Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 $0.10 per share | |
Trading Symbol | FCX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,468,473,516 | |
Entity Central Index Key | 0000831259 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,672 | $ 3,657 |
Trade accounts receivable | 931 | 892 |
Income and other tax receivables | 591 | 520 |
Inventories: | ||
Total materials and supplies, net | 1,617 | 1,594 |
Mill and leach stockpiles | 1,086 | 1,014 |
Product | 1,417 | 1,285 |
Other current assets | 477 | 341 |
Total current assets | 13,791 | 9,303 |
Property, plant, equipment and mine development costs, net | 30,102 | 29,818 |
Long-term mill and leach stockpiles | 1,450 | 1,463 |
Other assets | 1,574 | 1,560 |
Total assets | 46,917 | 42,144 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 2,949 | 2,708 |
Long-term Debt, Current Maturities | 897 | 34 |
Accrued income taxes | 1,237 | 324 |
Environmental And Asset Retirement Obligations, Current | 329 | 351 |
Dividends Payable, Current | 111 | 0 |
Total current liabilities | 5,523 | 3,417 |
Long-term debt, less current portion | 8,768 | 9,677 |
Deferred Income Tax Liabilities, Net | 4,500 | 4,408 |
Environmental and asset retirement obligations, less current portion | 3,688 | 3,705 |
Other liabilities | 1,907 | 2,269 |
Total liabilities | 24,386 | 23,476 |
Stockholders’ equity: | ||
Common stock | 160 | 159 |
Capital in excess of par value | 26,023 | 26,037 |
Accumulated deficit | (8,481) | (11,681) |
Accumulated other comprehensive loss | (572) | (583) |
Common stock held in treasury | (3,777) | (3,758) |
Total stockholders’ equity | 13,353 | 10,174 |
Noncontrolling interests | 9,178 | 8,494 |
Total equity | 22,531 | 18,668 |
Total liabilities and equity | $ 46,917 | $ 42,144 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 6,083 | $ 3,851 | $ 16,681 | $ 9,703 |
Cost of sales: | ||||
Production and delivery | 3,009 | 2,465 | 8,862 | 7,404 |
Depreciation, depletion and amortization | 528 | 394 | 1,430 | 1,093 |
Metals inventory adjustments | 14 | 9 | 15 | 92 |
Total cost of sales | 3,551 | 2,868 | 10,307 | 8,589 |
Selling, general and administrative expenses | 102 | 72 | 289 | 273 |
Mining exploration and research expenses | 15 | 8 | 36 | 42 |
Environmental obligations and shutdown costs | 13 | 21 | 51 | 58 |
Net (gain) loss on sales of assets | (60) | 2 | (63) | 13 |
Total costs and expenses | 3,621 | 2,971 | 10,620 | 8,975 |
Operating income | 2,462 | 880 | 6,061 | 728 |
Interest expense, net | (138) | (120) | (431) | (362) |
Net loss on early extinguishment of debt | 0 | (59) | 0 | (100) |
Other income, net | 36 | 22 | 56 | 62 |
Income before income taxes and equity in affiliated companies’ net (losses) earnings | 2,360 | 723 | 5,686 | 328 |
Provision for income taxes | (628) | (297) | (1,674) | (333) |
Equity in affiliated companies’ net (losses) earnings | (9) | 6 | (5) | 12 |
Net income (loss) from continuing operations | 1,723 | 432 | 4,007 | 7 |
Net income | 1,723 | 432 | 4,007 | 7 |
Net income (loss) attributable to noncontrolling interests | 324 | 103 | 807 | 116 |
Net income (loss) attributable to common stockholders | $ 1,399 | $ 329 | $ 3,200 | $ (109) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Earnings per share, basic (in dollars per share) | $ 0.95 | $ 0.22 | $ 2.18 | $ (0.08) |
Earnings Per Share, Diluted | $ 0.94 | $ 0.22 | $ 2.16 | $ (0.08) |
Basic weighted-average shares of common stock outstanding | 1,469 | 1,453 | 1,466 | 1,453 |
Diluted weighted-average shares of common shares outstanding | 1,484 | 1,461 | 1,481 | 1,453 |
Dividends declared per share of common stock (in dollars per share) | $ 0.075 | $ 0 | $ 0.225 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,723 | $ 432 | $ 4,007 | $ 7 |
Defined benefit plans: | ||||
Actuarial losses arising during the period | 0 | (89) | (1) | (89) |
Amortization of unrecognized amounts included in net periodic benefit costs | 4 | 14 | 12 | 38 |
Foreign exchange losses | 0 | (1) | (1) | (2) |
Other comprehensive income (loss) | 4 | (76) | 10 | (53) |
Total comprehensive income (loss) | 1,727 | 356 | 4,017 | (46) |
Total comprehensive income attributable to noncontrolling interests | (324) | (103) | (806) | (115) |
Total comprehensive income (loss) | $ 1,403 | $ 253 | $ 3,211 | $ (161) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flow from operating activities: | ||
Net income | $ 4,007 | $ 7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 1,430 | 1,093 |
Metals inventory adjustments | 15 | 92 |
Gain (Loss) on Disposition of Assets | 63 | (13) |
Stock-based compensation | 79 | 60 |
Net charges for environmental and asset retirement obligations, including accretion | 131 | 166 |
Payments for environmental and asset retirement obligations | (184) | (162) |
Net charges for defined pension and postretirement plans | 3 | 59 |
Pension plan contributions | (75) | (30) |
Net loss on early extinguishment of debt | 0 | 100 |
Deferred income taxes | 96 | 119 |
Other, net | 39 | (53) |
Changes in working capital and other: | ||
Accounts receivable | (218) | 132 |
Inventories | (310) | 59 |
Other current assets | (77) | (17) |
Accounts payable and accrued liabilities | 123 | 40 |
Accrued income taxes and timing of other tax payments | 849 | 105 |
Net cash provided by operating activities | 5,435 | 1,690 |
Cash flow from investing activities: | ||
Capital expenditures | (1,344) | (1,573) |
Proceeds from Sale of Other Assets, Investing Activities | 0 | |
Proceeds from Sale of Productive Assets | 21 | 146 |
Acquisition of minority interest in PT Smelting | (33) | 0 |
Other, net | (25) | (6) |
Net cash used in investing activities | (1,231) | (1,433) |
Cash flow from financing activities: | ||
Proceeds from debt | 633 | 3,236 |
Repayments of debt | (672) | (3,105) |
Cash dividends and distributions paid: | ||
Common stock | (220) | (73) |
Noncontrolling interests | (187) | 0 |
Contributions from noncontrolling interests | 135 | 115 |
Proceeds from exercised stock options | 189 | 3 |
Payments for withholding of employee taxes related to stock-based awards | (19) | (5) |
Payments of Financing Costs | (47) | (51) |
Net cash (used in) provided by financing activities | (188) | 120 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 4,016 | 377 |
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 | 7,919 | 2,655 |
Freeport Cobalt | ||
Cash flow from investing activities: | ||
Proceeds from Sale of Other Assets, Investing Activities | 150 | |
North America Copper Mines Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (211) | (398) |
South America Mines Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (94) | (156) |
Grasberg Segment [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (904) | (865) |
Indonesia Smelter | ||
Cash flow from investing activities: | ||
Capital expenditures | (79) | (94) |
Molybdenum | ||
Cash flow from investing activities: | ||
Capital expenditures | (4) | (14) |
Other Segments [Member] | ||
Cash flow from investing activities: | ||
Capital expenditures | (52) | (46) |
Cerro Verde Royalty Dispute | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Charges for Cerro Verde royalty dispute | 11 | 26 |
Payments for Cerro Verde royalty dispute | $ (421) | $ (119) |
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) | 2 | |||||||
Exercised and issued stock-based awards | $ 2 | 2 | 2 | |||||
Stock-based compensation, including the tender of shares | 42 | 46 | $ (5) | 41 | 1 | |||
Contributions from noncontrolling interests | 115 | 56 | 56 | 59 | ||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 1 | 1 | ||||||
Net loss attributable to common stockholders | (109) | (109) | (109) | |||||
Net income (loss) attributable to noncontrolling interests | 116 | 116 | ||||||
Other comprehensive income | (53) | (52) | (52) | (1) | ||||
Balance (in shares) at Sep. 30, 2020 | 1,584 | 131 | ||||||
Balance at Sep. 30, 2020 | 17,562 | $ 158 | 25,934 | (12,389) | (728) | $ (3,739) | 9,236 | 8,326 |
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 |
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 | 8 | 8 | 8 | 0 | ||||
Contributions from noncontrolling interests | 41 | 20 | 20 | 21 | ||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 1 | 1 | ||||||
Net loss attributable to common stockholders | 329 | 329 | 329 | |||||
Net income (loss) attributable to noncontrolling interests | 103 | 103 | ||||||
Other comprehensive income | (76) | (76) | (76) | 0 | ||||
Balance (in shares) at Sep. 30, 2020 | 1,584 | 131 | ||||||
Balance at Sep. 30, 2020 | 17,562 | $ 158 | 25,934 | (12,389) | (728) | $ (3,739) | 9,236 | 8,326 |
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 | $ 190 | $ 1 | 189 | 190 | ||||
Stock-based compensation, including the tender of shares (in shares) | 1 | |||||||
Stock-based compensation, including the tender of shares | 41 | 64 | $ (19) | 45 | (4) | |||
Contributions from noncontrolling interests | 135 | 66 | 66 | 69 | ||||
Dividends | (520) | (333) | (333) | (187) | ||||
Net loss attributable to common stockholders | 3,200 | 3,200 | 3,200 | |||||
Net income (loss) attributable to noncontrolling interests | 807 | 807 | ||||||
Other comprehensive income | 10 | 11 | 11 | (1) | ||||
Balance (in shares) at Sep. 30, 2021 | 1,601 | 133 | ||||||
Balance at Sep. 30, 2021 | 22,531 | $ 160 | 26,023 | (8,481) | (572) | $ (3,777) | 13,353 | 9,178 |
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercised and issued stock-based awards (in shares) | 0 | |||||||
Exercised and issued stock-based awards | $ 6 | 6 | 6 | |||||
Stock-based compensation, including the tender of shares | 21 | 21 | 21 | 0 | ||||
Contributions from noncontrolling interests | 47 | 23 | 23 | 24 | ||||
Dividends | (205) | (111) | (111) | |||||
Net loss attributable to common stockholders | 1,399 | 1,399 | 1,399 | |||||
Net income (loss) attributable to noncontrolling interests | 324 | 324 | ||||||
Other comprehensive income | 4 | 4 | 4 | 0 | ||||
Balance (in shares) at Sep. 30, 2021 | 1,601 | 133 | ||||||
Balance at Sep. 30, 2021 | $ 22,531 | $ 160 | $ 26,023 | $ (8,481) | $ (572) | $ (3,777) | $ 13,353 | $ 9,178 |
General Information (Unaudited)
General Information (Unaudited) | 9 Months Ended |
Sep. 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 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 nine-month period ended September 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 September 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 $131 million in third-quarter 2021 and $319 million for the nine-month period ended September 30, 2021. Discounts on the sold receivables totaled less than $1 million in third-quarter 2021 and $1 million for the nine-month period ended September 30, 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. Sale of Freeport Cobalt. On September 1, 2021, FCX’s 56-percent-owned subsidiary, Koboltti Chemicals Holdings Limited (KCHL), completed the sale of its remaining cobalt business based in Kokkola, Finland (Freeport Cobalt) to Jervois Global Limited (Jervois) for $208 million (subject to post-closing adjustments), consisting of cash consideration of $173 million and 7 percent of Jervois shares (valued at $35 million). At closing, Freeport Cobalt’s assets included cash of approximately $20 million and other net assets of $125 million. FCX recorded a gain of $60 million ($34 million to net income attributable to common stock) in third-quarter 2021. In addition, KCHL will have the right to receive contingent consideration of up to $40 million based on the future performance of Freeport Cobalt. Any gain related to the contingent consideration will be recognized when received. 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 nine-month periods ended September 30, 2021. Subsequent Events. FCX evaluated events after September 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. |
Earnings per Share (Unaudited)
Earnings per Share (Unaudited) Earnings per Share (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE FCX calculates its basic net income 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 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income $ 1,723 $ 432 $ 4,007 $ 7 Net income attributable to noncontrolling interests (324) (103) (807) (116) Undistributed earnings allocated to participating securities (4) (3) (6) (3) Net income (loss) attributable to common stockholders $ 1,395 $ 326 $ 3,194 $ (112) Basic weighted-average shares of common stock outstanding 1,469 1,453 1,466 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 15 8 a 15 — a Diluted weighted-average shares of common stock outstanding 1,484 1,461 1,481 1,453 Basic net income (loss) per share attributable to common stockholders $ 0.95 $ 0.22 $ 2.18 $ (0.08) Diluted net income (loss) per share attributable to common stockholders $ 0.94 $ 0.22 $ 2.16 $ (0.08) a. Excludes approximately 2 million shares in third-quarter 2020 and 13 million shares for the first nine months of 2020 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 third-quarter 2021, 28 million shares of common stock in third-quarter 2020, 6 million shares of common stock for the first nine months of 2021 and 35 million shares of common stock the first nine months of 2020 were excluded. |
Inventories, Including Long-Ter
Inventories, Including Long-Term Mill and Leach Stockpiles | 9 Months Ended |
Sep. 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): September 30, 2021 December 31, 2020 Current inventories: Total materials and supplies, net a $ 1,617 $ 1,594 Mill stockpiles $ 209 $ 205 Leach stockpiles 877 809 Total current mill and leach stockpiles $ 1,086 $ 1,014 Raw materials (primarily concentrate) $ 437 $ 366 Work-in-process 184 174 Finished goods 796 745 Total product $ 1,417 $ 1,285 Long-term inventories: Mill stockpiles $ 223 $ 223 Leach stockpiles 1,227 1,240 Total long-term mill and leach stockpiles b $ 1,450 $ 1,463 a. Materials and supplies inventory was net of obsolescence reserves totaling $37 million at September 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 charges for metals inventory adjustments totaling $15 million for the first nine months of 2021 primarily related to a leach stockpile adjustment. Net realizable value inventory adjustments to decrease metals inventory carrying values totaled $92 million for the first nine months of 2020 associated with lower market prices for copper ($58 million) and molybdenum ($34 million). Refer to Note 9 for metals inventory adjustments by business segment. Morenci Stockpile Recoveries. In accordance with FCX's policy, processes and recovery rates for mill and leach stockpiles are monitored regularly, and recovery rate estimates are adjusted periodically as additional information becomes available and as related technology changes. Adjustments to recovery rates will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 90 percent depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80 percent of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions): Nine Months Ended September 30, 2021 2020 U.S. operations $ (7) $ 56 a International operations (1,667) b (389) c Total $ (1,674) $ (333) 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. b. Includes net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI), PT-FI’s wholly owned subsidiary, net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs; partly offset by a tax charge of $10 million associated with the audit of PT-FI's 2019 tax returns. c. Includes a tax charge of $21 million ($17 million net of noncontrolling interests) associated with establishing a tax reserve related to the treatment of prior year contractor support costs. FCX’s consolidated effective income tax rate was 29 percent for the first nine months of 2021 and 102 percent for the first nine months of 2020. Because FCX's U.S. jurisdiction generated pre-tax losses for the first nine 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. As discussed in Note 8, Cerro Verde paid the balance of its royalty dispute liabilities during third-quarter 2021, which resulted in a $252 million reduction of unrecognized tax benefits (including a $137 million reduction of accrued interest and penalties), but did not have an impact on FCX’s provision for income taxes for the third quarter or nine months ended September 30, 2021. In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world announced measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021, 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 nine months ended September 30, 2021 and 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax. FCX collected U.S. alternative minimum tax credit refunds of $23 million in March 2021, $24 million in October 2020 and $221 million in July 2020. FCX continues to evaluate income tax accounting considerations of COVID-19 measures as they develop, including any impact on its measurement of existing deferred tax assets and deferred tax liabilities. FCX will recognize any impact from COVID-19 related changes to tax laws in the period in which the new legislation is enacted. As previously disclosed in our 2020 Form 10-K, PT-FI received unfavorable Indonesia Tax Court decisions in 2018 with respect to its appeal of capitalized mine development costs on its 2012 and 2014 corporate income tax returns. PT-FI appealed those decisions to the Indonesia Supreme Court. On October 31, 2019, the Indonesia Supreme Court communicated an unfavorable ruling regarding the treatment of mine development costs on PT-FI’s 2014 tax return. During the fourth quarter of 2019, PT-FI met with the Indonesia Tax Office and developed a framework for resolution of the disputed matters and progress of the framework for resolution continued in 2020 and through the nine months ended September 30, 2021. During October 2021, PT-FI participated in discussions with the Indonesian tax office regarding progress on the framework for resolution of disputes arising from the audits of tax years 2012 through 2016. As a result of these discussions and the revised positions taken by both the Indonesian tax office and PT-FI, FCX believes it can no longer conclude a resolution of all of the disputed tax items at a more-likely-than-not threshold. Because of these recent events, FCX continues to evaluate its uncertain tax positions and may record a material tax charge during fourth-quarter 2021. This tax charge may be offset by a tax benefit related to the additional release of valuation allowance associated with PT Rio Tinto net operating loss carryforwards that PT-FI may deem realizable. PT-FI will |
Debt and Equity
Debt and Equity | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Equity | DEBT AND FINANCIAL POLICY The components of debt follow (in millions): September 30, December 31, 2020 Senior notes and debentures: Issued by FCX $ 8,790 $ 8,783 Issued by Freeport Minerals Corporation 355 356 Cerro Verde Term Loan 325 523 PT-FI Term Loan 146 — Other 49 49 Total debt 9,665 9,711 Less current portion of debt (897) a (34) Long-term debt $ 8,768 $ 9,677 a. Includes $524 million for the 3.55% Senior Notes, which will be redeemed on December 1, 2021, and $325 million for the Cerro Verde Term Loan due June 2022. Revolving Credit Facility. At September 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 and stepped 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 September 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 (PMR), and for PT-FI’s general corporate purposes. The term loan allows for borrowings up to $667 million within the first three years, and then the loan 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. As of September 30, 2021, $158 million ($146 million net of debt issuance costs) was drawn under the PT-FI Term Loan and no amounts were drawn under the revolving credit facility. Senior Notes. On October 21, 2021, FCX called for redemption all of its outstanding $524 million principal amount of 3.55% Senior Notes due 2022. The notes will be redeemed on December 1, 2021, at a redemption price equal to 100 percent of the principal amount of the notes outstanding, plus accrued and unpaid interest to, but not including, the redemption date. Annual interest costs associated with the 3.55% Senior Notes approximate $19 million. FCX has no other senior note maturities until March 2023. As further discussed in the 2020 Form 10-K, in the first nine months of 2020, FCX redeemed in full or purchased a portion of its 4.00% Senior Notes due 2021, 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024. As a result of these transactions, FCX recorded a loss on early extinguishment of debt of $59 million in third-quarter 2020 and $100 million for the nine months ended September 30, 2020. Cerro Verde Term Loan. In September 2021, Cerro Verde prepaid $200 million on its term loan. The $325 million balance of the loan is due June 2022. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $157 million in third-quarter 2021, $160 million in third-quarter 2020, $482 million for the first nine months of 2021 and $490 million for the first nine months of 2020. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $19 million in third-quarter 2021, $40 million in third-quarter 2020, $51 million for the first nine months of 2021 and $128 million for the first nine months of 2020. The decrease in capitalized interest for the 2021 periods results from assets placed in service as PT-FI’s underground mining operations continue to ramp up. Financial Policy. In February 2021, FCX’s Board of Directors (Board) adopted a financial policy for the allocation of cash flows aligned with FCX’s strategic objectives of maintaining a strong balance sheet and increasing cash returns to shareholders while advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50 percent of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for additional smelting capacity in Indonesia). In February 2021, the Board reinstated a cash dividend on FCX’s common stock (base dividend), and on November 1, 2021, the Board approved (i) a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock, and (ii) a variable cash dividend on FCX’s common stock for 2022. The timing and amount of any share repurchases will be at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. The declaration and payment of dividends (base or variable) is also at the discretion of the Board and will depend on FCX's financial results, cash requirements, business prospects, global economic conditions and other factors deemed relevant by the Board. On September 22, 2021, FCX declared a quarterly cash dividend (base dividend) of $0.075 per share on its common stock, which was paid on November 1, 2021, to common stockholders of record as of October 15, 2021. |
Financial Instruments (Unaudite
Financial Instruments (Unaudited) | 9 Months Ended |
Sep. 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 nine-month periods ended September 30, 2021 and 2020. At September 30, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 84 million pounds at an average contract price of $4.23 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (20) $ 1 $ (28) $ 8 Hedged item – firm sales commitments 20 (1) 28 (8) Realized gains (losses): Matured derivative financial instruments 5 15 57 (1) 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 September 30, 2021, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 548 $ 4.28 $ 4.05 February 2022 Gold (thousands of ounces) 196 1,790 1,738 January 2022 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 116 4.31 4.05 February 2022 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 September 30, 2021, Atlantic Copper held net copper forward purchase contracts for 9 million pounds at an average contract price of $4.23 per pound, with maturities through November 2021. Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Embedded derivatives in provisional sales contracts: a Copper $ (102) $ 94 $ 223 $ 18 Gold and other metals (9) 15 (22) 39 Copper forward contracts b 1 (7) (12) 12 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): September 30, December 31, 2020 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 2 $ 15 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 30 169 Copper forward contracts 5 — Total derivative assets $ 37 $ 184 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 14 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 134 21 Copper forward contracts 4 — Total derivative liabilities $ 152 $ 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 September 30, December 31, 2020 September 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 30 $ 169 $ 134 $ 21 Copper derivatives 7 15 18 — 37 184 152 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts — 1 — 1 Copper derivatives 4 — 4 — 4 1 4 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 30 168 134 20 Copper derivatives 3 15 14 — $ 33 $ 183 $ 148 $ 20 Balance sheet classification: Trade accounts receivable $ 3 $ 168 $ 101 $ — Other current assets 4 15 — — Accounts payable and accrued liabilities 26 — 45 20 Other liabilities — — 2 — $ 33 $ 183 $ 148 $ 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 September 30, 2021, the maximum amount of credit exposure associated with derivative transactions was $37 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 September 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 September 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): September 30, December 31, 2020 Balance sheet components: Cash and cash equivalents $ 7,672 $ 3,657 Restricted cash and restricted cash equivalents included in: Other current assets 114 97 Other assets 133 149 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 7,919 $ 3,903 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 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 third-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 September 30, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b Equity securities $ 52 $ 52 $ — $ 52 $ — $ — U.S. core fixed income fund 29 29 29 — — — Total 81 81 29 52 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 53 53 — — 53 — Corporate bonds 42 42 — — 42 — Government mortgage-backed securities 24 24 — — 24 — Asset-backed securities 14 14 — — 14 — Money market funds 8 8 — 8 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 210 210 64 8 138 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 30 30 — — 30 — Copper forward contracts c 5 5 — 2 3 — Copper futures and swap contracts c 2 2 — — 2 — Total 37 37 — 2 35 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 94 85 — — — 85 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 134 134 — — 134 — Copper futures and swap contracts c 14 14 — 14 — — Copper forward contracts 4 4 — 1 3 — Total 152 152 — 15 137 — Long-term debt, including current portion d 9,665 10,791 — — 10,791 — 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 $114 million at September 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at September 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for additional 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 $20 million at September 30, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $74 million at September 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 September 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 nine 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 12 Settlements (15) Fair value at September 30, 2021 $ 85 |
Contingencies and Commitments (
Contingencies and Commitments (Unaudited) | 9 Months Ended |
Sep. 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 final draft RI, which addressed all remaining EPA comments, was submitted in October 2021 and NCG expects EPA’s formal acceptance after their review. NCG expects to submit the draft FS in late 2025 and currently expects EPA to select a creek-wide remedy in 2026, 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 $313 million at September 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. The hearing to consider confirmation of the Imerys bankruptcy plan previously scheduled to be held in November 2021 has been cancelled following a recent decision by the bankruptcy judge to invalidate a substantial number of votes in favor of the plan. 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 September 30, 2021, associated with the proposed settlement. Louisiana Parishes Coastal Erosion Cases. As discussed in Note 12 of FCX's 2020 Form 10-K, certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulphur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases. The maximum out-of-pocket settlement payment will be $23.5 million with the initial payment of $15 million to be paid upon execution of the settlement agreement. The settlement agreement must be executed by all parties, including authorized representatives of the six south Louisiana parishes originally plaintiffs in the suit and certain other non-plaintiff Louisiana parishes and the state of Louisiana. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in 2019 for the initial payment of $15 million, which will be paid upon execution of the settlement agreement. The settlement agreement has been executed by the FCX affiliates, the state of Louisiana and 8 of the 12 Louisiana parishes. FCX is continuing its efforts to finalize the 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. Cerro Verde Royalty Dispute. SUNAT (National Superintendency of Customs and Administration), the Peru national tax authority, assessed mining royalties on ore processed by the Cerro Verde concentrator for the period December 2006 to December 2013. Cerro Verde contested each of these assessments because it believes that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. Since 2014, Cerro Verde has been paying the disputed assessments for the period from December 2006 through December 2013 under installment payment programs provided under Peru law. In third-quarter 2021, Cerro Verde paid the balance of its royalty dispute liabilities (payments totaled $356 million in third-quarter 2021 and $421 million for the first nine months of 2021) and is proceeding with international arbitration as previously disclosed in FCX’s 2020 Form 10-K. 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 regarding these delays 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 nine months of 2021, PT-FI recorded charges totaling $16 million 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. 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 | 9 Months Ended |
Sep. 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 third quarters and first nine months of 2021 and 2020 follow (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Copper: Concentrate $ 2,531 $ 1,185 $ 6,316 $ 2,783 Cathode 1,463 1,085 4,232 3,046 Rod and other refined copper products 1,048 634 2,565 1,479 Purchased copper a 124 167 652 568 Gold 741 497 1,856 1,108 Molybdenum 372 189 904 626 Other b 210 159 666 431 Adjustments to revenues: Treatment charges (126) (95) (324) (250) Royalty expense c (97) (56) (242) (102) Export duties d (72) (23) (145) (43) Revenues from contracts with customers 6,194 3,742 16,480 9,646 Embedded derivatives e (111) 109 201 57 Total consolidated revenues $ 6,083 $ 3,851 $ 16,681 $ 9,703 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. |
Earnings per Share (Unaudited_2
Earnings per Share (Unaudited) Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding | Reconciliations of net income 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income $ 1,723 $ 432 $ 4,007 $ 7 Net income attributable to noncontrolling interests (324) (103) (807) (116) Undistributed earnings allocated to participating securities (4) (3) (6) (3) Net income (loss) attributable to common stockholders $ 1,395 $ 326 $ 3,194 $ (112) Basic weighted-average shares of common stock outstanding 1,469 1,453 1,466 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 15 8 a 15 — a Diluted weighted-average shares of common stock outstanding 1,484 1,461 1,481 1,453 Basic net income (loss) per share attributable to common stockholders $ 0.95 $ 0.22 $ 2.18 $ (0.08) Diluted net income (loss) per share attributable to common stockholders $ 0.94 $ 0.22 $ 2.16 $ (0.08) |
Inventories, Including Long-T_2
Inventories, Including Long-Term Mill and Leach Stockpiles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The components of inventories follow (in millions): September 30, 2021 December 31, 2020 Current inventories: Total materials and supplies, net a $ 1,617 $ 1,594 Mill stockpiles $ 209 $ 205 Leach stockpiles 877 809 Total current mill and leach stockpiles $ 1,086 $ 1,014 Raw materials (primarily concentrate) $ 437 $ 366 Work-in-process 184 174 Finished goods 796 745 Total product $ 1,417 $ 1,285 Long-term inventories: Mill stockpiles $ 223 $ 223 Leach stockpiles 1,227 1,240 Total long-term mill and leach stockpiles b $ 1,450 $ 1,463 a. Materials and supplies inventory was net of obsolescence reserves totaling $37 million at September 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 (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 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): Nine Months Ended September 30, 2021 2020 U.S. operations $ (7) $ 56 a International operations (1,667) b (389) c Total $ (1,674) $ (333) 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. b. Includes net tax benefits totaling $83 million ($66 million net of noncontrolling interest), consisting of $69 million associated with the release of a portion of the valuation allowances recorded against PT Rio Tinto Indonesia (PT RTI), PT-FI’s wholly owned subsidiary, net operating losses (NOLs) and $24 million primarily associated with the reversal of a tax reserve related to the treatment of prior year contractor support costs; partly offset by a tax charge of $10 million associated with the audit of PT-FI's 2019 tax returns. c. Includes a tax charge of $21 million ($17 million net of noncontrolling interests) associated with establishing a tax reserve related to the treatment of prior year contractor support costs. |
Debt and Equity (Tables)
Debt and Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The components of debt follow (in millions): September 30, December 31, 2020 Senior notes and debentures: Issued by FCX $ 8,790 $ 8,783 Issued by Freeport Minerals Corporation 355 356 Cerro Verde Term Loan 325 523 PT-FI Term Loan 146 — Other 49 49 Total debt 9,665 9,711 Less current portion of debt (897) a (34) Long-term debt $ 8,768 $ 9,677 a. Includes $524 million for the 3.55% Senior Notes, which will be redeemed on December 1, 2021, and $325 million for the Cerro Verde Term Loan due June 2022. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (20) $ 1 $ (28) $ 8 Hedged item – firm sales commitments 20 (1) 28 (8) Realized gains (losses): Matured derivative financial instruments 5 15 57 (1) |
Schedule of Derivative Instruments | A summary of FCX’s embedded derivatives at September 30, 2021, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 548 $ 4.28 $ 4.05 February 2022 Gold (thousands of ounces) 196 1,790 1,738 January 2022 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 116 4.31 4.05 February 2022 |
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions | A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Embedded derivatives in provisional sales contracts: a Copper $ (102) $ 94 $ 223 $ 18 Gold and other metals (9) 15 (22) 39 Copper forward contracts b 1 (7) (12) 12 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): September 30, December 31, 2020 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 2 $ 15 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 30 169 Copper forward contracts 5 — Total derivative assets $ 37 $ 184 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 14 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 134 21 Copper forward contracts 4 — Total derivative liabilities $ 152 $ 21 |
Offsetting Assets | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities September 30, December 31, 2020 September 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 30 $ 169 $ 134 $ 21 Copper derivatives 7 15 18 — 37 184 152 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts — 1 — 1 Copper derivatives 4 — 4 — 4 1 4 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 30 168 134 20 Copper derivatives 3 15 14 — $ 33 $ 183 $ 148 $ 20 Balance sheet classification: Trade accounts receivable $ 3 $ 168 $ 101 $ — Other current assets 4 15 — — Accounts payable and accrued liabilities 26 — 45 20 Other liabilities — — 2 — $ 33 $ 183 $ 148 $ 20 |
Offsetting Liabilities | A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities September 30, December 31, 2020 September 30, December 31, 2020 Gross amounts recognized: Embedded derivatives in provisional sales/purchase contracts $ 30 $ 169 $ 134 $ 21 Copper derivatives 7 15 18 — 37 184 152 21 Less gross amounts of offset: Embedded derivatives in provisional sales/purchase contracts — 1 — 1 Copper derivatives 4 — 4 — 4 1 4 1 Net amounts presented in balance sheet: Embedded derivatives in provisional sales/purchase contracts 30 168 134 20 Copper derivatives 3 15 14 — $ 33 $ 183 $ 148 $ 20 Balance sheet classification: Trade accounts receivable $ 3 $ 168 $ 101 $ — Other current assets 4 15 — — Accounts payable and accrued liabilities 26 — 45 20 Other liabilities — — 2 — $ 33 $ 183 $ 148 $ 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): September 30, December 31, 2020 Balance sheet components: Cash and cash equivalents $ 7,672 $ 3,657 Restricted cash and restricted cash equivalents included in: Other current assets 114 97 Other assets 133 149 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 7,919 $ 3,903 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b Equity securities $ 52 $ 52 $ — $ 52 $ — $ — U.S. core fixed income fund 29 29 29 — — — Total 81 81 29 52 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 53 53 — — 53 — Corporate bonds 42 42 — — 42 — Government mortgage-backed securities 24 24 — — 24 — Asset-backed securities 14 14 — — 14 — Money market funds 8 8 — 8 — — Collateralized mortgage-backed securities 4 4 — — 4 — Municipal bonds 1 1 — — 1 — Total 210 210 64 8 138 — Derivatives: Embedded derivatives in provisional sales/purchase contracts in a gross asset position c 30 30 — — 30 — Copper forward contracts c 5 5 — 2 3 — Copper futures and swap contracts c 2 2 — — 2 — Total 37 37 — 2 35 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 94 85 — — — 85 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 134 134 — — 134 — Copper futures and swap contracts c 14 14 — 14 — — Copper forward contracts 4 4 — 1 3 — Total 152 152 — 15 137 — Long-term debt, including current portion d 9,665 10,791 — — 10,791 — 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 $114 million at September 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $132 million at September 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for additional 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 nine 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 12 Settlements (15) Fair value at September 30, 2021 $ 85 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 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 third quarters and first nine months of 2021 and 2020 follow (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Copper: Concentrate $ 2,531 $ 1,185 $ 6,316 $ 2,783 Cathode 1,463 1,085 4,232 3,046 Rod and other refined copper products 1,048 634 2,565 1,479 Purchased copper a 124 167 652 568 Gold 741 497 1,856 1,108 Molybdenum 372 189 904 626 Other b 210 159 666 431 Adjustments to revenues: Treatment charges (126) (95) (324) (250) Royalty expense c (97) (56) (242) (102) Export duties d (72) (23) (145) (43) Revenues from contracts with customers 6,194 3,742 16,480 9,646 Embedded derivatives e (111) 109 201 57 Total consolidated revenues $ 6,083 $ 3,851 $ 16,681 $ 9,703 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 September 30, 2021 Revenues: Unaffiliated customers $ 16 $ 64 $ 80 $ 979 $ 149 $ 1,128 $ 1,961 a $ — $ 1,697 $ 783 $ 434 b $ 6,083 Intersegment 711 1,020 1,731 95 — 95 81 151 7 — (2,065) — Production and delivery 312 592 904 533 97 630 569 70 1,701 765 (1,630) 3,009 Depreciation, depletion and amortization 40 54 94 101 10 111 280 19 1 7 16 528 Metals inventory adjustments 13 — 13 — — — — — — — 1 14 Selling, general and administrative expenses — 1 1 2 — 2 28 — — 5 66 102 Mining exploration and research expenses — 1 1 — — — — — — — 14 15 Environmental obligations and shutdown costs (1) (1) (2) — — — — — — — 15 13 Net gain on sales of assets — — — — — — — — — — (60) c (60) Operating income (loss) 363 437 800 438 42 480 1,165 62 2 6 (53) 2,462 Interest expense, net — 1 1 6 — 6 1 — — 1 129 138 Provision for (benefit from) income taxes — — — 197 24 221 382 d — — (1) 26 628 Total assets at September 30, 2021 2,586 5,244 7,830 8,554 1,843 10,397 18,592 1,726 278 1,067 7,027 46,917 Capital expenditures 42 74 116 41 6 47 328 1 1 5 43 e 541 Three Months Ended September 30, 2020 Revenues: Unaffiliated customers $ 4 $ 12 $ 16 $ 632 $ 108 $ 740 $ 1,023 a $ — $ 1,270 $ 536 $ 266 b $ 3,851 Intersegment 584 637 1,221 66 — 66 3 42 8 3 (1,343) — Production and delivery 308 460 768 394 83 477 409 51 1,272 522 (1,034) 2,465 Depreciation, depletion and amortization 42 49 91 92 13 105 150 13 6 8 21 394 Metals inventory adjustments — (4) (4) — — — — 3 2 — 8 9 Selling, general and administrative expenses 1 — 1 2 — 2 25 — — 5 39 72 Mining exploration and research expenses — — — — — — — — — — 8 8 Environmental obligations and shutdown costs — (3) (3) — — — — — — — 24 21 Net loss on sales of assets — — — — — — — — — — 2 2 Operating income (loss) 237 147 384 210 12 222 442 (25) (2) 4 (145) 880 Interest expense, net — — — 21 — 21 — — — — 99 120 Provision for (benefit from) income taxes — — — 105 4 109 211 — — — (23) 297 Total assets at September 30, 2020 2,654 5,137 7,791 8,569 1,640 10,209 16,858 1,770 251 877 3,343 41,099 Capital expenditures 21 45 66 26 5 31 297 3 1 6 32 e 436 a. Includes PT-FI's sales to PT Smelting totaling $795 million in third-quarter 2021 and $506 million in third-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. Represents the gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland (Freeport Cobalt). d. Includes net tax benefits of $69 million associated with the release of a portion of the valuation allowances recorded against PT RTI NOLs. e. Includes capital expenditures for the new greenfield smelter and precious metals refinery (collectively, the Indonesia smelter project) of $31 million in third-quarter 2021 and $27 million in third-quarter 2020. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Nine months ended September 30, 2021 Revenues: Unaffiliated customers $ 77 $ 147 $ 224 $ 2,721 $ 512 $ 3,233 $ 5,097 a $ — $ 4,695 $ 2,264 $ 1,168 b $ 16,681 Intersegment 1,996 2,783 4,779 260 — 260 189 310 20 — (5,558) — Production and delivery 932 1,646 2,578 1,463 c 306 1,769 1,552 183 4,708 2,213 (4,141) d 8,862 Depreciation, depletion and amortization 114 161 275 272 34 306 726 51 3 22 47 1,430 Metals inventory adjustments 13 — 13 — — — — 1 — — 1 15 Selling, general and administrative expenses 1 2 3 6 — 6 81 — — 17 182 289 Mining exploration and research expenses — 1 1 — — — — — — — 35 36 Environmental obligations and shutdown costs — (1) (1) — — — — — — — 52 51 Net gain on sales of assets — — — — — — — — — — (63) e (63) Operating income (loss) 1,013 1,121 2,134 1,240 172 1,412 2,927 75 4 12 (503) 6,061 Interest expense, net — 1 1 31 — 31 8 — — 4 387 431 Provision for (benefit from) income taxes — — — 515 62 577 1,101 f — — (1) (3) 1,674 Capital expenditures 74 137 211 84 10 94 904 4 2 18 111 g 1,344 Nine months ended September 30, 2020 Revenues: Unaffiliated customers $ 26 $ 35 $ 61 $ 1,479 $ 312 $ 1,791 $ 2,151 a $ — $ 3,491 $ 1,429 $ 780 b $ 9,703 Intersegment 1,473 1,676 3,149 156 — 156 38 171 24 16 (3,554) — Production and delivery 1,005 1,410 2,415 1,152 297 1,449 1,130 178 3,529 1,379 (2,676) 7,404 Depreciation, depletion and amortization 129 143 272 273 42 315 375 44 14 22 51 1,093 Metals inventory adjustments 4 48 52 — 3 3 — 8 3 — 26 92 Selling, general and administrative expenses 2 1 3 5 — 5 81 — — 15 169 273 Mining exploration and research expenses — 2 2 — — — — — — — 40 42 Environmental obligations and shutdown costs — (3) (3) — — — — — 1 — 60 58 Net loss on sales of assets — — — — — — — — — — 13 13 Operating income (loss) 359 110 469 205 (30) 175 603 (59) (32) 29 (457) 728 Interest expense, net 2 — 2 69 — 69 2 — — 4 285 362 Provision for (benefit from) income taxes — — — 82 (6) 76 302 — — 1 (46) 333 Capital expenditures 92 306 398 116 40 156 865 14 5 17 118 g 1,573 a. Includes PT-FI's sales to PT Smelting totaling $2.3 billion for the first nine months of 2021 and $1.3 billion for the first nine 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 $74 million associated with labor-related charges at Cerro Verde for agreements reached with approximately 65 percent of its hourly employees. d. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million. e. Includes a $60 million gain on the sale of Freeport Cobalt. f. Includes net tax benefits of $69 million associated with the release of a portion of the valuation allowances recorded against PT RTI NOLs. g. Includes capital expenditures for the Indonesia smelter project of $79 million for the first nine months of 2021 and $94 million for the first nine months of 2020. |
General Information (Unaudite_2
General Information (Unaudited) (Details) - USD ($) $ in Millions | Sep. 01, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | May 01, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Proceeds from sale of receivables, gross | $ 131 | $ 319 | ||||
Discount on receivables sold | 1 | 1 | ||||
Payments to Acquire Equity Method Investments | $ 33 | $ 0 | ||||
Freeport Cobalt | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Consideration | $ 208 | |||||
Cash proceeds from divestiture of businesses | 173 | |||||
Disposal group cash and cash equivalents | 20 | |||||
Disposal group other assets | 125 | |||||
Gain on divestiture | 60 | |||||
Contingent consideration, asset | $ 40 | |||||
Net Income Attributable to Common Stock | Freeport Cobalt | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Gain on divestiture | $ 34 | |||||
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 | 25.00% | 39.50% | ||||
Jervois | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Divestiture of business, percent of shares owned | 700.00% | |||||
Part noncash divestiture, consideration received | $ 35 | |||||
Koboltti Chemicals Holdings Limited | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 56.00% |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 1,723 | $ 432 | $ 4,007 | $ 7 |
Net income attributable to noncontrolling interests | (324) | (103) | (807) | (116) |
Undistributed earnings allocated to participating securities | (4) | (3) | (6) | (3) |
Net income (loss) attributable to common stockholders | $ 1,395 | $ 326 | $ 3,194 | $ (112) |
Basic weighted-average shares of common stock outstanding | 1,469 | 1,453 | 1,466 | 1,453 |
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) | 15 | 8 | 15 | 0 |
Diluted weighted-average shares of common stock outstanding | 1,484 | 1,461 | 1,481 | 1,453 |
Basic and diluted net income (loss) per share attributable to common stockholders: | ||||
Earnings per share, basic (in dollars per share) | $ 0.95 | $ 0.22 | $ 2.18 | $ (0.08) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 13 | ||
Dilutive Securities Excluded from Computation of EPS Amount | 4 | 28 | 6 | 35 |
Earnings Per Share, Diluted | $ 0.94 | $ 0.22 | $ 2.16 | $ (0.08) |
Inventories, Including Long-T_3
Inventories, Including Long-Term Mill and Leach Stockpiles - Schedule of Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current inventories: | ||
Total materials and supplies, net | $ 1,617 | $ 1,594 |
Mill stockpiles | 209 | 205 |
Leach stockpiles | 877 | 809 |
Total current mill and leach stockpiles | 1,086 | 1,014 |
Raw materials (primarily concentrate) | 437 | 366 |
Work-in-process | 184 | 174 |
Finished goods | 796 | 745 |
Total product | 1,417 | 1,285 |
Long-term inventories: | ||
Mill stockpiles | 223 | 223 |
Leach stockpiles | 1,227 | 1,240 |
Total long-term mill and leach stockpiles | 1,450 | 1,463 |
Inventory obsolescence reserves | $ 37 | $ 32 |
Inventories, Including Long-T_4
Inventories, Including Long-Term Mill and Leach Stockpiles - Additional Information (Details) $ / shares in Units, pounds in Millions, $ in Millions | Jul. 01, 2021pounds | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) |
Inventory [Line Items] | |||||
Metals inventory adjustments | $ 14 | $ 9 | $ 15 | $ 92 | |
Increase in recoverable copper in leach stockpiles | pounds | 191 | ||||
Increase in net income as a result of increased recoverable inventory | $ 52 | $ 52 | |||
Increase in earnings per share as a result of increased recoverable inventory | $ / shares | $ 0.04 | $ 0.04 | |||
Molybdenum | |||||
Inventory [Line Items] | |||||
Metals inventory adjustments | 34 | ||||
Copper | |||||
Inventory [Line Items] | |||||
Metals inventory adjustments | $ 58 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noncontrolling Interest [Line Items] | ||||
U.S. operations | $ (7) | $ 56 | ||
International operations | (1,667) | (389) | ||
Total | $ (628) | $ (297) | (1,674) | (333) |
Foreign Tax Authority [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Tax charge (credit) resulting from prior period tax positions | (24) | 21 | ||
Net income tax expense (benefit) | (83) | |||
Change in valuation allowance | $ 69 | (69) | ||
Tax settlement | 10 | |||
Foreign Tax Authority [Member] | Net Income Attributable to Common Stock | ||||
Noncontrolling Interest [Line Items] | ||||
Tax charge (credit) resulting from prior period tax positions | 17 | |||
Net income tax expense (benefit) | $ (66) | |||
Domestic Tax Authority | Timik, lower zone | ||||
Noncontrolling Interest [Line Items] | ||||
Tax charge (credit) resulting from prior period tax positions | $ (53) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Contingency [Line Items] | ||||||
Consolidated effective income tax rate (percent) | 29.00% | 102.00% | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 252 | |||||
Proceeds from Income Tax Refunds | $ 23 | $ 24 | $ 221 | |||
accrued interest and penalties | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 137 |
Debt and Equity (Details)
Debt and Equity (Details) | Sep. 22, 2021$ / shares | Jul. 31, 2021USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2021 | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2021USD ($) | Apr. 30, 2024 | Apr. 30, 2024 | Nov. 01, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 9,665,000,000 | $ 9,665,000,000 | $ 9,711,000,000 | ||||||||||
Current portion of debt | (897,000,000) | (897,000,000) | (34,000,000) | ||||||||||
Long-term debt, less current portion | 8,768,000,000 | 8,768,000,000 | 9,677,000,000 | ||||||||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 5.25 | ||||||||||||
Interest costs | 157,000,000 | $ 160,000,000 | 482,000,000 | $ 490,000,000 | |||||||||
Net loss on early extinguishment of debt | $ 0 | $ (59,000,000) | $ 0 | $ (100,000,000) | |||||||||
Dividends declared per share of common stock (in dollars per share) | $ / shares | $ 0.075 | $ 0.075 | $ 0 | $ 0.225 | $ 0 | ||||||||
Repayments of Debt | $ 672,000,000 | $ 3,105,000,000 | |||||||||||
Subsequent event | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000,000,000 | ||||||||||||
Minimum | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Payout Policy, Targeted Debt | $ 3,000,000,000 | ||||||||||||
Maximum | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Payout Policy, Targeted Debt | $ 4,000,000,000 | ||||||||||||
Cerro Verde [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Repayments of Debt | 200,000,000 | ||||||||||||
Property, Plant and Equipment [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Interest costs capitalized | $ 19,000,000 | $ 40,000,000 | 51,000,000 | 128,000,000 | |||||||||
Line of Credit [Member] | PT-FI Term Loan | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 667,000,000 | ||||||||||||
Line of Credit [Member] | Cerro Verde [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 325 | 325 | |||||||||||
Line of Credit [Member] | Cerro Verde [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 325,000,000 | 325,000,000 | 523,000,000 | ||||||||||
Line of Credit [Member] | Cerro Verde [Member] | 3.55% Senior Notes Due March 2022 | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Current portion of debt | (524,000,000) | (524,000,000) | |||||||||||
Line of Credit [Member] | Cerro Verde [Member] | 3.55% Senior Notes Due June 2022 | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Current portion of debt | (325,000,000) | (325,000,000) | |||||||||||
Line of Credit [Member] | PT-FI Term Loan | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 146,000,000 | 146,000,000 | 0 | ||||||||||
Long-term Debt, Gross | 158,000,000 | 158,000,000 | |||||||||||
Line of Credit [Member] | Letter of Credit [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Letter of credit | 8,000,000 | 8,000,000 | |||||||||||
Revolving credit facility, availability | 1,500,000,000 | 1,500,000,000 | |||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 0 | 0 | |||||||||||
Letter of credit | $ 333,000,000 | ||||||||||||
Revolving credit facility, availability | 3,500,000,000 | 3,500,000,000 | |||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||||||
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 | |||||||||||||
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 | 3,280,000,000 | 3,280,000,000 | |||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Maturing 2023 [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Revolving credit facility, availability | 220,000,000 | 220,000,000 | |||||||||||
Line of Credit [Member] | Unsecured Credit Facility | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Debt, principal | $ 1,000,000,000 | ||||||||||||
Senior Notes [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Net loss on early extinguishment of debt | $ (59,000,000) | $ (100,000,000) | |||||||||||
Senior Notes [Member] | 4.00% Senior Notes Due 2021 | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Stated interest rate | 4.00% | 4.00% | |||||||||||
Senior Notes [Member] | 3.55% Senior Notes Due 2022 | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Debt, principal | $ 524,000,000 | $ 524,000,000 | |||||||||||
Stated interest rate | 3.55% | 3.55% | 3.55% | 3.55% | |||||||||
Senior Notes [Member] | Senior Notes Due 2023, 3.875% [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Stated interest rate | 3.875% | 3.875% | |||||||||||
Senior Notes [Member] | Senior Notes due 2024 4 point 55 percent [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Stated interest rate | 4.55% | 4.55% | |||||||||||
Senior Notes [Member] | FCX | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 8,790,000,000 | $ 8,790,000,000 | 8,783,000,000 | ||||||||||
Debentures [Member] | Freeport McMoRan Corporation [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 355,000,000 | 355,000,000 | 356,000,000 | ||||||||||
Other Debt, Including Capital Leases and Short Term Borrowings [Member] | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | $ 49,000,000 | $ 49,000,000 | $ 49,000,000 | ||||||||||
PT-FI Term Loan | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 667,000,000 | ||||||||||||
Forecast | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 3.75 | ||||||||||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 2.25 | ||||||||||||
Forecast | Senior Notes [Member] | 3.55% Senior Notes Due 2022 | |||||||||||||
Total Debt [Abstract] | |||||||||||||
Interest costs | $ 19,000,000 |
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 | 9 Months Ended | ||
Apr. 30, 2020lb | Jun. 30, 2020 | Sep. 30, 2021USD ($)$ / lb$ / oz$ / lb | Sep. 30, 2020USD ($)$ / lb | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)ozlb$ / lb$ / oz$ / lb | Sep. 30, 2020USD ($)$ / 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 | $ (111) | $ 109 | $ 201 | $ 57 | |||
Commodity Contract [Member] | |||||||
Unrealized gains (losses): | |||||||
Derivative financial instruments | (20) | 1 | (28) | 8 | |||
Hedged item – firm sales commitments | 20 | (1) | 28 | (8) | |||
Realized gains (losses): | |||||||
Matured derivative financial instruments | $ 5 | $ 15 | $ 57 | $ (1) | |||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 84 | ||||||
Derivative, Average Forward Price | $ / lb | 4.23 | 4.23 | |||||
Copper Forward Contracts [Member] | |||||||
Unrealized gains (losses): | |||||||
Derivative financial instruments | $ 24 | ||||||
Realized gains (losses): | |||||||
Derivative, Forward Price | $ / lb | 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 | ||||||
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 9 | ||||||
Derivative, Average Forward Price | $ / lb | 4.23 | 4.23 | |||||
Copper Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Amounts recorded in Cost of Sales | |||||||
Realized gains (losses): | |||||||
Matured derivative financial instruments | $ 1 | $ (7) | $ (12) | $ 12 | |||
Copper | Not Designated as Hedging Instrument [Member] | Amounts recorded in Sales [Member] | |||||||
Realized gains (losses): | |||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (102) | 94 | $ 223 | 18 | |||
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 | 548 | ||||||
Derivative, Average Forward Price | $ / lb | 4.28 | 4.28 | |||||
Realized gains (losses): | |||||||
Derivative Average Market Price | $ / lb | 4.05 | 4.05 | |||||
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 | 116 | ||||||
Derivative, Average Forward Price | $ / lb | 4.31 | 4.31 | |||||
Realized gains (losses): | |||||||
Derivative Average Market Price | $ / lb | 4.05 | 4.05 | |||||
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 | 196 | ||||||
Derivative, Average Forward Price | $ / oz | 1,790 | 1,790 | |||||
Realized gains (losses): | |||||||
Derivative Average Market Price | $ / oz | 1,738 | 1,738 | |||||
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 | $ (9) | $ 15 | $ (22) | $ 39 |
Financial Instruments (Unsettle
Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020lb | Sep. 30, 2021USD ($)$ / lb$ / oz$ / lb | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ozlb$ / lb$ / oz$ / lb | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 37 | $ 37 | $ 184 | |||
Derivative Liability, Fair Value, Gross Liability | 152 | 152 | 21 | |||
Derivative Asset, Fair Value, Gross Liability | 4 | 4 | 1 | |||
Derivative Liability, Fair Value, Gross Asset | 4 | 4 | 1 | |||
Derivative Asset | 33 | 33 | 183 | |||
Derivative Liability | 148 | 148 | 20 | |||
Trade accounts receivable [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 3 | 3 | 168 | |||
Derivative Liability | 101 | 101 | 0 | |||
Accounts Payable and Accrued Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 26 | 26 | 0 | |||
Derivative Liability | 45 | 45 | 20 | |||
Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 4 | 4 | 15 | |||
Derivative Liability | 0 | 0 | 0 | |||
Other Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset | 0 | 0 | 0 | |||
Derivative Liability | 2 | 2 | 0 | |||
Commodity Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | 5 | $ 15 | 57 | $ (1) | ||
Derivative Asset, Fair Value, Gross Asset | 7 | 7 | 15 | |||
Derivative Liability, Fair Value, Gross Liability | 18 | 18 | 0 | |||
Derivative Asset, Fair Value, Gross Liability | 4 | 4 | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 4 | 4 | 0 | |||
Derivative Asset | 3 | 3 | 15 | |||
Derivative Liability | 14 | 14 | 0 | |||
Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 30 | 30 | 169 | |||
Derivative Liability, Fair Value, Gross Liability | 134 | 134 | 21 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 1 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 1 | |||
Derivative Asset | 30 | 30 | 168 | |||
Derivative Liability | 134 | 134 | 20 | |||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 2 | $ 2 | 15 | |||
Derivative, Nonmonetary Notional Amount, Mass | lb | 84 | |||||
Derivative, Average Forward Price | $ / lb | 4.23 | 4.23 | ||||
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 150 | |||||
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 30 | $ 30 | 169 | |||
Derivative Liability, Fair Value, Gross Liability | $ 134 | $ 134 | 21 | |||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 9 | |||||
Derivative, Average Forward Price | $ / lb | 4.23 | 4.23 | ||||
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 | $ 14 | $ 14 | 0 | |||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 5 | 5 | 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 | 4.05 | 4.05 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 548 | |||||
Derivative, Average Forward Price | $ / lb | 4.28 | 4.28 | ||||
Copper | Long [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / lb | 4.05 | 4.05 | ||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 116 | |||||
Derivative, Average Forward Price | $ / lb | 4.31 | 4.31 | ||||
Gold | Short [Member] | Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Average Market Price | $ / oz | 1,738 | 1,738 | ||||
Derivative, Nonmonetary Notional Amount, Mass | oz | 196 | |||||
Derivative, Average Forward Price | $ / oz | 1,790 | 1,790 | ||||
Sales [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (111) | 109 | $ 201 | 57 | ||
Sales [Member] | Copper | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | (102) | 94 | 223 | 18 | ||
Sales [Member] | gold and other | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | (9) | 15 | (22) | 39 | ||
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Matured derivative financial instruments | $ 1 | $ (7) | $ (12) | $ 12 |
Financial Instruments (Derivati
Financial Instruments (Derivative) (Details) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($)$ / lb | Dec. 31, 2019USD ($) | |
Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | $ 7,672 | $ 3,657 | |||
Restricted Cash and Cash Equivalents, Current | 114 | 97 | |||
Restricted Cash and Cash Equivalents, Noncurrent | 133 | 149 | |||
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows | 7,919 | 3,903 | $ 2,655 | $ 2,278 | |
Credit Derivative, Maximum Exposure, Undiscounted | 37 | ||||
Forward Contracts [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Derivative, Forward Price | $ / lb | 2.34 | ||||
Derivative financial instruments | $ 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||||
Other Assets, Current | $ 477 | $ 341 | ||
Other assets | 1,574 | 1,560 | ||
Proceeds from Sale of Other Assets, contingent consideration | $ 0 | |||
Derivative Liability, Fair Value, Gross Liability | 152 | 21 | ||
Investment securities (current and long-term): | ||||
Marketable Securities | 0 | |||
Derivatives: | ||||
Derivative Asset | 33 | 183 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 148 | 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 | 52 | 7 | ||
Trust Assets Fair Value Disclosure | 8 | 5 | ||
Derivatives: | ||||
Derivative Asset | 2 | 13 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 15 | |||
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 | 138 | 143 | ||
Derivatives: | ||||
Derivative Asset | 35 | 171 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 137 | |||
Long-term debt, including current portion | 10,791 | 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 | 81 | 36 | ||
Trust Assets Fair Value Disclosure | 210 | 213 | ||
Derivatives: | ||||
Derivative Asset | 37 | 184 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 152 | |||
Long-term debt, including current portion | 10,791 | 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 | 94 | 108 | ||
Investment securities (current and long-term): | ||||
Investments, Fair Value Disclosure | 81 | 36 | ||
Trust Assets Fair Value Disclosure | 210 | 213 | ||
Derivatives: | ||||
Derivative Asset | 37 | 184 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 152 | |||
Long-term debt, including current portion | 9,665 | 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 | 134 | 21 | ||
Derivatives: | ||||
Derivative Asset | 30 | 168 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 134 | 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 | 30 | 169 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 134 | 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 | 30 | 169 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 134 | 21 | ||
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Derivatives: | ||||
Derivative Asset | 30 | 169 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 134 | 21 | ||
Forward Contracts [Member] | Level 1 | ||||
Derivatives: | ||||
Derivative Asset | 2 | |||
Forward Contracts [Member] | Level 2 | ||||
Derivatives: | ||||
Derivative Asset | 3 | |||
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member] | ||||
Derivatives: | ||||
Derivative Asset | 5 | |||
Forward Contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Derivatives: | ||||
Derivative Asset | 5 | |||
Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 18 | 0 | ||
Derivatives: | ||||
Derivative Asset | 3 | 15 | ||
Derivatives: [Abstract] | ||||
Derivative Liability | 14 | 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 | 14 | |||
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 | 14 | |||
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 | 14 | |||
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member] | Forward Contracts [Member] | ||||
Derivatives: [Abstract] | ||||
Derivative Liability | 4 | |||
Future [Member] | Level 1 | ||||
Derivatives: | ||||
Derivative Asset | 0 | |||
Future [Member] | Level 2 | ||||
Derivatives: | ||||
Derivative Asset | 2 | |||
Future [Member] | Level 3 | ||||
Derivatives: | ||||
Derivative Asset | 0 | |||
Future [Member] | Estimate of Fair Value Measurement [Member] | ||||
Derivatives: | ||||
Derivative Asset | 2 | |||
Future [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Derivatives: | ||||
Derivative Asset | 2 | |||
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 | 52 | 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 | 52 | 7 | ||
Equity securities | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Marketable Securities | 52 | 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 | 53 | 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 | 53 | 49 | ||
Government bonds | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 53 | 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 | 42 | 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 | 42 | 43 | ||
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 42 | 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 | 24 | 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 | 24 | 30 | ||
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 24 | 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 | 14 | 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 | 14 | 16 | ||
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 14 | 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 | 8 | 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 | 8 | 5 | ||
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 8 | 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 | 4 | 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 | 4 | 4 | ||
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ||||
Investment securities (current and long-term): | ||||
Trust Assets Fair Value Disclosure | 4 | 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 | 114 | 97 | ||
Other assets | 132 | 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 | 134 | 21 | ||
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 | 20 | 12 | ||
Other assets | 74 | $ 96 | ||
Discontinued Operation, Contingent Receivable | $ 150 | |||
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 | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Assets, Current | $ 477 | $ 341 |
Other Assets, Noncurrent | 1,574 | $ 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 | (15) | |
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 | 12 | |
Fair value at September 30, 2021 | $ 85 |
Contingencies and Commitments_2
Contingencies and Commitments (Unaudited) - Litigation (Details) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2019case | |
Loss Contingencies [Line Items] | ||||
Settlement Liabilities, Current | $ 130 | |||
Settlement Liabilities, Current | $ 130 | |||
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | case | 13 | |||
Litigation settlement, agreed to pay, initial payment | $ 15 | |||
Charges for Cerro Verde royalty dispute | $ 15 | |||
Litigation Settlement, Amount Awarded to Other Party | $ 23.5 |
Contingencies and Commitments_3
Contingencies and Commitments (Unaudited) - Other Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 9 Months Ended |
Jul. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | |||
Remediation liability | $ 313 | ||
Settlement Liabilities, Current | 130 | ||
Estimated Construction Costs | $ 2,800 | ||
PT Smelting | PT Freeport Indonesia | |||
Loss Contingencies [Line Items] | |||
Administrative fine | $ 149 | $ 16 |
Business Segments (Product Reve
Business Segments (Product Revenue) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Revenue from External Customer [Line Items] | ||||
Treatment And Refining Charges Included In Copper Concentrates Revenues | $ (126) | $ (95) | $ (324) | $ (250) |
Royalty Expense | (97) | (56) | (242) | (102) |
Export duties expense | (72) | (23) | (145) | (43) |
Revenue from Contract with Customer, Excluding Assessed Tax | 6,194 | 3,742 | 16,480 | 9,646 |
Revenues | 6,083 | 3,851 | $ 16,681 | 9,703 |
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 | (111) | 109 | $ 201 | 57 |
Copper In Concentrates [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,531 | 1,185 | 6,316 | 2,783 |
Copper Cathode [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,463 | 1,085 | 4,232 | 3,046 |
Refined Copper Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,048 | 634 | 2,565 | 1,479 |
Purchased Copper [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 124 | 167 | 652 | 568 |
Gold | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 741 | 497 | 1,856 | 1,108 |
Molybdenum | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 372 | 189 | 904 | 626 |
Other Products Or Services [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 210 | $ 159 | $ 666 | $ 431 |
Business Segments (Segment Repo
Business Segments (Segment Reporting) (Details) lb in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Apr. 30, 2020lb | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)$ / lb | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($)$ / lb | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Number of Operating Segments | segment | 4 | ||||||
Deferred Intercompany Profit, Percentage | 39.50% | ||||||
Revenues | $ 6,083 | $ 3,851 | $ 16,681 | $ 9,703 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (3,009) | (2,465) | (8,862) | (7,404) | |||
Cost, Depreciation, Amortization and Depletion | 528 | 394 | 1,430 | 1,093 | |||
Metals inventory adjustments | 14 | 9 | 15 | 92 | |||
Selling, general and administrative expenses | (102) | (72) | (289) | (273) | |||
Mining exploration and research expenses | 15 | 8 | 36 | 42 | |||
Environmental obligations and shutdown costs | 13 | 21 | 51 | 58 | |||
Net gain on sales of assets | (60) | 2 | (63) | 13 | |||
Operating income | 2,462 | 880 | 6,061 | 728 | |||
Interest expense, net | 138 | 120 | 431 | 362 | |||
Provision for (benefit from) income taxes | 628 | 297 | 1,674 | 333 | |||
Total assets | 46,917 | 41,099 | 46,917 | 41,099 | $ 42,144 | ||
Capital expenditures | 541 | 436 | 1,344 | 1,573 | |||
Foreign Tax Authority [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Change in valuation allowance | (69) | $ 69 | |||||
Cerro Verde [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Percent of Hourly Employees | 6500.00% | ||||||
Operating Segments | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 80 | 16 | $ 224 | 61 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (904) | (768) | (2,578) | (2,415) | |||
Cost, Depreciation, Amortization and Depletion | 94 | 91 | 275 | 272 | |||
Metals inventory adjustments | 13 | (4) | 13 | 52 | |||
Selling, general and administrative expenses | (1) | (1) | (3) | (3) | |||
Mining exploration and research expenses | 1 | 0 | 1 | 2 | |||
Environmental obligations and shutdown costs | (2) | (3) | (1) | (3) | |||
Net gain on sales of assets | 0 | 0 | 0 | 0 | |||
Operating income | 800 | 384 | 2,134 | 469 | |||
Interest expense, net | 1 | 0 | 1 | 2 | |||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |||
Total assets | 7,830 | 7,791 | 7,830 | 7,791 | |||
Capital expenditures | 116 | 66 | 211 | 398 | |||
Operating Segments | South America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,128 | 740 | 3,233 | 1,791 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (630) | (477) | (1,769) | (1,449) | |||
Cost, Depreciation, Amortization and Depletion | 111 | 105 | 306 | 315 | |||
Metals inventory adjustments | 0 | 0 | 0 | 3 | |||
Selling, general and administrative expenses | (2) | (2) | (6) | (5) | |||
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 | 0 | |||
Operating income | 480 | 222 | 1,412 | 175 | |||
Interest expense, net | 6 | 21 | 31 | 69 | |||
Provision for (benefit from) income taxes | 221 | 109 | 577 | 76 | |||
Total assets | 10,397 | 10,209 | 10,397 | 10,209 | |||
Capital expenditures | 47 | 31 | 94 | 156 | |||
Corporate And Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 434 | 266 | 1,168 | 780 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | 1,630 | 1,034 | 4,141 | 2,676 | |||
Cost, Depreciation, Amortization and Depletion | 16 | 21 | 47 | 51 | |||
Metals inventory adjustments | 1 | 8 | 1 | 26 | |||
Selling, general and administrative expenses | (66) | (39) | (182) | (169) | |||
Mining exploration and research expenses | 14 | 8 | 35 | 40 | |||
Environmental obligations and shutdown costs | 15 | 24 | 52 | 60 | |||
Net gain on sales of assets | (60) | 2 | (63) | 13 | |||
Operating income | (53) | (145) | (503) | (457) | |||
Interest expense, net | 129 | 99 | 387 | 285 | |||
Provision for (benefit from) income taxes | 26 | (23) | (3) | (46) | |||
Total assets | 7,027 | 3,343 | 7,027 | 3,343 | |||
Capital expenditures | 43 | 32 | 111 | 118 | |||
Intersegment | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Intersegment | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,731 | 1,221 | 4,779 | 3,149 | |||
Intersegment | South America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 95 | 66 | 260 | 156 | |||
PT Smelting | Affiliated Entity [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 795 | 506 | 2,300 | 1,300 | |||
Freeport Cobalt | Corporate And Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Net gain on sales of assets | 60 | ||||||
Morenci [Member] | Operating Segments | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 16 | 4 | 77 | 26 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (312) | (308) | (932) | (1,005) | |||
Cost, Depreciation, Amortization and Depletion | 40 | 42 | 114 | 129 | |||
Metals inventory adjustments | 13 | 0 | 13 | 4 | |||
Selling, general and administrative expenses | 0 | (1) | (1) | (2) | |||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | |||
Environmental obligations and shutdown costs | (1) | 0 | 0 | 0 | |||
Net gain on sales of assets | 0 | 0 | 0 | 0 | |||
Operating income | 363 | 237 | 1,013 | 359 | |||
Interest expense, net | 0 | 0 | 0 | 2 | |||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |||
Total assets | 2,586 | 2,654 | 2,586 | 2,654 | |||
Capital expenditures | 42 | 21 | 74 | 92 | |||
Morenci [Member] | Intersegment | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 711 | 584 | 1,996 | 1,473 | |||
Other Mines North America Copper Mines Segment [Member] | Operating Segments | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Metals inventory adjustments | (4) | 48 | |||||
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 64 | 12 | 147 | 35 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (592) | (460) | (1,646) | (1,410) | |||
Cost, Depreciation, Amortization and Depletion | 54 | 49 | 161 | 143 | |||
Metals inventory adjustments | 0 | 0 | |||||
Selling, general and administrative expenses | (1) | 0 | (2) | (1) | |||
Mining exploration and research expenses | 1 | 0 | 1 | 2 | |||
Environmental obligations and shutdown costs | (1) | (3) | (1) | (3) | |||
Net gain on sales of assets | 0 | 0 | 0 | 0 | |||
Operating income | 437 | 147 | 1,121 | 110 | |||
Interest expense, net | 1 | 0 | 1 | 0 | |||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |||
Total assets | 5,244 | 5,137 | 5,244 | 5,137 | |||
Capital expenditures | 74 | 45 | 137 | 306 | |||
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 149 | 108 | 512 | 312 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (97) | (83) | (306) | (297) | |||
Cost, Depreciation, Amortization and Depletion | 10 | 13 | 34 | 42 | |||
Metals inventory adjustments | 0 | 0 | 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 | 0 | |||
Operating income | 42 | 12 | 172 | (30) | |||
Interest expense, net | 0 | 0 | 0 | 0 | |||
Provision for (benefit from) income taxes | 24 | 4 | 62 | (6) | |||
Total assets | 1,843 | 1,640 | 1,843 | 1,640 | |||
Capital expenditures | 6 | 5 | 10 | 40 | |||
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,020 | 637 | 2,783 | 1,676 | |||
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 | 979 | 632 | 2,721 | 1,479 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (533) | (394) | (1,463) | (1,152) | |||
Cost, Depreciation, Amortization and Depletion | 101 | 92 | 272 | 273 | |||
Metals inventory adjustments | 0 | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (2) | (2) | (6) | (5) | |||
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 | 0 | |||
Operating income | 438 | 210 | 1,240 | 205 | |||
Interest expense, net | 6 | 21 | 31 | 69 | |||
Provision for (benefit from) income taxes | 197 | 105 | 515 | 82 | |||
Total assets | 8,554 | 8,569 | 8,554 | 8,569 | |||
Capital expenditures | 41 | 26 | 84 | 116 | |||
Labor and Related Expense | 74 | ||||||
Cerro Verde [Member] | Intersegment | South America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 95 | 66 | 260 | 156 | |||
Grasberg Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Capital expenditures | 904 | 865 | |||||
Grasberg Segment [Member] | Operating Segments | Indonesia | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,961 | 1,023 | 5,097 | 2,151 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (569) | (409) | (1,552) | (1,130) | |||
Cost, Depreciation, Amortization and Depletion | 280 | 150 | 726 | 375 | |||
Metals inventory adjustments | 0 | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (28) | (25) | (81) | (81) | |||
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 | 0 | |||
Operating income | 1,165 | 442 | 2,927 | 603 | |||
Interest expense, net | 1 | 0 | 8 | 2 | |||
Provision for (benefit from) income taxes | 382 | 211 | 1,101 | 302 | |||
Total assets | 18,592 | 16,858 | 18,592 | 16,858 | |||
Capital expenditures | 328 | 297 | 904 | 865 | |||
Grasberg Segment [Member] | Intersegment | Indonesia | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 81 | 3 | 189 | 38 | |||
Molybdenum | |||||||
Segment Reporting Information [Line Items] | |||||||
Capital expenditures | 4 | 14 | |||||
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) | (70) | (51) | (183) | (178) | |||
Cost, Depreciation, Amortization and Depletion | 19 | 13 | 51 | 44 | |||
Metals inventory adjustments | 0 | 3 | 1 | 8 | |||
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 | 0 | |||
Operating income | 62 | (25) | 75 | (59) | |||
Interest expense, net | 0 | 0 | 0 | 0 | |||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |||
Total assets | 1,726 | 1,770 | 1,726 | 1,770 | |||
Capital expenditures | 1 | 3 | 4 | 14 | |||
Molybdenum | Intersegment | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 151 | 42 | 310 | 171 | |||
Rod and Refining Segment [Member] | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,697 | 1,270 | 4,695 | 3,491 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (1,701) | (1,272) | (4,708) | (3,529) | |||
Cost, Depreciation, Amortization and Depletion | 1 | 6 | 3 | 14 | |||
Metals inventory adjustments | 0 | 2 | 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 | 1 | |||
Net gain on sales of assets | 0 | 0 | 0 | 0 | |||
Operating income | 2 | (2) | 4 | (32) | |||
Interest expense, net | 0 | 0 | 0 | 0 | |||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |||
Total assets | 278 | 251 | 278 | 251 | |||
Capital expenditures | 1 | 1 | 2 | 5 | |||
Rod and Refining Segment [Member] | Intersegment | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 7 | 8 | 20 | 24 | |||
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 783 | 536 | 2,264 | 1,429 | |||
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31) | (765) | (522) | (2,213) | (1,379) | |||
Cost, Depreciation, Amortization and Depletion | 7 | 8 | 22 | 22 | |||
Metals inventory adjustments | 0 | 0 | 0 | 0 | |||
Selling, general and administrative expenses | (5) | (5) | (17) | (15) | |||
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 | 0 | |||
Operating income | 6 | 4 | 12 | 29 | |||
Interest expense, net | 1 | 0 | 4 | 4 | |||
Provision for (benefit from) income taxes | (1) | 0 | (1) | 1 | |||
Total assets | 1,067 | 877 | 1,067 | 877 | |||
Capital expenditures | 5 | 6 | 18 | 17 | |||
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 0 | 3 | 0 | 16 | |||
Corporate And Eliminations | Intersegment | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | (2,065) | (1,343) | (5,558) | (3,554) | |||
Miami smelter | Corporate And Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost, Maintenance | 87 | ||||||
Indonesia Smelter | |||||||
Segment Reporting Information [Line Items] | |||||||
Capital expenditures | 79 | 94 | |||||
Indonesia Smelter | Corporate And Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Capital expenditures | $ 31 | $ 27 | $ 79 | $ 94 | |||
Forward Contracts [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Derivative financial instruments | $ 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 |
Uncategorized Items - fcx-20210
Label | Element | Value |
Cerro Verde Royalty Dispute [Member] | ||
Payments for Legal Settlements | us-gaap_PaymentsForLegalSettlements | $ 356,000,000 |