | 2,579 | 5,334 | 2,579 | ||
Capital expenditures | 15 | 9 | 20 | 20 | ||
Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,742 | 952 | 3,048 | 1,928 | ||
Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 120 | 52 | 165 | 90 | ||
PT Smelting | Affiliated Entity [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 756 | 433 | 1,500 | 813 | ||
Morenci [Member] | Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 57 | 20 | 61 | 22 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (351) | (348) | (620) | (697) | ||
Cost, Depreciation, Amortization and Depletion | 40 | 43 | 74 | 87 | ||
Metals inventory adjustments | 0 | 0 | 4 | |||
Selling, general and administrative expenses | (1) | 0 | (1) | (1) | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 1 | 0 | 1 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 385 | 76 | 650 | 122 | ||
Interest expense, net | 0 | 1 | 0 | 2 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Total assets | 2,635 | 2,697 | 2,635 | 2,697 | ||
Capital expenditures | 22 | 27 | 32 | 71 | ||
Morenci [Member] | Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 721 | 447 | 1,285 | 889 | ||
Other Mines North America Copper Mines Segment [Member] | Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Metals inventory adjustments | (89) | 52 | ||||
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 55 | 16 | 83 | 23 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (574) | (439) | (1,054) | (950) | ||
Cost, Depreciation, Amortization and Depletion | 61 | 46 | 107 | 94 | ||
Metals inventory adjustments | 0 | |||||
Selling, general and administrative expenses | 0 | (1) | (1) | (1) | ||
Mining exploration and research expenses | 0 | 1 | 0 | 2 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 441 | 123 | 684 | (37) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Total assets | 5,288 | 5,198 | 5,288 | 5,198 | ||
Capital expenditures | 47 | 121 | 63 | 261 | ||
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 188 | 106 | 363 | 204 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (106) | (104) | (209) | (214) | ||
Cost, Depreciation, Amortization and Depletion | 12 | 14 | 24 | 29 | ||
Metals inventory adjustments | (57) | 0 | 3 | |||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 70 | 45 | 130 | (42) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 17 | 16 | 38 | (10) | ||
Total assets | 1,795 | 1,631 | 1,795 | 1,631 | ||
Capital expenditures | 3 | 20 | 4 | 35 | ||
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,021 | 505 | 1,763 | 1,039 | ||
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Cerro Verde [Member] | Operating Segments | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 825 | 471 | 1,742 | 847 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (494) | (334) | (930) | (758) | ||
Cost, Depreciation, Amortization and Depletion | 82 | 88 | 171 | 181 | ||
Metals inventory adjustments | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (2) | (1) | (4) | (3) | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 367 | 100 | 802 | (5) | ||
Interest expense, net | 12 | 20 | 25 | 48 | ||
Provision for (benefit from) income taxes | 145 | 29 | 318 | (23) | ||
Total assets | 8,795 | 8,515 | 8,795 | 8,515 | ||
Capital expenditures | 23 | 31 | 43 | 90 | ||
Labor and Related Expense | 69 | 69 | ||||
Cerro Verde [Member] | Intersegment | South America | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 120 | 52 | 165 | 90 | ||
Grasberg Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 624 | 634 | ||||
Grasberg Segment [Member] | Operating Segments | Indonesia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,753 | 683 | 3,136 | 1,128 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (528) | (378) | (983) | (721) | ||
Cost, Depreciation, Amortization and Depletion | 247 | 124 | 446 | 225 | ||
Metals inventory adjustments | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (27) | (28) | (53) | (56) | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 1,007 | 188 | 1,762 | 161 | ||
Interest expense, net | 6 | 1 | 7 | 2 | ||
Provision for (benefit from) income taxes | 404 | 78 | 719 | 90 | ||
Total assets | 18,461 | 16,848 | 18,461 | 16,848 | ||
Capital expenditures | 314 | 308 | 624 | 634 | ||
Grasberg Segment [Member] | Intersegment | Indonesia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 56 | 35 | 108 | 35 | ||
Molybdenum | ||||||
Segment Reporting Information [Line Items] | ||||||
Capital expenditures | 3 | 11 | ||||
Molybdenum | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (56) | (61) | (113) | (127) | ||
Cost, Depreciation, Amortization and Depletion | 17 | 15 | 32 | 31 | ||
Metals inventory adjustments | 1 | 1 | 5 | |||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 16 | (19) | 13 | (34) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Total assets | 1,740 | 1,777 | 1,740 | 1,777 | ||
Capital expenditures | 2 | 4 | 3 | 11 | ||
Molybdenum | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 89 | 58 | 159 | 129 | ||
Rod and Refining Segment [Member] | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,689 | 1,106 | 2,998 | 2,221 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (1,691) | (1,138) | (3,007) | (2,257) | ||
Cost, Depreciation, Amortization and Depletion | 1 | 6 | 2 | 8 | ||
Metals inventory adjustments | 1 | 0 | 1 | |||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 1 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 3 | (31) | 2 | (30) | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||
Total assets | 271 | 259 | 271 | 259 | ||
Capital expenditures | 0 | 2 | 1 | 4 | ||
Rod and Refining Segment [Member] | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 6 | 8 | 13 | 16 | ||
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 794 | 464 | 1,481 | 893 | ||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (775) | (446) | (1,448) | (857) | ||
Cost, Depreciation, Amortization and Depletion | 8 | 7 | 15 | 14 | ||
Metals inventory adjustments | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (5) | (5) | (12) | (10) | ||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ||
Net gain on sales of assets | 0 | 0 | 0 | |||
Operating income (loss) | 6 | 8 | 6 | 25 | ||
Interest expense, net | 2 | 1 | 3 | 4 | ||
Provision for (benefit from) income taxes | 0 | 1 | 0 | 1 | ||
Total assets | 1,117 | 726 | 1,117 | 726 | ||
Capital expenditures | 7 | 5 | 13 | 11 | ||
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 2 | 0 | 13 | ||
Corporate And Eliminations | Intersegment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (2,013) | (1,107) | $ (3,493) | (2,211) | ||
Miami smelter | Corporate And Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost, Maintenance | $ 19 | 87 | ||||
Forward Contracts [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Derivative financial instruments | $ 24 | $ 24 | ||||
Derivative, Forward Price | $ / lb | 2.34 | 2.34 | ||||
Forward Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 150 | 150 | 150 |