Freeport-McMoRan (FCX) 10-K 14 Feb 25 2023 FY Annual report Financial data

COVER PAGE

COVER PAGE - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 69.5
Entity Common Stock, Shares Outstanding		1,437,073,006
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s proxy statement for its 2025 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000831259
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 25,455	$ 22,855	$ 22,780
Cost of sales:
Production and delivery	15,554	13,627	13,070
Depreciation, depletion and amortization	2,241	2,068	2,019
Total cost of sales	17,795	15,695	15,089
Selling, general and administrative expenses	513	479	420
Exploration Expense	156	137	115
Environmental obligations and shutdown costs	127	319	121
Net gain on sales of assets	0	0	(2)
Total costs and expenses	18,591	16,630	15,743
Operating income	6,864	6,225	7,037
Interest expense, net	(319)	(515)	(560)
Net gain on early extinguishment of debt	0	10	31
Other income, net	362	286	207
Income before income taxes and equity in affiliated companies’ net earnings	6,907	6,006	6,715
Provision for (benefit from) income taxes	(2,523)	(2,270)	(2,267)
Equity in affiliated companies’ net earnings	15	15	31
Net income	4,399	3,751	4,479
Net income attributable to noncontrolling interests	(2,510)	(1,903)	(1,011)
Net income attributable to common stockholders	$ 1,889	$ 1,848	$ 3,468
Net income per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.31	$ 1.28	$ 2.40
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.30	$ 1.28	$ 2.39
Weighted-average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	1,438	1,434	1,441
Weighted Average Number of Shares Outstanding, Diluted	1,445	1,443	1,451
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 4,399	$ 3,751	$ 4,479
Defined benefit plans:
Actuarial (losses) gains arising during the period, net of taxes	(44)	39	62
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	0	1
Amortization of unrecognized amounts included in net periodic benefit costs	3	5	8
Foreign exchange losses	(1)	0	(1)
Other comprehensive (loss) income	(42)	44	68
Total comprehensive income	4,357	3,795	4,547
Total comprehensive income attributable to noncontrolling interests	(2,508)	(1,901)	(1,011)
Total comprehensive income attributable to common stockholders	$ 1,849	$ 1,894	$ 3,536

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities:
Net income	$ 4,399	$ 3,751	$ 4,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,241	2,068	2,019
Net charges for environmental and asset retirement obligations, including accretion	622	295	369
Payments for environmental and asset retirement obligations	234	250	274
Stock-based compensation	109	109	95
Net charges for defined pension and postretirement plans	35	62	45
Pension plan contributions	(78)	(75)	(54)
Net gain on early extinguishment of debt	0	(10)	(31)
Deferred income taxes	(76)	182	36
Changes in deferred profit on PT Freeport Indonesia’s sales to PT Smelting	0	(112)	(14)
Charges for social investment programs at PT Freeport Indonesia	103	84	84
Payments for social investment programs at PT Freeport Indonesia	(54)	(44)	(11)
Impairment of oil and gas properties	69	67	0
Other, net	53	(33)	(3)
Changes in working capital and other:
Accounts receivable	460	166	56
Inventories	(638)	(873)	(573)
Other current assets	(41)	(29)	(12)
Accounts payable and accrued liabilities	143	(161)	(73)
Accrued income taxes and timing of other tax payments	47	17	(999)
Net cash provided by (used in) operating activities	7,160	5,279	5,139
Cash flow from investing activities:
Capital expenditures	(4,808)	(4,824)	(3,469)
Proceeds from sales of assets
Proceeds from sales of assets	19	27	108
Acquisition of additional ownership interest in Cerro Verde	(210)	0	0
Loans to PT Smelting for expansion	(28)	(129)	(65)
Other, net	(1)	(30)	(14)
Net cash provided by (used in) investing activities	(5,028)	(4,956)	(3,440)
Cash flow from financing activities:
Proceeds from debt	2,251	1,781	5,735
Repayments of debt	(2,731)	(2,980)	(4,515)
Finance lease payments	(41)	(3)	(7)
Cash dividends and distributions paid:
Common stock	(865)	(863)	(866)
Noncontrolling interests	(1,833)	(625)	(840)
Treasury stock purchases	(59)	0	(1,347)
Contributions from noncontrolling interests	0	50	189
Proceeds from exercised stock options	29	47	125
Payments for withholding of employee taxes related to stock-based awards	(35)	(50)	(55)
Other, net	0	(7)	(42)
Net cash used in financing activities	(3,284)	(2,650)	(1,623)
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(1,152)	(2,327)	76
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,911	6,063	8,390
North America copper mines
Cash flow from investing activities:
Capital expenditures	(1,033)	(761)	(597)
South America operations
Cash flow from investing activities:
Capital expenditures	(375)	(368)	(304)
Indonesia operations
Cash flow from investing activities:
Capital expenditures	(2,908)	(3,411)	(2,381)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(117)	(84)	(33)
Other
Cash flow from investing activities:
Capital expenditures	(375)	(200)	(154)
Asbestos Contamination in Talc-Based Personal Care Products
Adjustments to reconcile net income to net cash provided by operating activities:
Talc-related litigation charges	$ 0	$ 65	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,923	$ 4,758
Restricted cash and cash equivalents	888	1,208
Trade accounts receivable	578	1,209
Value added and other tax receivables	564	455
Inventories:
Total materials and supplies, net	2,382	2,169
Mill and leach stockpiles	1,388	1,419
Product	3,038	2,472
Other current assets	535	375
Total current assets	13,296	14,065
Property, plant, equipment and mine development costs, net	38,514	35,295
Long-term mill and leach stockpiles	1,225	1,336
Other assets	1,813	1,810
Total assets	54,848	52,506
Current liabilities:
Accounts payable and accrued liabilities	4,057	3,729
Accrued income taxes	859	786
Current portion of environmental and asset retirement obligations	320	316
Dividends payable	219	218
Current portion of debt	41	766
Total current liabilities	5,496	5,815
Long-term debt, less current portion	8,907	8,656
Environmental and asset retirement obligations, less current portion	5,404	4,624
Deferred income taxes	4,376	4,453
Other liabilities	1,887	1,648
Total liabilities	26,070	25,196
Stockholders’ equity:
Common stock, par value $0.10, 1,624 shares and 1,619 shares issued, respectively	162	162
Capital in excess of par value	23,797	24,637
Accumulated deficit	(170)	(2,059)
Accumulated other comprehensive loss	(314)	(274)
Common stock held in treasury – 187 shares and 184 shares, respectively, at cost	(5,894)	(5,773)
Total stockholders’ equity	17,581	16,693
Noncontrolling interests	11,197	10,617
Total equity	28,778	27,310
Total liabilities and equity	$ 54,848	$ 52,506

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,624	1,619
Share repurchased (in shares)	187	184

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumu- lated Other Compre-hensive Loss	Common Stock Held in Treasury	Total Stock- holders’ Equity	Non- controlling Interests
Balance (in shares) at Dec. 31, 2021		1,603				146
Balance at Dec. 31, 2021	$ 23,019	$ 160	$ 25,875	$ (7,375)	$ (388)	$ (4,292)	$ 13,980	$ 9,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		10
Exercised and issued stock-based awards	132	$ 1	131				132
Stock-based compensation, including tax benefit and the tender of shares	15		88			$ (62)	26	(11)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						2
Treasury stock purchases	(1,347)					$ (1,347)	(1,347)
Treasury stock purchases (in shares)						35
Dividends	(1,684)		(864)				(864)	(820)
Net income attributable to common stockholders	3,468			3,468			3,468
Net income attributable to noncontrolling interests	1,011							1,011
Other comprehensive income	68				68		68	0
Balance (in shares) at Dec. 31, 2022		1,613				183
Balance at Dec. 31, 2022	24,871	$ 161	25,322	(3,907)	(320)	$ (5,701)	15,555	9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	189		92				92	97
Exercised and issued stock-based awards (in shares)		6
Exercised and issued stock-based awards	69	$ 1	68				69
Stock-based compensation, including tax benefit and the tender of shares	14		87			$ (72)	15	(1)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Dividends	(1,489)		(864)				(864)	(625)
Net income attributable to common stockholders	1,848			1,848			1,848
Net income attributable to noncontrolling interests	1,903							1,903
Other comprehensive income	44				46		46	(2)
Balance (in shares) at Dec. 31, 2023		1,619				184
Balance at Dec. 31, 2023	27,310	$ 162	24,637	(2,059)	(274)	$ (5,773)	16,693	10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	50		24				24	26
Exercised and issued stock-based awards (in shares)		5				1
Exercised and issued stock-based awards	56		56				56
Stock-based compensation, including tax benefit and the tender of shares	26		92			$ (62)	30	(4)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Treasury stock purchases	(59)					$ (59)	(59)
Treasury stock purchases (in shares)						1
Acquisition of additional ownership interest in Cerro Verde	(215)		(125)				(125)	(90)
Dividends	(2,699)		(866)				(866)	(1,833)
Changes in noncontrolling interests	2		3				3	(1)
Net income attributable to common stockholders	1,889			1,889			1,889
Net income attributable to noncontrolling interests	2,510							2,510
Other comprehensive income	(42)				(40)		(40)	(2)
Balance (in shares) at Dec. 31, 2024		1,624				187
Balance at Dec. 31, 2024	$ 28,778	$ 162	$ 23,797	$ (170)	$ (314)	$ (5,894)	$ 17,581	$ 11,197

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2024, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary PT Freeport Indonesia (PT-FI) and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCX’s conclusion to consolidate PT-FI. FMC’s unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PT-FI’s investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts. Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci and Cerro Verde copper mines, the integrated Indonesia operations (including the Grasberg minerals district and PT-FI’s new smelter and precious metals refinery (PMR) - collectively - PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining (Atlantic Copper, S.L.U. (Atlantic Copper)). Refer to Note 14 for further discussion. Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include mineral reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations (AROs); estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates. Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical exchange rates. Gains and losses resulting from translation of such account balances are included in other income, net, as are gains and losses from foreign currency transactions. Foreign currency net gains totaled $17 million in 2024, $20 million in 2023 and $9 million in 2022. Cash and Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents. Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. FCX’s restricted cash and cash equivalents are primarily related to a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with Indonesia regulations, assurance bonds to support PT-FI’s commitment for smelter development in Indonesia, and guarantees and commitments for certain mine closure obligations. Refer to Notes 10 and 12 for further information. Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Product. Product inventories represent copper, gold, and molybdenum products in various salable forms that are valued based on the weighted-average cost of source material plus applicable conversion costs at our processing facilities. Product inventories include labor and benefits, supplies, energy, depreciation, depletion, amortization, site overhead costs and other necessary costs associated with the extraction and processing of ore, such as mining, milling, smelting, leaching, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. Product inventories exclude corporate general and administrative costs. Materials and Supplies, net. Materials and supplies inventory of $2.4 billion at December 31, 2024, and $2.2 billion at December 31, 2023, is net of obsolescence reserves totaling $54 million at December 31, 2024, and $41 million at December 31, 2023. Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Estimated metals in stockpiles not expected to be recovered within the next 12 months are classified as long-term. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities ( i.e., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process ( i.e. , leach, mill or concentrate leach) regardless of the number of stockpile systems at that site. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recoveries 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 80% 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% of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Process rates and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Recovery adjustments 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. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper . Based on an annual review of mill and leach stockpiles, FCX increased its estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 164 million pounds in 2024 and 73 million pounds in 2023. These revised estimates did not have a material impact on the weighted-average cost per pound of recoverable copper or FCX’s consolidated site production and delivery costs in 2024 or 2023. Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs. Additionally, interest expense allocable to the cost of developing mines and to constructing new facilities is capitalized until assets are ready for their intended use. Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance ( i.e. , turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on total estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. Depreciation, depletion and amortization using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 3 for further discussion. Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows ( i.e. , Level 3 measurement). Deferred Mining Costs. Stripping costs ( i.e. , the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory. Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 10 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation. Environmental obligations assumed in the 2007 acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur. FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly. Asset Retirement Obligations. FCX records the fair value of estimated AROs associated with tangible long-lived assets in the period incurred. AROs associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For non-operating properties and operating mines whose reclamation-related assets have been fully depreciated, changes to the ARO are recorded in production and delivery costs. At least annually, FCX reviews its ARO estimates for changes in the projected timing of certain reclamation and closure/restoration costs, changes in cost estimates and additional AROs incurred during the period. Refer to Note 10 for further discussion. Revenue Recognition. FCX recognizes revenue for its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 12 for further discussion). For provisionally priced sales, 90% to 100% of the provisional invoice amount is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 14 for a summary of revenue by product type. Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment. The majority of FCX’s molybdenum sales are priced based on the Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 8 for further discussion. 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 per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the year. Diluted net income 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, unless their effect would be antidilutive. Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share for the years ended December 31 follow: 2024 2023 2022 Net income $ 4,399 $ 3,751 $ 4,479 Net income attributable to noncontrolling interests (2,510) (1,903) (1,011) Undistributed dividends and earnings allocated to participating securities (6) (6) (7) Net income attributable to common stockholders $ 1,883 $ 1,842 $ 3,461 (shares in millions) Basic weighted-average shares of common stock outstanding 1,438 1,434 1,441 Add shares issuable upon exercise or vesting of dilutive stock options, PSUs and RSUs 7 9 10 Diluted weighted-average shares of common stock outstanding 1,445 1,443 1,451 Net income per share attributable to common stockholders: Basic $ 1.31 $ 1.28 $ 2.40 Diluted $ 1.30 $ 1.28 $ 2.39 Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the year are excluded from the computation of diluted net income per share of common stock. Excluded shares of common stock associated with outstanding stock options totaled less than 1 million shares in 2024 and 2023 and 1 million shares in 2022. Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. New Accounting Standards. We did not adopt any new accounting standards in 2024 that had a material impact on our consolidated financial statements. Segment Reporting. In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standards update (ASU) related to segment reporting that requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2024, and subsequent interim consolidated financial statements, and did not materially impact FCX’s segment reporting as presented within Note 14. Income Taxes. In December 2023, the FASB issued an ASU requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2025. Disaggregation of Expenses. In November 2024, the FASB issued an ASU requiring entities to provide disaggregated disclosures of specified categories of expenses that are included in relevant line items on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2027, and subsequent interim consolidated financial statements. Subsequent Events. FCX evaluated events after December 31, 2024, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

OWNERSHIP IN SUBSIDIARIES AND J

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Ownership In Subsidiaries And Joint Ventures	OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES Ownership in Subsidiaries. FCX owns 100% of FMC. FMC produces copper and molybdenum from mines in North America and South America. At December 31, 2024, FMC’s operating mines in North America were Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami located in Arizona; Tyrone and Chino located in New Mexico; and Henderson and Climax located in Colorado. FMC has a 72% interest in Morenci (refer to “Joint Ventures. Sumitomo and SMM Morenci, Inc.”) and owns 100% of the other North America mines. At December 31, 2024, operating mines in South America were Cerro Verde (55.08% owned - refer to “Cerro Verde” below) located in Peru and El Abra (51% owned) located in Chile. At December 31, 2024, FMC’s net assets totaled $17.4 billion and its accumulated deficit totaled $13.5 billion. FCX had no loans to FMC outstanding at December 31, 2024 and 2023. FCX owns 48.76% of PT-FI (refer to “PT-FI Divestment” below). At December 31, 2024, PT-FI’s net assets totaled $16.6 billion and its retained earnings totaled $12.1 billion. FCX had no loans to PT-FI outstanding at December 31, 2024 and 2023. FCX owns 100% of Atlantic Copper (FCX’s smelting and refining unit in Spain). At December 31, 2024, Atlantic Copper’s net assets totaled $132 million and its accumulated deficit totaled $407 million. FCX had loans to Atlantic Copper outstanding totaling $644 million at December 31, 2024, and $611 million at December 31, 2023. Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing FCX’s ownership interest in Cerro Verde to 55.08% from 53.56%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $90 million, with $125 million recorded to capital in excess to par value, including a $5 million deferred tax impact. PT-FI Divestment. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership (the 2018 Transaction). Pursuant to the divestment agreement and related documents, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, acquired all of Rio Tinto plc’s (Rio Tinto) interests associated with its joint venture with PT-FI (the former Rio Tinto Joint Venture) and 100% of FCX’s interests in PT Indonesia Papua Metal Dan Mineral (PTI). In connection with the 2018 Transaction, PT-FI acquired all of the common stock of PT Rio Tinto Indonesia that held the former Rio Tinto Joint Venture interest. After the 2018 Transaction, MIND ID’s (26.24%) and PTI’s (25.00%) collective share ownership of PT-FI totals 51.24% and FCX’s share ownership totals 48.76%. The arrangements provide for FCX and the other pre-transaction PT-FI shareholders ( i.e. , MIND ID) to retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture. As a result, FCX’s economic interest, including the attribution of net income or loss and dividends paid, in PT-FI approximated 81% through 2022 and is 48.76% in 2023 and thereafter (see “Attribution of PT-FI Net Income or Loss” below). FCX, PT-FI, PTI and MIND ID entered into a shareholders agreement (the PT-FI Shareholders Agreement), which includes provisions related to the governance and management of PT-FI. FCX considered the terms of the PT-FI Shareholders Agreement and related governance structure, including whether MIND ID has substantive participating rights, and concluded that FCX has retained control and would continue to consolidate PT-FI in its financial statements following the 2018 Transaction. Among other terms, the governance arrangements under the PT-FI Shareholders Agreement transfers control over the management of PT-FI’s mining operations to an operating committee, which is controlled by FCX. Additionally, as discussed above, the existing PT-FI shareholders retained the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture, so that FCX’s economic interest in the project through 2041 will not be significantly affected by the 2018 Transaction. FCX believes its conclusion to continue to consolidate PT-FI in its financial statements is in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-X, Rule 3A-02 (a), which provides for situations in which consolidation of an entity, notwithstanding the lack of majority ownership, is necessary to present fairly the financial position and results of operations of the registrant, because of the existence of a parent-subsidiary relationship by means other than recorded ownership of voting stock. Attribution of PT-FI Net Income or Loss. FCX concluded that the attribution of PT-FI’s net income or loss from December 21, 2018 (the date of the divestment transaction), through December 31, 2022 (the Initial Period), should be based on FCX’s and MIND ID’s economic interest, as previously discussed. PT-FI’s cumulative net income during the Initial Period totaled $6.0 billion, of which $4.9 billion was attributed to FCX. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for MIND ID and 25.00% for PTI), except for net income in 2023 associated with the sale of approximately 190,000 ounces of gold because PT-FI did not achieve the Gold Target (as defined in the PT-FI Shareholders Agreement), and net income in 2024 associated with the closure of its 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (refer to Note 9), which were attributed approximately 81% to FCX. For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages. Joint Ventures. Sumitomo and SMM Morenci, Inc. FMC owns a 72% undivided interest in Morenci via an unincorporated joint venture. The remaining 28% is owned by Sumitomo (15%) and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FMC purchased 15 million pounds during 2024 and 46 million pounds during 2023 of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $63 million and $177 million, respectively. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $23 million at December 31, 2024, and $17 million at December 31, 2023. PT Smelting. PT Smelting is an Indonesia company that owns a copper smelter and refinery in Gresik, Indonesia. In 1996, PT-FI entered into a joint venture and shareholder agreement with Mitsubishi Materials Corporation (MMC) to jointly construct the PT Smelting facilities. PT Smelting commenced operations in 1999. In December 2023, PT Smelting completed the expansion of its capacity by 30% to process approximately 1.3 million metric tons of copper concentrate per year. The project was funded by PT-FI with loans totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s common stock ownership in PT Smelting to 66% from 39.5%. MMC owns the remaining 34% of PT Smelting’s outstanding common stock and serves as the operator of the facilities. FCX has determined that PT Smelting is a variable interest entity, however, as mutual consent of both PT-FI and MMC is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. As PT-FI has the ability to exercise significant influence over PT Smelting, PT-FI is continuing to account for its investment in PT Smelting under the equity method (refer to Note 4). PT-FI’s maximum exposure to loss is its investment in PT Smelting (refer to Note 4). PT-FI’s equity in PT Smelting’s earnings totaled $8 million in 2024, $10 million in 2023 and $24 million in 2022. Beginning January 1, 2023, PT-FI’s commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties ( i.e. , there are no further sales from PT-FI to PT Smelting). PT-FI recorded tolling-related charges of $326 million in 2024 and $183 million in 2023.

PROPERTY, PLANT, EQUIPMENT AND

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Property, Plant, Equipment and Mining Development Costs, Net	PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET The components of net property, plant, equipment and mine development costs follow: December 31, 2024 2023 Proven and probable mineral reserves $ 7,159 $ 7,160 VBPP 358 359 Mine development and other 12,828 12,265 Buildings and infrastructure 10,667 10,165 Machinery and equipment 16,337 15,246 Mobile equipment 5,597 4,986 Construction in progress 9,364 6,945 Oil and gas properties 27,485 27,441 Total 89,795 84,567 Accumulated depreciation, depletion and amortization a (51,281) (49,272) Property, plant, equipment and mine development costs, net $ 38,514 $ 35,295 a. Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2024 and 2023. FCX recorded $1.6 billion for VBPP in connection with its 2007 acquisition of FMC (excluding $0.6 billion associated with mining operations that were subsequently sold) and transferred $0.8 billion to proven and probable mineral reserves through 2024 (approximately $1 million in both 2024 and 2023). Cumulative impairments of and adjustments to VBPP total $0.5 billion, which were primarily recorded in 2008. Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including the construction and development of PT-FI’s new downstream processing facilities, totaled $391 million in 2024, $267 million in 2023 and $150 million in 2022. During the three-year period ended December 31, 2024, no material impairments of FCX’s long-lived mining assets were recorded.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Other Assets Disclosure	OTHER ASSETS The components of other assets follow: December 31, 2024 2023 Intangible assets a $ 428 $ 422 Legally restricted trust assets b 217 212 Disputed tax assessments: c Cerro Verde 275 274 PT-FI 10 10 Investments: PT Smelting d 354 123 Fixed income, equity securities and other 102 84 Restricted time deposits e 100 97 Cloud computing arrangements 151 76 Long-term receivable for taxes f 43 70 Long-term employee receivables 24 26 Prepaid rent and deposits 9 39 Loans to PT Smelting for expansion d — 233 Contingent consideration associated with sales of assets g — 38 Other 100 106 Total other assets $ 1,813 $ 1,810 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2024 and 2023. Definite-lived intangible assets totaled $214 million at December 31, 2024, and $208 million at December 31, 2023, which were net of accumulated amortization totaling $46 million and $43 million, respectively. b. Reflects amounts held in trusts for AROs related to properties in New Mexico (refer to Note 10). c. Refer to Note 10. d. Refer to Note 2. e. Relates to PT-FI’s regulatory commitments (refer to Notes 10 and 12). f. Includes tax overpayments and refunds not expected to be realized within the next 12 months. g. Refer to Note 13.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The components of accounts payable and accrued liabilities follow: December 31, 2024 2023 Accounts payable $ 2,789 $ 2,466 Salaries, wages and other compensation 361 343 Accrued interest a 135 146 Pension, postretirement, postemployment and other employee benefits b 128 129 Leases b,c 98 84 Deferred revenue 91 161 Accrued taxes, other than income taxes 81 88 Community development programs 75 58 PT-FI administrative fine d 59 55 PT-FI contingencies e 49 67 MIND ID indemnification f 49 — Litigation accruals 34 51 Other 108 81 Total accounts payable and accrued liabilities $ 4,057 $ 3,729 a. Third-party interest paid, net of capitalized interest, was $206 million in 2024, $419 million in 2023 and $417 million in 2022. b. Refer to Note 7 for long-term portion. c. Refer to Note 11. d. Refer to Note 10. e. Primarily reflects Indonesia tax matters. Refer to Note 10. f. Refer to Note 11. At December 31, 2023, the MIND ID indemnification balance was included in other long-term liabilities (refer to Note 7).

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	DEBT FCX’s debt at December 31, 2024, is net of reductions of $58 million ($67 million at December 31, 2023) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow: December 31, 2024 2023 Revolving credit facilities: FCX $ — $ — PT-FI 250 — Cerro Verde — — Senior notes and debentures: Issued by FCX: 4.55% Senior Notes due 2024 — 730 5.00% Senior Notes due 2027 449 448 4.125% Senior Notes due 2028 484 483 4.375% Senior Notes due 2028 431 430 5.25% Senior Notes due 2029 469 468 4.25% Senior Notes due 2030 447 446 4.625% Senior Notes due 2030 589 588 5.40% Senior Notes due 2034 724 723 5.450% Senior Notes due 2043 1,688 1,689 Issued by PT-FI: 4.763% Senior Notes due 2027 747 746 5.315% Senior Notes due 2032 1,491 1,490 6.200% Senior Notes due 2052 745 744 Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 119 121 6 1/8% Senior Notes due 2034 119 118 Other 81 83 Total debt 8,948 9,422 Less current portion of debt (41) (766) Long-term debt $ 8,907 $ 8,656 Revolving Credit Facilities. FCX . FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PT-FI’s borrowing capacity. At December 31, 2024, there were no borrowings and $7 million in letters of credit issued under FCX’s revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PT-FI, be determined based on the Secured Overnight Financing Rate (SOFR) plus a spread to be determined by reference to a grid based on FCX’s credit rating. The revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant. PT-FI . At December 31, 2024, PT-FI had $250 million in borrowings outstanding under its $1.75 billion senior unsecured revolving credit facility that matures in November 2028. PT-FI’s revolving credit facility is available for its general corporate purposes, including to fund PT-FI’s projects related to its new downstream processing facilities. Interest on loans made under PT-FI’s revolving credit facility are determined based on the SOFR plus a margin. PT-FI’s revolving credit facility contains customary affirmative covenants and representations and also contains standard negative 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 covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements. Cerro Verde. At December 31, 2024, Cerro Verde had no borrowings outstanding under its $350 million senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants. At December 31, 2024, FCX, PT-FI and Cerro Verde were in compliance with their respective credit facility’s covenants. Senior Notes. FCX. In November 2024, FCX repaid $0.7 billion for the balance of its maturing 4.55% Senior Notes. In 2023, FCX purchased $0.2 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $0.2 billion and recorded gains on early extinguishment of debt of $10 million. In 2022, FCX purchased $1.1 billion aggregate principal amount of its senior notes in open market transactions for a total cost of $1.0 billion and recorded gains on early extinguishment of debt of $44 million. FCX has not purchased senior notes in open-market transactions since July 2023. The senior notes listed below are redeemable in whole or in part, at the option of FCX, at specified redemption prices prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 5.00% Senior Notes due 2027 September 1, 2025 4.125% Senior Notes due 2028 March 1, 2026 4.375% Senior Notes due 2028 August 1, 2026 5.25% Senior Notes due 2029 September 1, 2027 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below, and at 100% of principal two years before maturity. Debt Instrument Date 4.25% Senior Notes due 2030 March 1, 2025 4.625% Senior Notes due 2030 August 1, 2025 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 5.40% Senior Notes due 2034 May 14, 2034 5.450% Senior Notes due 2043 September 15, 2042 FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness. PT-FI. In April 2022, PT-FI completed the sale of $3.0 billion aggregate principal amount of unsecured senior notes, consisting of $750 million of 4.763% Senior Notes due 2027, $1.5 billion of 5.315% Senior Notes due 2032 and $750 million of 6.200% Senior Notes due 2052. PT-FI used $0.6 billion of the net proceeds to repay the borrowings under its term loan and recorded a loss on early extinguishment of debt of $10 million in 2022. PT-FI used the remaining net proceeds to finance its downstream processing facilities. The senior notes listed below are redeemable in whole or in part, at the option of PT-FI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 4.763% Senior Notes due 2027 March 14, 2027 5.315% Senior Notes due 2032 January 14, 2032 6.200% Senior Notes due 2052 October 14, 2051 Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2024, total $41 million in 2025, $5 million in 2026, $1.3 billion in 2027, $1.2 billion in 2028, $477 million in 2029 and $6.0 billion thereafter.

OTHER LIABILITIES, INCLUDING EM

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2024
Other Liabilities, Including Employee Benefits [Abstract]
Other Liabilities	LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2024 2023 Leases a $ 692 $ 347 Pension, postretirement, postemployment and other employment benefits b 689 704 Litigation accruals 163 163 Provision for tax positions 136 174 Social investment programs 111 79 Indemnification of MIND ID a — 75 Other 96 106 Total other liabilities $ 1,887 $ 1,648 a. Refer to Note 5 for current portion and Note 11 for further discussion. b. Refer to Note 5 for current portion. Pension Plans. Following is a discussion of FCX’s pension plans. FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. Effective September 1, 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that participants no longer accrue any additional benefits. FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time. FCX’s primary investment objectives for the FMC plan assets held in a master trust (Master Trust) are to maintain funds sufficient to pay all benefit and expense obligations when due, minimize the volatility of the plan’s funded status to the extent practical, and to maintain prudent levels of risk consistent with the plan’s investment policy. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (22%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (7%); and cash equivalents (1%). The expected rate of return on plan assets is evaluated at least annually, taking into consideration asset allocation, historical and expected future performance on the types of assets held in the Master Trust, and the current economic environment. Based on these factors, FCX expects the pension assets will earn an average of 5.20% per annum beginning January 1, 2025, which is based on the target asset allocation and long-term capital market return expectations. For estimation purposes, FCX assumes the long-term asset mix for these plans generally will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension costs, the funded status of the plans and the need for future cash contributions. A lower-than-expected return on assets also would decrease plan assets and increase the amount of recorded pension costs in future years. When calculating the expected return on plan assets, FCX uses the market value of assets. Among the assumptions used to estimate the pension benefit obligation is a discount rate used to calculate the present value of expected future benefit payments for service to date. The discount rate assumption for FCX’s U.S. plans is designed to reflect yields on high-quality, fixed-income investments for a given duration. The determination of the discount rate for these plans is based on expected future benefit payments together with the Mercer Yield Curve – Above Mean. The Mercer Yield Curve – Above Mean is constructed from the bonds in the Mercer Pension Discount Curve that have a yield higher than the regression mean yield curve. The Mercer Yield Curve – Above Mean consists of spot ( i.e. , zero coupon) interest rates at one-half-year increments for each of the next 30 years and is developed based on pricing and yield information for high-quality corporate bonds. Changes in the discount rate are reflected in FCX’s benefit obligation and, therefore, in future pension costs. SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay. PT-FI Plan. PT-FI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PT-FI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 16,081 rupiah to one U.S. dollar on December 31, 2024, and 15,339 rupiah to one U.S. dollar on December 31, 2023. Indonesia labor laws require that companies provide a minimum severance to employees upon employment termination based on the reason for termination and the employee’s years of service. PT-FI’s pension benefit obligation includes benefits determined in accordance with this law. PT-FI’s expected rate of return on plan assets is evaluated at least annually, taking into consideration its long-range estimated return for the plan based on the asset mix. Based on these factors, PT-FI expects its pension assets will earn an average of 7% per annum beginning January 1, 2025. The discount rate assumption for PT-FI’s plan is based on the Indonesia Government Security Yield Curve. Changes in the discount rate are reflected in PT-FI’s benefit obligation and, therefore, in future pension costs. Plan Information. FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2024 2023 Projected and accumulated benefit obligation $ 1,734 $ 1,828 Fair value of plan assets 1,379 1,475 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2024 2023 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 1,880 $ 1,884 $ 221 $ 215 Service cost 16 15 12 11 Interest cost 93 98 14 14 Actuarial (gains) losses (76) 15 (3) 3 Foreign exchange losses (gains) — 1 (11) 4 Benefits and administrative expenses paid (133) (133) (23) (27) Other — — 3 1 Benefit obligation at end of year 1,780 1,880 213 221 Change in plan assets: Fair value of plan assets at beginning of year 1,537 1,483 203 205 Actual return on plan assets (31) 121 1 11 Employer contributions a 63 65 14 9 Foreign exchange gains (losses) — 1 (10) 4 Benefits and administrative expenses paid (133) (133) (23) (26) Fair value of plan assets at end of year 1,436 1,537 185 203 Funded status $ (344) $ (343) $ (28) $ (18) Accumulated benefit obligation $ 1,780 $ 1,878 $ 165 $ 182 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.67 % 5.15 % 7.00 % 6.75 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 11 $ 9 $ — $ — Accounts payable and accrued liabilities (3) (3) — — Other liabilities (352) (349) (28) (18) Total $ (344) $ (343) $ (28) $ (18) a. Employer contributions for 2025 are currently expected to approximate $64 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar). The actuarial gain of $76 million in 2024 and loss of $15 million in 2023 for the FCX pension plans primarily resulted from the changes in the discount rate, which were 5.67% at December 31, 2024, 5.15% at December 31, 2023, and 5.41% at December 31, 2022. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: a Discount rate 5.15 % 5.41 % 2.85 % Expected return on plan assets 5.75 % 5.00 % 3.00 % Service cost $ 16 $ 15 $ 15 Interest cost 93 98 71 Expected return on plan assets (86) (72) (62) Amortization of net actuarial losses 13 15 15 Net periodic benefit cost $ 36 $ 56 $ 39 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: Discount rate 6.75 % 7.00 % 6.50 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 11 $ 12 Interest cost 14 14 14 Expected return on plan assets (13) (14) (15) Amortization of prior service cost — 2 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit — 1 2 Net periodic benefit cost $ 12 $ 13 $ 13 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income, net in the consolidated statements of income. Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2024 2023 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 421 $ 289 $ 382 $ 257 Prior service costs (4) (4) (1) (2) $ 417 $ 285 $ 381 $ 255 Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3). A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2024 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 395 $ 395 $ — $ — $ — Short-term investments 37 37 — — — Fixed income: Corporate bonds 624 — — 624 — Government bonds 238 — — 238 — Private equity investments 68 68 — — — Other investments 57 — 1 56 — Total investments 1,419 $ 500 $ 1 $ 918 $ — Cash and receivables 20 Payables (3) Total pension plan net assets $ 1,436 Fair Value at December 31, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions. Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2024 Total Level 1 Level 2 Level 3 Government bonds $ 96 $ 96 $ — $ — Common stocks 53 53 — — Mutual funds 12 12 — — Total investments 161 $ 161 $ — $ — Cash and receivables a 24 Total pension plan net assets $ 185 Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Total pension plan net assets $ 203 a. Cash consists primarily of short-term time deposits. Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PT-FI plan. There have been no changes to the techniques used to measure fair value. Government bonds, common stocks and mutual funds 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. The techniques described above may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2025 $ 126 $ 14 2026 190 27 2027 129 29 2028 129 31 2029 129 28 2030 through 2034 633 133 a. Based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $5 million (included in accounts payable and accrued liabilities) and a long-term portion of $31 million (included in other liabilities) at December 31, 2024, and a current portion of $5 million and a long-term portion of $34 million at December 31, 2023. FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $43 million (included in other liabilities) at December 31, 2024, and a current portion of $7 million and a long-term portion of $46 million at December 31, 2023. FCX also sponsors a retirement savings plan for most of its U.S. employees. The plan allows employees to contribute a portion of their income in accordance with specified guidelines. The savings plan is a qualified 401(k) plan for all U.S. salaried and non-bargained hourly employees. Participants exercise control and direct the investment of their contributions and account balances among various investment options under the plan. FCX contributes to the plan and matches a percentage of employee contributions up to certain limits. For employees whose eligible compensation exceeds certain levels, FCX provides a nonqualified unfunded defined contribution plan, which had a liability balance of $69 million at December 31, 2024, and $62 million at December 31, 2023, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $131 million in 2024, $119 million in 2023 and $101 million in 2022. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.
Employee Benefits	LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2024 2023 Leases a $ 692 $ 347 Pension, postretirement, postemployment and other employment benefits b 689 704 Litigation accruals 163 163 Provision for tax positions 136 174 Social investment programs 111 79 Indemnification of MIND ID a — 75 Other 96 106 Total other liabilities $ 1,887 $ 1,648 a. Refer to Note 5 for current portion and Note 11 for further discussion. b. Refer to Note 5 for current portion. Pension Plans. Following is a discussion of FCX’s pension plans. FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. Effective September 1, 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that participants no longer accrue any additional benefits. FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time. FCX’s primary investment objectives for the FMC plan assets held in a master trust (Master Trust) are to maintain funds sufficient to pay all benefit and expense obligations when due, minimize the volatility of the plan’s funded status to the extent practical, and to maintain prudent levels of risk consistent with the plan’s investment policy. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (22%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (7%); and cash equivalents (1%). The expected rate of return on plan assets is evaluated at least annually, taking into consideration asset allocation, historical and expected future performance on the types of assets held in the Master Trust, and the current economic environment. Based on these factors, FCX expects the pension assets will earn an average of 5.20% per annum beginning January 1, 2025, which is based on the target asset allocation and long-term capital market return expectations. For estimation purposes, FCX assumes the long-term asset mix for these plans generally will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension costs, the funded status of the plans and the need for future cash contributions. A lower-than-expected return on assets also would decrease plan assets and increase the amount of recorded pension costs in future years. When calculating the expected return on plan assets, FCX uses the market value of assets. Among the assumptions used to estimate the pension benefit obligation is a discount rate used to calculate the present value of expected future benefit payments for service to date. The discount rate assumption for FCX’s U.S. plans is designed to reflect yields on high-quality, fixed-income investments for a given duration. The determination of the discount rate for these plans is based on expected future benefit payments together with the Mercer Yield Curve – Above Mean. The Mercer Yield Curve – Above Mean is constructed from the bonds in the Mercer Pension Discount Curve that have a yield higher than the regression mean yield curve. The Mercer Yield Curve – Above Mean consists of spot ( i.e. , zero coupon) interest rates at one-half-year increments for each of the next 30 years and is developed based on pricing and yield information for high-quality corporate bonds. Changes in the discount rate are reflected in FCX’s benefit obligation and, therefore, in future pension costs. SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay. PT-FI Plan. PT-FI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PT-FI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 16,081 rupiah to one U.S. dollar on December 31, 2024, and 15,339 rupiah to one U.S. dollar on December 31, 2023. Indonesia labor laws require that companies provide a minimum severance to employees upon employment termination based on the reason for termination and the employee’s years of service. PT-FI’s pension benefit obligation includes benefits determined in accordance with this law. PT-FI’s expected rate of return on plan assets is evaluated at least annually, taking into consideration its long-range estimated return for the plan based on the asset mix. Based on these factors, PT-FI expects its pension assets will earn an average of 7% per annum beginning January 1, 2025. The discount rate assumption for PT-FI’s plan is based on the Indonesia Government Security Yield Curve. Changes in the discount rate are reflected in PT-FI’s benefit obligation and, therefore, in future pension costs. Plan Information. FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2024 2023 Projected and accumulated benefit obligation $ 1,734 $ 1,828 Fair value of plan assets 1,379 1,475 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2024 2023 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 1,880 $ 1,884 $ 221 $ 215 Service cost 16 15 12 11 Interest cost 93 98 14 14 Actuarial (gains) losses (76) 15 (3) 3 Foreign exchange losses (gains) — 1 (11) 4 Benefits and administrative expenses paid (133) (133) (23) (27) Other — — 3 1 Benefit obligation at end of year 1,780 1,880 213 221 Change in plan assets: Fair value of plan assets at beginning of year 1,537 1,483 203 205 Actual return on plan assets (31) 121 1 11 Employer contributions a 63 65 14 9 Foreign exchange gains (losses) — 1 (10) 4 Benefits and administrative expenses paid (133) (133) (23) (26) Fair value of plan assets at end of year 1,436 1,537 185 203 Funded status $ (344) $ (343) $ (28) $ (18) Accumulated benefit obligation $ 1,780 $ 1,878 $ 165 $ 182 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.67 % 5.15 % 7.00 % 6.75 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 11 $ 9 $ — $ — Accounts payable and accrued liabilities (3) (3) — — Other liabilities (352) (349) (28) (18) Total $ (344) $ (343) $ (28) $ (18) a. Employer contributions for 2025 are currently expected to approximate $64 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar). The actuarial gain of $76 million in 2024 and loss of $15 million in 2023 for the FCX pension plans primarily resulted from the changes in the discount rate, which were 5.67% at December 31, 2024, 5.15% at December 31, 2023, and 5.41% at December 31, 2022. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: a Discount rate 5.15 % 5.41 % 2.85 % Expected return on plan assets 5.75 % 5.00 % 3.00 % Service cost $ 16 $ 15 $ 15 Interest cost 93 98 71 Expected return on plan assets (86) (72) (62) Amortization of net actuarial losses 13 15 15 Net periodic benefit cost $ 36 $ 56 $ 39 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: Discount rate 6.75 % 7.00 % 6.50 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 11 $ 12 Interest cost 14 14 14 Expected return on plan assets (13) (14) (15) Amortization of prior service cost — 2 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit — 1 2 Net periodic benefit cost $ 12 $ 13 $ 13 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income, net in the consolidated statements of income. Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2024 2023 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 421 $ 289 $ 382 $ 257 Prior service costs (4) (4) (1) (2) $ 417 $ 285 $ 381 $ 255 Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3). A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2024 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 395 $ 395 $ — $ — $ — Short-term investments 37 37 — — — Fixed income: Corporate bonds 624 — — 624 — Government bonds 238 — — 238 — Private equity investments 68 68 — — — Other investments 57 — 1 56 — Total investments 1,419 $ 500 $ 1 $ 918 $ — Cash and receivables 20 Payables (3) Total pension plan net assets $ 1,436 Fair Value at December 31, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions. Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2024 Total Level 1 Level 2 Level 3 Government bonds $ 96 $ 96 $ — $ — Common stocks 53 53 — — Mutual funds 12 12 — — Total investments 161 $ 161 $ — $ — Cash and receivables a 24 Total pension plan net assets $ 185 Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Total pension plan net assets $ 203 a. Cash consists primarily of short-term time deposits. Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PT-FI plan. There have been no changes to the techniques used to measure fair value. Government bonds, common stocks and mutual funds 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. The techniques described above may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2025 $ 126 $ 14 2026 190 27 2027 129 29 2028 129 31 2029 129 28 2030 through 2034 633 133 a. Based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $5 million (included in accounts payable and accrued liabilities) and a long-term portion of $31 million (included in other liabilities) at December 31, 2024, and a current portion of $5 million and a long-term portion of $34 million at December 31, 2023. FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $7 million (included in accounts payable and accrued liabilities) and a long-term portion of $43 million (included in other liabilities) at December 31, 2024, and a current portion of $7 million and a long-term portion of $46 million at December 31, 2023. FCX also sponsors a retirement savings plan for most of its U.S. employees. The plan allows employees to contribute a portion of their income in accordance with specified guidelines. The savings plan is a qualified 401(k) plan for all U.S. salaried and non-bargained hourly employees. Participants exercise control and direct the investment of their contributions and account balances among various investment options under the plan. FCX contributes to the plan and matches a percentage of employee contributions up to certain limits. For employees whose eligible compensation exceeds certain levels, FCX provides a nonqualified unfunded defined contribution plan, which had a liability balance of $69 million at December 31, 2024, and $62 million at December 31, 2023, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $131 million in 2024, $119 million in 2023 and $101 million in 2022. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.

STOCKHOLDERS' EQUITY AND STOCK-

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Notes)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Stock-Based Compensation	STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION FCX’s authorized shares of capital stock consists of 3.0 billion shares of common stock and 50 million shares of preferred stock. Financial Policy. FCX’s financial policy, which was adopted by its Board of Directors (Board) in 2021, includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests is 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 $3.0 billion to $4.0 billion (excluding net project debt for PT-FI’s new downstream processing facilities). The Board reviews the structure of the performance-based payout framework at least annually. Under its $5.0 billion share repurchase program, FCX has acquired a total of 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share), including 1.2 million shares of its common stock for a total cost of $59 million in 2024 and 35.1 million shares of its common stock for a total cost of $1.3 billion in 2022 (no purchases were made in 2023). As of February 14, 2025, FCX has $3.1 billion available for repurchases under the program. On December 18, 2024, FCX declared quarterly cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share base dividend and $0.075 per share variable dividend), which were paid on February 3, 2025, to common stockholders of record as of January 15, 2025. The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. Accumulated Other Comprehensive Loss. A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows: Defined Benefit Plans Translation Adjustment Total Balance at January 1, 2022 $ (398) $ 10 $ (388) Amounts arising during the period a,b 61 — 61 Amounts reclassified c 7 — 7 Balance at December 31, 2022 (330) 10 (320) Amounts arising during the period a,b 41 — 41 Amounts reclassified c 5 — 5 Balance at December 31, 2023 (284) 10 (274) Amounts arising during the period a,b (44) — (44) Amounts reclassified c 4 — 4 Balance at December 31, 2024 $ (324) $ 10 $ (314) a. Includes net actuarial gains (loss), net of noncontrolling interest, totaling $59 million for 2022, $38 million for 2023 and $(46) million for 2024. b. Includes tax benefits totaling $2 million for 2022, 2023 and 2024. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2022, 2023 and 2024. Stock Award Plans. FCX currently has awards outstanding under various stock-based compensation plans. The stockholder-approved 2016 Stock Incentive Plan (the 2016 Plan) provides for the issuance of stock options, stock appreciation rights, restricted stock, RSUs, PSUs and other stock-based awards for up to 72 million common shares. As of December 31, 2024, 15.0 million shares were available for grant under the 2016 Plan, and no shares were available under other plans. Stock-Based Compensation Cost. Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2024 2023 2022 Selling, general and administrative expenses $ 65 $ 64 $ 57 Production and delivery 44 45 38 Total stock-based compensation 109 109 95 Tax benefit and noncontrolling interests’ share a (4) (5) (4) Impact on net income $ 105 $ 104 $ 91 a. Charges in the U.S. are not expected to generate a future tax benefit. Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in one-third annual increments beginning one year from the date of grant. The award agreements provide that participants will receive the following year’s vesting upon retirement. Therefore, on the date of grant, FCX accelerates one year of amortization for retirement-eligible employees. The award agreements also provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control. FCX has not granted stock options since 2021. A summary of stock options outstanding as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 8,749,933 $ 15.63 Exercised (3,140,886) 18.13 Balance at December 31 5,609,047 14.22 4.1 $ 134 Vested and exercisable at December 31 5,609,047 14.22 4.1 $ 134 The total intrinsic value of options exercised was $95 million during 2024, $52 million during 2023 and $148 million during 2022. The total fair value of options vested was less than $1 million during 2024, $3 million during 2023 and $23 million during 2022. Stock-Settled PSUs and RSUs. Since 2014, FCX’s executive officers received annual grants of PSUs that vest after a three-year performance period. The total grant date target shares related to the PSU grants were 0.4 million for each of 2024, 2023 and 2022, of which the executive officers will earn (i) between 0% and 200% of the target shares based on achievement of financial metrics and (ii) may be increased or decreased up to 25% of the target shares based on FCX’s total shareholder return compared to the total shareholder return of a peer group. PSU awards for FCX’s executive officers who are retirement-eligible are non-forfeitable. As such, FCX charges the estimated fair value of the non-forfeitable PSU awards to expense at the time the financial and operational metrics are established, which is typically grant date. The fair value of PSU awards for FCX’s executive officers who are not retirement-eligible are charged to expense over the performance period. FCX grants RSUs that vest over a period of three years or at the end of three years to certain employees. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. FCX also grants RSUs to its directors, which vest on the first anniversary of the date of grant. The fair value of the RSUs is amortized over the vesting period or the period until the director becomes retirement eligible, whichever is shorter. Upon a director’s retirement, all of their unvested RSUs immediately vest. For retirement-eligible directors, the fair value of RSUs is recognized in earnings on the date of grant. The award agreements provide for accelerated vesting of all RSUs held by directors if there is a change of control (as defined in the award agreements) and for accelerated vesting of all RSUs held by employees if they experience a qualifying termination within one year following a change of control. Dividends attributable to RSUs and PSUs accrue and are paid if the awards vest. A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 5,699,575 $ 37.23 Granted 2,262,830 39.46 Vested (2,224,239) 34.37 Forfeited (15,082) 41.00 Balance at December 31 5,723,084 39.21 $ 218 The total fair value of stock-settled RSUs and PSUs granted was $92 million during 2024, $93 million during 2023 and $83 million during 2022. The total intrinsic value of stock-settled RSUs and PSUs vested was $84 million during 2024, $136 million during 2023 and $138 million during 2022. As of December 31, 2024, FCX had $27 million of total unrecognized compensation cost related to unvested stock-settled RSUs and PSUs expected to be recognized over approximately 1.1 years. Cash-Settled RSUs. Cash-settled RSUs are similar to stock-settled RSUs but are settled in cash rather than in shares of common stock. These cash-settled RSUs generally vest over three years of service. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these cash-settled RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. The cash-settled RSUs are classified as liability awards, and the fair value of these awards is remeasured each reporting period until the vesting dates. The award agreements for cash-settled RSUs provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control. Dividends attributable to cash-settled RSUs accrue and are paid if the awards vest. A summary of outstanding cash-settled RSUs as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 858,741 $ 40.23 Granted 626,050 39.58 Vested (398,727) 38.19 Forfeited (22,578) 40.72 Balance at December 31 1,063,486 40.60 $ 40 The total grant-date fair value of cash-settled RSUs was $25 million during 2024, $24 million during 2023 and $15 million during 2022. The intrinsic value of cash-settled RSUs vested was $15 million during 2024, $20 million during 2023 and $26 million during 2022. The accrued liability associated with cash-settled RSUs consisted of a current portion of $22 million (included in accounts payable and accrued liabilities) and a long-term portion of $8 million (included in other liabilities) at December 31, 2024, and a current portion of $19 million and a long-term portion of $7 million at December 31, 2023. Other Information. The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31: 2024 2023 2022 FCX shares tendered or withheld to pay the exercise price and/or the statutory withholding taxes a 1,505,675 1,633,519 1,511,072 Cash received from stock option exercises $ 29 $ 47 $ 125 Actual tax benefit realized for tax deductions $ 5 $ 4 $ 13 Amounts FCX paid for employee taxes $ 35 $ 50 $ 55 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender or have withheld FCX shares to pay the exercise price and/or required withholding taxes.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of (losses) income before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 follow: 2024 2023 2022 U.S. $ (547) $ 68 $ 840 Foreign 7,454 5,938 5,875 Total $ 6,907 $ 6,006 $ 6,715 Income taxes are provided on the earnings of FCX’s material foreign subsidiaries under the assumption that these earnings will be distributed. FCX has not provided deferred income taxes for other differences between the book and tax carrying amounts of its investments in material foreign subsidiaries as FCX considers its ownership positions to be permanent in duration, and quantification of the related deferred tax liability is not practicable. FCX’s provision for income taxes for the years ended December 31 follows: 2024 2023 2022 Current income taxes: Federal $ 36 $ 5 $ — State (1) (6) 1 Foreign (2,635) (2,087) (2,232) Total current (2,600) (2,088) (2,231) Deferred income taxes: Federal 1 (50) (149) State (1) (3) (6) Foreign 74 (320) (144) Total deferred 74 (373) (299) Adjustments — 6 1 Operating loss carryforwards 3 185 262 Provision for income taxes $ (2,523) $ (2,270) $ (2,267) A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows: 2024 2023 2022 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,450) (21) % $ (1,261) (21) % $ (1,410) (21) % Foreign tax credit expiration/ limitation a (1,053) (15) (289) (5) (50) (1) Valuation allowance a 898 13 119 2 65 — Withholding and other impacts on foreign earnings (753) (11) (615) (10) (673) (10) Effect of foreign rates different than the U.S. federal statutory rate (373) (6) (313) (5) (314) (5) PT-FI historical tax disputes b 185 2 — — (8) — Percentage depletion 123 2 183 3 189 3 State income taxes (52) (1) 3 — (41) — Non-deductible permanent differences (41) — (68) (1) (29) — Uncertain tax positions 5 — (28) (1) (17) — Other items, net (12) — (1) — 21 — Provision for income taxes $ (2,523) (37) % $ (2,270) (38) % $ (2,267) (34) % a. Refer to “Valuation Allowances” below. b. Refer to “Indonesia Tax Matters” below. FCX paid federal, state and foreign income taxes totaling $2.8 billion in 2024, $2.1 billion in 2023 and $3.1 billion in 2022. FCX received refunds of federal, state and foreign income taxes totaling $248 million in 2024, less than $1 million in 2023 and $46 million in 2022. The components of deferred taxes follow: December 31, 2024 2023 Deferred tax assets: Net operating losses $ 1,814 $ 1,761 Accrued expenses 1,657 1,390 Foreign tax credits 184 1,228 Employee benefit plans 76 78 Other 214 215 Deferred tax assets 3,945 4,672 Valuation allowances (2,984) (3,894) Net deferred tax assets 961 778 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,193) (4,118) Undistributed earnings (981) (911) Other (155) (195) Total deferred tax liabilities (5,329) (5,224) Net deferred tax liabilities $ (4,368) $ (4,446) Tax Attributes. At December 31, 2024, FCX had (i) U.S. foreign tax credits of $0.2 billion that will expire between 2025 and 2034, (ii) U.S. federal net operating losses (NOLs) of $6.0 billion, of which $0.7 billion can be carried forward indefinitely, with the remainder primarily expiring between 2036 and 2037, (iii) U.S. state NOLs of $10.6 billion, of which $3.5 billion can be carried forward indefinitely, with the remainder primarily expiring between 2025 and 2044, and (iv) Atlantic Copper NOLs of $0.5 billion that can be carried forward indefinitely. Valuation Allowances. On the basis of available information at December 31, 2024, including positive and negative evidence, FCX has provided valuation allowances for certain of its deferred tax assets where it believes it is more-likely-than-not that some portion or all of such assets will not be realized. Valuation allowances totaled $3.0 billion at December 31, 2024, and covered all of FCX’s U.S. foreign tax credits and U.S. federal NOLs, substantially all of its U.S. state and foreign NOLs, as well as a portion of its U.S. federal, state and foreign deferred tax assets. The valuation allowance related to FCX’s U.S. foreign tax credits totaled $0.2 billion at December 31, 2024. FCX has operations in tax jurisdictions where statutory income taxes and withholding taxes are in excess of the U.S. federal income tax rate. Valuation allowances are recognized on foreign tax credits for which no benefit is expected to be realized. The valuation allowance related to FCX’s U.S. federal, state and foreign NOLs totaled $1.8 billion and other deferred tax assets totaled $1.0 billion at December 31, 2024. NOLs and deferred tax assets represent future deductions for which a benefit will only be realized to the extent these deductions offset future income. FCX develops an estimate of which future tax deductions will be realized and recognizes a valuation allowance to the extent these deductions are not expected to be realized in future periods. Valuation allowances will continue to be carried on U.S. foreign tax credits, U.S. federal, state and foreign NOLs and U.S. federal, state and foreign deferred tax assets, until such time that (i) FCX generates taxable income against which any of the assets, credits or NOLs can be used, (ii) forecasts of future income provide sufficient positive evidence to support reversal of the valuation allowances or (iii) FCX identifies a prudent and feasible means of securing the benefit of the assets, credits or NOLs that can be implemented. The $0.9 billion net decrease in the valuation allowances during 2024 is primarily related to a decrease for expirations of U.S. foreign tax credits. U.S. Inflation Reduction Act of 2022 . The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average annual AFSI exceeding $1.0 billion over a three-year period. In September 2024, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance on the application of CAMT, which are not final and subject to change. Based on the proposed guidance released by the IRS, FCX determined that the provisions of the Act did not impact its financial results for the years 2024 or 2023. Pillar Two of the Global Anti-Base Erosion Rules. In 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX does not expect enactment of the recommended framework in jurisdictions where it operates to materially impact its financial results. Indonesia Tax Matters. During 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of Indonesia disputed tax matters, PT-FI recorded credits to net income of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. Peru Tax Matters. Cerro Verde’s current mining stability agreement subjects it to a stable income tax rate of 32% through the expiration of the agreement on December 31, 2028. The enacted tax rate on dividend distributions, which is not stabilized by the agreement, is 5%. Chile Tax Matters . Under the US-Chilean Tax Treaty, which became effective in 2024, FCX’s share of income from El Abra is subject to an income tax rate of 35%. Effective January 1, 2024, mining royalty taxes in Chile consist of two main components: (i) profitability-based mining royalty rates on a sliding scale of 8% to 26% (depending on a defined operational margin) and (ii) an additional ad valorem royalty tax based on 1% of sales. Uncertain Tax Positions. Tax positions reflected in the consolidated financial statements are, based on their technical merits, more-likely-than-not to be sustained upon examination by taxing authorities or have otherwise been effectively settled. Such tax positions reflect the largest amount of benefit, determined on a cumulative probability basis, that is more-likely-than-not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. FCX’s policy associated with uncertain tax positions is to record accrued interest in interest expense and accrued penalties in other income, net, rather than in the provision for income taxes. A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows. 2024 2023 2022 Balance at beginning of year $ 720 $ 810 $ 808 Additions: Prior year tax positions 13 27 26 Current year tax positions 10 28 25 Decreases: Prior year tax positions (54) (13) (12) Settlements with taxing authorities (492) (132) (37) Lapse of statute of limitations (36) — — Balance at end of year $ 161 $ 720 $ 810 The total amount of accrued interest and penalties associated with unrecognized tax benefits was $264 million at December 31, 2024, primarily relating to unrecognized tax benefits associated with royalties and the timing of advance payments, $536 million at December 31, 2023, and $551 million at December 31, 2022. Amounts include unpaid items on the consolidated balance sheet of $26 million at December 31, 2024, $33 million at December 31, 2023, and $36 million at December 31, 2022. Benefits (charges) for interest and penalties related to unrecognized tax benefits totaled $8 million in 2024, $(153) million in 2023 and $(7) million in 2022. The reserve for unrecognized tax benefits of $161 million at December 31, 2024, included $153 million ($52 million net of income tax benefits and valuation allowances) that, if recognized, would reduce FCX’s provision for income taxes. Changes in the reserve for unrecognized tax benefits associated with current and prior-year tax positions were primarily related to uncertainties associated with FCX’s tax treatment of cost recovery methods, various non-deductible costs, and royalties and other mining taxes. There continues to be uncertainty related to the timing of settlements with taxing authorities, but if additional settlements are agreed upon during the year 2025, FCX could experience a change in its reserve for unrecognized tax benefits. FCX or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal — 2021-2024 Indonesia 2017, 2020 2022-2024 Peru 2020-2021 2017-2019, 2022-2024 Chile 2023 2021-2022, 2024

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Environmental. FCX’s operations are subject to various environmental laws and regulations that govern the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is also subject to claims where the release of hazardous substances is alleged to have caused natural resource damages (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2024, FCX had more than 80 active remediation projects, including NRD claims, in 20 U.S. states. The largest obligations discussed below account for approximately 85% of the total balance at December 31, 2024. A summary of changes in FCX’s estimated environmental obligations for the years ended December 31 follows: 2024 2023 2022 Balance at beginning of year $ 1,939 $ 1,740 $ 1,664 Accretion expense a 131 119 110 Net additions b 82 195 43 Spending (112) (115) (77) Balance at end of year 2,040 1,939 1,740 Less current portion (131) (131) (125) Long-term portion $ 1,909 $ 1,808 $ 1,615 a. Represents accretion of the fair value of environmental obligations assumed in the acquisition of FMC, which were determined on a discounted cash flow basis. b. Primarily reflects revisions for changes in the anticipated scope and timing of projects. See further discussion below. Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $4.4 billion, including $131 million in 2025, $111 million in 2026, $122 million in 2027, $112 million in 2028, $77 million in 2029 and $3.8 billion thereafter. The amount and timing of these estimated payments will change as a result of changes in regulatory requirements, changes in scope and timing of remediation activities, the settlement of environmental matters and as actual spending occurs. At December 31, 2024, FCX’s environmental obligations totaled $2.0 billion, including $1.9 billion recorded on a discounted basis for those obligations assumed in the FMC acquisition at fair value. FCX estimates it is reasonably possible that these obligations could range between $3.9 billion and $5.1 billion on an undiscounted and de-escalated basis. At December 31, 2024, the most significant environmental obligations were associated with the Pinal Creek site in Arizona; the Newtown Creek site in New York City; historical smelter sites principally located in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania; and uranium mining sites in the western U.S. The recorded environmental obligations for these sites totaled $1.7 billion at December 31, 2024. FCX may also be subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows. Pinal Creek. The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping is expected to continue for many years. During 2023, FCX recorded adjustments to the Pinal Creek environmental obligation totaling $61 million associated with a refined engineering scope and cost estimate for work to be completed within the next several years. FCX’s environmental liability balance for this site was $517 million at December 31, 2024. 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, 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 industrial uses on and around 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, EPA designated the creek as a Superfund site and identified PDRC, four other companies and the City of New York as potentially responsible parties (PRPs). The following year, PDRC and the four other companies (the Newtown Creek Group, NCG) and the City of New York entered an Administrative Order on Consent to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify remedial options. EPA approved the final RI report in April 2023. The NCG’s FS work is ongoing. EPA currently expects to approve the final FS report by April 2028, although this timeframe may be further extended. EPA is also considering performing the FS evaluation and remedy selection by creek segment. At the agency’s request, the NCG prepared a focused feasibility study (FFS) for an early action remediation project focusing on the East Branch tributary of the creek. EPA approved the FFS report and, in January 2025, the agency issued a record of decision selecting an interim remedy for the East Branch. EPA has identified 30 PRPs for the site, including the NCG members and New York City, and invited all PRPs to participate in performing the East Branch remedial design. During 2023, FCX recorded adjustments to Newtown Creek environmental obligations totaling $64 million based on updated cost estimates from the draft early action FFS and no further adjustment was considered necessary based on the issuance of the 2025 record of decision. FCX’s environmental liability balance for this site was $452 million at December 31, 2024. The scope and design of the site remedy (or remedies), final costs of the site investigation and remediation, and allocation of costs among PRPs are uncertain and subject to change. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX. Historical Smelter Sites . FCX subsidiaries and their predecessors at various times owned or operated copper, zinc and lead smelters or refineries in states including Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. For some of these former processing sites, certain FCX subsidiaries have been advised by EPA or state agencies that they may be liable for costs of investigating and, if appropriate, remediating environmental conditions associated with these former processing facilities. At other sites, certain FCX subsidiaries have entered into state voluntary remediation programs to investigate and, if appropriate, remediate on-site and off-site conditions associated with the facilities. The historical processing sites are in various stages of assessment and remediation. At some of these sites, disputes with local residents and elected officials regarding alleged health effects or the effectiveness of remediation efforts have resulted in litigation of various types, and similar litigation at other sites is possible. From 1920 until 1986, United States Metals Refining Company (USMR), an indirect wholly owned subsidiary of FCX, owned and operated a copper smelter and refinery in the Borough of Carteret, New Jersey. Since the early 1980s, the site has been the subject of environmental investigation and remediation, under the direction and supervision of the New Jersey Department of Environmental Protection (NJDEP). On-site contamination is in the later stages of remediation. In 2012, after receiving a request from NJDEP, USMR also began investigating and remediating off-site properties, which is ongoing. As a result of off-site soil sampling in public and private areas near the former Carteret smelter, FCX established an environmental obligation for known and potential off-site environmental remediation; that work has been essentially completed at the end of 2024. Assessments of sediments in the adjacent Arthur Kill and possible remedial actions could result in additional adjustments to the related environmental obligation in future periods. In January 2024, the EPA released guidance lowering the recommended screening levels for investigating lead-contaminated soils from 400 to 200 parts per million (ppm) or 100 ppm where there are other sources of lead exposure (such as lead-based paint that is common in older homes). Screening levels can be used to establish cleanup levels by some agencies and more stringent cleanup levels often lead to higher costs through exponential volume increases due to resulting expanded project footprints. In January 2025, EPA published its final toxicological assessment for inorganic arsenic, which may be used to calculate cleanup levels at state and federal remediation sites and may lead to regulatory guidance, rulemaking and other regulatory activities. FCX is working with state agencies to understand possible ramifications of this guidance on its projects. This EPA guidance and future changes to EPA’s lead and arsenic cleanup levels could result in increases to FCX’s environmental obligations for ongoing residential property cleanup projects near former smelter sites. FCX’s environmental liability balance for historical smelter sites, including in the Borough of Carteret, New Jersey, was $266 million at December 31, 2024. Uranium Mining Sites. During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the Southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation. In 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. Government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for 94 former uranium mining sites on tribal lands. Under the terms of the Consent Decree executed in May 2017, and approved by the U.S. District Court for the District of Arizona, the U.S. contributed $335 million into a trust fund to cover the government’s initial share of the costs, and FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the 94 sites. The program is expected to take more than 20 years to complete. The Consent Decree excluded 23 former uranium mine sites at which an FCX subsidiary may also be potentially liable, but for which the U.S. recovered funds as part of a larger bankruptcy settlement with Tronox. In 2021, EPA informed an FCX subsidiary as well as two other federal entities that it does not expect to have funds sufficient to remediate all of the sites covered by the Tronox bankruptcy settlement. Based on information from EPA, it is currently considered unlikely that EPA will deplete the Tronox settlement funds in the near-term. FCX is also conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on approximately 15,000 mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. A similar agreement is in place with the U.S. Forest Service for mine features on U.S. Forest Service land. Either BLM or the U.S. Forest Service may request additional assessment or remediation activities for other claims with mining features. FCX will update this obligation when it has a sufficient number of remedy decisions from the BLM or the U.S. Forest Service to support a reasonably certain range of outcomes. FCX expects it will take several years to complete this work. FCX’s environmental liability balance for the uranium mining sites was $473 million at December 31, 2024. AROs. FCX’s ARO estimates are reflected on a third-party cost basis and are based on FCX’s legal obligation to retire tangible, long-lived assets. A summary of changes in FCX’s AROs for the years ended December 31 follows: 2024 2023 2022 Balance at beginning of year $ 3,001 $ 3,043 $ 2,716 Liabilities incurred 16 18 9 Revisions to cash flow estimates and settlements, net 635 a 54 381 a Accretion expense 154 20 b 134 Spending (122) (134) (197) Balance at end of year 3,684 3,001 3,043 Less current portion (189) (185) (195) Long-term portion $ 3,495 $ 2,816 $ 2,848 a. Primarily reflects adjustments for oil and gas properties, Sierrita, PT-FI, Climax and Henderson for the year 2024, and PT-FI, Morenci and Bagdad for the year 2022. See further discussion below. b. Includes a $112 million adjustment at PT-FI to correct certain inputs in the historical PT-FI ARO model. ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if determined to be economically beneficial. For ARO activities and expenditures for oil and gas operations, the methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time. Financial Assurance. New Mexico, Arizona, Colorado and other states, as well as U.S. regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. FCX has satisfied financial assurance requirements by using a variety of mechanisms, primarily involving parent company performance guarantees and financial capability demonstrations, but also trust funds, surety bonds, letters of credit and other collateral. The applicable regulations specify financial strength tests that are designed to confirm a company’s or guarantor’s financial capability to fund estimated reclamation and closure costs. The amount of financial assurance FCX subsidiaries are required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At December 31, 2024, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $2.0 billion, of which $1.2 billion was in the form of guarantees issued by FCX and FMC. At December 31, 2024, FCX had trust assets totaling $0.2 billion (included in other assets), which are legally restricted to be used to satisfy its financial assurance obligations for its mining properties in New Mexico. In addition, FCX subsidiaries have financial assurance obligations for their oil and gas properties associated with plugging and abandoning wells and facilities totaling $0.7 billion. Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure. New Mexico Environmental and Reclamation Programs. FCX’s New Mexico operations are regulated under the New Mexico Water Quality Act and regulations adopted by the Water Quality Control Commission. In connection with discharge permits, the New Mexico Environment Department (NMED) has required each of these operations to submit closure plans for NMED’s approval. The closure plans must include measures to assure meeting applicable groundwater quality standards following the closure of discharging facilities and to abate groundwater or surface water contamination to meet applicable standards. FCX’s New Mexico operations also are subject to regulation under the 1993 New Mexico Mining Act (the Mining Act) and the related rules that are administered by the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. Under the Mining Act, mines are required to obtain approval of reclamation plans. The agencies approved updates to the closure plan and financial assurance instruments and completed a permit renewal for Chino in 2020 and Tyrone in 2021. At December 31, 2024, FCX had accrued reclamation and closure costs of $553 million for its New Mexico operations. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material. Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the ADEQ. ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated every six years and financial assurance mechanisms are required to be updated every two years. During 2022, the Morenci and Bagdad mines increased their AROs by $118 million and $65 million, respectively, associated with their updated closure strategies and plans for stockpiles and tailings impoundments that were submitted to ADEQ for approval. In accordance with FCX’s commitment to the Global Industry Standard on Tailings Management (the Tailings Standard), in 2024 Sierrita revised its closure plan and cost estimates resulting in a $157 million increase in its AROs. FCX will continue evaluating and, as necessary, updating its closure plans and closure cost estimates at other Arizona sites, and any such updates may also result in increased costs that could be significant. Portions of Arizona mining facilities that operated after January 1, 1986, also are subject to the Arizona Mined Land Reclamation Act (AMLRA). AMLRA requires reclamation to achieve stability and safety consistent with post-mining land use objectives specified in a reclamation plan. Reclamation plans must be approved by the Arizona State Mine Inspector (ASMI) and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. In 2023, the ASMI requested updates to reclamation cost estimates and associated financial assurance for FCX’s Arizona mine sites, and in 2024, FCX submitted updated closure scopes of work and associated costs for Miami, Bagdad and Morenci. FCX will continue to evaluate options for future reclamation and closure activities at its operating and non-operating sites, which are likely to result in adjustments to FCX’s AROs, and those adjustments could be material. At December 31, 2024, FCX had accrued reclamation and closure costs of $837 million for its Arizona operations and facilities. Colorado Reclamation Programs. FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder, which are consistent with the Tailings Standard. Under the Reclamation Act, mines are required to obtain approval of plans for reclamation of lands affected by mining operations to be performed during mining or upon cessation of mining operations. In 2024, both Henderson and Climax updated cost estimates associated with reclamation plans under the Reclamation Act and recorded a total increase of $162 million to their related AROs. In 2019, Colorado enacted legislation that requires proof of an end date for water treatment as a condition of permit authorizations for new mining operations and expansions beyond current permit authorizations. While this requirement does not apply to existing operations, it may lead to changes in long-term water management requirements at Climax and Henderson operations and their related AROs. As of December 31, 2024, FCX had accrued reclamation and closure costs of $351 million for its Colorado operations. Chile Reclamation and Closure Programs. El Abra is subject to regulation under the Mine Closure Law administered by the National Geology and Mining Service. In 2020, El Abra received approval of its updated closure plan and cost estimates, and in compliance with the requirement for five-year updates, El Abra expects to submit an updated plan with closure cost estimates in 2025. At December 31, 2024, FCX had accrued reclamation and closure costs of $105 million for its El Abra operation. Peru Reclamation and Closure Programs . Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines (MINEM). Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, Cerro Verde submitted its updated closure plan and cost estimates and received approval from MINEM in December 2023. At December 31, 2024, FCX had accrued reclamation and closure costs of $230 million for its Cerro Verde operation. Indonesia Reclamation and Closure Programs. The ultimate amount of reclamation and closure costs to be incurred at PT-FI’s operations will be determined based on applicable laws and regulations and PT-FI’s assessment of appropriate remedial activities under the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred after the end of mining activities, which are currently estimated to continue through 2041. In 2022, PT-FI recorded net increases to its ARO totaling $99 million related to higher estimated costs associated with West Wanagon slope stabilization remediation and increased reclamation activities and increased costs. In 2024, PT-FI recorded net increases to its ARO totaling $122 million primarily for revised reclamation plans for the Grasberg open pit area and adjustments resulting from a review and update of the PT-FI ARO model. At December 31, 2024, FCX had accrued reclamation and closure costs of $1.0 billion for its PT-FI operations. Indonesia government regulations issued in 2010 require a company to provide a mine closure guarantee in the form of a time deposit placed in a state-owned bank in Indonesia. At December 31, 2024, PT-FI had restricted time deposits totaling $100 million for mine closure included in other assets. Oil and Gas Properties. Substantially all of Freeport McMoRan Oil & Gas LLC’s (FM O&G’s), FCX’s subsidiary that holds its remaining oil and gas operations, oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove equipment and facilities from leased acreage, and restore land in accordance with applicable local, state and federal laws. Following several sales transactions, FM O&G’s remaining operating areas primarily include offshore California and the Gulf of Mexico (GOM, also referred to as Gulf of America). FM O&G recorded increases to its ARO totaling $163 million in 2024 and $91 million in 2023. As of December 31, 2024, FM O&G AROs cover approximately 180 wells and 150 platforms and other structures and it had accrued reclamation and closure costs of $538 million. FM O&G’s ARO adjustments for 2024 include $116 million associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies and were charged to production and delivery costs. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that other working interest owners, including FM O&G, assume such obligations. Litigation. In addition to the pending legal proceedings discussed below and above under “Environmental,” we are involved periodically in ordinary routine litigation incidental to our business, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. SEC regulations require us to disclose environmental proceedings involving a governmental authority if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. Management does not believe, based on currently available information, that the outcome of any current pending legal proceeding will have a material adverse effect on FCX’s financial condition, although individual or cumulative outcomes could be material to FCX’s operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. Asbestos and Talc Claims . Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion. There has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. 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 those targets. Cyprus Mines was engaged in talc mining and processing from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (1) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (2) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A. In accordance with the terms of the 1992 transactions and subsequent agreements, Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which historically acknowledged those indemnification obligations and took responsibility for all talc lawsuits against Cyprus Mines and CAMC tendered to it. However, in February 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys stopped defending the talc lawsuits against Cyprus Mines and CAMC. In January 2021, Imerys filed the form of a global settlement agreement to be entered into by CAMC, Cyprus Mines, FCX, Imerys and the other debtors, tort claimants’ committee and future claims representative in the Imerys bankruptcy. In accordance with the global settlement, among other things, (1) CAMC agreed to contribute a total of $130 million in cash to a settlement trust in seven annual installments, which will be guaranteed by FCX, and (2) CAMC and Cyprus Mines and their affiliates will contribute to the settlement trust all rights that they have to the proceeds of certain legacy insurance policies as well as indemnity rights they have against Johnson & Johnson. In accordance with the settlement, Cyprus Mines commenced its bankruptcy process in February 2021, with all talc lawsuits against CAMC, Cyprus Mines and FCX being stayed. The claimants failed to approve the Imerys bankruptcy plan in 2021, which resulted in a lengthy mediation process among the interested parties. Mediation resulted in CAMC agreeing to contribute an additional $65 million over seven years to the claimant trust for a total contribution of $195 million. The claimants in both the Imerys and Cyprus Mines bankruptcy cases approved the global settlement in January 2025, which now remains subject to bankruptcy court approvals in both cases. There can be no assurance that the global settlement will be approved and successfully implemented. At December 31, 2024, FCX had a litigation reserve of $

COMMITMENTS AND GUARANTEES

COMMITMENTS AND GUARANTEES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND GUARANTEES	COMMITMENTS AND GUARANTEES Leases. The components of FCX’s leases presented in the consolidated balance sheets as of December 31 follow: 2024 2023 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 853 $ 448 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 98 $ 84 Long-term lease liabilities (included in other liabilities) 692 347 Total lease liabilities a $ 790 $ 431 a. Includes finance leases associated with PT-FI’s new downstream processing facilities, including for an oxygen plant ($217 million at December 31, 2024), shallow draft vessels ($119 million at December 31, 2024), land ($95 million at December 31, 2024, and $130 million at December 31, 2023) and wharf ($90 million at December 31, 2024, and $93 million at December 31, 2023). Operating lease costs, primarily included in production and delivery expense in the consolidated statements of income, for the years ended December 31 follow: 2024 2023 2022 Operating leases $ 44 $ 48 $ 46 Variable and short-term leases 146 a 126 a 84 Total operating lease costs $ 190 $ 174 $ 130 a. Includes $50 million in 2024 and $30 million in 2023 related to a variable lease component of PT-FI’s tolling arrangement with PT Smelting. Refer to Note 2 for additional discussion of PT-FI’s commercial arrangement with PT Smelting. Total finance lease costs, including both depreciation and interest, were $24 million in 2024 and $6 million in 2023 and 2022. FCX acquired right-of-use assets through lease arrangements of $482 million in 2024, $167 million in 2023 and $76 million in 2022. FCX payments included in operating cash flows for its lease liabilities totaled $61 million in 2024 and 2023 and $41 million in 2022. FCX payments included in financing cash flows for its lease liabilities totaled $41 million in 2024, $3 million in 2023 and $7 million in 2022. As of December 31, 2024, the weighted-average discount rate used to determine the lease liabilities was 4.9% (4.7% as of December 31, 2023) and the weighted-average remaining lease term was 15.0 years (13.1 years as of December 31, 2023). The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2024, follow: 2025 $ 131 2026 96 2027 81 2028 67 2029 113 Thereafter 612 Total payments 1,100 Less amount representing interest (310) Present value of net minimum lease payments 790 Less current portion (98) Long-term portion $ 692 Contractual Obligations. At December 31, 2024, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $3.7 billion, primarily comprising the procurement of copper concentrate ($3.1 billion), electricity ($0.2 billion) and transportation services ($0.2 billion). Some of FCX’s unconditional purchase obligations are settled based on the prevailing market rate for the service or commodity purchased. In some cases, the amount of the actual obligation may change over time because of market conditions. Obligations for copper concentrate provide for deliveries of specified volumes to Atlantic Copper at market-based prices. Transportation obligations are primarily associated with contracted ocean freight agreements for our South America and Indonesia operations. Electricity obligations are primarily for long-term power purchase agreements in North America and contractual minimum demand at the South America mines. FCX’s unconditional purchase obligations total $1.8 billion in 2025, $1.1 billion in 2026, $0.4 billion in 2027, $0.2 billion in 2028, $0.1 billion in 2029 and $0.1 billion thereafter. During the three-year period ended December 31, 2024, FCX fulfilled its minimum contractual purchase obligations. IUPK – Indonesia. In December 2018, FCX completed the 2018 Transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership. Concurrent with the closing of the 2018 Transaction, the Indonesia government granted PT-FI an IUPK to replace its former contract of work. Under the terms of the IUPK, PT-FI was granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PT-FI completing the development of additional smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041, assuming the additional extension is received. In addition, FCX, as a foreign investor, has rights to resolve investment disputes with the Indonesia government through international arbitration. The key fiscal terms set forth in the IUPK include a 25% corporate income tax rate, a 10% profits tax on net income, and royalty rates of 4% for copper, 3.75% for gold and 3.25% for silver. PT-FI’s royalties charged against revenues totaled $433 million in 2024, $338 million in 2023 and $357 million in 2022. Dividend distributions from PT-FI to FCX totaled $1.5 billion in 2024, $0.4 billion in 2023 and $2.5 billion in 2022, and are subject to a 10% withholding tax. Export Duties . The IUPK required PT-FI to pay export duties of 5%, declining to 2.5% when smelter development progress exceeded 30% and eliminated when development progress for additional smelting and refining capacity in Indonesia exceeded 50%. In December 2022, PT-FI received approval, based on construction progress achieved, for a reduction in export duties from 5% to 2.5%, which was effective immediately. In March 2023, the Indonesia government further verified that construction progress of the new smelter exceeded 50% and PT-FI’s export duties were eliminated effective March 29, 2023. In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. Under the revised regulation PT-FI was assessed export duties for copper concentrates at 7.5% in the second half of 2023 (totaling $307 million). For 2024, the revised regulation assessed export duties for copper concentrates at 10% for companies with smelter progress of 70% to 90% and at 7.5% for companies with smelter progress exceeding 90%. As of December 31, 2023, construction progress of PT-FI’s smelter projects exceeded 90%; however, PT-FI was subject to the 10% export duty during 2024 until it received a revised concentrate export license. In July 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which were valid through December 2024, subjecting PT-FI to a 7.5% export duty. PT-FI’s export duties totaled $457 million in 2024, $324 million in 2023 and $307 million in 2022. Indemnification. The PT-FI divestment agreement, discussed in Note 2, provides that FCX will indemnify MIND ID and PTI from any losses (reduced by receipts) arising from any tax disputes of PT-FI disclosed to MIND ID in a Jakarta, Indonesia, tax court letter limited to PTI’s respective percentage share at the time the loss is finally incurred. Any net obligations arising from any tax settlement would be paid on December 21, 2025. FCX had accrued $49 million as of December 31, 2024, (included in accounts payable in the consolidated balance sheets) and $75 million as of December 31, 2023, (included in other long-term liabilities in the consolidated balance sheets) related to this indemnification. Cobalt Business. In September 2021, FCX’s 56%-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 (before post-closing adjustments), consisting of cash consideration of $173 million and 7% of Jervois common stock (valued at $35 million at the time of closing). In 2022, KCHL sold these shares for $60 million. In addition, KCHL has the right to receive contingent consideration through 2026 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. Following this transaction, FCX no longer has cobalt operations. Community Development Programs. FCX has adopted policies that govern its working and engagement relationships with the communities where it operates. These policies are designed to guide FCX’s practices and programs in a manner that respects and promotes basic human rights and the culture of the local people impacted by FCX’s operations. FCX continues to make significant expenditures on community development, education, health, training and cultural programs. PT-FI provides funding and technical assistance to support various community development and empowerment programs in areas such as health, education, economic development and local infrastructure. In 1996, PT-FI established a social investment fund with the aim of contributing to social and economic development in the Mimika Regency. In 2019, a new foundation, the Amungme and Kamoro Community Empowerment Foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK) was established, and in 2020, PT-FI appointed YPMAK to assist in distributing a significant portion of PT-FI’s funding to support the development and empowerment of the local Indigenous Papuan people. YPMAK is governed by a Board of Governors consisting of seven representatives of Indigenous Kamoro-Amungme, PT-FI and Mind ID. In addition, since 2001, PT-FI has voluntarily established and contributed to land rights trust funds administered by Amungme and Kamoro representatives that focus on socioeconomic initiatives, human rights and environmental issues. PT-FI is committed to the continued funding of YPMAK programs and the land rights trust funds, as well as for other local-community development initiatives through the end of PT-FI's IUPK in support of public health, education, local economic development and empowerment. PT-FI recorded charges to production and delivery costs totaling $141 million in 2024 and $123 million in both 2023 and 2022 for social and economic development programs. Guarantees. FCX provides certain financial guarantees (including indirect guarantees of the indebtedness of others) and indemnities. Prior to its acquisition by FCX, FMC and its subsidiaries have, as part of merger, acquisition, divestiture and other transactions, from time to time, indemnified certain sellers, buyers or other parties related to the transaction from and against certain liabilities associated with conditions in existence (or claims associated with actions taken) prior to the closing date of the transaction. As part of these transactions, FMC indemnified the counterparty from and against certain excluded or retained liabilities existing at the time of sale that would otherwise have been transferred to the party at closing. These indemnity provisions generally now require FCX to indemnify the party against certain liabilities that may arise in the future from the pre-closing activities of FMC for assets sold or purchased. The indemnity classifications include environmental, tax and certain operating liabilities, claims or litigation existing at closing and various excluded liabilities or obligations. Most of these indemnity obligations arise from transactions that closed many years ago, and given the nature of these indemnity obligations, it is not possible to estimate the maximum potential exposure. Except as described in the following sentence, FCX does not consider any of such obligations as having a probable likelihood of payment that is reasonably estimable, and accordingly, has not recorded any obligations associated with these indemnities. With respect to FCX’s environmental indemnity obligations, any expected costs from these guarantees are accrued when potential environmental obligations are considered by management to be probable and the costs can be reasonably estimated.

FINANCIAL INSTRUMENTS (Notes)

FINANCIAL INSTRUMENTS (Notes)	12 Months Ended
	Dec. 31, 2024
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. A discussion of FCX’s 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 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 three years ended December 31, 2024. At December 31, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 109 million pounds at an average contract price of $4.31 per pound, with maturities through November 2026. Summary of (Losses) Gains. A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item for the years ended December 31 follows: 2024 2023 2022 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (32) $ 3 $ (11) Hedged item – firm sales commitments 32 (3) 11 Realized gains (losses): Matured derivative financial instruments 29 (4) (63) Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the LME copper price or the COMEX copper price and the 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 price 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, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. 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, cathode and anode slime 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 price, 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 December 31, 2024, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 282 $ 4.16 $ 3.96 May 2025 Gold (thousands of ounces) 125 2,646 2,625 February 2025 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 74 4.09 3.96 March 2025 Copper Forward Contracts. Atlantic Copper 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 December 31, 2024, Atlantic Copper held net copper forward sales contracts for 85 million pounds at an average contract price of $4.06 per pound, with maturities through February 2025. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2024 2023 2022 Embedded derivatives in provisional sales contracts a : Copper $ 117 $ 97 $ (479) Gold and other metals 169 55 (12) Copper forward contracts b 1 (6) 37 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: December 31, 2024 2023 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ — $ 4 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 10 76 Copper forward contracts 10 — Total derivative assets $ 20 $ 80 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 28 $ — Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 60 23 Copper forward contracts 1 1 Total derivative liabilities $ 89 $ 24 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 net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2024 and 2023): Assets at December 31, Liabilities at December 31, 2024 2023 2024 2023 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 10 $ 76 $ 60 $ 23 Copper derivatives 10 4 29 1 $ 20 $ 80 $ 89 $ 24 Balance sheet classification: Trade accounts receivable $ — $ 76 $ 53 $ 2 Other current assets 10 4 — — Accounts payable and accrued liabilities 10 — 35 22 Other liabilities — — 1 — $ 20 $ 80 $ 89 $ 24 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 December 31, 2024, the maximum amount of credit exposure associated with derivative transactions was $20 million. Other Financial Instruments. Other financial instruments include cash, cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 13 for the fair values of investment securities, legally restricted funds and debt). Cash, Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows: December 31, 2024 2023 Balance sheet components: Cash and cash equivalents a $ 3,923 $ 4,758 Restricted cash and cash equivalents, current b 888 1,208 Restricted cash and cash equivalents, long-term – included in other assets 100 97 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,911 $ 6,063 a. Includes (i) time deposits of $0.1 billion at December 31, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023. b. Includes (i) $0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $0.1 billion at December 31, 2024 and 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.

FAIR VALUE MEASUREMENT (Notes)

FAIR VALUE MEASUREMENT (Notes)	12 Months Ended
	Dec. 31, 2024
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 for 2024. 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 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 NAV as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 12), follows: At December 31, 2024 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 9 9 — 9 — — Total 36 36 27 9 — — Legally restricted funds: a U.S. core fixed income fund 66 66 66 — — — Government mortgage-backed securities 54 54 — — 54 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Money market funds 19 19 — 19 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 217 217 66 19 132 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 10 10 — — 10 — Copper forward contracts 10 10 — 4 6 — Total 20 20 — 4 16 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 3 3 — — — 3 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 60 60 — — 60 — Copper futures and swap contracts 28 28 — 17 11 — Copper forward contracts 1 1 — 1 — — Total 89 89 — 18 71 — Long-term debt, including current portion d 8,948 8,807 — — 8,807 — At December 31, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — a. Current portion included in other current assets other assets b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily associated with (i) PT-FI’s export proceeds ($0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at December 31, 2024 and 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at December 31, 2024 and 2023). c. Refer to Note 12 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 and collateralized mortgage-backed securities) 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 12 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 12 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 (to be received over time) that was recorded at the total amount under the loss recovery approach. 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. In third-quarter 2024, FCX determined that only $4 million of the remaining balance was collectible and recorded a net impairment of $32 million (consisting of a $42 million impairment to the contingent consideration receivable and an offsetting reduction of $10 million to the related overriding royalty interest payable). 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 NRV 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 December 31, 2024, as compared to those techniques used at December 31, 2023.

BUSINESS SEGMENTS INFORMATION

BUSINESS SEGMENTS INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	BUSINESS SEGMENT INFORMATION Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2024 2023 2022 Copper: Cathode $ 8,316 $ 6,629 $ 5,134 Concentrate 6,726 7,127 9,650 Rod and other refined copper products 3,851 3,659 3,699 Purchased copper a 693 416 481 Gold 4,446 3,472 3,397 Molybdenum 1,801 2,006 1,416 Silver and other 631 585 688 Adjustments to revenues: Royalty expense b (442) (346) (366) Treatment charges (396) (538) (503) PT-FI export duties c (457) (307) (325) Revenues from contracts with customers 25,169 22,703 23,271 Embedded derivatives d 286 152 (491) Total consolidated revenues $ 25,455 $ 22,855 $ 22,780 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. c. Refer to Note 11 for further discussion of PT-FI export duties. Amounts include credits (charges) of $17 million in 2023 and $(18) million in 2022 associated with adjustments to prior-period export duties. d. Refer to Note 12 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts. Geographic Area. Information concerning financial data by geographic area follows: December 31, 2024 2023 Long-lived assets: a Indonesia $ 22,580 $ 20,602 U.S. 10,468 9,386 Peru 6,452 6,563 Chile 1,120 1,105 Other 496 355 Total $ 41,116 $ 38,011 a. Excludes deferred tax assets and intangible assets. Years Ended December 31, 2024 2023 2022 Revenues: a U.S. $ 7,806 $ 7,264 $ 7,339 Japan 5,930 3,431 2,462 Switzerland 4,251 3,971 2,740 Singapore 1,116 1,178 1,492 Indonesia 1,108 767 3,026 Spain 1,052 1,251 1,174 China 743 1,081 929 Germany 500 714 632 Chile 451 428 383 France 306 226 177 Philippines 283 396 249 India 273 354 330 Egypt 239 229 149 South Korea 203 267 302 United Kingdom 115 171 355 Other 1,079 1,127 1,041 Total $ 25,455 $ 22,855 $ 22,780 a. Revenues are attributed to countries based on the location of the customer. Major Customers and Affiliated Companies. Sales to MMC, PT-FI’s joint venture partner in PT Smelting, were 17% of FCX’s consolidated revenues in 2024 and totaled $4.4 billion in 2024, $2.0 billion in 2023 and $0.6 billion in 2022. Sales to PT Smelting were 13% of FCX’s consolidated revenues in 2022 and totaled $3.0 billion in 2022. Sales to PT Smelting totaled $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales). MMC and PT Smelting are the only customers that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2024. Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations and Morenci’s joint venture partners totaling $1.6 billion in 2024, $1.4 billion in 2023 and $1.7 billion in 2022. Labor Matters . As of December 31, 2024, approximately 28% of FCX’s global labor force was covered by collective labor agreements (CLAs), none of which will expire during 2025. Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. FCX's Chief Executive Officer is identified as its CODM under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions. The 2023 and 2022 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia ( i.e. , Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's CODM makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment. Intersegment sales between FCX’s business segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Until December 31, 2022, FCX also deferred recognizing 39.5% of PT-FI’s sales to PT Smelting, until final sales to third parties occurred. Beginning in 2023, PT-FI’s commercial arrangement with PT Smelting changed to a tolling arrangement and there were no further sales from PT-FI to PT Smelting during 2023 and 2024. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual reportable segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or reportable segment would be if it was an independent entity. North America Copper Mines. FCX operates seven open-pit copper mines in North America – Morenci, Safford (including Lone Star), Bagdad, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining segment. In addition to copper, certain of FCX’s North America copper mines also produce molybdenum concentrate, gold and silver. The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. During 2024, the Morenci mine produced 41% of FCX’s North America copper and 12% of FCX’s consolidated copper production. South America Operations. South America operations includes two operating copper mines – Cerro Verde in Peru and El Abra in Chile. These operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW operations. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. During 2024, the Cerro Verde mine produced 81% of FCX’s South America copper and 23% of FCX’s consolidated copper production. Indonesia Operations. Indonesia operations include PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PT-FI’s new downstream processing facilities. During 2024, PT-FI’s Grasberg minerals district produced 43% of FCX’s consolidated copper production and 99% of FCX’s consolidated gold production. Molybdenum Mines. Molybdenum mines include the wholly owned Henderson underground mine and Climax open-pit mine, both in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. Rod & Refining. The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery and two rod mills, which are combined in accordance with segment reporting aggregation guidance. These operations process copper produced at FCX’s North America copper mines and purchased copper into copper cathode and rod. At times these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. Atlantic Copper Smelting & Refining. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2024, Atlantic Copper purchased 2% of its concentrate requirements from FCX’s North America copper mines, 15% from FCX’s South America operations and 13% from FCX’s Indonesia operations, with the remainder purchased from unaffiliated third parties. Corporate, Other & Eliminations. Corporate, Other & Eliminations consists of FCX’s other mining, oil and gas operations and other corporate and elimination items, which include the Miami smelter, molybdenum conversion facilities in the U.S. and Europe, certain non-operating copper mines in North America (Ajo, Bisbee and Tohono in Arizona) and other mining support entities. Financial Information by Business Segment North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2024 Revenues: Unaffiliated customers $ 101 $ 79 $ 180 $ 3,618 $ 915 $ 4,533 $ 9,774 $ — $ 6,196 $ 3,009 $ 1,763 a $ 25,455 Intersegment 2,246 3,814 6,060 638 — 638 544 592 43 8 (7,885) — Production and delivery 1,826 3,170 4,996 2,529 b 701 3,230 3,368 c 530 6,206 2,912 (5,688) d 15,554 e Depreciation, depletion and amortization 187 252 439 380 66 446 1,193 73 4 28 58 2,241 Selling, general and administrative expenses 2 2 4 8 — 8 127 — — 28 346 513 Exploration and research expenses 17 27 44 12 4 16 8 — — — 88 156 Environmental obligations and shutdown costs — — — — — — — — — — 127 127 Operating income (loss) 315 442 757 1,327 144 1,471 5,622 (11) 29 49 (1,053) 6,864 Interest expense, net — 1 1 21 — 21 28 — — 36 233 319 Other (expense) income, net (1) 2 1 42 24 66 136 — (1) 13 147 362 Provision for (benefit from) income taxes — — — 542 62 604 1,907 f — — (11) 23 2,523 Equity in affiliated companies’ net earnings — — — — — — 7 — — — 8 15 Net income attributable to noncontrolling interests — — — 412 g 67 479 2,022 h — — — 9 2,510 Net income attributable to common stockholders 1,889 Total assets at December 31, 2024 3,228 6,766 9,994 8,096 2,060 10,156 27,309 2,018 202 1,705 3,464 54,848 Capital expenditures 184 849 1,033 293 82 375 2,908 117 35 142 198 4,808 North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2023 Revenues: Unaffiliated customers $ 91 $ 152 $ 243 $ 3,330 $ 824 $ 4,154 $ 7,816 i $ — $ 5,886 $ 2,791 $ 1,965 a $ 22,855 Intersegment 2,328 3,745 6,073 787 — 787 621 677 40 19 (8,217) — Production and delivery 1,730 3,048 4,778 2,529 710 3,239 2,570 c 439 5,901 2,718 (6,018) d 13,627 e Depreciation, depletion and amortization 175 243 418 395 64 459 1,028 66 5 28 64 2,068 Selling, general and administrative expenses 2 2 4 9 — 9 129 — — 28 309 479 Exploration and research expenses 11 39 50 10 4 14 2 — — — 71 137 Environmental obligations and shutdown costs (1) 28 27 — — — — — — — 292 j 319 Operating income (loss) 502 537 1,039 1,174 46 1,220 4,708 172 20 36 (970) 6,225 Interest expense, net — 1 1 77 k — 77 35 — — 31 371 515 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (5) 3 (2) (13) k 11 (2) 122 (1) (2) (8) 179 286 Provision for (benefit from) income taxes — — — 495 17 512 1,774 — — — (16) 2,270 Equity in affiliated companies’ net earnings — — — — — — 10 — — — 5 15 Net income (loss) attributable to noncontrolling interests — — — 300 g 36 336 1,614 h — — — (47) 1,903 Net income attributable to common stockholders 1,848 Total assets at December 31, 2023 3,195 5,996 9,191 8,120 1,930 10,050 25,548 1,782 172 1,326 4,437 52,506 Capital expenditures 232 529 761 271 97 368 3,324 84 13 64 210 4,824 Financial Information by Business Segment (continued) North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2022 Revenues: Unaffiliated customers $ 175 $ 253 $ 428 $ 3,444 $ 768 $ 4,212 $ 8,028 i $ — $ 6,281 $ 2,439 $ 1,392 a $ 22,780 Intersegment 2,514 3,768 6,282 506 — 506 398 565 31 4 (7,786) — Production and delivery 1,550 2,827 4,377 2,369 705 3,074 2,686 c 359 6,330 2,452 l (6,208) d 13,070 e Depreciation, depletion and amortization 177 233 410 357 51 408 1,025 74 5 27 70 2,019 Selling, general and administrative expenses 2 3 5 8 — 8 117 — — 25 265 420 Exploration and research expenses 2 45 47 5 4 9 — 3 — — 56 115 Environmental obligations and shutdown costs (5) 1 (4) — — — — — — — 125 121 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 963 912 1,875 1,211 8 1,219 4,598 129 (23) (61) (700) 7,037 Interest expense, net 1 1 2 15 — 15 38 — — 15 490 560 Net (loss) gain on early extinguishment of debt — — — — — — (11) — — — 42 31 Other (expense) income, net (2) (30) (32) 13 4 17 120 — (1) 13 90 207 Provision for (benefit from) income taxes — — — 461 (8) 453 1,820 — — (1) (5) 2,267 Equity in affiliated companies’ net earnings — — — — — — 24 — — — 7 31 Net income attributable to noncontrolling interests — — — 372 g 35 407 592 h — — — 12 1,011 Net income attributable to common stockholders 3,468 Total assets at December 31, 2022 3,052 5,552 8,604 8,398 1,873 10,271 22,727 1,697 183 1,262 6,349 51,093 Capital expenditures 263 334 597 164 140 304 2,382 33 9 76 68 3,469 a. 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. b. Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions. c. Includes charges for administrative fines of $4 million in 2024, $55 million in 2023 and $41 million in 2022. Also includes charges (credits) totaling $144 million in 2024, $(112) million in 2023 and $116 million in 2022 associated with ARO adjustments. Refer to Note 10 for further discussion. d. Includes oil and gas charges totaling $217 million in 2024, $70 million in 2023 and $6 million in 2022 related to asset impairments and adjustments to AROs, including assumed abandonment obligations resulting from bankruptcies of other companies. e. Includes metals inventory adjustments of $91 million in 2024, $14 million in 2023, and $29 million in 2022. f. Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. Refer to Note 9 for further discussion. g. Beginning in September 2024, FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 was 53.56%. h. Beginning January 1, 2023, FCX’s economic and ownership interest in PT-FI is 48.76% except for net income associated with the settlement of historical tax matters in 2024 and approximately 190 thousand ounces of gold sales in 2023, which were attributed based on the economic interests prior to January 1, 2023 (i.e., approximate 81% to FCX and 19% to MIND ID). Refer to Note 2 for further discussion. i. Includes sales to PT Smelting totaling $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales), and $3.0 billion in 2022. j. Includes a charge of $65 million associated with an adjustment to the proposed settlement of talc-related litigation. k. Interest expense, net includes $74 million of charges associated with contested tax rulings issued by the Peru Supreme Court, partly offset by a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. Other (expense) income, net includes a charge of $69 million associated with contested tax rulings issued by the Peru Supreme Court. l. Includes maintenance charges and idle facility costs associated with a major maintenance turnaround at Atlantic Copper totaling $41 million.

SUPPLEMENTARY MINERAL RESERVE I

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION	12 Months Ended
	Dec. 31, 2024
Supplementary Mineral Reserve Information [Abstract]
Estimated Recoverable Proven and Probable Reserves by Location	SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) Recoverable proven and probable mineral reserves as of December 31, 2024, have been prepared using industry accepted practice and conform to the disclosure requirements under Subpart 1300 of SEC Regulation S-K. FCX’s proven and probable mineral reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable mineral reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry. Mineral reserves, as used in the reserve data presented here, mean an estimate of tonnage and grade of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. Proven mineral reserves are the economically mineable part of a measured mineral resource. To classify an estimate as a proven mineral reserve, the qualified person must possess a high degree of confidence of tonnage, grade and quality. Probable mineral reserves are the economically mineable part of an indicated or, in some cases, a measured mineral resource. The qualified person’s level of confidence will be lower in determining a probable mineral reserve than it would be in determining a proven mineral reserve. To classify an estimate as a probable mineral reserve, the qualified person’s confidence must still be sufficient to demonstrate that extraction is economically viable considering reasonable investment and market assumptions. FCX’s mineral reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to evaluate economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies. Estimated recoverable proven and probable mineral reserves at December 31, 2024, were determined using metals price assumptions of $3.25 per pound for copper, $1,600 per ounce for gold and $12.00 per pound for molybdenum. For the three-year period ended December 31, 2024, LME copper settlement prices averaged $4.00 per pound, London PM gold prices averaged $2,044 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $21.41 per pound. The recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recoveries and smelter recoveries, where applicable. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2024 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 41.6 0.6 2.51 South America 28.4 — 0.66 Indonesia b 27.0 22.4 — Consolidated basis c 97.0 23.0 3.16 Net equity interest b,d 70.2 11.5 2.87 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.4 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles. b. Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PT-FI’s current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 11 for discussion of PT-FI’s IUPK). As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PT-FI expects to mine 40% of its recoverable proven and probable mineral reserves at December 31, 2024, representing 45% of FCX’s net equity share of recoverable copper reserves and 44% of FCX’s net equity share of recoverable gold reserves in Indonesia. c. Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 2 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 318 million ounces of silver, which were determined using $20 per ounce. d. Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of FCX’s ownership in subsidiaries). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 213 million ounces of silver. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2024 Ore a (million metric tons) Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Mineral Reserves b FCX’s FCX’s 100% Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Production stage: Morenci 72% 2,739 3,804 0.21 — — c 11.1 — 0.17 Sierrita 100% 2,206 2,206 0.23 — c 0.03 9.4 0.1 0.96 Bagdad 100% 2,430 2,430 0.35 — c 0.02 15.8 0.2 0.86 Safford, including Lone Star 100% 746 746 0.43 — — 5.1 — — Chino, including Cobre 100% 370 370 0.45 0.04 — 3.0 0.4 — Climax 100% 141 141 — — 0.15 — — 0.42 Henderson 100% 44 44 — — 0.16 — — 0.14 Tyrone 100% 69 69 0.19 — — 0.3 — — Miami 100% — — — — — 0.1 — — South America Production stage: Cerro Verde 55.08% 2,145 3,894 0.34 — 0.01 25.2 — 0.66 El Abra 51% 312 611 0.43 — — 3.1 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 351 719 0.99 0.66 — 13.4 10.3 — Deep Mill Level Zone 48.76% 159 326 0.74 0.60 — 4.4 4.9 — Big Gossan 48.76% 23 48 2.23 0.95 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 180 369 1.10 0.94 — 7.1 6.2 — Total 100% basis 15,779 100.1 23.0 3.21 Consolidated basis e 14,714 97.0 23.0 3.16 FCX’s net equity interest f 11,916 70.2 11.5 2.87 Note: Totals may not foot because of rounding. a. Excludes material contained in stockpiles. b. Includes estimated recoverable metals contained in stockpiles. c. Amounts not shown because of rounding. d. Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 11 for discussion of PT-FI’s IUPK. e. Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion). f.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Additions (Deductions) Balance at Charged to Charged to Balance at Beginning of Costs and Other Other End of Year Expense Accounts Deductions Year Reserves and allowances deducted from asset accounts: Valuation allowance for deferred tax assets Year Ended December 31, 2024 $ 3,894 $ (918) a $ 8 b $ — $ 2,984 Year Ended December 31, 2023 3,985 (80) c (11) b — 3,894 Year Ended December 31, 2022 4,087 (87) d (15) b — 3,985 Reserves for non-income taxes: Year Ended December 31, 2024 $ 28 $ 6 $ — $ (5) e $ 29 Year Ended December 31, 2023 24 9 — (5) e 28 Year Ended December 31, 2022 59 (32) — (3) e 24 a. Primarily relates to expirations of United States (U.S.) foreign tax credits. b. Relates to a valuation allowance for tax benefits primarily associated with actuarial losses (gains) for U.S. defined benefit plans included in other comprehensive income. c. Primarily relates to $32 million of U.S. federal net operating losses (NOLs) utilized during 2023 and a $292 million decrease related to expirations of U.S. foreign tax credits, partially offset by an increase of $188 million, primarily associated with changes in U.S. federal temporary differences and a $22 million increase in valuation allowances against Section 163(j) deferred tax assets. d. Primarily relates to $163 million of U.S. federal NOLs utilized during 2022 and a $22 million decrease related to expiration of U.S. foreign tax credits, partially offset by an increase of $104 million, primarily associated with changes in U.S. federal temporary differences. e. Represents amounts paid or adjustments to reserves based on revised estimates.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cyber risk management program designed to assess, identify, manage, mitigate and respond to cybersecurity threats and incidents. We seek to address material risks from cybersecurity threats through a cross-functional approach, and we utilize various processes to inform our identification, assessment and management of material risks from cybersecurity threats. Our cyber risk management program is integrated into our overall enterprise risk management (ERM) program. Cybersecurity risks are identified and assessed through our ERM program, which is designed to provide cross-functional executive insight across the business to identify and monitor risks, opportunities and emerging trends that can impact our strategic business objectives. The underlying controls of our cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework. We utilize dedicated internal and external cybersecurity personnel to focus on assessing, detecting, identifying, managing, preventing and responding to cybersecurity threats and incidents. Our approach to cybersecurity incorporates a layered portfolio of technology controls, including strategic partnerships for our cybersecurity platforms, documented policies and procedures, periodic end user training, including cybersecurity awareness training for employees and certain contractors, and dedicated resources to manage and monitor the evolving threat landscape, including through the gathering of actionable threat intelligence. We maintain and periodically evaluate and, as needed, update our information security policy and an incident response plan, which describes the processes we use to prepare for, detect, respond to and recover from a cybersecurity incident, including processes to assess severity, escalate, contain, investigate and remediate an incident, as well as to comply with potentially applicable legal and disclosure obligations. We regularly evaluate and assess the threat landscape and our security controls, including through audits and assessments, regular network and endpoint monitoring, vulnerability testing, penetration testing and tabletop exercises that include senior management. To assess the design and effectiveness of our cybersecurity controls, we engage with assessors, consultants, auditors and other third parties, including through independent third-party reviews of our information technology security program conducted on at least an annual basis. We also have processes to oversee and identify material cybersecurity risks associated with our use of third-party service providers, including utilizing safeguards to protect sensitive data, performing diligence on certain third parties that have access to our systems, data or facilities that store such systems or data, continually monitoring cybersecurity threat risks identified through such diligence and contracting to manage cybersecurity risks in specified ways such as requiring agreements to be subject to periodic cybersecurity audits. We have experienced targeted and non-targeted cybersecurity incidents in the past, including an incident in August 2023 that affected certain of our information systems and resulted in temporary disruptions to parts of our operations. However, prior cybersecurity incidents, including the August 2023 incident, have not materially affected us. Notwithstanding our cyber risk management program, we may not be successful in preventing or mitigating a cybersecurity incident that could materially affect us, including our business strategy, results of operations or financial condition. Refer to Item 1A. “Risk Factors” for further information on the risks we face from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	While management is responsible for the day-to-day management of cybersecurity risks, our Board and its Audit Committee have ongoing oversight roles. The Audit Committee reviews and discusses with management, including reports from our Chief Innovation Officer, at least annually: • the adequacy and effectiveness of our information technology security processes and procedures, • the assessment of risks and threats to our information technology systems, • the internal controls regarding information technology security and cybersecurity, and • the steps management has taken to monitor and mitigate information technology security and cybersecurity risks. The Audit Committee also periodically receives reports on notable cybersecurity incidents and briefs the full Board on these matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While management is responsible for the day-to-day management of cybersecurity risks, our Board and its Audit Committee have ongoing oversight roles. The Audit Committee reviews and discusses with management, including reports from our Chief Innovation Officer, at least annually: • the adequacy and effectiveness of our information technology security processes and procedures, • the assessment of risks and threats to our information technology systems, • the internal controls regarding information technology security and cybersecurity, and • the steps management has taken to monitor and mitigate information technology security and cybersecurity risks. The Audit Committee also periodically receives reports on notable cybersecurity incidents and briefs the full Board on these matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board.
Cybersecurity Risk Role of Management [Text Block]	Our Senior Vice President and Chief Innovation Officer, who has served in various senior leadership roles in operational improvement and technology during his nearly 30-year tenure with us, leads our innovation and technology initiatives, corporate information systems and financial shared services. Our cybersecurity risk management and strategy processes described in “Risk Management and Strategy” above are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO). Our CIO and CISO each report to our Chief Innovation Officer. Our CIO is responsible for the strategy, deployment, operational effectiveness and risk management of our technology systems and operations. Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board. Our CISO has 30 years of experience in the technology and cybersecurity industries, including 15 years serving as CISO for public companies. Our CISO is also a Certified Information Systems Security Professional. Our ERM management committee is responsible for providing input and oversight on our ERM program, including cybersecurity risks. Our ERM management committee is comprised of senior leaders, including our Chief Innovation Officer, with responsibility across operations and core business functions, and with a breadth of knowledge, influence and experience covering the risks we face. An annual report on our enterprise risks, including cybersecurity risks, is presented to the Audit Committee and/or the full Board of Directors (Board).
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management and strategy processes described in “Risk Management and Strategy” above are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board. Our CISO has 30 years of experience in the technology and cybersecurity industries, including 15 years serving as CISO for public companies. Our CISO is also a Certified Information Systems Security Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Senior Vice President and Chief Innovation Officer, who has served in various senior leadership roles in operational improvement and technology during his nearly 30-year tenure with us, leads our innovation and technology initiatives, corporate information systems and financial shared services. Our cybersecurity risk management and strategy processes described in “Risk Management and Strategy” above are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO). Our CIO and CISO each report to our Chief Innovation Officer. Our CIO is responsible for the strategy, deployment, operational effectiveness and risk management of our technology systems and operations. Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board. Our CISO has 30 years of experience in the technology and
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2024, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary PT Freeport Indonesia (PT-FI) and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCX’s conclusion to consolidate PT-FI. FMC’s unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PT-FI’s investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts.
Business Segments	Business Segments. FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci and Cerro Verde copper mines, the integrated Indonesia operations (including the Grasberg minerals district and PT-FI’s new smelter and precious metals refinery (PMR) - collectively - PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining (Atlantic Copper, S.L.U. (Atlantic Copper)). Refer to Note 14 for further discussion.
Use of Estimates	Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include mineral reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations (AROs); estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates.
Functional Currency	Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical exchange rates. Gains and losses resulting from translation of such account balances are included in other income, net, as are gains and losses from foreign currency transactions. Foreign currency net gains totaled $17 million in 2024, $20 million in 2023 and $9 million in 2022.
Cash and Cash Equivalents	Cash and Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash and Cash Equivalents.
Inventories	Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Product. Product inventories represent copper, gold, and molybdenum products in various salable forms that are valued based on the weighted-average cost of source material plus applicable conversion costs at our processing facilities. Product inventories include labor and benefits, supplies, energy, depreciation, depletion, amortization, site overhead costs and other necessary costs associated with the extraction and processing of ore, such as mining, milling, smelting, leaching, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. Product inventories exclude corporate general and administrative costs. Materials and Supplies, net. Materials and supplies inventory of $2.4 billion at December 31, 2024, and $2.2 billion at December 31, 2023, is net of obsolescence reserves totaling $54 million at December 31, 2024, and $41 million at December 31, 2023. Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Estimated metals in stockpiles not expected to be recovered within the next 12 months are classified as long-term. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities ( i.e., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process ( i.e. , leach, mill or concentrate leach) regardless of the number of stockpile systems at that site. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recoveries 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 80% 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% of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Process rates and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Recovery adjustments 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. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper .
Property, Plant, Equipment and Mine Development Costs	Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs. Additionally, interest expense allocable to the cost of developing mines and to constructing new facilities is capitalized until assets are ready for their intended use. Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance ( i.e. , turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on total estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. Depreciation, depletion and amortization using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 3 for further discussion.
Impairment of Long-Lived Mining Assets	Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows ( i.e. , Level 3 measurement).
Deferred Mining Costs	Deferred Mining Costs. Stripping costs ( i.e. , the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.
Environmental Expenditures	Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 10 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation. Environmental obligations assumed in the 2007 acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur. FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly.
Asset Retirement Obligations	Asset Retirement Obligations. FCX records the fair value of estimated AROs associated with tangible long-lived assets in the period incurred. AROs associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For non-operating properties and operating mines whose reclamation-related assets have been fully depreciated, changes to the ARO are recorded in production and delivery costs.
Revenue Recognition	Revenue Recognition. FCX recognizes revenue for its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 12 for further discussion). For provisionally priced sales, 90% to 100% of the provisional invoice amount is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices. FCX’s product revenues are also recorded net of treatment charges, royalties and export duties. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 14 for a summary of revenue by product type. Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment. The majority of FCX’s molybdenum sales are priced based on the Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment.
Stock-Based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 8 for further discussion.
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 per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the year. Diluted net income 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, unless their effect would be antidilutive. Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share for the years ended December 31 follow: 2024 2023 2022 Net income $ 4,399 $ 3,751 $ 4,479 Net income attributable to noncontrolling interests (2,510) (1,903) (1,011) Undistributed dividends and earnings allocated to participating securities (6) (6) (7) Net income attributable to common stockholders $ 1,883 $ 1,842 $ 3,461 (shares in millions) Basic weighted-average shares of common stock outstanding 1,438 1,434 1,441 Add shares issuable upon exercise or vesting of dilutive stock options, PSUs and RSUs 7 9 10 Diluted weighted-average shares of common stock outstanding 1,445 1,443 1,451 Net income per share attributable to common stockholders: Basic $ 1.31 $ 1.28 $ 2.40 Diluted $ 1.30 $ 1.28 $ 2.39 Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the year are excluded from the computation of diluted net income per share of common stock. Excluded shares of common stock associated with outstanding stock options totaled less than 1 million shares in 2024 and 2023 and 1 million shares in 2022.
New Accounting Standards	Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. New Accounting Standards. We did not adopt any new accounting standards in 2024 that had a material impact on our consolidated financial statements. Segment Reporting. In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standards update (ASU) related to segment reporting that requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2024, and subsequent interim consolidated financial statements, and did not materially impact FCX’s segment reporting as presented within Note 14. Income Taxes. In December 2023, the FASB issued an ASU requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2025. Disaggregation of Expenses. In November 2024, the FASB issued an ASU requiring entities to provide disaggregated disclosures of specified categories of expenses that are included in relevant line items on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2027, and subsequent interim consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of diluted earnings per share	Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share for the years ended December 31 follow: 2024 2023 2022 Net income $ 4,399 $ 3,751 $ 4,479 Net income attributable to noncontrolling interests (2,510) (1,903) (1,011) Undistributed dividends and earnings allocated to participating securities (6) (6) (7) Net income attributable to common stockholders $ 1,883 $ 1,842 $ 3,461 (shares in millions) Basic weighted-average shares of common stock outstanding 1,438 1,434 1,441 Add shares issuable upon exercise or vesting of dilutive stock options, PSUs and RSUs 7 9 10 Diluted weighted-average shares of common stock outstanding 1,445 1,443 1,451 Net income per share attributable to common stockholders: Basic $ 1.31 $ 1.28 $ 2.40 Diluted $ 1.30 $ 1.28 $ 2.39

PROPERTY, PLANT, EQUIPMENT AN_2

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Property, Plant, Equipment and Mining Development Costs, Net	The components of net property, plant, equipment and mine development costs follow: December 31, 2024 2023 Proven and probable mineral reserves $ 7,159 $ 7,160 VBPP 358 359 Mine development and other 12,828 12,265 Buildings and infrastructure 10,667 10,165 Machinery and equipment 16,337 15,246 Mobile equipment 5,597 4,986 Construction in progress 9,364 6,945 Oil and gas properties 27,485 27,441 Total 89,795 84,567 Accumulated depreciation, depletion and amortization a (51,281) (49,272) Property, plant, equipment and mine development costs, net $ 38,514 $ 35,295 a. Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2024 and 2023.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets follow: December 31, 2024 2023 Intangible assets a $ 428 $ 422 Legally restricted trust assets b 217 212 Disputed tax assessments: c Cerro Verde 275 274 PT-FI 10 10 Investments: PT Smelting d 354 123 Fixed income, equity securities and other 102 84 Restricted time deposits e 100 97 Cloud computing arrangements 151 76 Long-term receivable for taxes f 43 70 Long-term employee receivables 24 26 Prepaid rent and deposits 9 39 Loans to PT Smelting for expansion d — 233 Contingent consideration associated with sales of assets g — 38 Other 100 106 Total other assets $ 1,813 $ 1,810 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2024 and 2023. Definite-lived intangible assets totaled $214 million at December 31, 2024, and $208 million at December 31, 2023, which were net of accumulated amortization totaling $46 million and $43 million, respectively. b. Reflects amounts held in trusts for AROs related to properties in New Mexico (refer to Note 10). c. Refer to Note 10. d. Refer to Note 2. e. Relates to PT-FI’s regulatory commitments (refer to Notes 10 and 12). f. Includes tax overpayments and refunds not expected to be realized within the next 12 months. g. Refer to Note 13.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Additional information regarding accounts payable and accrued liabilities	The components of accounts payable and accrued liabilities follow: December 31, 2024 2023 Accounts payable $ 2,789 $ 2,466 Salaries, wages and other compensation 361 343 Accrued interest a 135 146 Pension, postretirement, postemployment and other employee benefits b 128 129 Leases b,c 98 84 Deferred revenue 91 161 Accrued taxes, other than income taxes 81 88 Community development programs 75 58 PT-FI administrative fine d 59 55 PT-FI contingencies e 49 67 MIND ID indemnification f 49 — Litigation accruals 34 51 Other 108 81 Total accounts payable and accrued liabilities $ 4,057 $ 3,729 a. Third-party interest paid, net of capitalized interest, was $206 million in 2024, $419 million in 2023 and $417 million in 2022. b. Refer to Note 7 for long-term portion. c. Refer to Note 11. d. Refer to Note 10. e. Primarily reflects Indonesia tax matters. Refer to Note 10. f. Refer to Note 11. At December 31, 2023, the MIND ID indemnification balance was included in other long-term liabilities (refer to Note 7).

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Components	The components of debt follow: December 31, 2024 2023 Revolving credit facilities: FCX $ — $ — PT-FI 250 — Cerro Verde — — Senior notes and debentures: Issued by FCX: 4.55% Senior Notes due 2024 — 730 5.00% Senior Notes due 2027 449 448 4.125% Senior Notes due 2028 484 483 4.375% Senior Notes due 2028 431 430 5.25% Senior Notes due 2029 469 468 4.25% Senior Notes due 2030 447 446 4.625% Senior Notes due 2030 589 588 5.40% Senior Notes due 2034 724 723 5.450% Senior Notes due 2043 1,688 1,689 Issued by PT-FI: 4.763% Senior Notes due 2027 747 746 5.315% Senior Notes due 2032 1,491 1,490 6.200% Senior Notes due 2052 745 744 Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 119 121 6 1/8% Senior Notes due 2034 119 118 Other 81 83 Total debt 8,948 9,422 Less current portion of debt (41) (766) Long-term debt $ 8,907 $ 8,656
Schedule of Extinguishment of Debt
Debt Instrument Redemption	The senior notes listed below are redeemable in whole or in part, at the option of FCX, at specified redemption prices prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 5.00% Senior Notes due 2027 September 1, 2025 4.125% Senior Notes due 2028 March 1, 2026 4.375% Senior Notes due 2028 August 1, 2026 5.25% Senior Notes due 2029 September 1, 2027 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below, at specified redemption prices beginning on the dates stated below, and at 100% of principal two years before maturity. Debt Instrument Date 4.25% Senior Notes due 2030 March 1, 2025 4.625% Senior Notes due 2030 August 1, 2025 The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 5.40% Senior Notes due 2034 May 14, 2034 5.450% Senior Notes due 2043 September 15, 2042 The senior notes listed below are redeemable in whole or in part, at the option of PT-FI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal. Debt Instrument Date 4.763% Senior Notes due 2027 March 14, 2027 5.315% Senior Notes due 2032 January 14, 2032 6.200% Senior Notes due 2052 October 14, 2051

OTHER LIABILITIES, INCLUDING _2

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities, Including Employee Benefits [Abstract]
Components of Other Liabilities	The components of other liabilities follow: December 31, 2024 2023 Leases a $ 692 $ 347 Pension, postretirement, postemployment and other employment benefits b 689 704 Litigation accruals 163 163 Provision for tax positions 136 174 Social investment programs 111 79 Indemnification of MIND ID a — 75 Other 96 106 Total other liabilities $ 1,887 $ 1,648 a. Refer to Note 5 for current portion and Note 11 for further discussion. b.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2024 2023 Projected and accumulated benefit obligation $ 1,734 $ 1,828 Fair value of plan assets 1,379 1,475
Schedule of Changes Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan	Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2024 2023 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 1,880 $ 1,884 $ 221 $ 215 Service cost 16 15 12 11 Interest cost 93 98 14 14 Actuarial (gains) losses (76) 15 (3) 3 Foreign exchange losses (gains) — 1 (11) 4 Benefits and administrative expenses paid (133) (133) (23) (27) Other — — 3 1 Benefit obligation at end of year 1,780 1,880 213 221 Change in plan assets: Fair value of plan assets at beginning of year 1,537 1,483 203 205 Actual return on plan assets (31) 121 1 11 Employer contributions a 63 65 14 9 Foreign exchange gains (losses) — 1 (10) 4 Benefits and administrative expenses paid (133) (133) (23) (26) Fair value of plan assets at end of year 1,436 1,537 185 203 Funded status $ (344) $ (343) $ (28) $ (18) Accumulated benefit obligation $ 1,780 $ 1,878 $ 165 $ 182 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.67 % 5.15 % 7.00 % 6.75 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 11 $ 9 $ — $ — Accounts payable and accrued liabilities (3) (3) — — Other liabilities (352) (349) (28) (18) Total $ (344) $ (343) $ (28) $ (18) a. Employer contributions for 2025 are currently expected to approximate $64 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar).
Schedule of Assumptions Used	The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: a Discount rate 5.15 % 5.41 % 2.85 % Expected return on plan assets 5.75 % 5.00 % 3.00 % Service cost $ 16 $ 15 $ 15 Interest cost 93 98 71 Expected return on plan assets (86) (72) (62) Amortization of net actuarial losses 13 15 15 Net periodic benefit cost $ 36 $ 56 $ 39 a. The assumptions shown relate only to the FMC Retirement Plan. The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow: 2024 2023 2022 Weighted-average assumptions: Discount rate 6.75 % 7.00 % 6.50 % Expected return on plan assets 7.00 % 7.00 % 7.00 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 11 $ 12 Interest cost 14 14 14 Expected return on plan assets (13) (14) (15) Amortization of prior service cost — 2 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit — 1 2 Net periodic benefit cost $ 12 $ 13 $ 13
Schedule of Net Periodic Benefit Cost Not yet Recognized	Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31: 2024 2023 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 421 $ 289 $ 382 $ 257 Prior service costs (4) (4) (1) (2) $ 417 $ 285 $ 381 $ 255
Schedule of Allocation of Plan Assets	A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows: Fair Value at December 31, 2024 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 395 $ 395 $ — $ — $ — Short-term investments 37 37 — — — Fixed income: Corporate bonds 624 — — 624 — Government bonds 238 — — 238 — Private equity investments 68 68 — — — Other investments 57 — 1 56 — Total investments 1,419 $ 500 $ 1 $ 918 $ — Cash and receivables 20 Payables (3) Total pension plan net assets $ 1,436 Fair Value at December 31, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2024 Total Level 1 Level 2 Level 3 Government bonds $ 96 $ 96 $ — $ — Common stocks 53 53 — — Mutual funds 12 12 — — Total investments 161 $ 161 $ — $ — Cash and receivables a 24 Total pension plan net assets $ 185 Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Total pension plan net assets $ 203 a. Cash consists primarily of short-term time deposits.
Schedule of Expected Benefit Payments	The expected benefit payments for FCX’s and PT-FI’s pension plans follow: FCX PT-FI a 2025 $ 126 $ 14 2026 190 27 2027 129 29 2028 129 31 2029 129 28 2030 through 2034 633 133 a. Based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar.

STOCKHOLDERS' EQUITY AND STOC_2

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows: Defined Benefit Plans Translation Adjustment Total Balance at January 1, 2022 $ (398) $ 10 $ (388) Amounts arising during the period a,b 61 — 61 Amounts reclassified c 7 — 7 Balance at December 31, 2022 (330) 10 (320) Amounts arising during the period a,b 41 — 41 Amounts reclassified c 5 — 5 Balance at December 31, 2023 (284) 10 (274) Amounts arising during the period a,b (44) — (44) Amounts reclassified c 4 — 4 Balance at December 31, 2024 $ (324) $ 10 $ (314) a. Includes net actuarial gains (loss), net of noncontrolling interest, totaling $59 million for 2022, $38 million for 2023 and $(46) million for 2024. b. Includes tax benefits totaling $2 million for 2022, 2023 and 2024. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2022, 2023 and 2024.
Compensation costs charged against earnings	Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2024 2023 2022 Selling, general and administrative expenses $ 65 $ 64 $ 57 Production and delivery 44 45 38 Total stock-based compensation 109 109 95 Tax benefit and noncontrolling interests’ share a (4) (5) (4) Impact on net income $ 105 $ 104 $ 91
Summary of stock options and SARs outstanding and changes during the period	A summary of stock options outstanding as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 8,749,933 $ 15.63 Exercised (3,140,886) 18.13 Balance at December 31 5,609,047 14.22 4.1 $ 134 Vested and exercisable at December 31 5,609,047 14.22 4.1 $ 134
Summary Of Outstanding Stock-settled RSUs and PSUs	A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 5,699,575 $ 37.23 Granted 2,262,830 39.46 Vested (2,224,239) 34.37 Forfeited (15,082) 41.00 Balance at December 31 5,723,084 39.21 $ 218
Summary of Outstanding Cash-Settled RSUs and PSUs	A summary of outstanding cash-settled RSUs as of December 31, 2024, and activity during the year ended December 31, 2024, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 858,741 $ 40.23 Granted 626,050 39.58 Vested (398,727) 38.19 Forfeited (22,578) 40.72 Balance at December 31 1,063,486 40.60 $ 40
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards	The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31: 2024 2023 2022 FCX shares tendered or withheld to pay the exercise price and/or the statutory withholding taxes a 1,505,675 1,633,519 1,511,072 Cash received from stock option exercises $ 29 $ 47 $ 125 Actual tax benefit realized for tax deductions $ 5 $ 4 $ 13 Amounts FCX paid for employee taxes $ 35 $ 50 $ 55 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender or have withheld FCX shares to pay the exercise price and/or required withholding taxes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income before income taxes and equity in affiliated companies' net earnings	Geographic sources of (losses) income before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 follow: 2024 2023 2022 U.S. $ (547) $ 68 $ 840 Foreign 7,454 5,938 5,875 Total $ 6,907 $ 6,006 $ 6,715
Schedule of Benefit from (Provision for) income taxes	FCX’s provision for income taxes for the years ended December 31 follows: 2024 2023 2022 Current income taxes: Federal $ 36 $ 5 $ — State (1) (6) 1 Foreign (2,635) (2,087) (2,232) Total current (2,600) (2,088) (2,231) Deferred income taxes: Federal 1 (50) (149) State (1) (3) (6) Foreign 74 (320) (144) Total deferred 74 (373) (299) Adjustments — 6 1 Operating loss carryforwards 3 185 262 Provision for income taxes $ (2,523) $ (2,270) $ (2,267)
Reconciliation of the U.S. federal statutory tax rate to effective income tax rate	A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows: 2024 2023 2022 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,450) (21) % $ (1,261) (21) % $ (1,410) (21) % Foreign tax credit expiration/ limitation a (1,053) (15) (289) (5) (50) (1) Valuation allowance a 898 13 119 2 65 — Withholding and other impacts on foreign earnings (753) (11) (615) (10) (673) (10) Effect of foreign rates different than the U.S. federal statutory rate (373) (6) (313) (5) (314) (5) PT-FI historical tax disputes b 185 2 — — (8) — Percentage depletion 123 2 183 3 189 3 State income taxes (52) (1) 3 — (41) — Non-deductible permanent differences (41) — (68) (1) (29) — Uncertain tax positions 5 — (28) (1) (17) — Other items, net (12) — (1) — 21 — Provision for income taxes $ (2,523) (37) % $ (2,270) (38) % $ (2,267) (34) % a. Refer to “Valuation Allowances” below. b. Refer to “Indonesia Tax Matters” below.
Components of deferred tax assets and liabilities	The components of deferred taxes follow: December 31, 2024 2023 Deferred tax assets: Net operating losses $ 1,814 $ 1,761 Accrued expenses 1,657 1,390 Foreign tax credits 184 1,228 Employee benefit plans 76 78 Other 214 215 Deferred tax assets 3,945 4,672 Valuation allowances (2,984) (3,894) Net deferred tax assets 961 778 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,193) (4,118) Undistributed earnings (981) (911) Other (155) (195) Total deferred tax liabilities (5,329) (5,224) Net deferred tax liabilities $ (4,368) $ (4,446)
Reserve for unrecognized tax benefits, interest and penalties	A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows. 2024 2023 2022 Balance at beginning of year $ 720 $ 810 $ 808 Additions: Prior year tax positions 13 27 26 Current year tax positions 10 28 25 Decreases: Prior year tax positions (54) (13) (12) Settlements with taxing authorities (492) (132) (37) Lapse of statute of limitations (36) — — Balance at end of year $ 161 $ 720 $ 810
Summary of income tax examinations	The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal — 2021-2024 Indonesia 2017, 2020 2022-2024 Peru 2020-2021 2017-2019, 2022-2024 Chile 2023 2021-2022, 2024 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 32 $ 112 $ 144 2009 9 30 39 2010 8 69 77 2011 and 2012 5 36 41 2013 8 26 34 2014 to 2022 88 40 128 $ 150 $ 313 $ 463 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 61 $ 29 $ 90 2007 45 21 66 2013 and 2017 7 4 11 $ 113 $ 54 $ 167

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Obligations	A summary of changes in FCX’s estimated environmental obligations for the years ended December 31 follows: 2024 2023 2022 Balance at beginning of year $ 1,939 $ 1,740 $ 1,664 Accretion expense a 131 119 110 Net additions b 82 195 43 Spending (112) (115) (77) Balance at end of year 2,040 1,939 1,740 Less current portion (131) (131) (125) Long-term portion $ 1,909 $ 1,808 $ 1,615 a. Represents accretion of the fair value of environmental obligations assumed in the acquisition of FMC, which were determined on a discounted cash flow basis. b. Primarily reflects revisions for changes in the anticipated scope and timing of projects. See further discussion below.
Schedule of Asset Retirement Obligations	A summary of changes in FCX’s AROs for the years ended December 31 follows: 2024 2023 2022 Balance at beginning of year $ 3,001 $ 3,043 $ 2,716 Liabilities incurred 16 18 9 Revisions to cash flow estimates and settlements, net 635 a 54 381 a Accretion expense 154 20 b 134 Spending (122) (134) (197) Balance at end of year 3,684 3,001 3,043 Less current portion (189) (185) (195) Long-term portion $ 3,495 $ 2,816 $ 2,848 a. Primarily reflects adjustments for oil and gas properties, Sierrita, PT-FI, Climax and Henderson for the year 2024, and PT-FI, Morenci and Bagdad for the year 2022. See further discussion below. b. Includes a $112 million adjustment at PT-FI to correct certain inputs in the historical PT-FI ARO model.
Summary of income tax examinations	The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal — 2021-2024 Indonesia 2017, 2020 2022-2024 Peru 2020-2021 2017-2019, 2022-2024 Chile 2023 2021-2022, 2024 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 32 $ 112 $ 144 2009 9 30 39 2010 8 69 77 2011 and 2012 5 36 41 2013 8 26 34 2014 to 2022 88 40 128 $ 150 $ 313 $ 463 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 61 $ 29 $ 90 2007 45 21 66 2013 and 2017 7 4 11 $ 113 $ 54 $ 167

COMMITMENTS AND GUARANTEES (Tab

COMMITMENTS AND GUARANTEES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Assets And Liabilities, Lessee [Table Text Block]	The components of FCX’s leases presented in the consolidated balance sheets as of December 31 follow: 2024 2023 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 853 $ 448 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 98 $ 84 Long-term lease liabilities (included in other liabilities) 692 347 Total lease liabilities a $ 790 $ 431 a. Includes finance leases associated with PT-FI’s new downstream processing facilities, including for an oxygen plant ($217 million at December 31, 2024), shallow draft vessels ($119 million at December 31, 2024), land ($95 million at December 31, 2024, and $130 million at December 31, 2023) and wharf ($90 million at December 31, 2024, and $93 million at December 31, 2023).
Lease, Cost [Table Text Block]	Operating lease costs, primarily included in production and delivery expense in the consolidated statements of income, for the years ended December 31 follow: 2024 2023 2022 Operating leases $ 44 $ 48 $ 46 Variable and short-term leases 146 a 126 a 84 Total operating lease costs $ 190 $ 174 $ 130 a. Includes $50 million in 2024 and $30 million in 2023 related to a variable lease component of PT-FI’s tolling arrangement with PT Smelting. Refer to Note 2 for additional discussion of PT-FI’s commercial arrangement with PT Smelting.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2024, follow: 2025 $ 131 2026 96 2027 81 2028 67 2029 113 Thereafter 612 Total payments 1,100 Less amount representing interest (310) Present value of net minimum lease payments 790 Less current portion (98) Long-term portion $ 692

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
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 realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item for the years ended December 31 follows: 2024 2023 2022 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (32) $ 3 $ (11) Hedged item – firm sales commitments 32 (3) 11 Realized gains (losses): Matured derivative financial instruments 29 (4) (63)
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at December 31, 2024, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 282 $ 4.16 $ 3.96 May 2025 Gold (thousands of ounces) 125 2,646 2,625 February 2025 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 74 4.09 3.96 March 2025
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2024 2023 2022 Embedded derivatives in provisional sales contracts a : Copper $ 117 $ 97 $ (479) Gold and other metals 169 55 (12) Copper forward contracts b 1 (6) 37 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Fair Values of Unsettled Derivative Financial Instruments	A summary of the fair values of unsettled commodity derivative financial instruments follows: December 31, 2024 2023 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ — $ 4 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 10 76 Copper forward contracts 10 — Total derivative assets $ 20 $ 80 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 28 $ — Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 60 23 Copper forward contracts 1 1 Total derivative liabilities $ 89 $ 24
Offsetting Liabilities [Table Text Block]	A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2024 and 2023): Assets at December 31, Liabilities at December 31, 2024 2023 2024 2023 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 10 $ 76 $ 60 $ 23 Copper derivatives 10 4 29 1 $ 20 $ 80 $ 89 $ 24 Balance sheet classification: Trade accounts receivable $ — $ 76 $ 53 $ 2 Other current assets 10 4 — — Accounts payable and accrued liabilities 10 — 35 22 Other liabilities — — 1 — $ 20 $ 80 $ 89 $ 24
Offsetting Assets [Table Text Block]	A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2024 and 2023): Assets at December 31, Liabilities at December 31, 2024 2023 2024 2023 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 10 $ 76 $ 60 $ 23 Copper derivatives 10 4 29 1 $ 20 $ 80 $ 89 $ 24 Balance sheet classification: Trade accounts receivable $ — $ 76 $ 53 $ 2 Other current assets 10 4 — — Accounts payable and accrued liabilities 10 — 35 22 Other liabilities — — 1 — $ 20 $ 80 $ 89 $ 24
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows: December 31, 2024 2023 Balance sheet components: Cash and cash equivalents a $ 3,923 $ 4,758 Restricted cash and cash equivalents, current b 888 1,208 Restricted cash and cash equivalents, long-term – included in other assets 100 97 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,911 $ 6,063 a. Includes (i) time deposits of $0.1 billion at December 31, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023. b. Includes (i) $0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $0.1 billion at December 31, 2024 and 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2024
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 NAV as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 12), follows: At December 31, 2024 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 9 9 — 9 — — Total 36 36 27 9 — — Legally restricted funds: a U.S. core fixed income fund 66 66 66 — — — Government mortgage-backed securities 54 54 — — 54 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Money market funds 19 19 — 19 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 217 217 66 19 132 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 10 10 — — 10 — Copper forward contracts 10 10 — 4 6 — Total 20 20 — 4 16 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 3 3 — — — 3 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 60 60 — — 60 — Copper futures and swap contracts 28 28 — 17 11 — Copper forward contracts 1 1 — 1 — — Total 89 89 — 18 71 — Long-term debt, including current portion d 8,948 8,807 — — 8,807 — At December 31, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — a. Current portion included in other current assets other assets b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily associated with (i) PT-FI’s export proceeds ($0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at December 31, 2024 and 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at December 31, 2024 and 2023). c. Refer to Note 12 for further discussion and balance sheet classifications. d.

BUSINESS SEGMENTS INFORMATION (

BUSINESS SEGMENTS INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Revenues by product	FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2024 2023 2022 Copper: Cathode $ 8,316 $ 6,629 $ 5,134 Concentrate 6,726 7,127 9,650 Rod and other refined copper products 3,851 3,659 3,699 Purchased copper a 693 416 481 Gold 4,446 3,472 3,397 Molybdenum 1,801 2,006 1,416 Silver and other 631 585 688 Adjustments to revenues: Royalty expense b (442) (346) (366) Treatment charges (396) (538) (503) PT-FI export duties c (457) (307) (325) Revenues from contracts with customers 25,169 22,703 23,271 Embedded derivatives d 286 152 (491) Total consolidated revenues $ 25,455 $ 22,855 $ 22,780 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. c. Refer to Note 11 for further discussion of PT-FI export duties. Amounts include credits (charges) of $17 million in 2023 and $(18) million in 2022 associated with adjustments to prior-period export duties. d. Refer to Note 12 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Long-lived assets by geographic area	Information concerning financial data by geographic area follows: December 31, 2024 2023 Long-lived assets: a Indonesia $ 22,580 $ 20,602 U.S. 10,468 9,386 Peru 6,452 6,563 Chile 1,120 1,105 Other 496 355 Total $ 41,116 $ 38,011 a.
Revenues by geographic area of customer	Years Ended December 31, 2024 2023 2022 Revenues: a U.S. $ 7,806 $ 7,264 $ 7,339 Japan 5,930 3,431 2,462 Switzerland 4,251 3,971 2,740 Singapore 1,116 1,178 1,492 Indonesia 1,108 767 3,026 Spain 1,052 1,251 1,174 China 743 1,081 929 Germany 500 714 632 Chile 451 428 383 France 306 226 177 Philippines 283 396 249 India 273 354 330 Egypt 239 229 149 South Korea 203 267 302 United Kingdom 115 171 355 Other 1,079 1,127 1,041 Total $ 25,455 $ 22,855 $ 22,780 a. Revenues are attributed to countries based on the location of the customer.
Schedule of financial information by business segment	Financial Information by Business Segment North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2024 Revenues: Unaffiliated customers $ 101 $ 79 $ 180 $ 3,618 $ 915 $ 4,533 $ 9,774 $ — $ 6,196 $ 3,009 $ 1,763 a $ 25,455 Intersegment 2,246 3,814 6,060 638 — 638 544 592 43 8 (7,885) — Production and delivery 1,826 3,170 4,996 2,529 b 701 3,230 3,368 c 530 6,206 2,912 (5,688) d 15,554 e Depreciation, depletion and amortization 187 252 439 380 66 446 1,193 73 4 28 58 2,241 Selling, general and administrative expenses 2 2 4 8 — 8 127 — — 28 346 513 Exploration and research expenses 17 27 44 12 4 16 8 — — — 88 156 Environmental obligations and shutdown costs — — — — — — — — — — 127 127 Operating income (loss) 315 442 757 1,327 144 1,471 5,622 (11) 29 49 (1,053) 6,864 Interest expense, net — 1 1 21 — 21 28 — — 36 233 319 Other (expense) income, net (1) 2 1 42 24 66 136 — (1) 13 147 362 Provision for (benefit from) income taxes — — — 542 62 604 1,907 f — — (11) 23 2,523 Equity in affiliated companies’ net earnings — — — — — — 7 — — — 8 15 Net income attributable to noncontrolling interests — — — 412 g 67 479 2,022 h — — — 9 2,510 Net income attributable to common stockholders 1,889 Total assets at December 31, 2024 3,228 6,766 9,994 8,096 2,060 10,156 27,309 2,018 202 1,705 3,464 54,848 Capital expenditures 184 849 1,033 293 82 375 2,908 117 35 142 198 4,808 North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2023 Revenues: Unaffiliated customers $ 91 $ 152 $ 243 $ 3,330 $ 824 $ 4,154 $ 7,816 i $ — $ 5,886 $ 2,791 $ 1,965 a $ 22,855 Intersegment 2,328 3,745 6,073 787 — 787 621 677 40 19 (8,217) — Production and delivery 1,730 3,048 4,778 2,529 710 3,239 2,570 c 439 5,901 2,718 (6,018) d 13,627 e Depreciation, depletion and amortization 175 243 418 395 64 459 1,028 66 5 28 64 2,068 Selling, general and administrative expenses 2 2 4 9 — 9 129 — — 28 309 479 Exploration and research expenses 11 39 50 10 4 14 2 — — — 71 137 Environmental obligations and shutdown costs (1) 28 27 — — — — — — — 292 j 319 Operating income (loss) 502 537 1,039 1,174 46 1,220 4,708 172 20 36 (970) 6,225 Interest expense, net — 1 1 77 k — 77 35 — — 31 371 515 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (5) 3 (2) (13) k 11 (2) 122 (1) (2) (8) 179 286 Provision for (benefit from) income taxes — — — 495 17 512 1,774 — — — (16) 2,270 Equity in affiliated companies’ net earnings — — — — — — 10 — — — 5 15 Net income (loss) attributable to noncontrolling interests — — — 300 g 36 336 1,614 h — — — (47) 1,903 Net income attributable to common stockholders 1,848 Total assets at December 31, 2023 3,195 5,996 9,191 8,120 1,930 10,050 25,548 1,782 172 1,326 4,437 52,506 Capital expenditures 232 529 761 271 97 368 3,324 84 13 64 210 4,824 Financial Information by Business Segment (continued) North America Copper Mines South America Operations Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Year Ended December 31, 2022 Revenues: Unaffiliated customers $ 175 $ 253 $ 428 $ 3,444 $ 768 $ 4,212 $ 8,028 i $ — $ 6,281 $ 2,439 $ 1,392 a $ 22,780 Intersegment 2,514 3,768 6,282 506 — 506 398 565 31 4 (7,786) — Production and delivery 1,550 2,827 4,377 2,369 705 3,074 2,686 c 359 6,330 2,452 l (6,208) d 13,070 e Depreciation, depletion and amortization 177 233 410 357 51 408 1,025 74 5 27 70 2,019 Selling, general and administrative expenses 2 3 5 8 — 8 117 — — 25 265 420 Exploration and research expenses 2 45 47 5 4 9 — 3 — — 56 115 Environmental obligations and shutdown costs (5) 1 (4) — — — — — — — 125 121 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 963 912 1,875 1,211 8 1,219 4,598 129 (23) (61) (700) 7,037 Interest expense, net 1 1 2 15 — 15 38 — — 15 490 560 Net (loss) gain on early extinguishment of debt — — — — — — (11) — — — 42 31 Other (expense) income, net (2) (30) (32) 13 4 17 120 — (1) 13 90 207 Provision for (benefit from) income taxes — — — 461 (8) 453 1,820 — — (1) (5) 2,267 Equity in affiliated companies’ net earnings — — — — — — 24 — — — 7 31 Net income attributable to noncontrolling interests — — — 372 g 35 407 592 h — — — 12 1,011 Net income attributable to common stockholders 3,468 Total assets at December 31, 2022 3,052 5,552 8,604 8,398 1,873 10,271 22,727 1,697 183 1,262 6,349 51,093 Capital expenditures 263 334 597 164 140 304 2,382 33 9 76 68 3,469 a. 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. b. Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions. c. Includes charges for administrative fines of $4 million in 2024, $55 million in 2023 and $41 million in 2022. Also includes charges (credits) totaling $144 million in 2024, $(112) million in 2023 and $116 million in 2022 associated with ARO adjustments. Refer to Note 10 for further discussion. d. Includes oil and gas charges totaling $217 million in 2024, $70 million in 2023 and $6 million in 2022 related to asset impairments and adjustments to AROs, including assumed abandonment obligations resulting from bankruptcies of other companies. e. Includes metals inventory adjustments of $91 million in 2024, $14 million in 2023, and $29 million in 2022. f. Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. Refer to Note 9 for further discussion. g. Beginning in September 2024, FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 was 53.56%. h. Beginning January 1, 2023, FCX’s economic and ownership interest in PT-FI is 48.76% except for net income associated with the settlement of historical tax matters in 2024 and approximately 190 thousand ounces of gold sales in 2023, which were attributed based on the economic interests prior to January 1, 2023 (i.e., approximate 81% to FCX and 19% to MIND ID). Refer to Note 2 for further discussion. i. Includes sales to PT Smelting totaling $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales), and $3.0 billion in 2022. j. Includes a charge of $65 million associated with an adjustment to the proposed settlement of talc-related litigation. k. Interest expense, net includes $74 million of charges associated with contested tax rulings issued by the Peru Supreme Court, partly offset by a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. Other (expense) income, net includes a charge of $69 million associated with contested tax rulings issued by the Peru Supreme Court. l. Includes maintenance charges and idle facility costs associated with a major maintenance turnaround at Atlantic Copper totaling $41 million.

SUPPLEMENTARY MINERAL RESERVE_2

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2024
Mineral Industries Disclosures [Abstract]
Schedule Of Estimated Recoverable Proven And Probable Reserves By Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2024 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 41.6 0.6 2.51 South America 28.4 — 0.66 Indonesia b 27.0 22.4 — Consolidated basis c 97.0 23.0 3.16 Net equity interest b,d 70.2 11.5 2.87 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.4 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles. b. Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PT-FI’s current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 11 for discussion of PT-FI’s IUPK). As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PT-FI expects to mine 40% of its recoverable proven and probable mineral reserves at December 31, 2024, representing 45% of FCX’s net equity share of recoverable copper reserves and 44% of FCX’s net equity share of recoverable gold reserves in Indonesia. c. Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 2 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 318 million ounces of silver, which were determined using $20 per ounce. d. Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of FCX’s ownership in subsidiaries). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 213 million ounces of silver.
Supplementary Reserve Information at 100% Basis by Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2024 Ore a (million metric tons) Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Mineral Reserves b FCX’s FCX’s 100% Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Production stage: Morenci 72% 2,739 3,804 0.21 — — c 11.1 — 0.17 Sierrita 100% 2,206 2,206 0.23 — c 0.03 9.4 0.1 0.96 Bagdad 100% 2,430 2,430 0.35 — c 0.02 15.8 0.2 0.86 Safford, including Lone Star 100% 746 746 0.43 — — 5.1 — — Chino, including Cobre 100% 370 370 0.45 0.04 — 3.0 0.4 — Climax 100% 141 141 — — 0.15 — — 0.42 Henderson 100% 44 44 — — 0.16 — — 0.14 Tyrone 100% 69 69 0.19 — — 0.3 — — Miami 100% — — — — — 0.1 — — South America Production stage: Cerro Verde 55.08% 2,145 3,894 0.34 — 0.01 25.2 — 0.66 El Abra 51% 312 611 0.43 — — 3.1 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 351 719 0.99 0.66 — 13.4 10.3 — Deep Mill Level Zone 48.76% 159 326 0.74 0.60 — 4.4 4.9 — Big Gossan 48.76% 23 48 2.23 0.95 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 180 369 1.10 0.94 — 7.1 6.2 — Total 100% basis 15,779 100.1 23.0 3.21 Consolidated basis e 14,714 97.0 23.0 3.16 FCX’s net equity interest f 11,916 70.2 11.5 2.87 Note: Totals may not foot because of rounding. a. Excludes material contained in stockpiles. b. Includes estimated recoverable metals contained in stockpiles. c. Amounts not shown because of rounding. d. Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 11 for discussion of PT-FI’s IUPK. e. Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion). f.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment lb	Dec. 31, 2023 USD ($) lb	Dec. 31, 2022 USD ($)	Dec. 21, 2018
Schedule of Significant Accounting Policies [Line Items]
Number of operating segments | segment	4
Foreign currency transaction gains (losses), before tax	$ 17	$ 20	$ 9
Total materials and supplies, net	2,382	2,169
Inventory obsolescence reserve	$ 54	$ 41
Building
Schedule of Significant Accounting Policies [Line Items]
Property, plant, equipment and mine development, useful life	50 years
Machinery and equipment | Minimum
Schedule of Significant Accounting Policies [Line Items]
Property, plant, equipment and mine development, useful life	3 years
Machinery and equipment | Maximum
Schedule of Significant Accounting Policies [Line Items]
Property, plant, equipment and mine development, useful life	50 years
PT Freeport Indonesia
Schedule of Significant Accounting Policies [Line Items]
Ownership percentage of subsidiary			81%	48.76%
Copper
Schedule of Significant Accounting Policies [Line Items]
Percentage of ultimate copper recovery from leach stockpiles	80%
Percentage of copper ultimately recoverable from newly placed material on active stockpiles extracted during the first year	80%
Increase in recoverable copper, net of joint venture interests | lb	164	73
PT Freeport Indonesia | PT Freeport Indonesia
Schedule of Significant Accounting Policies [Line Items]
Ownership percentage of subsidiary	48.76%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net income	$ 4,399	$ 3,751	$ 4,479
Net income attributable to noncontrolling interests	(2,510)	(1,903)	(1,011)
Undistributed dividends and earnings allocated to participating securities	(6)	(6)	(7)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 1,883	$ 1,842	$ 3,461
Weighted Average Number of Shares Outstanding, Basic	1,438	1,434	1,441
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	7	9	10
Weighted Average Number of Shares Outstanding, Diluted	1,445	1,443	1,451
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.31	$ 1.28	$ 2.40
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.30	$ 1.28	$ 2.39
Outstanding options with exercise prices greater than market price of common stock	1	1	1

OWNERSHIP IN SUBSIDIARIES AND_2

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Ownership in Subsidiaries (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 01, 2024	Aug. 31, 2024
Summary of investment holdings [Line Items]
Retained Earnings (Accumulated Deficit)		$ 170	$ 2,059
Acquisition of additional ownership interest		215
Deferred income taxes		(76)	182	$ 36
Non- controlling Interests
Summary of investment holdings [Line Items]
Acquisition of additional ownership interest		90
Total Stock- holders’ Equity
Summary of investment holdings [Line Items]
Acquisition of additional ownership interest		125
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary		16,600
Retained Earnings (Accumulated Deficit)		(12,100)
Freeport Minerals Corporation
Summary of investment holdings [Line Items]
Loans Payable		$ 0	0
Freeport Minerals Corporation | FCX
Summary of investment holdings [Line Items]
Ownership percentage		100%
Freeport Minerals Corporation | Subsidiaries
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary		$ 17,400
Retained Earnings (Accumulated Deficit)		$ 13,500
Morenci
Summary of investment holdings [Line Items]
Ownership percentage		72%
Other North America
Summary of investment holdings [Line Items]
Ownership percentage		100%
Cerro Verde
Summary of investment holdings [Line Items]
Ownership percentage					55.08%	53.56%
Shares acquired (in shares)	5.3
Balance acquired	$ 210
Deferred income taxes	5
Cerro Verde | Non- controlling Interests
Summary of investment holdings [Line Items]
Acquisition of additional ownership interest	90
Cerro Verde | Total Stock- holders’ Equity
Summary of investment holdings [Line Items]
Acquisition of additional ownership interest	$ 125
El Abra
Summary of investment holdings [Line Items]
Ownership percentage		51%
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage		48.76%
Loans Payable		$ 0	0
Atlantic Copper
Summary of investment holdings [Line Items]
Ownership percentage		100%
Net assets (liabilities) in subsidiary		$ 132
Retained Earnings (Accumulated Deficit)		407
Loans Payable		$ 644	$ 611

OWNERSHIP IN SUBSIDIARIES AND_3

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - PT-FI Divestment (Details) $ in Millions	12 Months Ended			48 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) oz	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 21, 2018
Summary of investment holdings [Line Items]
Net income	$ 4,399	$ 3,751	$ 4,479
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Net income				$ 6,000
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage	48.76%
Net income (loss) attributable to parent				$ 4,900
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary			81%	81%	48.76%
PT Freeport Indonesia | Beyond 2023
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary		48.76%
Freeport McMoRan Corporation
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary					48.76%
PT Indonesia Asahan Aluminium (Persero) (Inalum)
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary					26.24%
PT Indonesia Papua Metal dan Mineral
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary					25%
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Sale of gold | oz		190,000
PT Freeport Indonesia | PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary	48.76%
PT Freeport Indonesia | Freeport McMoRan Corporation
Summary of investment holdings [Line Items]
Portion of gold sales attributable to noncontrolling interest	81%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum)
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary		19%
Interest In PT Indocopper Investama | PT Indonesia Asahan Aluminium (Persero) (Inalum)
Summary of investment holdings [Line Items]
Percentage of voting interest					100%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum)
Summary of investment holdings [Line Items]
Ownership interest by parent subsequent to business acquisition					26.24%
PT Freeport Indonesia | PT Indonesia Papua Metal dan Mineral
Summary of investment holdings [Line Items]
Ownership interest by parent subsequent to business acquisition					25%
PT Freeport Indonesia | PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership interest by parent subsequent to business acquisition					51.24%

OWNERSHIP IN SUBSIDIARIES AND_4

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Joint Venture (Details) metricTon in Millions, lb in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) metricTon	Dec. 31, 2024 USD ($) lb	Dec. 31, 2023 USD ($) lb	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 29, 2024
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings		$ 15	$ 15	$ 31
Sumitomo Metal Mining Co., Ltd.
Summary of investment holdings [Line Items]
Accounts Receivable, after Allowance for Credit Loss	$ 17		$ 17
SMM Morenci Inc.
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo		$ 177
Freeport-McMoRan Corporation
Summary of investment holdings [Line Items]
Number of pounds of copper purchased from Sumitomo (in pounds) | lb		15	46
Sumitomo Metal Mining, Ltd. and SMM Morenci Inc.
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo		$ 63
Accounts Receivable, after Allowance for Credit Loss		23
PT Freeport Indonesia | PT Smelting
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings		$ 8	$ 10	$ 24
Morenci
Summary of investment holdings [Line Items]
Ownership percentage		72%
Ownership percentage		28%
Morenci | Sumitomo Metal Mining Co., Ltd.
Summary of investment holdings [Line Items]
Ownership percentage		15%
Morenci | SMM Morenci Inc.
Summary of investment holdings [Line Items]
Ownership percentage		13%
PT Smelting | PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage					66%	39.50%
Capacity expansion	30%		30%
Copper processing capacity per year | metricTon	1.3
Increase in inevestment					$ 254
Tolling fee	$ 183	$ 326	$ 183
PT Smelting | Mitsubishi Materials Corporation
Summary of investment holdings [Line Items]
Ownership percentage		34%

PROPERTY, PLANT, EQUIPMENT AN_3

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Schedule of PPE) (Details) - USD ($) $ in Millions	12 Months Ended					192 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2008	Dec. 31, 2007	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	$ 89,795	$ 84,567
Accumulated depreciation, depletion and amortization	(51,281)	(49,272)
Property, plant, equipment and mining development costs, net	38,514	35,295
Proven and probable mineral reserves
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	7,159	7,160
Transfer From Value Beyond Proven And Probable Reserves To Proven And Probable Reserves	1	1				$ 800
VBPP
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	358	359
Payments to Acquire Mineral Rights					$ 1,600
Property, Plant and Equipment, Transfers and Changes				$ 500
Mine development and other
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	12,828	12,265
Buildings and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	10,667	10,165
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	16,337	15,246
Mobile equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	5,597	4,986
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	9,364	6,945
Oil and gas properties
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	27,485	27,441
Accumulated depreciation, depletion and amortization	(27,400)
Discontinued Operations
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 600
Mining Operations [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest	$ 391	$ 267	$ 150

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Other Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 428	$ 422
Legally restricted funds	217	212
Long-term receivable for taxes	43	70
Investments: [Abstract]
Available-for-sale Securities, Noncurrent	102	84
Assurance bond	100	97
Cloud computing arrangements	151	76
Long-term employee receivables	24	26
Prepaid rent and deposits	9	39
Other	100	106
Total other assets	1,813	1,810
Indefinite-lived Intangible Assets (Excluding Goodwill)	214	214
Finite-Lived Intangible Assets, Net	214	208
Finite-Lived Intangible Assets, Accumulated Amortization	46	43
PT Smelting
Investments: [Abstract]
Loans to PT Smelting	0	233
Cerro Verde
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	275	274
PT-FI
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	10	10
PT Smelting
Investments: [Abstract]
PT Smelting	354	123
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas
Investments: [Abstract]
Total other assets	$ 0	$ 38

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 2,789	$ 2,466
Salaries, wages and other compensation	361	343
Accrued interest	135	146
Pension, postretirement, postemployment and other employee benefits	128	129
Leases	98	84
Deferred revenue	91	161
Accrued taxes, other than income taxes	81	88
Community development programs	75	58
PT-FI administrative fine	59	55
PT-FI contingencies	49	67
MIND ID indemnification	49	0
Litigation accruals	34	51
Other	108	81
Accounts payable and accrued liabilities	4,057	3,729
Cash interest paid, net	$ 206	$ 419	$ 417

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instruments [Line Items]
Debt issuance costs, net	$ 58	$ 67
Long-term debt	8,948	9,422
Less current portion of debt	(41)	(766)
Long-term debt	$ 8,907	8,656
Senior Notes | 4.55% Senior Notes
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.55%
Long-term debt	$ 0	730
Senior Notes | Senior Notes due 2027, 5%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5%
Long-term debt	$ 449	448
Senior Notes | Senior Notes Due 2028, 4.125%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.125%
Long-term debt	$ 484	483
Senior Notes | Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Long-term debt	$ 431	430
Senior Notes | Senior Notes due 2029, 5.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Long-term debt	$ 469	468
Senior Notes | Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Long-term debt	$ 447	446
Senior Notes | Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Long-term debt	$ 589	588
Senior Notes | Senior Notes due 2034 5 point 4 percent
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.40%
Long-term debt	$ 724	723
Senior Notes | 5.450% Senior Notes due March 2043
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.45%
Long-term debt	$ 1,688	1,689
Other Debt
Debt Instruments [Line Items]
Long-term debt	$ 81	83
Freeport McMoRan Corporation | Senior Notes | Debentures Due 2027
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.125%
Freeport McMoRan Corporation | Senior Notes | Senior Notes Due 2031
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.50%
Long-term debt	$ 119	121
Freeport McMoRan Corporation | Senior Notes | Senior Notes Due 2034
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%
Long-term debt	$ 119	118
Freeport McMoRan Corporation | Debentures | Debentures Due 2027
Debt Instruments [Line Items]
Long-term debt	115	115
Freeport McMoRan Corporation | Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	0	0
PT-FI | Senior Notes | Senior Notes Due 2027, 4.763%
Debt Instruments [Line Items]
Long-term debt	747	746
PT-FI | Senior Notes | Senior Notes Due 2032, 5.315%
Debt Instruments [Line Items]
Long-term debt	1,491	1,490
PT-FI | Senior Notes | Senior Notes Due 2052, 6.200%
Debt Instruments [Line Items]
Long-term debt	745	744
PT-FI | Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	250	0
Cerro Verde | Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	$ 0	$ 0
Freeport-McMoRan Oil & Gas | Senior Notes | Senior Notes Due 2027, 4.763%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.763%
Freeport-McMoRan Oil & Gas | Senior Notes | Senior Notes Due 2032, 5.315%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.315%
Freeport-McMoRan Oil & Gas | Senior Notes | Senior Notes Due 2052, 6.200%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.20%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2022	May 31, 2022
Revolving Credit Facility | PT-FI
Debt Instruments [Line Items]
Long-term line of credit	$ 250	$ 0
Revolving Credit Facility | Cerro Verde
Debt Instruments [Line Items]
Long-term line of credit	0	$ 0
Revolving Credit Facility | Line of Credit | October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity				$ 3,000
Revolving Credit Facility | Line of Credit | PT-FI | October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity				500
Revolving Credit Facility | Line of Credit | PT-FI | November 2023 Unsecured Revolving Credit Facility Amendment
Debt Instruments [Line Items]
Maximum borrowing capacity			$ 1,750
Letter of Credit | Line of Credit
Debt Instruments [Line Items]
Long-term line of credit	$ 7
Remaining borrowing capacity				$ 1,500
Unsecured Credit Facility | Cerro Verde
Debt Instruments [Line Items]
Maximum borrowing capacity					$ 350

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments [Line Items]
Repayments of Debt		$ 2,731	$ 2,980	$ 4,515
Net gain on early extinguishment of debt		$ 0	10	31
Senior Notes
Debt Instruments [Line Items]
Debt Instrument, Cumulative Repurchased Face Amount			200	1,100
Debt Instrument, Cumulative Repurchase Cost			200	1,000
Net gain on early extinguishment of debt			$ 10	$ 44
4.55% Senior Notes | Senior Notes
Debt Instruments [Line Items]
Repayments of Debt	$ 700

DEBT - PT-FI Credit Facility (D

DEBT - PT-FI Credit Facility (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments [Line Items]
Repayments of Debt		$ 2,731	$ 2,980	$ 4,515
Gain (Loss) on Extinguishment of Debt		$ 0	(10)	(31)
Senior Notes
Debt Instruments [Line Items]
Gain (Loss) on Extinguishment of Debt			(10)	$ (44)
Senior Notes | PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	$ 3,000
Senior Notes | 4.763% Senior Notes Due 2027 | PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	750
Senior Notes | 5.315% Senior Notes Due 2032 | PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	1,500
Senior Notes | 6.200% Senior Notes Due 2052 | PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	750
PTFI Term Loan | PT-FI
Debt Instruments [Line Items]
Repayments of Debt	$ 600
Unsecured Credit Facility | PT-FI
Debt Instruments [Line Items]
Gain (Loss) on Extinguishment of Debt			$ (10)

DEBT - Maturities (Details)

DEBT - Maturities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 41
Long-term Debt, Maturities, Repayments of Principal in Year Two	5
Long-term Debt, Maturities, Repayments of Principal in Year Three	1,300
Long-term Debt, Maturities, Repayments of Principal in Year Four	1,200
Long-term Debt, Maturities, Repayments of Principal in Year Five	477
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 6,000

OTHER LIABILITIES, INCLUDING _3

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS OTHER LIABILITEIS, INCLUDING EMPLOYEE BENEFIT (Components of Other Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities, Including Employee Benefits [Abstract]
Long-term lease liabilities (included in other liabilities)	$ 692	$ 347
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent	689	704
Litigation accruals	163	163
Provision for tax positions	136	174
Social investment programs	111	79
MIND ID indemnification	0	75
Other	96	106
Total other liabilities	$ 1,887	$ 1,648

OTHER LIABILITIES, INCLUDING _4

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Penion Plans) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Rp / $	Dec. 31, 2023 USD ($) Rp / $	Dec. 31, 2022
Long-duration credit portfolio
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	50%
long-duration U.S. government/credit
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	20%
Core fixed income
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	22%
Long-term U.S. Treasury STRIPS
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	7%
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	1%
Pension Plan | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.20%
Actuarial (gains) losses	$ (76)	$ 15
Discount rate	5.67%	5.15%	5.41%
Pension Plan | Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7%
Foreign currency exchange rate | Rp / $	16,081	15,339
Actuarial (gains) losses	$ (3)	$ 3
Discount rate	7%	6.75%
SERP
Defined Benefit Plan Disclosure [Line Items]
Years of service required for annuity to equal percentage of executive's highest average compensation for any consecutive three-year period during the preceeding five years before retirement	25 years

OTHER LIABILITIES, INCLUDING _5

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of Disclosures) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Rp / $	Dec. 31, 2023 USD ($) Rp / $	Dec. 31, 2022 USD ($)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected and accumulated benefit obligation	$ 1,734	$ 1,828
Fair value of plan assets	1,379	1,475
Pension Plan | UNITED STATES
Change in benefit obligation:
Benefit obligation at beginning of year	1,880	1,884
Service cost	16	15	$ 15
Interest cost	93	98	71
Actuarial (gains) losses	(76)	15
Foreign exchange losses (gains)	0	1
Defined Benefit Plan, Benefit Obligation, Benefits Paid	133	133
Other	0	0
Benefits obligation at end of year	1,780	1,880	1,884
Change in plan assets:
Fair value of plan assets at beginning of year	1,537	1,483
Actual return on plan assets	(31)	121
Employer contributions	63	65
Foreign exchange gains (losses)	0	1
Benefits and administrative expenses paid	(133)	(133)
Fair value of plan assets at end of year	1,436	1,537	$ 1,483
Funded status at end of year	(344)	(343)
Accumulated benefit obligation	$ 1,780	$ 1,878
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	5.67%	5.15%	5.41%
Balance sheet classification of funded status:
Other assets	$ 11	$ 9
Accounts payable and accrued liabilities	(3)	(3)
Other liabilities	(352)	(349)
Total	(344)	$ (343)
Estimated future employer contributions in next fiscal year	$ 64
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	5.15%	5.41%	2.85%
Expected return on plan assets	5.75%	5%	3%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost	$ 16	$ 15	$ 15
Interest cost	93	98	71
Expected return on plan assets	(86)	(72)	(62)
Amortization of net actuarial losses	13	15	15
Net periodic benefit cost	36	56	39
Pension Plan | Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	221	215
Service cost	12	11	12
Interest cost	14	14	14
Actuarial (gains) losses	(3)	3
Foreign exchange losses (gains)	(11)	4
Defined Benefit Plan, Benefit Obligation, Benefits Paid	23	27
Other	(3)	(1)
Benefits obligation at end of year	213	221	215
Change in plan assets:
Fair value of plan assets at beginning of year	203	205
Actual return on plan assets	1	11
Employer contributions	14	9
Foreign exchange gains (losses)	(10)	4
Benefits and administrative expenses paid	(23)	(26)
Fair value of plan assets at end of year	185	203	$ 205
Funded status at end of year	(28)	(18)
Accumulated benefit obligation	$ 165	$ 182
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	7%	6.75%
Rate of compensation increase	4%	4%
Balance sheet classification of funded status:
Other assets	$ 0	$ 0
Accounts payable and accrued liabilities	0	0
Other liabilities	(28)	(18)
Total	(28)	$ (18)
Estimated future employer contributions in next fiscal year	$ 11
Foreign currency exchange rate | Rp / $	16,081	15,339
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	6.75%	7%	6.50%
Expected return on plan assets	7%	7%	7%
Rate of compensation increase	4%	4%	4%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost	$ 12	$ 11	$ 12
Interest cost	14	14	14
Expected return on plan assets	(13)	(14)	(15)
Amortization of prior service cost	0	2	1
Amortization of net actuarial losses	(1)	(1)	(1)
Special termination benefit	0	1	2
Net periodic benefit cost	$ 12	$ 13	$ 13

OTHER LIABILITIES, INCLUDING _6

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS - Costs Not Yet Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	$ 44	$ (39)	$ (62)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	0	$ 1
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial net loss (gain), Before Taxes	421	382
Prior service (credit), Before Taxes	(4)	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	417	381
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	289	257
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	(4)	(2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 285	$ 255

OTHER LIABILITIES, INCLUDING _7

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of FV of Financial Assets for Pension Plans) (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ 185	$ 203	$ 205
UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,436	1,537	$ 1,483
Total investments | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	161	181
Total investments | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,419	1,524
Total investments | Level 1 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	161	181
Total investments | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1	1
Total investments | Level 2 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Total investments | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	918	1,015
Total investments | Level 3 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Total investments | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Total investments | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	500	508
Government bonds | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	96	102
Government bonds | Level 1 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	96	102
Government bonds | Level 2 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Government bonds | Level 3 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Common Stock | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	53	67
Common Stock | Level 1 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	53	67
Common Stock | Level 2 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Common Stock | Level 3 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Mutual funds | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	12	12
Mutual funds | Level 1 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	12	12
Mutual funds | Level 2 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Mutual funds | Level 3 | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Fixed income securities | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	395	417
Fixed income securities | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Fixed income securities | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Fixed income securities | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Fixed income securities | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	395	417
Short-term investments | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	37	24
Short-term investments | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Short-term investments | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Short-term investments | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Short-term investments | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	37	24
Corporate bonds | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	624	677
Corporate bonds | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Corporate bonds | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	624	677
Corporate bonds | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Corporate bonds | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Government bonds | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	238	276
Government bonds | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Government bonds | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	238	276
Government bonds | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Government bonds | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Other investments | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	57	63
Other investments | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1	1
Other investments | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	56	62
Other investments | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Other investments | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Private equity investments | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	68	67
Private equity investments | Level 1 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Private equity investments | Level 2 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Private equity investments | Level 3 | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Private equity investments | NAV | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	68	67
Cash and receivables | Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	24	22
Cash and receivables | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	20	17
Payables | UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ (3)	$ (4)

OTHER LIABILITIES, INCLUDING _8

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Expected Benefit Payments) (Details) - Pension Plan $ in Millions	Dec. 31, 2024 USD ($) Rp / $	Dec. 31, 2023 Rp / $
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
2025	$ 126
2026	190
2027	129
2028	129
2029	129
2030 through 2034	633
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2025	14
2026	27
2027	29
2028	31
2029	28
2030 through 2034	$ 133
Foreign currency exchange rate | Rp / $	16,081	15,339

OTHER LIABILITIES, INCLUDING _9

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Postretirement and Other Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	$ 26,070	$ 25,196
Costs charged to operations for employee savings plans and defined contribution plans	131	119	$ 101
401K Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	69	62
Postretirement Medical and Life Insurance Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accounts payable and accrued liabilities	5	5
Liability, Defined Benefit Plan, Noncurrent	31	34
Postemployment Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accounts payable and accrued liabilities	7	7
Liability, Defined Benefit Plan, Noncurrent	$ 43	$ 46

STOCKHOLDERS' EQUITY AND STOC_3

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 14, 2025	Jul. 01, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares of common stock (in shares)	3,000,000	3,000,000
Authorized shares of preferred stock (in shares)	50,000	50,000
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.60	$ 0.60	$ 0.60
Base cash dividend (in dollars per share)	0.075
Variable cash dividend (in dollars per share)	$ 0.075
Share Repurchase Program One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount (in shares)						$ 5,000
Treasury stock purchases (in shares)		49,000
Shares repurchased (in shares)		$ 1,900
Cost per share repurchased (in dollars per share)		$ 38.64
Share Repurchases, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock purchases (in shares)		1,200
Shares repurchased (in shares)		$ 59
Share Repurchases, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock purchases (in shares)				35,100
Shares repurchased (in shares)				$ 1,300
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining authorized shares repurchase amount (in shares)					$ 3,100
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout Policy, Targeted Debt							$ 3,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout Policy, Targeted Debt							$ 4,000

STOCKHOLDERS' EQUITY AND STOC_4

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	$ 16,693
Ending balance, stockholders' equity	17,581	$ 16,693
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	(46)	38	$ 59
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(284)	(330)	(398)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	(44)	41	61
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	4	5	7
Ending balance, stockholders' equity	(324)	(284)	(330)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	10	10	10
OCI, before Reclassifications, Net of Tax, Attributable to Parent	0	0	0
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	0	0	0
Ending balance, stockholders' equity	10	10	10
Accumu- lated Other Compre-hensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(274)	(320)	(388)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	(44)	41	61
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	4	5	7
Ending balance, stockholders' equity	(314)	(274)	(320)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	2	2	2
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Maximum
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	$ (1)	$ (1)	$ (1)

STOCKHOLDERS' EQUITY AND STOC_5

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Stock Option and SARs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for issuance under each of the stock award plans	72,000,000
Number of shares available for grant	15,000,000
Share-based Payment Arrangement, Compensation Cost [Abstract]
Total stock-based compensation	$ 109	$ 109	$ 95
Tax benefit of compensation costs	(4)	(5)	(4)
Impact on net income	$ 105	$ 104	91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in number of options/units)	8,749,933
Exercised (in number of options/units)	(3,140,886)
Balance at end of period (in number of options/units)	5,609,047	8,749,933
Weighted-average exercise price at beginning of period (in dollars per option)	$ 15.63
Exercised, Exercise Price (in dollars per option)	18.13
Weighted-average exercise price at end of period (in dollars per option)	$ 14.22	$ 15.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 134
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,609,047
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 14.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 134
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	65	$ 64	57
Cost of Sales
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	$ 44	45	38
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Fair value assumptions and methodology [Abstract]
Total intrinsic value of options exercised	$ 95	52	148
Fair value of options vested	$ 1	$ 3	$ 23

STOCKHOLDERS' EQUITY AND STOC_6

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION\ (Equity RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent Addition or Reduction In Restricted Stock Units If Performance Is Below Level Defined In Agreement	25%
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted in period (number of RSUs and PSUs)	400,000	400,000	400,000
Performance Shares [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Share Unit Payout	200%
Performance Shares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Unit Payout	0%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance at beginning of period (in number of RSUs and PSUs)	5,699,575
Granted in period (number of RSUs and PSUs)	2,262,830
Vested in Period (number of RSUs and PSUs)	(2,224,239)
Forfeited in Period (number of RSUs and PSUs)	(15,082)
Balance at end of period (in number of RSUs and PSUs)	5,723,084	5,699,575
Beginning Balance - weighted average grant date fair value	$ 37.23
Granted - Weighted average grant date fair value	39.46
Vested - weighted average grant date fair value	34.37
Forfeited - weighted average grant date fair value	41
Ending balance - weighted average grant date fair value	$ 39.21	$ 37.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 218
Fair value of RSUs and PSUs granted	92	$ 93	$ 83
Intrinsic value of RSUs and PSUs vested	84	$ 136	$ 138
Total unrecognized compensation cost related to unvested RSUs and PSUs expected to be recognized over a weighted-average period	$ 27
Weighted-average period used in calculating unrecognized compensation cost, RSUs and PSUs (in years)	1 year 1 month 6 days

STOCKHOLDERS' EQUITY AND STOC_7

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Cash-settled RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accounts payable and accrued liabilities	$ 4,057	$ 3,729
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance at beginning of period (in number of RSUs and PSUs)	858,741
Granted in period (number of RSUs and PSUs)	626,050
Vested in Period (number of RSUs and PSUs)	(398,727)
Forfeited in Period (number of RSUs and PSUs)	(22,578)
Balance at end of period (in number of RSUs and PSUs)	1,063,486	858,741
Beginning Balance - weighted average grant date fair value	$ 40.23
Granted - Weighted average grant date fair value	39.58
Vested - weighted average grant date fair value	38.19
Forfeited - weighted average grant date fair value	40.72
Ending balance - weighted average grant date fair value	$ 40.60	$ 40.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 40
Fair value of RSUs and PSUs granted	25	$ 24	$ 15
Intrinsic value of RSUs and PSUs vested	15	20	$ 26
Accounts payable and accrued liabilities	22	19
Other Liabilities	$ 8	$ 7
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

STOCKHOLDERS' EQUITY AND STOC_8

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Other info) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	1,505,675	1,633,519	1,511,072
Proceeds from Stock Options Exercised	$ 29	$ 47	$ 125
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (Deprecated 2017-01-31)	5	4	13
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 35	$ 50	$ 55

INCOME TAXES (Income before Inc

INCOME TAXES (Income before Income taxes and equity in affiliated companies' net earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ (547)	$ 68	$ 840
Foreign	7,454	5,938	5,875
Income before income taxes and equity in affiliated companies’ net earnings	$ 6,907	$ 6,006	$ 6,715

INCOME TAXES (Provision for (be

INCOME TAXES (Provision for (benefit from) income taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 36	$ 5	$ 0
State	1	6	(1)
Foreign	2,635	2,087	2,232
Total current	2,600	2,088	2,231
Deferred income taxes:
Federal	(1)	50	149
State	1	3	6
Foreign	(74)	320	144
Total deferred	(74)	373	299
Adjustments	0	(6)	(1)
Operating loss carryforwards	3	185	262
Provision for income taxes	$ 2,523	$ 2,270	$ 2,267

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
U.S. federal statutory tax rate	$ (1,450)	$ (1,261)	$ (1,410)
Withholding and other impacts on foreign earnings	(753)	(615)	(673)
Effect of foreign rates different than the U.S. federal statutory rate	(373)	(313)	(314)
Percentage depletion	123	183	189
Foreign tax credit limitation	(1,053)	(289)	(50)
Non-deductible permanent differences	41	68	29
Uncertain tax positions	5	(28)	(17)
PT-FI historical tax disputes	185	0	(8)
Valuation allowance	898	119	65
State income taxes	(52)	3	(41)
Other items, net	(12)	(1)	21
Provision for income taxes	$ (2,523)	$ (2,270)	$ (2,267)
%
U.S. federal statutory tax rate	(21.00%)	(21.00%)	(21.00%)
Withholding and other impacts on foreign earnings	(11.00%)	(10.00%)	(10.00%)
Effect of foreign rates different than the U.S. federal statutory rate	(6.00%)	(5.00%)	(5.00%)
Percentage deplection	2%	3%	3%
Foreign tax credit limitation	(15.00%)	(5.00%)	(1.00%)
Non-deductible permanent differences		(1.00%)
Uncertain tax positions		(1.00%)
PT-FI historical tax disputes	2%	0%	0%
Valuation allowance	13%	2%	0%
State income taxes	(1.00%)	0%	0%
Other items, net	0%	0%	0%
Provision for income taxes	(37.00%)	(38.00%)	(34.00%)
Tax refunds received from all jurisdictions	$ 248	$ 1	$ 46

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	Aug. 31, 2022	Jan. 01, 2017	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Income Taxes [Line Items]
Total income taxes paid to all jurisdictions				$ 2,800	$ 2,100	$ 3,100
Tax refunds received from all jurisdictions				248	1	$ 46
Tax Attributes
Foreign tax credits			$ 1,228	184	1,228
Valuation allowances			3,894	2,984	$ 3,894
Valuation allowance, increase (decrease)				$ 900
U.S. federal statutory tax rate				21%	21%	21%
Interest on income taxes accrued			536	$ 264	$ 536	$ 551
Unrecognized tax benefits			720	161	720	810	$ 808
Unrecognized tax benefits that would impact the effective tax rate				153
Unrecognized tax benefits that would impact the effective tax rate, net of tax benefits				52
Deferred income taxes				(76)	182	36
Corporate Alternative Minimum Tax for Corporations with Average AFSI over $1 billion, rate	15%
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense				8	(153)	(7)
Unrecognized Tax Benefits, Unpaid			$ 33	26	33	36
PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				215
Valuation allowance for operating loss carryforwards
Tax Attributes
Valuation allowances				$ 1,800
Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)					188	163
SUNAT | Cerro Verde
Tax Attributes
Foreign income tax rate under new stability agreement				32%
Foreign Tax Jurisdiction
Tax Attributes
Tax Credit Carryforward, Valuation Allowance				$ 200
Income Tax Credits and Adjustments					$ 292	$ 22
Foreign Tax Jurisdiction | Tax Authority, Spain
Tax Attributes
Operating Loss Carryforwards				$ 500
Foreign Tax Jurisdiction | Chili - Service of Internal Taxes
Tax Attributes
Ad Valorem Royalty Based Tax				1%
Foreign Tax Jurisdiction | Chili - Service of Internal Taxes | Minimum
Tax Attributes
Mining royalty tax rate				8%
Foreign Tax Jurisdiction | Chili - Service of Internal Taxes | Maximum
Tax Attributes
Mining royalty tax rate				26%
Foreign Tax Jurisdiction | Chili - Service of Internal Taxes | Prior to September 2014
Tax Attributes
U.S. federal statutory tax rate			35%
Foreign Tax Jurisdiction | SUNAT | 2017
Tax Attributes
Dividend tax rate		5%
Domestic Tax Jurisdiction
Tax Attributes
Operating Loss Carryforwards				$ 6,000
Valuation allowances				1,000
State and Local Jurisdiction
Tax Attributes
Operating Loss Carryforwards				10,600
Indefinite-Lived Carryforward | Domestic Tax Jurisdiction
Tax Attributes
Operating Loss Carryforwards				700
Indefinite-Lived Carryforward | State and Local Jurisdiction
Tax Attributes
Operating Loss Carryforwards				3,500
Interest expense | PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				8
Income expense (benefit) | PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				199
Direct Operating Costs | PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				$ 8

INCOME TAXES (Components of def

INCOME TAXES (Components of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Foreign tax credits	$ 184	$ 1,228
Net operating losses	1,814	1,761
Accrued expenses	1,657	1,390
Employee benefit plans	76	78
Other	214	215
Deferred tax assets	3,945	4,672
Valuation allowances	(2,984)	(3,894)
Net deferred tax assets	961	778
Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,193)	(4,118)
Undistributed earnings	(981)	(911)
Other	(155)	(195)
Total deferred tax liabilities	(5,329)	(5,224)
Net deferred tax liabilities	$ (4,368)	$ (4,446)

INCOME TAXES (Reserve for unrec

INCOME TAXES (Reserve for unrecognized tax benefits, interest and penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 720	$ 810	$ 808
Additions:
Prior year tax positions	13	27	26
Current year tax positions	10	28	25
Decreases:
Prior year tax positions	(54)	(13)	(12)
Settlements with taxing authorities	(492)	(132)	(37)
Lapse of statute of limitations	(36)	0	0
Balance at end of year	$ 161	$ 720	$ 810

CONTINGENCIES (Environmental Ob

CONTINGENCIES (Environmental Obligations) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) state project	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017 USD ($) division site
Site Contingency [Line Items]
Number of remediation projects | project	80
Number of US States with remediation projects | state	20
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at beginning of year	$ 1,939	$ 1,740	$ 1,664
Accretion Expense	131	119	110
Net additionsb	82	195	43
Spending	(112)	(115)	(77)
Balance at end of year	$ 2,040	$ 1,939	$ 1,740
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of environmental and asset retirement obligations	Current portion of environmental and asset retirement obligations	Current portion of environmental and asset retirement obligations
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Environmental and asset retirement obligations, less current portion	Environmental and asset retirement obligations, less current portion	Environmental and asset retirement obligations, less current portion
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities	Liabilities
Less current portion	$ (131)	$ (131)	$ (125)
Long-term portion	1,909	1,808	1,615
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
2024	131
2025	111
2026	122
2027	112
2028	77
Thereafter	3,800
Estimated environmental obligations on a discounted basis	1,900
Estimated environmental obligations on an undiscounted and unescalated	$ 4,400
Environmental Loss Contingency, Number of Uranium Sites on Tribal Lands | division				94
Remediation work related to Uranium mines, amount to be contributed by the U.S. Government				$ 335
Uranium mine remediation work, program term, in years				20 years
Number of site surveys being performed to mining claims | site				15,000
Active remediation projects, percent	85%
Revisions to cash flow estimates and settlements, net	$ 635	54	$ 381
Minimum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	3,900
Maximum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	5,100
Pinal Creek, AZ; Newtown Creek, NY; Smelter Sites in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma, Pennsylvania; and Uranium Mining in Wester United States
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	1,700
Newtown Creek
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	452
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)		$ 64
Pinal Creek, AZ
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	517
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	61
Historical Smelter Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	266
Uranium Mining Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	$ 473

CONTINGENCIES (Asset Retirement

CONTINGENCIES (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 3,001	$ 3,043	$ 2,716
Liabilities incurred	16	18	9
Revisions to cash flow estimates and settlements, net	635	54	381
Accretion expense	154	20	134
Spending	(122)	(134)	(197)
Balance at end of year	3,684	3,001	3,043
Less current portion	(189)	(185)	(195)
Long-term portion	3,495	2,816	2,848
PT-FI
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	$ 122	$ 112	$ 99

CONTINGENCIES (Financial Assura

CONTINGENCIES (Financial Assurances) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Freeport-McMoRan Oil & Gas
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 700
NEW MEXICO
Guarantor Obligations [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	200
New Mexico, Arizona, Colorado and Other States
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	2,000
New Mexico, Arizona, Colorado and Other States | Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 1,200

CONTINGENCIES (Environmental an

CONTINGENCIES (Environmental and Reclamation Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Site Contingency [Line Items]
Time deposits	$ 100
Revisions to cash flow estimates and settlements, net	635	$ 54	$ 381
Morenci
Site Contingency [Line Items]
Adjustment in ARO			118
Bagdad
Site Contingency [Line Items]
Adjustment in ARO			65
Sierrita
Site Contingency [Line Items]
Adjustment in ARO	157
Henderson And Climax
Site Contingency [Line Items]
Adjustment in ARO	162
PT-FI
Site Contingency [Line Items]
ARO adjustment	122	$ 112	$ 99
New Mexico Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	553
Arizona Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	837
Colorado Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	351
El Abra
Site Contingency [Line Items]
Accrued reclamation and closure costs	105
Cerro Verde
Site Contingency [Line Items]
Accrued reclamation and closure costs	230
Pt Freeport Indonesia Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	$ 1,000

CONTINGENCIES (Oil and Gas Prop

CONTINGENCIES (Oil and Gas Properties) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) well platform	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
ARO, noncurrent	$ 3,684	$ 3,001	$ 3,043	$ 2,716
Freeport-McMoRan Oil & Gas
Loss Contingencies [Line Items]
Adjustment in ARO	$ 163	$ 91
Number of productive oil wells | well	180
Number of platforms and other structures | platform	150
ARO, noncurrent	$ 538
Adjustment at PT-FI	$ 116

CONTINGENCIES (Litigation) (Det

CONTINGENCIES (Litigation) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2024
Loss Contingencies [Line Items]
Threshold for disclosure		$ 1
Cyprus Mines
Loss Contingencies [Line Items]
Settlement amount	$ 130
Cyprus Mines | Minimum
Loss Contingencies [Line Items]
Increase (Decrease) In Litigation Settlement, Amount Awarded To Other Party		65
Cyprus Mines | Maximum
Loss Contingencies [Line Items]
Increase (Decrease) In Litigation Settlement, Amount Awarded To Other Party		195
Cyprus Mines | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual		$ 195

CONTINGENCIES (Tax and Other Ma

CONTINGENCIES (Tax and Other Matters) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2024	May 31, 2023	Dec. 31, 2024	Dec. 31, 2021	May 30, 2024	Dec. 31, 2023	Jul. 15, 2023	Mar. 31, 2022	Jan. 31, 2022
Income Tax Examination [Line Items]
Long-term receivable for taxes	$ 43		$ 43			$ 70
Domestic Ownership Percentage					51%
Additional Ownership Percentage					10%
Other Commitment, Escrow Account, Smelter Development Progress, Percent		90%
Restricted cash and cash equivalents	888		888			1,208
Export Proceeds
Income Tax Examination [Line Items]
Restricted cash and cash equivalents	700		700			1,100
Cerro Verde
Income Tax Examination [Line Items]
Total	397		397
Income tax examination, assessments, penalties and interest not accrued	245		245
PT-FI
Income Tax Examination [Line Items]
Total	121		121
Income tax examination, assessments, penalties and interest not accrued	117		117
Loss contingency, loss in period				$ 16
Loss contingency, estimate of possible loss							$ 55	$ 41	$ 57
Loss Contingency Accrual, Period Increase (Decrease)			4
PT-FI | Surety Bond | Construction Contracts
Income Tax Examination [Line Items]
Escrow Deposit		$ 10
SUNAT | Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes	454		454
Increase (decrease) in income taxes receivable	179		179
Total	463		463
SUNAT | PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes	10		10
Indonesian Supreme Court | PT-FI | The year 2005 and the year 2007
Income Tax Examination [Line Items]
Loss contingency, loss in period			41
Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes	275		$ 275			$ 274
Indonesia Tax Authority | PT-FI
Income Tax Examination [Line Items]
Administrative Fine	$ 59

CONTINGENCIES (Tax Matters by T

CONTINGENCIES (Tax Matters by Tax Year) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Cerro Verde
Income Tax Examination [Line Items]
Total	$ 397
PT-FI
Income Tax Examination [Line Items]
Total	121
SUNAT | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	150
Penalties and Interest	313
Total	463
SUNAT | 2003 to 2008 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	32
Penalties and Interest	112
Total	144
SUNAT | 2009 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	9
Penalties and Interest	30
Total	39
SUNAT | 2010 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	8
Penalties and Interest	69
Total	77
SUNAT | 2011 and 2012 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	5
Penalties and Interest	36
Total	41
SUNAT | 2013 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	8
Penalties and Interest	26
Total	34
SUNAT | Tax Year 2014 to Tax Year 2017 | Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	88
Penalties and Interest	40
Total	128
Indonesia Tax Authority | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	113
Penalties and Interest	54
Total	167
Indonesia Tax Authority | 2005 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	61
Penalties and Interest	29
Total	90
Indonesia Tax Authority | 2007 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	45
Penalties and Interest	21
Total	66
Indonesia Tax Authority | Tax Year 2013 And 2017 | PT-FI
Income Tax Examination [Line Items]
Tax Assessment	7
Penalties and Interest	4
Total	$ 11

CONTINGENCIES (Letters of Credi

CONTINGENCIES (Letters of Credit, Bank Guarantees and Surety Bonds) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Surety Bond
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 504
Cerro Verde
Guarantor Obligations [Line Items]
Outstanding Standby Letters Of Credit	$ 638

CONTINGENCIES (Insurance) (Deta

CONTINGENCIES (Insurance) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Self insurance reserve	$ 54
Self insurance reserve, current	14
Self insurance reserve, non-current	40
Insurance receivables	18
Insurance receivables, current	9
Insurance receivables, noncurrent	$ 9

COMMITMENTS AND GUARANTEES (Ope

COMMITMENTS AND GUARANTEES (Operating Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Operating Leased Assets And Liabilities [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, equipment and mine development costs, net	Property, plant, equipment and mine development costs, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$ 853	$ 448
Short-term lease liabilities (included in accounts payable and accrued liabilities)	98	84
Long-term lease liabilities (included in other liabilities)	692	347
Operating Lease, Liability	790	431
Operating leases	44	48	$ 46
Variable and short-term leases	146	126	84
Total operating lease costs	190	174	130
Finance Lease Cost	24	6	6
Operating Lease, Right-Of-Use Assets, Acquired	482	167	76
Operating Lease, Payments	61	61	41
Finance Lease, Principal Payments	$ 41	$ 3	$ 7
Operating Lease, Weighted Average Discount Rate, Percent	4.90%	4.70%
Operating Lease, Weighted Average Remaining Lease Term	15 years	13 years 1 month 6 days
2025	$ 131
2026	96
2027	81
2028	67
2029	113
Thereafter	612
Total payments	1,100
Less amount representing interest	(310)
PT Smelting
Schedule of Operating Leased Assets And Liabilities [Line Items]
Variable and short-term leases	50	$ 30
PT Freeport Indonesia | Oxygen Plant
Schedule of Operating Leased Assets And Liabilities [Line Items]
Finance lease, liability	217
PT Freeport Indonesia | Shallow Draft Vessels
Schedule of Operating Leased Assets And Liabilities [Line Items]
Finance lease, liability	119
PT Freeport Indonesia | Land
Schedule of Operating Leased Assets And Liabilities [Line Items]
Finance lease, liability	95	130
PT Freeport Indonesia | Wharf
Schedule of Operating Leased Assets And Liabilities [Line Items]
Finance lease, liability	$ 90	$ 93

COMMITMENTS AND GUARANTEES (Con

COMMITMENTS AND GUARANTEES (Contractual Obligations) (Details) $ in Billions	Dec. 31, 2024 USD ($)
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 3.7
2025	1.8
2026	1.1
2027	0.4
2022	0.2
2029	0.1
Thereafter	0.1
Copper concentrates
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	3.1
Electricity
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	0.2
Transportation
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 0.2

COMMITMENTS AND GUARANTEES (Spe

COMMITMENTS AND GUARANTEES (Special Mining License (IUPK)) (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 29, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contractual Obligations Mining Contracts [Line Items]
Royalty Expense				$ 442	$ 346	$ 366
Construction Progress, Percent Complete					90%
Export Duties Expense				457	$ 307	325
Intersegment Eliminations
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends						2,500
PT Freeport Indonesia
Contractual Obligations Mining Contracts [Line Items]
Royalty Expense				$ 433	338	357
Progressive export duty on copper concentrates, higher threshold, percent		5%		5%
Progressive export duty on copper concentrates, lower threshold, percent		2.50%		2.50%
Lower threshold, percent				30%
Higher threshold, percent				50%
Progressive Export Duty On Copper Concentrates, Construction Process In Excess of Export Duties	50%
Export Duties, Copper Concentrate			7.50%	7.50%
Export Duties Expense, Additional Expense Due To Revision			$ 307
Export Duties, Copper Concentrate, Smelter Progress Seventy To Ninety Percent				10%
Export Duties Expense				$ 457	324	$ 307
PT Freeport Indonesia | Minimum
Contractual Obligations Mining Contracts [Line Items]
Smelter development progress, percent complete				70%
PT Freeport Indonesia | Maximum
Contractual Obligations Mining Contracts [Line Items]
Smelter development progress, percent complete				90%
PT Freeport Indonesia | Copper
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production				4%
PT Freeport Indonesia | Gold
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production				3.75%
PT Freeport Indonesia | Silver
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production				3.25%
PT Freeport Indonesia | Intersegment Eliminations
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends				$ 1,500	$ 400
Tax Authority, In Papua, Indonesia
Contractual Obligations Mining Contracts [Line Items]
Foreign income tax rate under new stability agreement				25%
Foreign Profits Tax Rate on Net Income Under New Stability Agreement				10%

COMMITMENTS AND GUARANTEES (Oth

COMMITMENTS AND GUARANTEES (Other and Community Development Programs) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Other liabilities		$ 1,887	$ 1,648
Total cost of sales		17,795	15,695	$ 15,089
Freeport Cobalt
Other Commitments [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 208
Proceeds from Divestiture of Businesses	173
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 35
Business Combination, Contingent Consideration, Asset		40
Koboltti Chemicals Holdings Limited
Other Commitments [Line Items]
Ownership percentage of subsidiary	56%
Jervois
Other Commitments [Line Items]
Divestiture of Business, Percent of Shares Owned	7%
Indemnification Agreement
Other Commitments [Line Items]
Other liabilities		49	75
Koboltti Chemical Holdings Limited
Other Commitments [Line Items]
Sale of Stock, Consideration Received Per Transaction				60
Community Development Programs | PT-FI
Other Commitments [Line Items]
Total cost of sales		$ 141	$ 123	$ 123

FINANCIAL INSTRUMENTS (Unrealiz

FINANCIAL INSTRUMENTS (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) oz lb $ / lb $ / oz $ / lb	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Copper derivatives
Unrealized gains (losses):
Derivative financial instruments | $	$ 32	$ (3)	$ 11
Hedged item – firm sales commitments | $	32	(3)	11
Realized gains (losses):
Matured derivative financial instruments | $	$ 29	(4)	(63)
Copper derivatives | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	109
Derivative, Average Forward Price | $ / lb	4.31
Copper Forward Contracts | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	85
Derivative, Average Forward Price | $ / lb	4.06
Realized gains (losses):
Matured derivative financial instruments | $	$ 1	(6)	37
Copper | Derivatives Not Designated as Hedging Instruments
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $	$ 117	97	(479)
Copper | Short | Embedded Derivative Financial Instruments | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	282
Derivative, Average Forward Price | $ / lb	4.16
Realized gains (losses):
Derivative Average Market Price | $ / lb	3.96
Copper | Long | Embedded Derivative Financial Instruments | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	74
Derivative, Average Forward Price | $ / lb	4.09
Realized gains (losses):
Derivative Average Market Price | $ / lb	3.96
Gold | Short | Embedded Derivative Financial Instruments | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	125
Derivative, Average Forward Price | $ / oz	2,646
Realized gains (losses):
Derivative Average Market Price | $ / oz	2,625
Gold and other metals | Derivatives Not Designated as Hedging Instruments
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $	$ 169	$ 55	$ (12)

FINANCIAL INSTRUMENTS (Unsettle

FINANCIAL INSTRUMENTS (Unsettled Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 20	$ 80
Total derivative liabilities	89	24
Derivative Asset	20	80
Derivative Liability	89	24
Trade accounts receivable
Derivatives, Fair Value [Line Items]
Derivative Asset	0	76
Derivative Liability	$ 53	$ 2
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Trade accounts receivable	Trade accounts receivable
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Trade accounts receivable	Trade accounts receivable
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 10	$ 4
Derivative Liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 10	$ 0
Derivative Liability	$ 35	$ 22
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	$ 0
Derivative Liability	$ 1	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Copper derivatives
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 10	$ 4
Derivative Liability	29	1
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset	10	76
Derivative Liability	60	23
Designated as Hedging Instrument | Copper derivatives
Derivatives, Fair Value [Line Items]
Total derivative assets	0	4
Derivatives Not Designated as Hedging Instruments | Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Total derivative assets	10	76
Total derivative liabilities	60	23
Copper derivatives | Derivatives Not Designated as Hedging Instruments | Forward Contracts
Derivatives, Fair Value [Line Items]
Total derivative assets	10	0
Total derivative liabilities	1	1
Future | Designated as Hedging Instrument | FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Total derivative liabilities	$ 28	$ 0

FINANCIAL INSTRUMENTS (Derivati

FINANCIAL INSTRUMENTS (Derivative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 20
Cash and cash equivalents	3,923	$ 4,758
Restricted cash and cash equivalents	888	1,208
Restricted Cash and Cash Equivalents, Noncurrent	100	97
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,911	6,063	$ 8,390	$ 8,314
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	100	300
Designated for Smelter Development Projects
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		200
Export Proceeds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents	700	1,100
Assurance Bonds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents	$ 100	$ 100

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2016
Derivatives:
Derivative Asset		$ 20	$ 80
Derivatives: [Abstract]
Derivative Liability		$ 89	$ 24
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Other current assets	Other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Other current assets		$ 535	$ 375
Other assets		1,813	1,810
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas
Derivatives:
Contingent receivable	$ 4			$ 150
Derivatives: [Abstract]
Other assets		0	38
Discontinued Operation, Contingent Receivable, Impairment, Net	32
Discontinued Operation, Contingent Receivable, Impairment	42
Discontinued Operation, Contingent Receivable, Decrease To Accrued Royalty Interest Payable	$ 10
NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure		27	27
Assets [Abstract]
Trust Assets Fair Value Disclosure		66	65
Derivatives:
Derivative Asset		0	0
Contingent receivable		0	0
Derivatives: [Abstract]
Derivative Liability		0	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]
Investments, Fair Value Disclosure		9	6
Assets [Abstract]
Trust Assets Fair Value Disclosure		19	17
Derivatives:
Derivative Asset		4	3
Contingent receivable		0	0
Derivatives: [Abstract]
Derivative Liability		18	1
Long-term debt, including current portion		0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure		0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure		132	130
Derivatives:
Derivative Asset		16	77
Contingent receivable		0	0
Derivatives: [Abstract]
Derivative Liability		71	23
Long-term debt, including current portion		8,807	9,364
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure		0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Derivatives:
Derivative Asset		0	0
Contingent receivable		3	42
Derivatives: [Abstract]
Derivative Liability		0	0
Long-term debt, including current portion		0	0
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure		36	33
Assets [Abstract]
Trust Assets Fair Value Disclosure		217	212
Derivatives:
Derivative Asset		20	80
Contingent receivable		3	50
Derivatives: [Abstract]
Derivative Liability		89	24
Long-term debt, including current portion		8,948	9,422
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure		36	33
Assets [Abstract]
Trust Assets Fair Value Disclosure		217	212
Derivatives:
Derivative Asset		20	80
Contingent receivable		3	42
Derivatives: [Abstract]
Derivative Liability		89	24
Long-term debt, including current portion		8,807	9,364
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset		10	76
Derivatives: [Abstract]
Derivative Liability		60	23
Embedded Derivative Financial Instruments | NAV
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0	0
Embedded Derivative Financial Instruments | Level 1
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0	0
Embedded Derivative Financial Instruments | Level 2
Derivatives:
Derivative Asset		10	76
Derivatives: [Abstract]
Derivative Liability		60	23
Embedded Derivative Financial Instruments | Level 3
Derivatives:
Derivative Asset		0	0
Derivatives: [Abstract]
Derivative Liability		0	0
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		10	76
Derivatives: [Abstract]
Derivative Liability		60	23
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		10	76
Derivatives: [Abstract]
Derivative Liability		60	23
Copper derivatives
Derivatives:
Derivative Asset		10	4
Derivatives: [Abstract]
Derivative Liability		29	1
Copper derivatives | NAV
Derivatives:
Derivative Asset		0
Copper derivatives | NAV | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		0
Copper derivatives | NAV | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0	0
Copper derivatives | Level 1
Derivatives:
Derivative Asset		4
Copper derivatives | Level 1 | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		17
Copper derivatives | Level 1 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1	1
Copper derivatives | Level 2
Derivatives:
Derivative Asset		6
Copper derivatives | Level 2 | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		11
Copper derivatives | Level 2 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0	0
Copper derivatives | Level 3
Derivatives:
Derivative Asset		0
Copper derivatives | Level 3 | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		0
Copper derivatives | Level 3 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0	0
Copper derivatives | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		10
Copper derivatives | Carrying Amount, Fair Value Disclosure [Member] | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		28
Copper derivatives | Carrying Amount, Fair Value Disclosure [Member] | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1	1
Copper derivatives | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		10
Copper derivatives | Estimate of Fair Value Measurement [Member] | Futures and Swaps
Derivatives: [Abstract]
Derivative Liability		28
Copper derivatives | Estimate of Fair Value Measurement [Member] | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1	1
Future | NAV
Derivatives:
Derivative Asset			0
Future | Level 1
Derivatives:
Derivative Asset			3
Future | Level 2
Derivatives:
Derivative Asset			1
Future | Level 3
Derivatives:
Derivative Asset			0
Future | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset			4
Future | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset			4
U.S. core fixed income fund | NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		27	27
Assets [Abstract]
Trust Assets Fair Value Disclosure		66	65
U.S. core fixed income fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		27	27
Assets [Abstract]
Trust Assets Fair Value Disclosure		66	65
U.S. core fixed income fund | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		27	27
Assets [Abstract]
Trust Assets Fair Value Disclosure		66	65
Equity securities | NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		9	6
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		0	0
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		9	6
Equity securities | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities		9	6
Government mortgage-backed securities | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		54	51
Government mortgage-backed securities | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		54	51
Government mortgage-backed securities | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		54	51
Government bonds | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government bonds | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government bonds | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		34	37
Government bonds | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		34	37
Government bonds | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		34	37
Corporate bonds | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Corporate bonds | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Corporate bonds | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		31	29
Corporate bonds | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Corporate bonds | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		31	29
Corporate bonds | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		31	29
Money market funds | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Money market funds | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		19	17
Money market funds | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Money market funds | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Money market funds | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		19	17
Money market funds | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		19	17
Asset-backed securities | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		12	12
Asset-backed securities | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Asset-backed securities | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		12	12
Asset-backed securities | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		12	12
Collateralized mortgage-backed securities | NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Collateralized mortgage-backed securities | Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Collateralized mortgage-backed securities | Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		1	1
Collateralized mortgage-backed securities | Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0	0
Collateralized mortgage-backed securities | Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		1	1
Collateralized mortgage-backed securities | Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		1	1
Bank Time Deposits | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Other current assets		700	1,100
Other assets		100	100
Mine Closure And Reclamation Guarantees | Carrying Amount, Fair Value Disclosure [Member]
Derivatives: [Abstract]
Other assets		$ 100	$ 100

BUSINESS SEGMENTS INFORMATION_2

BUSINESS SEGMENTS INFORMATION (Product Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Product revenue [Line Items]
Royalty Expense	$ (442)	$ (346)	$ (366)
Treatment and refining charges included in copper concentrates revenues	(396)	(538)	(503)
Export Duties Expense	(457)	(307)	(325)
Revenue from Contract with Customer, Excluding Assessed Tax	25,169	22,703	23,271
Revenues	25,455	22,855	22,780
Indonesia
Product revenue [Line Items]
Revenues	1,108	767	3,026
Indonesia | Disputes
Product revenue [Line Items]
Export Duties Expense		(17)	18
Cathode
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8,316	6,629	5,134
Concentrate
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	6,726	7,127	9,650
Rod and other refined copper products
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,851	3,659	3,699
Purchased Copper [Member]
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	693	416	481
Gold
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,446	3,472	3,397
Molybdenum
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,801	2,006	1,416
Other
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	631	585	688
Derivatives Not Designated as Hedging Instruments | Sales [Member]
Product revenue [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ 286	$ 152	$ (491)

BUSINESS SEGMENTS INFORMATION_3

BUSINESS SEGMENTS INFORMATION (Long Lived Assets by Geographic Area) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 41,116	$ 38,011
Indonesia
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	22,580	20,602
U.S.
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	10,468	9,386
Peru
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	6,452	6,563
Chile
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	1,120	1,105
Other
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 496	$ 355

BUSINESS SEGMENTS INFORMATION_4

BUSINESS SEGMENTS INFORMATION (Revenues by Geographic Area of Customer) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues by geographic area of customer [Line Items]
Revenues	$ 25,455	$ 22,855	$ 22,780
U.S.
Revenues by geographic area of customer [Line Items]
Revenues	7,806	7,264	7,339
Japan
Revenues by geographic area of customer [Line Items]
Revenues	5,930	3,431	2,462
Switzerland
Revenues by geographic area of customer [Line Items]
Revenues	4,251	3,971	2,740
Singapore
Revenues by geographic area of customer [Line Items]
Revenues	1,116	1,178	1,492
Indonesia
Revenues by geographic area of customer [Line Items]
Revenues	1,108	767	3,026
Spain
Revenues by geographic area of customer [Line Items]
Revenues	1,052	1,251	1,174
China
Revenues by geographic area of customer [Line Items]
Revenues	743	1,081	929
Germany
Revenues by geographic area of customer [Line Items]
Revenues	500	714	632
Chile
Revenues by geographic area of customer [Line Items]
Revenues	451	428	383
France
Revenues by geographic area of customer [Line Items]
Revenues	306	226	177
Philippines
Revenues by geographic area of customer [Line Items]
Revenues	283	396	249
India
Revenues by geographic area of customer [Line Items]
Revenues	273	354	330
Egypt
Revenues by geographic area of customer [Line Items]
Revenues	239	229	149
South Korea
Revenues by geographic area of customer [Line Items]
Revenues	203	267	302
United Kingdom
Revenues by geographic area of customer [Line Items]
Revenues	115	171	355
Other
Revenues by geographic area of customer [Line Items]
Revenues	$ 1,079	$ 1,127	$ 1,041

BUSINESS SEGMENTS INFORMATION_5

BUSINESS SEGMENTS INFORMATION (Customers and Labor Matters) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major Customer and Labor Matters [Line Items]
Revenues	$ 25,455	$ 22,855	$ 22,780
Affiliated Entity | PT Smelting
Major Customer and Labor Matters [Line Items]
Revenues		27	3,000
Affiliated Entity | Noncontrolling Interest Owners Of South America Mining Operations and Morenci joint venture partners
Major Customer and Labor Matters [Line Items]
Revenues	1,600	1,400	1,700
Affiliated Entity | Mitsubishi Materials Corporation
Major Customer and Labor Matters [Line Items]
Revenues	$ 4,400	$ 2,000	$ 600
PT Smelting | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage			13%
Mitsubishi Materials Corporation | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage	17%
Global | Workforce Subject to Collective Bargaining Arrangements | Labor Force Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage	28%

BUSINESS SEGMENTS INFORMATION_6

BUSINESS SEGMENTS INFORMATION (Business Segments Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 division
Mining Segment Reporting Information [Line Items]
Number Of Divisions	4
Inventory, Copper Metal Production | Product Concentration Risk | Morenci
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	12%
Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	23%
Inventory, Copper Metal Production | Product Concentration Risk | Indonesia operations
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	99%
North America | Inventory, Copper Metal Production | Product Concentration Risk | Morenci
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	41%
North America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	2%
South America | Inventory, Copper Metal Production | Product Concentration Risk | Cerro Verde
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	81%
South America | Inventory, Copper Metal Production | Product Concentration Risk | Indonesia operations
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	43%
South America | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	15%
Indonesia | Cost of Goods, Product Line | Supplier Concentration Risk | Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage	13%
PT Smelting
Mining Segment Reporting Information [Line Items]
Deferred intercompany profit	39.50%

BUSINESS SEGMENTS INFORMATION_7

BUSINESS SEGMENTS INFORMATION (Segment Reporting) (Details) oz in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) oz	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 01, 2024	Aug. 31, 2024	Jan. 01, 2023	Dec. 21, 2018
Segment Reporting Information [Line Items]
Revenues	$ 25,455	$ 22,855	$ 22,780
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	15,554	13,627	13,070
Depreciation, depletion and amortization	2,241	2,068	2,019
Selling, general and administrative expenses	513	479	420
Exploration and research expenses	156	137	115
Environmental obligations and shutdown costs	127	319	121
Net gain on sales of assets	0	0	(2)
Operating income (loss)	6,864	6,225	7,037
Interest expense, net	319	515	560
Net gain on early extinguishment of debt	0	10	31
Other income, net	362	286	207
Provision for (benefit from) income taxes	(2,523)	(2,270)	(2,267)
Equity in affiliated companies’ net earnings	15	15	31
Net income attributable to noncontrolling interests	2,510	1,903	1,011
Net (loss) income attributable to common stockholders	1,889	1,848	3,468
Total assets	54,848	52,506	51,093
Capital expenditures	4,808	4,824	3,469
Administrative Fees Expense	4	55	41
Revisions to cash flow estimates and settlements, net	635	54	381
Metals Inventory Adjustments	$ 91	14	29
Gold
Segment Reporting Information [Line Items]
Mineral Sales, Volume | oz	190
Cerro Verde
Segment Reporting Information [Line Items]
Ownership percentage				55.08%	53.56%
Peruvian Supreme Court
Segment Reporting Information [Line Items]
Other income, net		$ (69)
PT Freeport Indonesia
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes	$ 182
Loss Contingency Accrual, Period Increase (Decrease)	4
FCX | PT Freeport Indonesia
Segment Reporting Information [Line Items]
Ownership percentage of subsidiary		81%				48.76%
PT Indonesia Asahan Aluminium (Persero) (Inalum)
Segment Reporting Information [Line Items]
Ownership percentage of subsidiary							26.24%
PT Indonesia Asahan Aluminium (Persero) (Inalum) | PT Freeport Indonesia
Segment Reporting Information [Line Items]
Ownership percentage of subsidiary		19%
Cerro Verde | Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net		$ 74
Indonesia operations
Segment Reporting Information [Line Items]
Capital expenditures	2,908	3,411	2,381
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures	117	84	33
Indonesia
Segment Reporting Information [Line Items]
Revenues	1,108	767	3,026
Operating Segments | Molybdenum
Segment Reporting Information [Line Items]
Revenues	0	0	0
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	530	439	359
Depreciation, depletion and amortization	73	66	74
Selling, general and administrative expenses	0	0	0
Exploration and research expenses	0	0	3
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	(11)	172	129
Interest expense, net	0	0	0
Net gain on early extinguishment of debt		0	0
Other income, net	0	(1)	0
Provision for (benefit from) income taxes	0	0	0
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	2,018	1,782	1,697
Capital expenditures	117	84	33
Operating Segments | Rod & Refining
Segment Reporting Information [Line Items]
Revenues	6,196	5,886	6,281
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	6,206	5,901	6,330
Depreciation, depletion and amortization	4	5	5
Selling, general and administrative expenses	0	0	0
Exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	29	20	(23)
Interest expense, net	0	0	0
Net gain on early extinguishment of debt		0	0
Other income, net	(1)	(2)	(1)
Provision for (benefit from) income taxes	0	0	0
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	202	172	183
Capital expenditures	35	13	9
Operating Segments | Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues	3,009	2,791	2,439
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,912	2,718	2,452
Depreciation, depletion and amortization	28	28	27
Selling, general and administrative expenses	28	28	25
Exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	49	36	(61)
Interest expense, net	36	31	15
Net gain on early extinguishment of debt		0	0
Other income, net	13	(8)	13
Provision for (benefit from) income taxes	11	0	1
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	1,705	1,326	1,262
Capital expenditures	142	64	76
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	180	243	428
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,996	4,778	4,377
Depreciation, depletion and amortization	439	418	410
Selling, general and administrative expenses	4	4	5
Exploration and research expenses	44	50	47
Environmental obligations and shutdown costs	0	27	(4)
Net gain on sales of assets			0
Operating income (loss)	757	1,039	1,875
Interest expense, net	1	1	2
Net gain on early extinguishment of debt		0	0
Other income, net	1	(2)	(32)
Provision for (benefit from) income taxes	0	0	0
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	9,994	9,191	8,604
Capital expenditures	1,033	761	597
Operating Segments | North America | Morenci
Segment Reporting Information [Line Items]
Revenues	101	91	175
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	1,826	1,730	1,550
Depreciation, depletion and amortization	187	175	177
Selling, general and administrative expenses	2	2	2
Exploration and research expenses	17	11	2
Environmental obligations and shutdown costs	0	(1)	(5)
Net gain on sales of assets			0
Operating income (loss)	315	502	963
Interest expense, net	0	0	1
Net gain on early extinguishment of debt		0	0
Other income, net	(1)	(5)	(2)
Provision for (benefit from) income taxes	0	0	0
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	3,228	3,195	3,052
Capital expenditures	184	232	263
Operating Segments | North America | Other
Segment Reporting Information [Line Items]
Revenues	79	152	253
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,170	3,048	2,827
Depreciation, depletion and amortization	252	243	233
Selling, general and administrative expenses	2	2	3
Exploration and research expenses	27	39	45
Environmental obligations and shutdown costs	0	28	1
Net gain on sales of assets			0
Operating income (loss)	442	537	912
Interest expense, net	1	1	1
Net gain on early extinguishment of debt		0	0
Other income, net	2	3	(30)
Provision for (benefit from) income taxes	0	0	0
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	0	0	0
Total assets	6,766	5,996	5,552
Capital expenditures	849	529	334
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	4,533	4,154	4,212
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,230	3,239	3,074
Depreciation, depletion and amortization	446	459	408
Selling, general and administrative expenses	8	9	8
Exploration and research expenses	16	14	9
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	1,471	1,220	1,219
Interest expense, net	21	77	15
Net gain on early extinguishment of debt		0	0
Other income, net	66	(2)	17
Provision for (benefit from) income taxes	(604)	(512)	(453)
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	479	336	407
Total assets	10,156	10,050	10,271
Capital expenditures	375	368	304
Operating Segments | South America | Cerro Verde
Segment Reporting Information [Line Items]
Revenues	3,618	3,330	3,444
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,529	2,529	2,369
Depreciation, depletion and amortization	380	395	357
Selling, general and administrative expenses	8	9	8
Exploration and research expenses	12	10	5
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	1,327	1,174	1,211
Interest expense, net	21	77	15
Net gain on early extinguishment of debt		0	0
Other income, net	42	(13)	13
Provision for (benefit from) income taxes	(542)	(495)	(461)
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	412	300	372
Total assets	8,096	8,120	8,398
Capital expenditures	293	271	164
Labor and Related Expense	97
Operating Segments | South America | Other
Segment Reporting Information [Line Items]
Revenues	915	824	768
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	701	710	705
Depreciation, depletion and amortization	66	64	51
Selling, general and administrative expenses	0	0	0
Exploration and research expenses	4	4	4
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	144	46	8
Interest expense, net	0	0	0
Net gain on early extinguishment of debt		0	0
Other income, net	24	11	4
Provision for (benefit from) income taxes	(62)	(17)	8
Equity in affiliated companies’ net earnings	0	0	0
Net income attributable to noncontrolling interests	67	36	35
Total assets	2,060	1,930	1,873
Capital expenditures	82	97	140
Operating Segments | Indonesia | Indonesia operations
Segment Reporting Information [Line Items]
Revenues	9,774	7,816	8,028
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,368	2,570	2,686
Depreciation, depletion and amortization	1,193	1,028	1,025
Selling, general and administrative expenses	127	129	117
Exploration and research expenses	8	2	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets			0
Operating income (loss)	5,622	4,708	4,598
Interest expense, net	28	35	38
Net gain on early extinguishment of debt		0	(11)
Other income, net	136	122	120
Provision for (benefit from) income taxes	(1,907)	(1,774)	(1,820)
Equity in affiliated companies’ net earnings	7	10	24
Net income attributable to noncontrolling interests	2,022	1,614	592
Total assets	27,309	25,548	22,727
Capital expenditures	2,908	3,324	2,382
Operating Segments | Indonesia | Indonesia operations | PT Smelting
Segment Reporting Information [Line Items]
Revenues	27	3,000
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	1,763	1,965	1,392
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	(5,688)	(6,018)	(6,208)
Depreciation, depletion and amortization	58	64	70
Selling, general and administrative expenses	346	309	265
Exploration and research expenses	88	71	56
Environmental obligations and shutdown costs	127	292	125
Net gain on sales of assets			(2)
Operating income (loss)	(1,053)	(970)	(700)
Interest expense, net	233	371	490
Net gain on early extinguishment of debt		10	42
Other income, net	147	179	90
Provision for (benefit from) income taxes	(23)	16	5
Equity in affiliated companies’ net earnings	8	5	7
Net income attributable to noncontrolling interests	9	(47)	12
Total assets	3,464	4,437	6,349
Capital expenditures	198	210	68
Oil And Gas Charges	217	70	6
Loss Contingency Accrual, Period Increase (Decrease)		65
Corporate And Eliminations [Member] | Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Cost, Maintenance	41
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0
Intersegment | Molybdenum
Segment Reporting Information [Line Items]
Revenues	592	677	565
Intersegment | Rod & Refining
Segment Reporting Information [Line Items]
Revenues	43	40	31
Intersegment | Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues	8	19	4
Intersegment | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(7,885)	(8,217)	(7,786)
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	6,060	6,073	6,282
Intersegment | North America | Morenci
Segment Reporting Information [Line Items]
Revenues	2,246	2,328	2,514
Intersegment | North America | Other
Segment Reporting Information [Line Items]
Revenues	3,814	3,745	3,768
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	638	787	506
Intersegment | South America | Cerro Verde
Segment Reporting Information [Line Items]
Revenues	638	787	506
Intersegment | South America | Other
Segment Reporting Information [Line Items]
Revenues	0	0	0
Intersegment | Indonesia | Indonesia operations
Segment Reporting Information [Line Items]
Revenues	544	621	398
Profit Share Liability | Cerro Verde | Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net		(13)
Production and Delivery Costs [Member] | Pt Freeport Indonesia Environmental And Reclamation Programs
Segment Reporting Information [Line Items]
Revisions to cash flow estimates and settlements, net	$ 144	$ (112)	$ 116

SUPPLEMENTARY MINERAL RESERVE_3

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Details)	12 Months Ended
	Dec. 31, 2024 $ / lb $ / oz
Copper
Long Term Average Price Used To Estimate Recoverable Reserves	3.25
Three Year Average Price	4
Gold
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz	1,600
Three Year Average Price | $ / oz	2,044
Molybdenum
Long Term Average Price Used To Estimate Recoverable Reserves	12
Three Year Average Price	21.41

SUPPLEMENTARY MINERAL RESERVE_4

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Recoverable Reserves) (Details) oz in Millions, lb in Millions	120 Months Ended	132 Months Ended
	Dec. 31, 2031	Dec. 31, 2041	Dec. 31, 2024 lb oz $ / lb $ / oz
Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			100,100
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb			3.25
Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			23
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz			1,600
Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,210
Long Term Average Price Used To Estimate Recoverable Reserves | $ / lb			12
Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Long Term Average Price Used To Estimate Recoverable Reserves | $ / oz			20
Consolidated Basis [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)			1,400
Estimated recoverable proven and probable copper reserves in mill stockpiles (in pounds)			300
Consolidated Basis [Member] | Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			97,000
Consolidated Basis [Member] | Copper | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			41,600
Consolidated Basis [Member] | Copper | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			28,400
Consolidated Basis [Member] | Copper | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			27,000
Consolidated Basis [Member] | Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			23
Consolidated Basis [Member] | Gold (ounces) [Member] | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			0.6
Consolidated Basis [Member] | Gold (ounces) [Member] | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			0
Consolidated Basis [Member] | Gold (ounces) [Member] | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			22.4
Consolidated Basis [Member] | Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,160
Consolidated Basis [Member] | Molybdenum mines | North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			2,510
Consolidated Basis [Member] | Molybdenum mines | South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			660
Consolidated Basis [Member] | Molybdenum mines | Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			0
Consolidated Basis [Member] | Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			318
Net Equity Interest [Member] | Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			70,200
Net Equity Interest [Member] | Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			11.5
Net Equity Interest [Member] | Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			2,870
Net Equity Interest [Member] | Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz			213
Forecast | PT-FI
Estimated Recoverable Proven and Probable Reserves [Line Items]
Planned Operations, Mining, Extension Term		10 years
Estimate of proven and probable mineral reserves to be mined	0.40
Forecast | PT-FI | Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.45
Forecast | PT-FI | Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.44

SUPPLEMENTARY MINERAL RESERVE_5

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Ore Reserves) (Details) oz in Millions, lb in Millions, T in Millions	Dec. 31, 2024 oz lb g T	Sep. 01, 2024	Aug. 31, 2024
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	15,779
PT Freeport Indonesia
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Ownership percentage	48.76%
Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Ownership percentage	72%
Other North America
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Ownership percentage	100%
Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Ownership percentage		55.08%	53.56%
El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Ownership percentage	51%
Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore)	14,714
Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore)	11,916
Productive Land [Member] | Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	3,804
Average ore grade of copper per metric ton	21%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Sierrita
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,206
Average ore grade of copper per metric ton	23%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	3%
Productive Land [Member] | Bagdad
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,430
Average ore grade of copper per metric ton	35%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	2%
Productive Land [Member] | Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	746
Average ore grade of copper per metric ton	43%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	370
Average ore grade of copper per metric ton	45%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.04
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	141
Average ore grade of copper per metric ton	0%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	15%
Productive Land [Member] | Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	44
Average ore grade of copper per metric ton	0%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	16%
Productive Land [Member] | Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	69
Average ore grade of copper per metric ton	19%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	0
Average ore grade of copper per metric ton	0%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	3,894
Average ore grade of copper per metric ton	34%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	1%
Productive Land [Member] | El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	611
Average ore grade of copper per metric ton	43%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	719
Average ore grade of copper per metric ton	99%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.66
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	326
Average ore grade of copper per metric ton	74%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.60
Average ore grade of molybdenum per metric ton	0%
Productive Land [Member] | Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	48
Average ore grade of copper per metric ton	223%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.95
Average ore grade of molybdenum per metric ton	0%
Undeveloped [Member] | Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	369
Average ore grade of copper per metric ton	110%
Average ore grade of gold per metric ton (in grams per metric ton) | g	0.94
Average ore grade of molybdenum per metric ton	0%
Copper
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	100,100
Copper | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	97,000
Copper | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	70,200
Copper | Productive Land [Member] | Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	11,100
Copper | Productive Land [Member] | Sierrita
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	9,400
Copper | Productive Land [Member] | Bagdad
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	15,800
Copper | Productive Land [Member] | Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	5,100
Copper | Productive Land [Member] | Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,000
Copper | Productive Land [Member] | Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Copper | Productive Land [Member] | Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Copper | Productive Land [Member] | Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	300
Copper | Productive Land [Member] | Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	100
Copper | Productive Land [Member] | Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	25,200
Copper | Productive Land [Member] | El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,100
Copper | Productive Land [Member] | Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	13,400
Copper | Productive Land [Member] | Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	4,400
Copper | Productive Land [Member] | Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	2,200
Copper | Undeveloped [Member] | Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	7,100
Gold
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	23
Gold | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	23
Gold | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	11.5
Gold | Productive Land [Member] | Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Sierrita
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.1
Gold | Productive Land [Member] | Bagdad
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.2
Gold | Productive Land [Member] | Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0.4
Gold | Productive Land [Member] | Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	0
Gold | Productive Land [Member] | Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	10.3
Gold | Productive Land [Member] | Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	4.9
Gold | Productive Land [Member] | Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	1
Gold | Undeveloped [Member] | Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves | oz	6.2
Molybdenum
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,210
Molybdenum | Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,160
Molybdenum | Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	2,870
Molybdenum | Productive Land [Member] | Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	170
Molybdenum | Productive Land [Member] | Sierrita
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	960
Molybdenum | Productive Land [Member] | Bagdad
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	860
Molybdenum | Productive Land [Member] | Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	420
Molybdenum | Productive Land [Member] | Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	140
Molybdenum | Productive Land [Member] | Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	660
Molybdenum | Productive Land [Member] | El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Productive Land [Member] | Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
Molybdenum | Undeveloped [Member] | Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	0
FCX | Productive Land [Member] | Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,739
FCX | Productive Land [Member] | Sierrita
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,206
FCX | Productive Land [Member] | Bagdad
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,430
FCX | Productive Land [Member] | Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	746
FCX | Productive Land [Member] | Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	370
FCX | Productive Land [Member] | Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	141
FCX | Productive Land [Member] | Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	44
FCX | Productive Land [Member] | Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	69
FCX | Productive Land [Member] | Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	0
FCX | Productive Land [Member] | Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	2,145
FCX | Productive Land [Member] | El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	312
FCX | Productive Land [Member] | Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	351
FCX | Productive Land [Member] | Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	159
FCX | Productive Land [Member] | Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	23
FCX | Undeveloped [Member] | Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) | T	180

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 900
Foreign Tax Jurisdiction
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Income Tax Credits and Adjustments		$ (292)	$ (22)
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	3,894	3,985	4,087
Other Additions (Deductions)	(918)	(80)	(87)
Additons Charged to Other Accounts	8	(11)	(15)
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease)	0	0	0
Balance at End of Year	2,984	3,894	3,985
Reserve for Taxes, Other than Income Taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	28	24	59
Other Additions (Deductions)	6	9	(32)
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	0	0	0
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other	(5)	(5)	(3)
Balance at End of Year	$ 29	28	24
Domestic Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)		32	(104)
Net Operating Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)		188	$ 163
Section 163(j) Deferred Tax Assets [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)		$ 22