Freeport-McMoRan (FCX) 10-K15 Feb 232022 FY Annual reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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
Entity Shell Company	false
Entity Public Float			$ 41.8
Entity Common Stock, Shares Outstanding		1,430,693,689
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s proxy statement for its 2023 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000831259
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 22,780	$ 22,845	$ 14,198
Cost of sales:
Production and delivery	13,041	12,016	10,031
Depreciation, depletion and amortization	2,019	1,998	1,528
Metals inventory adjustments	29	16	96
Total cost of sales	15,089	14,030	11,655
Selling, general and administrative expenses	420	383	370
Exploration Expense	115	55	50
Environmental obligations and shutdown costs	121	91	159
Net gain on sales of assets	(2)	(80)	(473)
Total costs and expenses	15,743	14,479	11,761
Operating income	7,037	8,366	2,437
Interest expense, net	(560)	(602)	(598)
Net gain (loss) on early extinguishment of debt	31	0	(101)
Other income (expense), net	207	(105)	59
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	6,715	7,659	1,797
Provision for (benefit from) income taxes	(2,267)	(2,299)	(944)
Equity in affiliated companies’ net earnings	31	5	12
Net income	4,479	5,365	865
Net income attributable to noncontrolling interests	(1,011)	(1,059)	(266)
Net income attributable to common stockholders	$ 3,468	$ 4,306	$ 599
Net income per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.40	$ 2.93	$ 0.41
Income (Loss) from Continuing Operations, Per Diluted Share	$ 2.39	$ 2.90	$ 0.41
Weighted-average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	1,441	1,466	1,453
Weighted Average Number of Shares Outstanding, Diluted	1,451	1,482	1,461
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 0.375	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 4,479	$ 5,365	$ 865
Defined benefit plans:
Actuarial gains arising during the period, net of taxes	62	179	46
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	1	0	0
Amortization or curtailment of unrecognized amounts included in net periodic benefit costs	8	18	45
Foreign exchange losses	(1)	(1)	(1)
Other comprehensive income	68	196	90
Total comprehensive income	4,547	5,561	955
Total comprehensive income attributable to noncontrolling interests	(1,011)	(1,060)	(263)
Total comprehensive income attributable to common stockholders	$ 3,536	$ 4,501	$ 692

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net income	$ 4,479	$ 5,365	$ 865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,019	1,998	1,528
Metals inventory adjustments	29	16	96
Net gain on sales of assets	(2)	(80)	(473)
Stock-based compensation	95	98	99
Net charges for environmental and asset retirement obligations, including accretion	369	540	181
Payments for environmental and asset retirement obligations	274	273	216
Net charges for defined pension and postretirement plans	45	4	65
Pension plan contributions	(54)	(109)	(121)
Net (gain) loss on early extinguishment of debt	(31)	0	101
Deferred income taxes	36	(171)	181
Payments for Cerro Verde royalty dispute	0	(421)	(139)
Other, net	(44)	(7)	55
Changes in working capital and other:
Accounts receivable	56	(472)	132
Inventories	(573)	(618)	42
Other current assets	(12)	(101)	(27)
Accounts payable and accrued liabilities	0	495	115
Accrued income taxes and timing of other tax payments	(999)	1,451	403
Net cash provided by (used in) operating activities	5,139	7,715	3,017
Cash flow from investing activities:
Capital expenditures	(3,469)	(2,115)	(1,961)
Proceeds from sales of assets
Proceeds from sales of assets	108	247	704
Loans to PT Smelting for expansion	(65)	(36)	0
Acquisition of minority interest in PT Smelting	0	(33)	0
Other, net	(14)	(27)	(7)
Net cash provided by (used in) investing activities	(3,440)	(1,964)	(1,264)
Cash flow from financing activities:
Proceeds from debt	5,735	1,201	3,531
Repayments of debt	(4,515)	(1,461)	(3,724)
Cash dividends and distributions paid:
Common stock	(866)	(331)	(73)
Noncontrolling interests	(840)	(583)	0
Treasury stock purchases	(1,347)	(488)	0
Contributions from noncontrolling interests	189	182	156
Proceeds from exercised stock options	125	210	51
Payments for withholding of employee taxes related to stock-based awards	(55)	(29)	(17)
Other, net	(49)	(41)	(52)
Net cash used in financing activities	(1,623)	(1,340)	(128)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	76	4,411	1,625
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	8,390	8,314	3,903
North America copper mines
Cash flow from investing activities:
Capital expenditures	(597)	(342)	(428)
South America
Cash flow from investing activities:
Capital expenditures	(304)	(162)	(183)
Indonesia mining
Cash flow from investing activities:
Capital expenditures	(1,575)	(1,296)	(1,161)
Corporate, Other and Eliminations, Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(806)	(222)	(105)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(33)	(6)	(19)
Other
Cash flow from investing activities:
Capital expenditures	(154)	(87)	(65)
Asbestos Contamination in Talc-Based Personal Care Products
Adjustments to reconcile net income to net cash provided by operating activities:
Charge for talc-related litigation	$ 0	$ 0	$ 130

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,146	$ 8,068
Trade accounts receivable	1,336	1,168
Income and other tax receivables	459	574
Inventories:
Total materials and supplies, net	1,964	1,669
Mill and leach stockpiles	1,383	1,170
Product	1,833	1,658
Other current assets	492	523
Total current assets	15,613	14,830
Property, plant, equipment and mine development costs, net	32,627	30,345
Long-term mill and leach stockpiles	1,252	1,387
Other assets	1,601	1,460
Total assets	51,093	48,022
Current liabilities:
Accounts payable and accrued liabilities	4,027	3,495
Current portion of debt	1,037	372
Accrued income taxes	744	1,541
Current portion of environmental and asset retirement obligations	320	264
Dividends payable	217	220
Total current liabilities	6,345	5,892
Long-term debt, less current portion	9,583	9,078
Environmental and asset retirement obligations, less current portion	4,463	4,116
Deferred income taxes	4,269	4,234
Other liabilities	1,562	1,683
Total liabilities	26,222	25,003
Stockholders’ equity:
Common stock, par value $0.10, 1,613 shares and 1,603 shares issued, respectively	161	160
Capital in excess of par value	25,322	25,875
Accumulated deficit	(3,907)	(7,375)
Accumulated other comprehensive loss	(320)	(388)
Common stock held in treasury - 183 shares and 146 shares, respectively, at cost	(5,701)	(4,292)
Total stockholders’ equity	15,555	13,980
Noncontrolling interests	9,316	9,039
Total equity	24,871	23,019
Total liabilities and equity	$ 51,093	$ 48,022

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2022	Dec. 31, 2021
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,613	1,603
Treasury stock (in shares)	183	146

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury	Total Stockholders’ Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2019		1,582,000				131,000
Balance at Dec. 31, 2019	$ 17,448	$ 158	$ 25,830	$ (12,280)	$ (676)	$ (3,734)	$ 9,298	$ 8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		8,000
Exercised and issued stock-based awards	58	$ 1	57				58
Stock-based compensation, including tax benefit and the tender of shares	50		74			$ (24)	50
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1,000
Changes in noncontrolling interests	1		0				0	1
Net income attributable to common stockholders	599			599			599
Net income attributable to noncontrolling interests	266							266
Other comprehensive income (loss)	90				93		93	(3)
Balance (in shares) at Dec. 31, 2020		1,590,000				132,000
Balance at Dec. 31, 2020	18,668	$ 159	26,037	(11,681)	(583)	$ (3,758)	10,174	8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	156		76				76	80
Exercised and issued stock-based awards (in shares)		13,000
Exercised and issued stock-based awards	226	$ 1	225				226
Stock-based compensation, including tax benefit and the tender of shares	24		75			$ (46)	29	(5)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1,000
Treasury stock purchases	$ (488)					$ (488)	(488)
Treasury stock purchases (in shares)	12,740					13,000
Dividends	$ (1,154)		(551)				(551)	(603)
Net income attributable to common stockholders	4,306			4,306			4,306
Net income attributable to noncontrolling interests	1,059							1,059
Other comprehensive income (loss)	196				195		195	1
Balance (in shares) at Dec. 31, 2021		1,603,000				146,000
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]
Proceeds from (Payments to) Noncontrolling Interests	182		89				89	93
Exercised and issued stock-based awards (in shares)		10,000
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)						2,000
Treasury stock purchases	$ (1,347)					$ (1,347)	(1,347)
Treasury stock purchases (in shares)	35,120					35,000
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 (loss)	68				68		68	0
Balance (in shares) at Dec. 31, 2022		1,613,000				183,000
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

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	Dec. 31, 2022
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, 2022, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Note 3 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 3 for further discussion). 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 3 for further discussion). 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 mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 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 minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and 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 (expense), net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $9 million in 2022, $66 million in 2021 and $34 million in 2020. Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents. Restricted Cash and Cash Equivalents. FCX’s restricted cash and cash equivalents are primarily related to PT-FI’s commitment for the development of a greenfield smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. 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. Restricted cash and cash equivalents are comprised of bank deposits and money market funds. Inventories. Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. 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., solution extraction and electrowinning (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-progress 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 90% 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 periodically as additional information becomes available and as related technology changes. 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. Product. Product inventories include raw materials, work-in-process and finished goods. Corporate general and administrative costs are not included in inventory costs. Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations. Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs. Finished goods for mining operations represent salable products ( e.g. , copper and molybdenum concentrate, copper anode, copper cathode, copper rod, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process ( i.e. , not raw materials) 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, SX/EW, refining, roasting and chemical processing. 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 mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties 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 cost of goods sold. 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 5 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 12 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 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 asset retirement obligations (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 cost of sales. 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 without reserves, changes to the ARO are recorded in earnings. 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 12 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 14 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 16 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 average published Platts Metals Daily 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 on the graded-vesting method over the vesting period. Refer to Note 10 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: 2022 2021 2020 Net income $ 4,479 $ 5,365 $ 865 Net income attributable to noncontrolling interests (1,011) (1,059) (266) Undistributed dividends and earnings allocated to participating securities (7) (7) (3) Net income attributable to common stockholders $ 3,461 $ 4,299 $ 596 (shares in millions) Basic weighted-average shares of common stock outstanding 1,441 1,466 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 10 16 8 Diluted weighted-average shares of common stock outstanding 1,451 1,482 1,461 Net income per share attributable to common stockholders: Basic $ 2.40 $ 2.93 $ 0.41 Diluted $ 2.39 $ 2.90 $ 0.41 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 totaled 1 million shares in 2022, 5 million shares in 2021 and 31 million shares in 2020. 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. Subsequent Events. Since February 11, 2023, PT-FI’s operations have been temporarily disrupted because of significant rainfall and landslides, which restricted access to infrastructure near its milling operations. Recovery activities are in progress to clear debris from the affected areas and PT-FI is in the process of gradually resuming operations. Operations are expected to be fully restored by the end of February 2023. FCX evaluated events after December 31, 2022, and through the date the 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 financial statements.

DISPOSITIONS AND ACQUISITIONS D

DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS	12 Months Ended
DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS	Dec. 31, 2022
Dispositions And Acquisitions [Abstract]
DISPOSITIONS AND ACQUISITIONS	ACQUISITIONS AND DISPOSITIONS 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. At closing, Freeport Cobalt’s assets included cash of approximately $20 million and other net assets of $125 million. In 2021, FCX recorded a gain of $60 million ($34 million to net income attributable to common stock) associated with this transaction. 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. PT Smelting. On April 30, 2021, PT-FI acquired 14.5% of the outstanding common stock of PT Smelting, a smelter and refinery in Gresik, Indonesia, for $33 million, increasing its ownership interest from 25.0% to 39.5%. The remaining outstanding shares of PT Smelting are owned by Mitsubishi Materials Corporation (MMC). PT-FI accounts for its investment in PT Smelting under the equity method (refer to Note 3 for further discussion). Kisanfu Transaction. In December 2020, FCX completed the sale of its interests in the Kisanfu undeveloped copper and cobalt resource in the Democratic Republic of Congo to a wholly owned subsidiary of China Molybdenum Co., Ltd. (CMOC) for $550 million, with after-tax net cash proceeds totaling $415 million. FCX did not have any proven and probable mineral reserves associated with the Kisanfu project. FCX recorded a gain of $486 million in 2020 associated with this transaction. Timok Transactions. In 2016, FCX sold an interest in the upper zone of the Timok exploration project in Serbia (the 2016 Transaction). In December 2019, FCX completed the sale of its interest in the lower zone of the Timok exploration project to an affiliate of the purchaser in the 2016 Transaction, which included the right to future contingent payments of up to $150 million. These future contingent payments will be based on the future sale of products (as defined in the agreement) from the Timok lower zone. For a period of 12 months after the third anniversary of the initial sale of products from the Timok lower zone, the purchaser can settle, or FCX can demand payment of, such deferred payment obligation, in each case, for a total of $60 million. As these deferred payments are contingent upon future production (the Timok lower zone project is still pre-operational) and would result in gain recognition, no amounts were recorded upon the closing of the transaction. Subsequent recognition will be based on the gain contingency model, in which the consideration would be recorded in the period in which all contingencies are resolved and the gain is realized. This is expected to be when FCX (i) is provided periodic product sales information by the purchaser or (ii) gives notice to the purchaser or receives notice from the purchaser regarding the settlement of the deferred payments for $60 million. In addition and in connection with the transaction in 2019, in lieu of payment upon achievement of defined development milestones provided for in the 2016 Transaction, the purchaser paid $107 million in three installments of $12 million in 2022, $50 million in 2021 and $45 million in 2020. TF Holdings Limited - Discontinued Operations. In 2016, FCX completed the sale of its 70% interest in TF Holdings Limited to CMOC for $2.65 billion in cash (before closing adjustments) and contingent consideration of up to $120 million in cash. In 2020, FCX realized and collected contingent consideration of $60 million and no additional amount is realizable.

OWNERSHIP IN SUBSIDIARIES AND J

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Ownership In Subsidiaries And Joint Ventures	OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES Ownership in Subsidiaries. FMC produces copper and molybdenum from mines in North America and South America. At December 31, 2022, 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 Venture. Sumitomo and SMM Morenci, Inc.”) and owns 100% of the other North America mines. At December 31, 2022, operating mines in South America were Cerro Verde (53.56% owned) located in Peru and El Abra (51% owned) located in Chile. At December 31, 2022, FMC’s net assets totaled $19.0 billion and its accumulated deficit totaled $12.2 billion. FCX had $1 million in loans to FMC outstanding at December 31, 2022. FCX owns 48.76% of PT-FI (refer to “PT-FI Divestment”). At December 31, 2022, PT-FI’s net assets totaled $13.0 billion and its retained earnings totaled $8.4 billion. FCX had no loans to PT-FI outstanding at December 31, 2022. FCX owns 100% of the outstanding Atlantic Copper (FCX’s wholly owned smelting and refining unit in Spain) common stock. At December 31, 2022, Atlantic Copper’s net assets totaled $104 million and its accumulated deficit totaled $440 million. FCX had $456 million in loans to Atlantic Copper outstanding at December 31, 2022. 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 Indonesia Asahan Aluminium (Persero) (PT Inalum, also known as 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 - formerly known as PT Indocopper Investama). 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 in PT-FI approximated 81% through 2022 and is 48.76% thereafter (see further discussion 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 it 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 will retain 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 record 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 the economics replacement agreement included in the PT-FI Shareholders Agreement, as previously discussed. The economics replacement agreement entitled FCX to approximately 81% of PT-FI dividends paid during the Initial Period, with the remaining 19% paid to the noncontrolling interests. PT-FI’s cumulative net income during the Initial Period totaled $6.0 billion, of which $4.9 billion was attributed to FCX. In addition, because PT-FI did not achieve the Gold Target (as defined in the PT-FI Shareholders Agreement) during the Initial Period, PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold in 2023 will be attributed approximately 81% to FCX and 19% to MIND ID. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss will be based on equity ownership percentages (48.76% for FCX, 26.24% for MIND ID and 25.00% for PTI), except for the net income attributable to the approximately 190,000 ounces of gold sales discussed above. 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 62 million pounds of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $245 million during 2022. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $25 million at December 31, 2022, and $20 million at December 31, 2021. 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 MMC to jointly construct the PT Smelting facilities. PT Smelting, which commenced operations in 1999, was the first and currently the only operating copper smelter facility in Indonesia. PT-FI owns 39.5% of the outstanding common stock of PT Smelting. MMC owns the remaining 60.5% of PT Smelting’s outstanding common stock and serves as the operator of the facilities. On November 30, 2021, PT-FI entered into a convertible loan agreement to fund an expansion of PT Smelting’s facilities. Upon completion of the expansion project, targeted for year-end 2023, PT-FI’s loan is expected to convert into PT Smelting equity resulting in a majority ownership interest. FCX has determined that PT Smelting is a variable interest entity (VIE), 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, it accounts for its investment in PT Smelting under the equity method (refer to Note 6). PT-FI’s maximum exposure to loss is its investment in PT Smelting and its loan to fund the expansion (refer to Note 6). Additionally, refer to Note 6 for the carrying values of PT-FI’s trade receivable balances from PT Smelting for sales of concentrate. PT-FI’s equity in PT Smelting’s earnings totaled $24 million in 2022, $6 million in 2021 and $11 million in 2020. Beginning in 2023, PT-FI's commercial arrangement with PT Smelting converted to a tolling arrangement. Under the arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its concentrate and will retain title to all products for sale to third parties ( i.e.,

INVENTORIES, INCLUDING LONG-TER

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES	12 Months Ended
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill And Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow: December 31, 2022 2021 Current inventories: Total materials and supplies, net a $ 1,964 $ 1,669 Mill stockpiles $ 216 $ 193 Leach stockpiles 1,167 977 Total current mill and leach stockpiles $ 1,383 $ 1,170 Raw materials (primarily concentrate) $ 443 $ 536 Work-in-process 221 195 Finished goods 1,169 927 Total product $ 1,833 $ 1,658 Long-term inventories: Mill stockpiles $ 199 $ 226 Leach stockpiles 1,053 1,161 Total long-term mill and leach stockpiles b $ 1,252 $ 1,387 a. Materials and supplies inventory was net of obsolescence reserves totaling $39 million at December 31, 2022, and $36 million at December 31, 2021. b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded metal inventory adjustments totaling $29 million in 2022, including $19 million associated with NRV adjustments related to lower market prices for copper and $10 million for stockpile write-offs at Cerro Verde; $16 million in 2021, primarily associated with stockpiles at the Morenci mine no longer expected to be leached; and $96 million in 2020 associated with NRV adjustments related to lower market prices for copper and molybdenum. Refer to Note 16 for metal inventory adjustments by business segment. El Abra Stockpile Adjustment . In 2022, the El Abra mine revised its estimated recovery rate assumptions for specific ore types expected to be processed from its existing leach stockpile. The revised estimates resulted in a 135 million pound reduction in future estimated recoverable copper from this leach stockpile, which is being phased out. This revised estimate did not have a significant impact on FCX’s consolidated site production and delivery costs in 2022. Morenci Stockpile Adjustments. The Morenci mine has experienced improved recoveries at certain of its leach stockpiles and following an analysis of column testing results in 2021, Morenci concluded it had sufficient evidence to increase its estimated recoveries for certain of its leach stockpiles. As a result of the revised recoveries, Morenci increased its estimated recoverable copper in leach stockpiles by 191 million pounds (net of joint venture interest). The effect of this change in estimate reduced FCX’s consolidated site production and delivery costs and increased net income by $112 million ($0.08 per share) in 2021. In 2022, based on an annual review of leach stockpiles, FCX increased its estimated recoverable copper in leach stockpiles at Morenci by 213 million pounds (net of joint venture interest). This revised estimate did not have a significant impact on FCX’s consolidated site production and delivery costs in 2022.

PROPERTY, PLANT, EQUIPMENT AND

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 Proven and probable mineral reserves $ 7,159 $ 7,142 VBPP 360 376 Mine development and other 12,314 11,309 Buildings and infrastructure 9,746 9,412 Machinery and equipment 14,790 14,399 Mobile equipment 4,756 4,605 Construction in progress 4,419 2,477 Oil and gas properties 27,356 27,298 Total 80,900 77,018 Accumulated depreciation, depletion and amortization a (48,273) (46,673) Property, plant, equipment and mine development costs, net $ 32,627 $ 30,345 a. Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2022 and 2021. FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition (excluding $634 million associated with mining operations that were subsequently sold) and transferred $827 million to proven and probable mineral reserves through 2022 ($16 million in 2022 and none in 2021). Cumulative impairments of and adjustments to VBPP total $497 million, which were primarily recorded in 2008. Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, totaled $150 million in 2022, $72 million in 2021 and $147 million in 2020. During the three-year period ended December 31, 2022, no material impairments of FCX’s long-lived mining assets were recorded.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2022
Other Assets [Abstract]
Other Assets Disclosure	OTHER ASSETS The components of other assets follow: December 31, 2022 2021 Intangible assets a $ 416 $ 412 Legally restricted funds b 182 209 Disputed tax assessments: c Cerro Verde 333 237 PT-FI 12 57 Long-term receivable for taxes d 54 84 Investments: Assurance bond e 133 132 Fixed income, equity securities and other 79 74 PT Smelting f 50 26 Contingent consideration associated with sales of assets g 47 70 Loans to PT Smelting for expansion h 101 36 Long-term employee receivables 24 20 Prepaid rent and deposits 26 2 Other 144 101 Total other assets $ 1,601 $ 1,460 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2022, and $215 million at December 31, 2021. Accumulated amortization for definite-lived intangible assets totaled $39 million at December 31, 2022, and $35 million at December 31, 2021. b. Includes $181 million at December 31, 2022, and $208 million at December 31, 2021, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion). c. Refer to Note 12 for further discussion. d. Includes tax overpayments and refunds not expected to be realized within the next 12 months. e. Relates to PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion). f. PT-FI’s ownership in PT Smelting is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $112 million at December 31, 2022, and $126 million at December 31, 2021. Trade accounts receivable from PT Smelting totaled $277 million at December 31, 2022, and $411 million at December 31, 2021. g. Refer to Note 15 for further discussion. h. Refer to Note 3 for further discussion.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Dec. 31, 2022
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, 2022 2021 Accounts payable $ 2,701 $ 2,035 Salaries, wages and other compensation 329 334 Accrued interest a 218 203 PT-FI contingencies b 179 259 Pension, postretirement, postemployment and other employee benefits c 143 190 Litigation accruals 99 28 Deferred revenue 76 191 Accrued taxes, other than income taxes 75 64 Accrued mining royalties 41 33 Leases d 38 38 Other 128 120 Total accounts payable and accrued liabilities $ 4,027 $ 3,495 a. Third-party interest paid, net of capitalized interest, was $417 million in 2022, $640 million in 2021 and $472 million in 2020. b. Refer to Note 12 for further discussion. c. Refer to Note 9 for long-term portion. d. Refer to Note 13 for further discussion.

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	DEBT FCX’s debt at December 31, 2022, is net of reductions of $78 million ($86 million at December 31, 2021) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow: December 31, 2022 2021 Revolving credit facilities: FCX $ — $ — PT-FI — — Cerro Verde — — Senior notes and debentures: Issued by FCX: 3.875% Senior Notes due 2023 a 995 995 4.55% Senior Notes due 2024 729 728 5.00% Senior Notes due 2027 465 594 4.125% Senior Notes due 2028 543 693 4.375% Senior Notes due 2028 475 643 5.25% Senior Notes due 2029 499 593 4.25% Senior Notes due 2030 494 593 4.625% Senior Notes due 2030 615 841 5.40% Senior Notes due 2034 723 742 5.450% Senior Notes due 2043 1,687 1,846 Issued by PT-FI: 4.763% Senior Notes due 2027 745 — 5.315% Senior Notes due 2032 1,489 — 6.200% Senior Notes due 2052 744 — Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 122 123 6 1/8% Senior Notes due 2034 118 117 PT-FI Term Loan — 432 Cerro Verde Term Loan — 325 Other 62 70 Total debt 10,620 9,450 Less current portion of debt (1,037) (372) Long-term debt $ 9,583 $ 9,078 a. Maturing in March 2023. Revolving Credit Facilities FCX . At December 31, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility and was in compliance with its revolving credit facility covenants. In October 2022, FCX and PT-FI entered into a $3.0 billion, five-year, unsecured revolving credit facility, which replaced FCX’s prior revolving credit facility that was scheduled to mature in April 2024. The revolving credit facility 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 PT-FI’s capacity limited to $500 million, and letters of credit issuance limited to $1.5 billion. 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 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 . In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. In April 2022, PT-FI amended and restated its five-year, unsecured revolving credit facility to, among other things, increase the availability to $1.3 billion. The amended and restated credit facility matures in July 2026. At December 31, 2022, PT-FI had no borrowings under its revolving credit facility and was in compliance with its covenants. 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. In May 2022, Cerro Verde entered into a $350 million, five-year, unsecured revolving credit facility that matures in May 2027. At December 31, 2022, Cerro Verde had no borrowings outstanding under its revolving credit facility and was in compliance with its covenants. Senior Notes FCX. In May 2022, FCX began purchasing certain of its senior notes in open-market transactions. Listed below are the FCX senior notes, purchased or redeemed in full during the three-year period ended December 31, 2022. Principal Amount Net Adjustments Book Value Redemption Value (Gain)/Loss Year Ended December 31, 2022 5.00% Senior Notes due 2027 $ 131 $ (1) $ 130 $ 130 $ — 4.125% Senior Notes due 2028 153 (1) 152 143 (9) 4.375% Senior Notes due 2028 171 (2) 169 163 (6) 5.25% Senior Notes due 2029 97 (1) 96 93 (3) 4.25% Senior Notes due 2030 101 (1) 100 93 (7) 4.625% Senior Notes due 2030 228 (2) 226 215 (11) 5.40% Senior Notes due 2034 20 — 20 20 — 5.450% Senior Notes due 2043 160 (2) 158 150 (8) Total $ 1,061 $ (10) $ 1,051 $ 1,007 $ (44) Year Ended December 31, 2021 FCX 3.55% Senior Notes due 2022 $ 524 $ — $ 524 $ 524 $ — Year Ended December 31, 2020 FCX 4.00% Senior Notes due 2021 $ 195 $ (1) $ 194 $ 205 $ 11 FCX 3.55% Senior Notes due 2022 1,356 (6) 1,350 1,391 41 FCX 3.875% Senior Notes due 2023 927 (4) 923 964 41 FCX 4.55% Senior Notes due 2024 120 (1) 119 126 7 Total $ 2,598 $ (12) $ 2,586 $ 2,686 $ 100 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 5.00% Senior Notes due 2027 September 1, 2022 4.125% Senior Notes due 2028 March 1, 2023 4.375% Senior Notes due 2028 August 1, 2023 5.25% Senior Notes due 2029 September 1, 2024 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 3.875% Senior Notes due 2023 December 15, 2022 4.55% Senior Notes due 2024 August 14, 2024 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 expects to use the remaining net proceeds to finance its smelter projects. 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 6.2% Senior Notes due 2052 October 14, 2051 Term Loans PT-FI . In April 2022, PT-FI repaid the principal balance of the term loan portion of its unsecured credit facility, which cannot be redrawn, and recorded a loss on early extinguishment of debt of $10 million. Cerro Verde . In May 2022, Cerro Verde repaid the principal balance of its term loan. Cerro Verde Shareholder Loans. In December 2014, Cerro Verde entered into loan agreements with three of its shareholders, which will mature in May 2024. No amounts were outstanding at December 31, 2022 and 2021, and availability under these agreements totals $200 million. Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2022, total $1.0 billion in 2023, $731 million in 2024, $4 million in 2025, $4 million in 2026, $1.3 billion in 2027 and $7.6 billion thereafter.

OTHER LIABILITIES, INCLUDING EM

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	12 Months Ended
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	Dec. 31, 2022
Other Liabilities, Including Employee Benefits [Abstract]
Other Liabilities	OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2022 2021 Pension, postretirement, postemployment and other employment benefits a $ 775 $ 845 Leases b 294 281 Provision for tax positions 161 232 Litigation accruals 109 131 Indemnification of MIND ID b 74 78 Other 149 116 Total other liabilities $ 1,562 $ 1,683 a. Refer to Note 7 for current portion. b. Refer to Note 13 for further discussion. 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. In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, 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. Historically, FMC plan assets have been invested in a balanced portfolio of return-seeking and risk-mitigating assets, with the allocation between these portfolios dependent on the funded status of the plan. During 2021, FCX reallocated essentially all of the portfolio to risk-mitigating assets with the objective of minimizing funded-status volatility. The risk-mitigating assets are 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 (16%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (STRIPS) (13%); 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% per annum beginning January 1, 2023, 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 chief executive officer. 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 15,652 rupiah to one U.S. dollar on December 31, 2022, and 14,198 rupiah to one U.S. dollar on December 31, 2021. 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, 2023. 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, 2022 2021 Projected and accumulated benefit obligation $ 1,831 $ 2,476 Fair value of plan assets 1,422 1,988 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 2,553 $ 2,722 $ 237 $ 238 Service cost 15 12 12 13 Interest cost 71 66 14 14 Actuarial gains (623) (117) (2) (3) Special termination benefits and plan amendments — — 2 (2) Foreign exchange gains (3) (1) (22) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Benefit obligation at end of year 1,884 2,553 215 237 Change in plan assets: Fair value of plan assets at beginning of year 2,071 1,946 240 251 Actual return on plan assets (509) 150 10 8 Employer contributions a 52 105 2 4 Foreign exchange losses (2) (1) (21) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Fair value of plan assets at end of year 1,483 2,071 205 240 Funded status $ (401) $ (482) $ (10) $ 3 Accumulated benefit obligation $ 1,882 $ 2,551 $ 176 $ 194 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.41 % 2.85 % 7.00 % 6.50 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 8 $ 6 $ — $ 3 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (405) (484) (10) — Total $ (401) $ (482) $ (10) $ 3 a. Employer contributions for 2023 are currently expected to approximate $60 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2022, exchange rate of 15,652 Indonesia rupiah to one U.S. dollar). During 2022, the actuarial gain of $623 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.85% to 5.41% . During 2021, the actuarial gain of $117 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.50% to 2.85%. 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: 2022 2021 2020 Weighted-average assumptions: a Discount rate 2.85 % 2.50 % 2.98 % Expected return on plan assets 3.00 % 5.25 % 6.25 % Rate of compensation increase N/A N/A 3.25 % Service cost $ 15 $ 12 $ 37 Interest cost 71 66 77 Expected return on plan assets (62) (98) (105) Amortization of net actuarial losses 15 25 45 Curtailment loss — — 4 Net periodic benefit cost $ 39 $ 5 $ 58 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: 2022 2021 2020 Weighted-average assumptions: Discount rate 6.50 % 6.25 % 7.25 % Expected return on plan assets 7.00 % 7.75 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 13 $ 11 Interest cost 14 14 14 Expected return on plan assets (15) (19) (19) Amortization of prior service cost 1 1 2 Amortization of net actuarial gains (1) (1) (3) Special termination benefit 2 — — Net periodic benefit cost $ 13 $ 8 $ 5 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income (expense), 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: 2022 2021 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 426 $ 305 $ 488 $ 369 Prior service costs — (2) 2 — $ 426 $ 303 $ 490 $ 369 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, 2022 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 335 $ 335 $ — $ — $ — Short-term investments 30 30 — — — Fixed income: Corporate bonds 712 — — 712 — Government bonds 282 — — 282 — Private equity investments 25 25 — — — Other investments 55 — 1 54 — Total investments 1,439 $ 390 $ 1 $ 1,048 $ — Cash and receivables 49 Payables (5) Total pension plan net assets $ 1,483 Fair Value at December 31, 2021 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 522 $ 522 $ — $ — $ — Real estate property 72 72 — — — Short-term investments 38 38 — — — Fixed income: Corporate bonds 911 — — 911 — Government bonds 437 — — 437 — Private equity investments 11 11 — — — Other investments 74 — 1 73 — Total investments 2,065 $ 643 $ 1 $ 1,421 $ — Cash and receivables 18 Payables (12) Total pension plan net assets $ 2,071 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 (except the real estate property fund) primarily require up to a two-business-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. 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, 2022 Total Level 1 Level 2 Level 3 Government bonds $ 95 ` $ 95 $ — $ — Common stocks 72 72 — — Mutual funds 12 12 — — Total investments 179 $ 179 $ — $ — Cash and receivables a 27 Payables (1) Total pension plan net assets $ 205 Fair Value at December 31, 2021 Total Level 1 Level 2 Level 3 Government bonds $ 114 $ 114 $ — $ — Common stocks 80 80 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 29 Payables (1) Total pension plan net assets $ 240 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 2023 $ 127 $ 29 2024 183 26 2025 131 26 2026 132 28 2027 132 29 2028 through 2032 648 127 a. Based on a December 31, 2022, exchange rate of 15,652 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 $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $43 million (included in other liabilities) at December 31, 2022, and a current portion of $7 million and a long-term portion of $57 million at December 31, 2021. 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 $41 million (included in other liabilities) at December 31, 2022, and a current portion of $6 million and a long-term portion of $35 million at December 31, 2021. 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 $56 million at December 31, 2022, and $51 million at December 31, 2021, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $101 million in 2022, $95 million in 2021 and $40 million in 2020. The costs were lower in 2020, compared with 2022 and 2021, because of a temporary suspension of FCX contributions implemented as part of its April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.
Employee Benefits	OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2022 2021 Pension, postretirement, postemployment and other employment benefits a $ 775 $ 845 Leases b 294 281 Provision for tax positions 161 232 Litigation accruals 109 131 Indemnification of MIND ID b 74 78 Other 149 116 Total other liabilities $ 1,562 $ 1,683 a. Refer to Note 7 for current portion. b. Refer to Note 13 for further discussion. 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. In August 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that, effective September 1, 2020, 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. Historically, FMC plan assets have been invested in a balanced portfolio of return-seeking and risk-mitigating assets, with the allocation between these portfolios dependent on the funded status of the plan. During 2021, FCX reallocated essentially all of the portfolio to risk-mitigating assets with the objective of minimizing funded-status volatility. The risk-mitigating assets are 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 (16%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (STRIPS) (13%); 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% per annum beginning January 1, 2023, 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 chief executive officer. 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 15,652 rupiah to one U.S. dollar on December 31, 2022, and 14,198 rupiah to one U.S. dollar on December 31, 2021. 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, 2023. 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, 2022 2021 Projected and accumulated benefit obligation $ 1,831 $ 2,476 Fair value of plan assets 1,422 1,988 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 2,553 $ 2,722 $ 237 $ 238 Service cost 15 12 12 13 Interest cost 71 66 14 14 Actuarial gains (623) (117) (2) (3) Special termination benefits and plan amendments — — 2 (2) Foreign exchange gains (3) (1) (22) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Benefit obligation at end of year 1,884 2,553 215 237 Change in plan assets: Fair value of plan assets at beginning of year 2,071 1,946 240 251 Actual return on plan assets (509) 150 10 8 Employer contributions a 52 105 2 4 Foreign exchange losses (2) (1) (21) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Fair value of plan assets at end of year 1,483 2,071 205 240 Funded status $ (401) $ (482) $ (10) $ 3 Accumulated benefit obligation $ 1,882 $ 2,551 $ 176 $ 194 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.41 % 2.85 % 7.00 % 6.50 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 8 $ 6 $ — $ 3 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (405) (484) (10) — Total $ (401) $ (482) $ (10) $ 3 a. Employer contributions for 2023 are currently expected to approximate $60 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2022, exchange rate of 15,652 Indonesia rupiah to one U.S. dollar). During 2022, the actuarial gain of $623 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.85% to 5.41% . During 2021, the actuarial gain of $117 million for the FCX pension plans primarily resulted from the increase in the discount rate from 2.50% to 2.85%. 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: 2022 2021 2020 Weighted-average assumptions: a Discount rate 2.85 % 2.50 % 2.98 % Expected return on plan assets 3.00 % 5.25 % 6.25 % Rate of compensation increase N/A N/A 3.25 % Service cost $ 15 $ 12 $ 37 Interest cost 71 66 77 Expected return on plan assets (62) (98) (105) Amortization of net actuarial losses 15 25 45 Curtailment loss — — 4 Net periodic benefit cost $ 39 $ 5 $ 58 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: 2022 2021 2020 Weighted-average assumptions: Discount rate 6.50 % 6.25 % 7.25 % Expected return on plan assets 7.00 % 7.75 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 13 $ 11 Interest cost 14 14 14 Expected return on plan assets (15) (19) (19) Amortization of prior service cost 1 1 2 Amortization of net actuarial gains (1) (1) (3) Special termination benefit 2 — — Net periodic benefit cost $ 13 $ 8 $ 5 The service cost component of net periodic benefit cost is included in operating income, and the other components are included in other income (expense), 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: 2022 2021 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 426 $ 305 $ 488 $ 369 Prior service costs — (2) 2 — $ 426 $ 303 $ 490 $ 369 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, 2022 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 335 $ 335 $ — $ — $ — Short-term investments 30 30 — — — Fixed income: Corporate bonds 712 — — 712 — Government bonds 282 — — 282 — Private equity investments 25 25 — — — Other investments 55 — 1 54 — Total investments 1,439 $ 390 $ 1 $ 1,048 $ — Cash and receivables 49 Payables (5) Total pension plan net assets $ 1,483 Fair Value at December 31, 2021 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 522 $ 522 $ — $ — $ — Real estate property 72 72 — — — Short-term investments 38 38 — — — Fixed income: Corporate bonds 911 — — 911 — Government bonds 437 — — 437 — Private equity investments 11 11 — — — Other investments 74 — 1 73 — Total investments 2,065 $ 643 $ 1 $ 1,421 $ — Cash and receivables 18 Payables (12) Total pension plan net assets $ 2,071 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 (except the real estate property fund) primarily require up to a two-business-day notice for redemptions. The real estate property fund is valued at NAV using information from independent appraisal firms, who have knowledge and expertise about the current market values of real property in the same vicinity as the investments. 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, 2022 Total Level 1 Level 2 Level 3 Government bonds $ 95 ` $ 95 $ — $ — Common stocks 72 72 — — Mutual funds 12 12 — — Total investments 179 $ 179 $ — $ — Cash and receivables a 27 Payables (1) Total pension plan net assets $ 205 Fair Value at December 31, 2021 Total Level 1 Level 2 Level 3 Government bonds $ 114 $ 114 $ — $ — Common stocks 80 80 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 29 Payables (1) Total pension plan net assets $ 240 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 2023 $ 127 $ 29 2024 183 26 2025 131 26 2026 132 28 2027 132 29 2028 through 2032 648 127 a. Based on a December 31, 2022, exchange rate of 15,652 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 $6 million (included in accounts payable and accrued liabilities) and a long-term portion of $43 million (included in other liabilities) at December 31, 2022, and a current portion of $7 million and a long-term portion of $57 million at December 31, 2021. 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 $41 million (included in other liabilities) at December 31, 2022, and a current portion of $6 million and a long-term portion of $35 million at December 31, 2021. 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 $56 million at December 31, 2022, and $51 million at December 31, 2021, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $101 million in 2022, $95 million in 2021 and $40 million in 2020. The costs were lower in 2020, compared with 2022 and 2021, because of a temporary suspension of FCX contributions implemented as part of its April 2020 revised operating plans. FCX contributions resumed on January 1, 2021. 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
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Notes)	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Stock-Based Compensation	STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION FCX’s authorized shares of capital stock total 3.05 billion shares, consisting of 3.0 billion shares of common stock and 50 million shares of preferred stock. Financial Policy. In February 2021, FCX’s Board of Directors (Board) adopted a financial policy for the allocation of cash flows aligned with FCX’s strategic objectives of maintaining a strong balance sheet and increasing cash returns to shareholders while advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding project net debt for additional smelting capacity in Indonesia). In February 2021, the Board reinstated a cash dividend on FCX’s common stock (base dividend), and on November 1, 2021, the Board approved (i) a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock and (ii) a variable cash dividend on FCX’s common stock for 2022. In July 2022, the Board authorized an increase in the share repurchase program from up to $3.0 billion to up to $5.0 billion. Refer to Note 11 for further discussion of the U.S. Inflation Reduction Act (the Act), including a 1% excise tax on corporate stock repurchases beginning in 2023. In 2021, FCX acquired 12.74 million shares of its common stock for a total cost of $0.5 billion ($38.32 average cost per share) and in 2022, FCX acquired 35.12 million shares of its common stock under its share repurchase program for a total cost of $1.3 billion ($38.36 average cost per share). As of February 15, 2023, FCX has $3.2 billion available for repurchases under the program. On December 21, 2022, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on February 1, 2023, to common stockholders of record as of January 13, 2023. The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases is at the discretion of FCX’s Board and management, respectively, and is subject to a number of factors, including maintaining 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, 2020 $ (686) $ 10 $ (676) Amounts arising during the period a,b 47 — 47 Amounts reclassified c 46 — 46 Balance at December 31, 2020 (593) 10 (583) Amounts arising during the period a,b 176 — 176 Amounts reclassified c 19 — 19 Balance at December 31, 2021 (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) a. Includes net actuarial gains, net of noncontrolling interest, totaling $40 million for 2020, $174 million for 2021 and $59 million for 2022. b. Includes tax provision totaling $7 million for 2020, $2 million for 2021 and 2022. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2020, 2021 and 2022. 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, 2022, 25.5 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: 2022 2021 2020 Selling, general and administrative expenses $ 57 $ 64 $ 70 Production and delivery 38 34 29 Total stock-based compensation 95 98 99 Tax benefit and noncontrolling interests’ share a (4) (5) (5) Impact on net income $ 91 $ 93 $ 94 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. Stock options 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. There were no stock options granted by FCX in 2022. A summary of stock options outstanding as of December 31, 2022, and activity during the year ended December 31, 2022, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 21,822,562 $ 23.78 Exercised (6,371,610) 21.07 Expired/Forfeited (3,836,900) 46.56 Balance at December 31 11,614,052 17.75 4.7 $ 235 Vested and exercisable at December 31 11,171,890 17.65 4.6 $ 227 The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option valuation model. Expected volatility is based on implied volatilities from traded options on FCX’s common stock and historical volatility of FCX’s common stock. FCX uses historical data to estimate future option exercises, forfeitures and expected life. When appropriate, separate groups of employees who have similar historical exercise behavior are considered separately for valuation purposes. The expected dividend rate is calculated using the expected annual dividend at the date of grant. The risk-free interest rate is based on Federal Reserve rates in effect for bonds with maturity dates equal to the expected term of the option. Information related to stock options during the years ended December 31 follows: 2022 a 2021 2020 Weighted-average assumptions used to value stock option awards: Expected volatility N/A 58.1 % 47.7 % Expected life of options (in years) N/A 5.90 5.83 Expected dividend rate N/A 2.5 % 1.7 % Risk-free interest rate N/A 0.6 % 1.5 % Weighted-average grant-date fair value (per option) N/A $ 11.92 $ 4.72 Intrinsic value of options exercised $ 148 $ 194 $ 82 Fair value of options vested $ 23 $ 16 $ 28 a. FCX did not grant stock options in 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 2022, 0.3 million for 2021 and 0.8 million for 2020, 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 expensed 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, 2022, and activity during the year ended December 31, 2022, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 7,800,885 $ 19.82 Granted 2,274,340 36.26 Vested (3,405,769) 14.64 Forfeited (18,583) 34.94 Balance at December 31 6,650,873 28.05 $ 253 The total fair value of stock-settled RSUs and PSUs granted was $83 million during 2022, $62 million during 2021 and $47 million during 2020. The total intrinsic value of stock-settled RSUs and PSUs vested was $138 million during 2022, $56 million during 2021 and $18 million during 2020. As of December 31, 2022, FCX had $25 million of total unrecognized compensation cost related to unvested stock-settled RSUs and PSUs expected to be recognized over approximately 1.2 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, 2022, and activity during the year ended December 31, 2022, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 1,053,924 $ 16.56 Granted 389,950 38.78 Vested (603,686) 14.84 Forfeited (25,899) 30.12 Balance at December 31 814,289 28.04 $ 31 The total grant-date fair value of cash-settled RSUs was $15 million during 2022, $9 million during 2021 and $11 million during 2020. The intrinsic value of cash-settled RSUs vested was $26 million during 2022, $24 million during 2021 and $11 million during 2020. The accrued liability associated with cash-settled RSUs consisted of a current portion of $19 million (included in accounts payable and accrued liabilities) and a long-term portion of $5 million (included in other liabilities) at December 31, 2022, and a current portion of $26 million and a long-term portion of $6 million at December 31, 2021. 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: 2022 2021 2020 FCX shares tendered to pay the exercise price and/or the minimum required withholding taxes a 1,511,072 1,358,101 1,193,183 Cash received from stock option exercises $ 125 $ 210 $ 51 Actual tax benefit realized for tax deductions $ 13 $ 9 $ 2 Amounts FCX paid for employee taxes $ 55 $ 29 $ 17 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required withholding taxes.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2022 2021 2020 U.S. $ 840 $ 1,861 $ (40) Foreign 5,875 5,798 1,837 Total $ 6,715 $ 7,659 $ 1,797 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 consists of the following: 2022 2021 2020 Current income taxes: Federal $ — $ — $ 53 a State 1 (11) (1) Foreign (2,232) (2,460) (816) b Total current (2,231) (2,471) (764) Deferred income taxes: Federal (149) (184) 3 State (6) (4) 5 Foreign (144) (23) (306) Total deferred (299) (211) (298) Adjustments 1 193 c 37 Operating loss carryforwards 262 190 81 Provision for income taxes $ (2,267) $ (2,299) $ (944) a. Includes a credit of $53 million associated with the reversal of the charge associated with the sale of FCX’s interest in the lower zone of the Timok exploration project. b. Includes a charge of $135 million associated with the gain on sale of FCX’s interest in the Kisanfu undeveloped project. c. Primarily reflects the release of valuation allowances on NOLs at PT Rio Tinto (see below). A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows: 2022 2021 2020 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,410) (21) % $ (1,608) (21) % $ (377) (21) % Withholding and other impacts on foreign earnings (673) (10) (678) (9) (193) (11) Effect of foreign rates different than the U.S. federal statutory rate (314) (5) (328) (4) (109) (6) Percentage depletion 189 3 221 3 104 6 Foreign tax credit limitation (28) (1) (11) — 28 2 Uncertain tax positions (17) — 13 — (15) (1) PT-FI historical tax disputes a (8) — (193) (3) (8) — Valuation allowance b 6 — 221 3 (210) (12) State income taxes (4) — (14) — (2) — PT Rio Tinto valuation allowance b — — 189 2 — — Sale of Kisanfu — — — — (135) (8) Timok exploration project sale — — — — 53 3 Cerro Verde historical tax disputes — — — — (39) (2) Other items, net (8) — (111) (1) (41) (3) Provision for income taxes $ (2,267) (34) % $ (2,299) (30) % $ (944) (53) % a. Refer to “Indonesia Tax Matters” below. b. Refer to “Valuation Allowances” below. FCX paid federal, state and foreign income taxes totaling $3.1 billion in 2022, $1.3 billion in 2021 and $397 million in 2020. FCX received refunds of federal, state and foreign income taxes totaling $46 million in 2022, $109 million in 2021 and $265 million in 2020. The components of deferred taxes follow: December 31, 2022 2021 Deferred tax assets: Foreign tax credits $ 1,514 $ 1,536 NOLs 1,923 2,220 Accrued expenses 1,303 1,193 Employee benefit plans 99 105 Other 230 252 Deferred tax assets 5,069 5,306 Valuation allowances (3,985) (4,087) Net deferred tax assets 1,084 1,219 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,330) (4,492) Undistributed earnings (810) (807) Other (211) (152) Total deferred tax liabilities (5,351) (5,451) Net deferred tax liabilities $ (4,267) $ (4,232) Tax Attributes. At December 31, 2022, FCX had (i) U.S. foreign tax credits of $1.5 billion that will expire between 2023 and 2027, (ii) U.S. federal NOLs of $5.5 billion that primarily expire between 2036 and 2037, of which $0.4 billion can be carried forward indefinitely, (iii) U.S. state NOLs of $10.5 billion that primarily expire between 2023 and 2042, (iv) Spanish NOLs of $0.5 billion that can be carried forward indefinitely and (v) Indonesia NOLs of $0.5 billion that expire between 2024 and 2026. Valuation Allowances. On the basis of available information at December 31, 2022, 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 $4.0 billion at December 31, 2022, and covered all of FCX’s U.S. foreign tax credits and U.S. federal NOLs, substantially all of its U.S. state NOLs, as well as a portion of its U.S. federal, state and foreign deferred tax assets and foreign NOLs. The valuation allowance related to FCX’s U.S. foreign tax credits totaled $1.5 billion at December 31, 2022. 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 $0.7 billion at December 31, 2022. 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 $102 million net decrease in the valuation allowances during 2022 is primarily related to $163 million of U.S. federal NOLs utilized during 2022, and a $22 million decrease related to expirations of U.S. foreign tax credits partially offset by an increase of $104 million, primarily associated with current year changes in U.S. federal temporary differences. U.S. Inflation Reduction Act of 2022 . In August 2022, the Act was signed into law, which includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period, and a new excise tax of 1% on the fair market value of net corporate stock repurchases. The Act had no impact on FCX’s consolidated financial statements for the year ended December 31, 2022. The provisions of the Act are applicable to FCX beginning January 1, 2023. Additional guidance related to how the CAMT provisions of the Act will be applied or otherwise administered is yet to be released by the U.S. Department of the Treasury, and may differ from FCX’s interpretations. FCX will continue to analyze the impacts as additional guidance is released. FCX expects the CAMT provisions will impact its U.S. tax position, and may further limit its ability to benefit from its U.S. NOLs. Other Events. In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world announced measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021, enacted in March 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in March 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the years ended December 31, 2021 or 2020. However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax (AMT). FCX fully collected all outstanding U.S. AMT refunds of $24 million in 2021 and $244 million in 2020. Indonesia Tax Matters. In 2018, PT-FI received unfavorable Indonesia Tax Court decisions with respect to its appeal of capitalized mine development costs on its 2012 and 2014 corporate income tax returns. PT-FI appealed those decisions to the Indonesia Supreme Court. In 2019, the Indonesia Supreme Court communicated an unfavorable ruling regarding the treatment of mine development costs on PT-FI’s 2014 tax return. During fourth-quarter 2019, PT-FI met with the Indonesia Tax Office and developed a framework for resolution of the disputed matters. On December 30, 2019, PT-FI made a payment of $250 million based on its understanding of the framework for resolution of disputes arising from the audits of the tax years 2012 through 2016, as well as tax years 2017 and 2018, and recorded net charges totaling $304 million for the year 2019. During 2020 , in connection with progress of the framework for resolution of the disputed matters, PT-FI recorded additional net charges of $46 million, including $9 million for non-deductible penalties recorded to other (expense) income, net and $35 million for non-deductible interest recorded to interest expense, net, and $2 million to provision for income tax expense. During 2021, PT-FI participated in discussions with the Indonesia Tax Office regarding progress on the framework for resolution of disputes arising from the audits of tax years 2012 through 2016. As a result of these discussions and the revised positions taken by both the Indonesia Tax Office and PT-FI, FCX could no longer conclude a resolution of all of the disputed tax items at a more-likely-than-not threshold and PT-FI recorded additional net charges of $384 million, including $155 million for non-deductible penalties recorded to other income (expense), net, $43 million for non-deductible interest recorded to interest expense, net, and $186 million to provision for income tax expense. During 2022, in conjunction with the framework for resolution of disputed matters and the closure of the 2018 corporate income tax audit, PT-FI recorded net charges of $13 million, including $5 million for non-deductible interest recorded to interest expense, net, and $8 million to provision for income taxes. PT-FI continues to engage with the Indonesia Tax Office in pursuit of clarification on certain aspects of the original framework for resolution of the disputed matters. In conjunction with the issuance of Government Regulation Number 50 of 2022, which stipulates that objection, tax court, and judicial review verdicts issued after the issuance of the harmonization law qualify for reduced penalties, PT-FI recorded net credits totaling $69 million in 2022 (including a credit of $76 million recorded to other income (expense), net and a charge of $7 million to provision for income taxes), which mostly related to the disputed matters discussed above. Peru Tax Matters. In 2016, the Peru parliament passed tax legislation that, in part, modified the applicable tax rates established in its 2014 tax legislation, which progressively decreased the corporate income tax rate to 26% in 2019 and thereafter, and also increased the dividend tax rate on distributions to 9.3% in 2019 and thereafter. Under the tax legislation, which was effective January 1, 2017, the corporate income tax rate was 29.5%, and the dividend tax rate on distributions of earnings was 5%. 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 tax rate on dividend distributions is not stabilized by the agreement. Chile Tax Matters . In 2014, the Chile legislature approved a tax reform package that implemented a dual tax system, which was amended in 2016. Under previous rules, FCX’s share of income from El Abra was subject to an effective 35% tax rate allocated between income taxes and dividend withholding taxes. Under the amended tax reform package, El Abra is subject to the “Partially-Integrated System,” resulting in FCX’s share of income from El Abra being subject to progressively increasing effective tax rates of 35% through 2019 and 44.5% in 2020 and thereafter. In 2017, the progression of increasing tax rates was delayed by the Chile legislature so that the 35% rate continued through 2021, increasing to 44.5% in 2022 and thereafter. In January 2020, the Chile legislature approved a tax reform package that would further delay the 44.5% rate until 2027 and thereafter. In 2010, the Chile legislature approved an increase in mining royalty taxes to help fund earthquake reconstruction activities, education and health programs. Beginning in 2018, and through 2023 mining royalty rates at FCX’s El Abra mine are based on a sliding scale of 5% to 14% (depending on a defined operational margin). 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 (expense), 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. 2022 2021 2020 Balance at beginning of year $ 808 $ 474 $ 491 Additions: Prior year tax positions 26 330 56 Current year tax positions 25 71 60 Decreases: Prior year tax positions (12) (30) (82) Settlements with taxing authorities (37) (37) (51) Balance at end of year $ 810 $ 808 $ 474 The total amount of accrued interest and penalties associated with unrecognized tax benefits was $551 million at December 31, 2022, primarily relating to unrecognized tax benefits associated with cost recovery methods and royalties and other related mining taxes, $620 million at December 31, 2021, and $307 million at December 31, 2020. The reserve for unrecognized tax benefits of $810 million at December 31, 2022, included $689 million ($485 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 and various non-deductible costs. There continues to be uncertainty related to the timing of settlements with taxing authorities, but if additional settlements are agreed upon during the year 2023, 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 2017-2018 2014-2016, 2019-2022 Indonesia 2012-2017 2020-2022 Peru - 2017-2022 Chile 2020-2021 2019,2022

CONTINGENCIES

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Environmental. FCX subsidiaries are subject to various national, state and local environmental laws and regulations that govern emissions of air pollutants; discharges of water pollutants; generation, handling, storage and disposal of hazardous substances, hazardous wastes and other toxic materials; and remediation, restoration and reclamation of environmental contamination. 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 damaged natural resources (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2022, FCX had more than 100 active remediation projects, including NRD claims, in 24 U.S. states. The aggregate environmental obligation for approximately 60% of the active remediation projects totaled less than $20 million at December 31, 2022. A summary of changes in estimated environmental obligations for the years ended December 31 follows: 2022 2021 2020 Balance at beginning of year $ 1,664 $ 1,584 $ 1,561 Accretion expense a 110 104 102 Additions b 57 60 38 Reductions b (14) (20) (58) Spending (77) (64) (59) Balance at end of year 1,740 1,664 1,584 Less current portion (125) (64) (83) Long-term portion $ 1,615 $ 1,600 $ 1,501 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. Adjustments to environmental obligations are charged to operating income. Adjustments primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments. Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $3.7 billion, including $125 million in 2023, $120 million in 2024, $93 million in 2025, $100 million in 2026, $97 million in 2027 and $3.2 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, 2022, FCX’s environmental obligations totaled $1.7 billion, including $1.6 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 $3.3 billion and $4.1 billion on an undiscounted and de-escalated basis. At December 31, 2022, 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 $1.5 billion at December 31, 2022. 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. FCX’s environmental liability balance for this site was $437 million at December 31, 2022. 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 notified PDRC, four other companies and the City of New York that EPA considers them PRPs under CERCLA. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and 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. The NCG’s RI/FS work and efforts to identify other PRPs are ongoing. The NCG submitted a final draft RI report to EPA in December 2022. The NCG expects to submit a draft FS report to EPA in late 2025 and currently expects EPA to select a creek-wide remedy in 2028, with the actual remediation construction starting several years later. In early 2022, EPA asked the NCG to develop and evaluate remedial alternatives for an early action in the East Branch tributary of the creek. FCX’s environmental liability balance for this site was $338 million at December 31, 2022. The final costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX. 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. Assessments of sediments in the adjacent Arthur Kill and sampling and analysis within the offsite area as we obtain access to residential properties are ongoing and could result in additional adjustments to the related environmental remediation obligation in future periods. The extent of contamination and potential remedial actions are uncertain and may take several years to evaluate. FCX’s environmental liability balance for historical smelter sites, including in the Borough of Carteret, New Jersey, was $268 million at December 31, 2022. On January 30, 2017, a putative class action titled Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper & Gold Inc. and Amax Realty Development, Inc. , Docket No. 734-17, was filed in the Superior Court of New Jersey against USMR, FCX, and Amax Realty Development, Inc. The defendants removed this litigation to the U.S. District Court for the District of New Jersey, where it remains pending, and FMC was added as a defendant. The suit alleges that USMR generated and disposed of smelter waste at the site and allegedly released contaminants on-site and off-site through discharges to surface water and air emissions over a period of decades and seeks unspecified compensatory and punitive damages for economic losses, including diminished property values, additional soil investigation and remediation and other damages. In September 2022, the parties completed re-briefing on the plaintiffs’ motion for class certification. The judge indicated in late 2022 that there likely would not be a decision on class certification until late 2023 or 2024. In December 2022, the parties reached an agreement in principle to settle the class action suit and individual claims by some property owners outside the settlement class area. The potential settlement (if effected in accordance with the agreement in principle) would not have a material effect on our financial condition, results of operations or cash flows. However, there can be no assurance that a settlement will be reached and, if an agreement among the parties is reached, the implementation of a settlement would require, among other things, court approval. Given the uncertainties and complexities involved, FCX continues to prepare for trial and intends to vigorously defend the matter. 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. In 2020, FCX reduced its associated obligation and recorded a $47 million credit to operating income to reflect the discounting effect of the recent and expected pace of project work under post-COVID-19 pandemic conditions. By letter dated September 29, 2021, EPA informed an FCX subsidiary that it does not expect to have funds sufficient to remediate sites covered by a bankruptcy settlement with Tronox and EPA considers a subsidiary of FCX to be potentially liable for 23 of these sites. However, based on recently available information from EPA, it is currently considered unlikely that EPA will deplete the available settlement dollars, at least in the near-term, and seek additional funds from FCX. 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 $439 million at December 31, 2022. 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: 2022 2021 2020 Balance at beginning of year $ 2,716 $ 2,472 $ 2,505 Liabilities incurred 9 2 7 Settlements and revisions to cash flow estimates, net 381 a 331 a (13) Accretion expense 134 112 131 Dispositions — — (2) Spending (197) (201) (156) Balance at end of year 3,043 2,716 2,472 Less current portion (195) (200) (268) Long-term portion $ 2,848 $ 2,516 $ 2,204 a. Includes adjustments at PT-FI, Morenci and Bagdad totaling $314 million for the year 2022 and adjustments at PT-FI totaling $397 million for the year 2021, see further discussion below. 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. 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 federal 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 including 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, 2022, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $1.5 billion, of which $0.9 billion was in the form of guarantees issued by FCX and FMC. At December 31, 2022, 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 its oil and gas properties associated with plugging and abandoning wells and facilities totaling $0.4 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, 2022, FCX had accrued reclamation and closure costs of $534 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. 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 State Mine Inspector and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. 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, 2022, FCX had accrued reclamation and closure costs of $581 million for its Arizona operations. Colorado Reclamation Programs. FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder. 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 March 2020, the Division of Reclamation, Mining, and Safety (DRMS) approved Henderson’s proposed update to its closure plan and closure cost estimate. 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 AROs. In accordance with its permit from DRMS, Climax will submit an updated reclamation plan and cost estimate in 2024. As of December 31, 2022, FCX had accrued reclamation and closure costs of $162 million for its Colorado operations Chile Reclamation and Closure Programs. El Abra is subject to regulation under the Mine Closure Law administered by the Chile Mining and Geology Agency. In compliance with the requirement for five-year updates, in November 2018, El Abra submitted an updated plan with closure cost estimates based on the existing approved closure plan. Approval of the updated closure plan and cost estimates was received in August 2020, and did not result in a material increase to closure costs. At December 31, 2022, FCX had accrued reclamation and closure costs of $98 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. 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 is preparing to submit its updated closure plan and cost estimate in February 2023. At December 31, 2022, FCX had accrued reclamation and closure costs of $171 million for its Cerro Verde operation, which includes preliminary cost estimates associated with Cerro Verde’s updated closure plan. 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 at the end of mining activities, which are currently estimated to continue through 2041. In 2021, the construction time frame for reclamation of the West Wanagon overburden stockpile was extended from 2025 to 2029 because safety constraints for working in steep and difficult terrain has reduced labor and equipment operating efficiencies. The time frame extension resulted in longer and escalating fixed costs, combined with additional anticipated volumes of stockpile material to be moved. In 2022, estimated costs associated with West Wanagon slope stabilization remediation and reclamation activities increased primarily as a result of increased material needed for stockpile stabilization and increased costs for equipment, operations and maintenance, increased manpower/headcount allocation and contractor/consultant cost impacts. As a result of these changes, ARO adjustments of $131 million were recorded in 2022 (of which $116 million related to the depleted Grasberg open pit and charged to production and delivery costs) and $397 million in 2021 (of which $340 million related to the depleted Grasberg open pit and charged to production and delivery costs). At December 31, 2022, FCX had accrued reclamation and closure costs of $1.1 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, 2022, PT-FI had restricted time deposits totaling $103 million for mine closure and reclamation guarantees. Oil and Gas Properties. Substantially all of FM O&G’s 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). As of December 31, 2022, FM O&G AROs cover approximately 110 wells and 105 platforms and other structures and it had accrued reclamation and closure costs of $328 million. Litigation. In addition to the material 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. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, in 13 cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The state of Louisiana, through the Attorney General and separately through the Louisiana Department of Natural Resources, intervened in the litigation in support of the parishes’ claims. Certain FCX affiliates were named as defendants in two of the five cases that had been set for trial, both originally filed on November 8, 2013: Parish of Plaquemines v. ConocoPhillips Company et al. , 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-982, Div. B and Parish of Plaquemines v. Hilcorp Energy Company et al. , 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-999, Div. B. In 2019, affiliates of FCX reached an agreement in principle to settle all 13 cases, and as of October 2022, all parties have executed the settlement agreement. The settlement agreement does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in 2019 for the initial payment of $15 million, which FCX expects to pay in trust to later be deposited into a newly formed Coastal Zone Recovery Fund (the Fund) if the state of Louisiana passes enabling legislation to establish the Fund within three years of execution of the settlement agreement. Upon payment of the $15 million, the FCX affiliates will be fully released and dismissed from all 13 pending cases. The maximum out-of-pocket settlement payment will be $23.5 million, including the initial $15 million payment. The settlement agreement will also require the FCX affiliates to pay into the Fund twenty annual installments of $4.25 million beginning in 2023 provided the state of Louisiana passes the enabling legislation. The first two of those annual installments are conditioned only on the enactment of the enabling legislation within three years of execution of the settlement agreement, but all subsequent installments are also conditioned on the FCX affiliates receiving simultaneous reimbursement on a dollar-for-dollar basis from the proceeds of environmental credit sales generated by the Fund, resulting in the $23.5 million maximum total payment obligation. 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 there is a reasonable possibility that losses may have been incurred related to these matters; however, FCX also 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 limit

COMMITMENTS AND GUARANTEES

COMMITMENTS AND GUARANTEES	12 Months Ended
COMMITMENTS AND GUARANTEES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND GUARANTEES	COMMITMENTS AND GUARANTEES Leases. The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow: December 31, 2022 2021 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 342 $ 337 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 38 $ 38 Long-term lease liabilities (included in other liabilities) a 294 281 Total lease liabilities $ 332 $ 319 a. Includes a land lease by PT-FI for the greenfield smelter totaling $141 million at December 31, 2022 and $126 million at December 31, 2021. This is FCX’s only significant finance lease. Operating lease costs, primarily included in production and delivery expense in the consolidated statements of income, for the years ended December 31 follow: 2022 2021 2020 Operating leases $ 46 $ 42 $ 42 Variable and short-term leases 84 62 74 Total operating lease costs $ 130 $ 104 $ 116 FCX payments included in operating cash flows for its lease liabilities totaled $41 million in 2022, $54 million in 2021 and $36 million in 2020. FCX payments included in financing cash flows for its lease liabilities totaled $7 million in 2022, $25 million in 2021 and $4 million in 2020. As of December 31, 2022, the weighted-average discount rate used to determine the lease liabilities was 4.1% (4.2% as of December 31, 2021) and the weighted-average remaining lease term was 12.0 years (12.4 years as of December 31, 2021). The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2022, follow: 2023 $ 48 2024 85 2025 34 2026 29 2027 24 Thereafter 186 Total payments 406 Less amount representing interest (74) Present value of net minimum lease payments 332 Less current portion (38) Long-term portion $ 294 Contractual Obligations. At December 31, 2022, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.8 billion, primarily comprising the procurement of copper concentrate ($3.6 billion), transportation services ($0.5 billion) and electricity ($0.3 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 for South America contracted ocean freight. 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 $1.6 billion in 2023, $1.5 billion in 2024, $1.0 billion in 2025, $0.3 billion in 2026, $0.1 billion in 2027 and $0.3 billion thereafter. During the three-year period ended December 31, 2022, 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, enabling PT-FI to conduct operations in the Grasberg minerals district through 2041. 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 capacity in Indonesia by the end of 2023 (an extension of which has been requested as a result of COVID-19 mitigation measures, subject to the approval of the Indonesia government, refer to Note 12), 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 $357 million in 2022, $319 million in 2021 and $160 million in 2020. Dividend distributions from PT-FI to FCX totaled $2.5 billion in 2022 and $1.0 billion in 2021 and are subject to a 10% withholding tax. There were no dividend distributions from PT-FI to FCX in 2020. The IUPK requires PT-FI to pay export duties of 5%, declining to 2.5% when smelter development progress exceeds 30% and eliminated when development progress for additional smelting capacity in Indonesia exceeds 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. At December 31, 2022, construction of the greenfield smelter was approximately 50% complete. PT-FI’s export duties totaled $325 million in 2022, $218 million in 2021 and $92 million in 2020. Upon receiving verification and approval from the Indonesia government that construction progress has exceeded 50%, PT-FI expects export duties may be eliminated. Beginning in 2019, the IUPK also requires PT-FI to pay surface water taxes of $15 million annually, which are recognized in production and delivery costs. In connection with a memorandum of understanding previously entered into with the Indonesia government in July 2014, PT-FI provided an assurance bond to support its commitment to construct a greenfield smelter in Indonesia ($133 million based on exchange rate as of December 31, 2022). Chiyoda Contract . In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of a greenfield smelter in Gresik, Indonesia with an estimated contract cost of $2.8 billion. The smelter is expected to be commissioned during 2024. Indemnification. The PT-FI divestment agreement, discussed in Note 3, 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 $74 million as of December 31, 2022, and $78 million as of December 31, 2021, (included in other liabilities in the consolidated balance sheets) related to this indemnification. 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 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. Prior to 2019, the fund was mainly managed by the Amungme and Kamoro Community Development Organization, a community-led institution. 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, including four from PT-FI. 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 2041 and has made and expects to continue making annual investments in public health, education and local economic development. PT-FI recorded charges totaling $123 million in 2022, $109 million in 2021 and $67 million in 2020 to cost of sales 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
FINANCIAL INSTRUMENTS (Notes)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provided for fixed pricing of $2.34 per pound of copper on approximately 60% of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses totaling $24 million for the year ended December 31, 2020. There were no remaining forward sales contracts after June 30, 2020 . A discussion of FCX’s other derivative contracts and programs follows. Derivatives Designated as Hedging Instruments - Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the 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 years ended December 31, 2022, 2021 and 2020. At December 31, 2022, FCX held copper futures and swap contracts that qualified for hedge accounting for 82 million pounds at an average contract price of $3.80 per pound, with maturities through May 2024. A summary of (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 (in millions): 2022 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (11) $ (4) $ 9 Hedged item - firm sales commitments 11 4 (9) Realized (losses) gains: Matured derivative financial instruments (63) 65 22 Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the 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 prices as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold 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, 2022, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 861 $ 3.62 $ 3.80 June 2023 Gold (thousands of ounces) 240 1,769 1,823 April 2023 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 180 3.59 3.80 April 2023 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At December 31, 2022, Atlantic Copper held net copper forward purchase contracts for 6 million pounds at an average contract price of $3.82 per pound, with maturities through February 2023. Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows (in millions): 2022 2021 2020 Embedded derivatives in provisional sales contracts a : Copper $ (479) $ 425 $ 259 Gold and other (12) (2) 45 Copper forward contracts b 37 (15) 3 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, 2022 2021 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 3 $ 12 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 166 64 Copper forward contracts 1 1 Total derivative assets $ 170 $ 77 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 3 $ — Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 39 27 Copper forward contracts — 1 Total derivative liabilities $ 42 $ 28 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets at December 31, Liabilities at December 31, 2022 2021 2022 2021 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 166 $ 64 $ 39 $ 27 Copper derivatives 4 13 3 1 170 77 42 28 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts — 3 — 3 Copper derivatives — 1 — 1 — 4 — 4 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 166 61 39 24 Copper derivatives 4 12 3 — $ 170 $ 73 $ 42 $ 24 Balance sheet classification: Trade accounts receivable $ 163 $ 51 $ 7 $ 14 Other current assets 4 12 — — Accounts payable and accrued liabilities 3 10 34 10 Other liabilities — — 1 — $ 170 $ 73 $ 42 $ 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, 2022, the maximum amount of credit exposure associated with derivative transactions was $170 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 15 for the fair values of investment securities, legally restricted funds and debt). In addition, as of December 31, 2022, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 15 for the related fair values). Trade Accounts Receivable Agreements. In 2021, PT-FI entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting. The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheets at December 31, 2022 and 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts sold under these arrangements totaled $444 million in 2022 and $431 million in 2021. Discounts on the sold receivables totaled $4 million in 2022 and $2 million in 2021. As a result of the new tolling arrangements discussed in Note 3, no additional receivables will be sold under these agreements beginning in 2023. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): December 31, 2022 2021 Balance sheet components: Cash and cash equivalents a $ 8,146 b $ 8,068 Restricted cash and restricted cash equivalents included in: Other current assets 111 114 Other assets 133 132 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 8,390 $ 8,314 a. Includes time deposits of $0.5 billion at December 31, 2022, and $0.2 billion at December 31, 2021. b. Includes $1.8 billion of cash designated for smelter development projects related to PT-FI’s April 2022 senior notes offering.

FAIR VALUE MEASUREMENT (Notes)

FAIR VALUE MEASUREMENT (Notes)	12 Months Ended
FAIR VALUE MEASUREMENT (Notes)	Dec. 31, 2022
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 2022. 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 14) follows: At December 31, 2022 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 7 7 — 7 — — Total 32 32 25 7 — — Legally restricted funds: a U.S. core fixed income fund 56 56 56 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Asset-backed securities 17 17 — — 17 — Money market funds 3 3 — 3 — — Collateralized mortgage-backed securities 3 3 — — 3 — Total 181 181 56 3 122 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 166 166 — — 166 — Copper futures and swap contracts 3 3 — 3 — — Copper forward contracts 1 1 — 1 — — Total 170 170 — 4 166 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 67 57 — — — 57 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 39 39 — — 39 — Copper futures and swap contracts 3 3 — — 3 — Total 42 42 — — 42 — Long-term debt, including current portion d 10,620 10,097 — — 10,097 — At December 31, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b Equity securities $ 50 $ 50 $ — $ 50 $ — $ — U.S. core fixed income fund 29 29 29 — — — Total 79 79 29 50 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 53 53 — — 53 — Corporate bonds 45 45 — — 45 — Government mortgage-backed securities 20 20 — — 20 — Asset-backed securities 18 18 — — 18 — Money market funds 8 8 — 8 — — Municipal bonds 1 1 — — 1 — Total 209 209 64 8 137 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 64 64 — — 64 — Copper futures and swap contracts 12 12 — 9 3 — Copper forward contracts 1 1 — 1 — — Total 77 77 — 10 67 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 90 81 — — — 81 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 27 27 — — 27 — Copper forward contracts 1 1 — 1 — — Total 28 28 — 1 27 — Long-term debt, including current portion d 9,450 10,630 — — 10,630 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $118 million at December 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at December 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion). c. Refer to Note 14 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 mortgage-backed securities, government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using only 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 14 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 14 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as future cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $20 million at December 31, 2022 and 2021, and (ii) other assets totaled $47 million at December 31, 2022, and $70 million at December 31, 2021. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value that may not be indicative of 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, 2022, as compared to those techniques used at December 31, 2021. A summary of the changes in the fair value of FCX ’ s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, for the years ended December 31 follows: 2022 2021 2020 Balance at beginning of year $ 81 $ 88 $ 108 Net unrealized (losses) gains related to assets still held at the end of the year (1) 12 (6) Settlements (23) (19) (14) Balance at end of year $ 57 $ 81 $ 88

BUSINESS SEGMENTS INFORMATION

BUSINESS SEGMENTS INFORMATION	12 Months Ended
BUSINESS SEGMENTS INFORMATION	Dec. 31, 2022
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: 2022 2021 2020 Copper: Concentrate $ 9,650 $ 8,705 $ 4,294 Cathode 5,134 5,900 4,204 Rod and other refined copper products 3,699 3,369 2,052 Purchased copper a 481 757 821 Gold 3,397 2,580 1,702 Molybdenum 1,416 1,283 848 Other b 688 821 592 Adjustments to revenues: Treatment charges (503) (445) (362) Royalty expense c (366) (330) (165) PT-FI export duties (325) d (218) (92) Revenues from contracts with customers 23,271 22,422 13,894 Embedded derivatives e (491) 423 304 Total consolidated revenues $ 22,780 $ 22,845 $ 14,198 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with silver and, prior to 2022, cobalt. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Includes a charge of $18 million associated with an adjustment to prior-period export duties. e. Refer to Note 14 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, 2022 2021 Long-lived assets: a Indonesia $ 18,121 $ 16,288 U.S. 8,801 8,292 Peru 6,727 6,827 Chile 1,103 1,110 Other 309 261 Total $ 35,061 $ 32,778 a. Excludes deferred tax assets and intangible assets. Years Ended December 31, 2022 2021 2020 Revenues: a U.S. $ 7,339 $ 7,168 $ 5,248 Indonesia 3,026 3,132 1,760 Switzerland 2,740 3,682 2,032 Japan 2,462 2,372 1,205 Singapore 1,492 156 191 Spain 1,174 1,495 785 China 929 1,044 692 Germany 632 469 248 Chile 383 343 221 United Kingdom 355 659 491 India 330 207 152 South Korea 302 270 89 Philippines 249 264 34 Other 1,367 1,584 1,050 Total $ 22,780 $ 22,845 $ 14,198 a. Revenues are attributed to countries based on the location of the customer. Major Customers and Affiliated Companies. Copper concentrate sales to PT Smelting totaled 13% of FCX’s consolidated revenues in 2022, 14% in 2021 and 12% in 2020, and they are the only customer that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2022. Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations totaling $1.7 billion in 2022, $1.4 billion in 2021 and $0.9 billion in 2020, and PT-FI’s sales to PT Smelting totaling $3.0 billion in 2022, $3.1 billion in 2021 and $1.8 billion in 2020. Labor Matters . As of December 31, 2022, approximately 30% of FCX’s global labor force was covered by collective bargaining agreements, and approximately 2% was covered by agreements that will or were scheduled to expire during 2023 or that had expired as of December 31, 2022, and continue to be negotiated. In February 2022, PT-FI completed negotiations with its unions on a two-year collective bargaining agreement that is effective through March 2024. Business Segments. FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining and on 39.5% of PT-FI’s sales to PT Smelting (25.0% prior to April 30, 2021) until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. Beginning in 2023, PT-FI's commercial arrangement with PT Smelting converted to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its concentrate and will retain title to all products for sale to third parties ( i.e., there are no further sales from PT-FI to PT Smelting). FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. 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 2022, the Morenci mine produced 43% of FCX’s North America copper and 15% of FCX’s consolidated copper production. South America Mining. South America mining 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 2022, the Cerro Verde mine produced 83% of FCX’s South America copper and 23% of FCX’s consolidated copper production. Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. During 2022, PT-FI’s Grasberg minerals district produced 37% 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 2022, Atlantic Copper purchased 7% of its concentrate requirements from FCX’s North America copper mines, 10% from FCX’s South America mining operations and 18% from FCX’s Indonesia mining 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, Freeport Cobalt (until its sale in September 2021), molybdenum conversion facilities in the U.S. and Europe, the greenfield smelter and PMR in Indonesia, 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 Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2022 Revenues: Unaffiliated customers $ 175 $ 253 $ 428 $ 3,444 $ 768 $ 4,212 $ 8,028 a $ — $ 6,281 $ 2,439 $ 1,392 b $ 22,780 Intersegment 2,514 3,768 6,282 506 — 506 398 565 31 4 (7,786) — Production and delivery 1,542 2,819 4,361 2,359 702 3,061 2,684 c 359 6,330 2,452 d (6,206) 13,041 Depreciation, depletion and amortization 177 233 410 357 51 408 1,025 74 5 27 70 2,019 Metals inventory adjustments 8 8 16 10 3 13 — — — — — 29 Selling, general and administrative expenses 2 3 5 8 — 8 117 — — 25 265 420 Mining exploration and research expenses — 1 1 — — — — — — — 114 115 Environmental obligations and shutdown costs (5) 1 (4) — — — — — — — 125 121 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 965 956 1,921 1,216 12 1,228 4,600 132 (23) (61) (760) 7,037 Interest expense, net 1 1 2 15 — 15 40 — — 15 488 560 Provision for (benefit from) income taxes — — — 461 (8) 453 1,820 — — (1) (5) 2,267 Total assets at December 31, 2022 3,052 5,552 8,604 8,398 1,873 10,271 20,639 1,697 183 1,262 8,437 51,093 Capital expenditures 263 334 597 164 140 304 1,575 33 9 76 875 e 3,469 a. Includes sales to PT Smelting totaling $3.0 billion. b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. c. Includes charges totaling $116 million associated with an unfavorable ARO change. Refer to Note 12 for further discussion. d. Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million. e. Primarily includes capital expenditures for the Indonesia smelter projects. North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2021 Revenues: Unaffiliated customers $ 82 $ 180 $ 262 $ 3,736 $ 720 $ 4,456 $ 7,241 a $ — $ 6,356 $ 2,961 $ 1,569 b $ 22,845 Intersegment 2,728 3,835 6,563 460 — 460 282 444 29 — (7,778) — Production and delivery 1,226 2,235 3,461 2,000 c 429 2,429 2,425 d 253 6,381 2,907 (5,840) e 12,016 Depreciation, depletion and amortization 152 217 369 366 47 413 1,049 67 5 28 67 1,998 Metals inventory adjustments 13 — 13 — — — — 1 — — 2 16 Selling, general and administrative expenses 2 2 4 8 — 8 111 — — 24 236 383 Mining exploration and research expenses — 1 1 — — — — — — — 54 55 Environmental obligations and shutdown costs — (1) (1) — — — — — — — 92 91 Net gain on sales of assets — — — — — — — — — (19) (61) f (80) Operating income (loss) 1,417 1,561 2,978 1,822 244 2,066 3,938 123 (1) 21 (759) 8,366 Interest expense, net — 1 1 28 — 28 48 — — 6 519 602 Provision for (benefit from) income taxes — — — 730 90 820 1,524 g — — — (45) 2,299 Total assets at December 31, 2021 2,708 5,208 7,916 8,694 1,921 10,615 18,971 1,713 228 1,318 7,261 48,022 Capital expenditures 135 207 342 132 30 162 1,296 6 2 34 273 h 2,115 a. Includes sales to PT Smelting totaling $3.1 billion. b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. c. Includes nonrecurring charges totaling $92 million associated with labor-related costs at Cerro Verde for agreements reached with its hourly employees. d. Includes charges totaling $340 million associated with an unfavorable ARO change. Refer to Note 12 for further discussion. e. Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million. f. Includes a $60 million gain on the sale of FCX’s remaining cobalt business located in Kokkola, Finland. Refer to Note 2 for further discussion. g. Includes net tax benefits of $189 million associated with the release of a portion of the valuation allowance recorded against PT Rio Tinto NOLs. Refer to Note 11 for further discussion. h. Primarily includes capital expenditures for the Indonesia smelter projects. North America Copper Mines South America Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2020 Revenues: Unaffiliated customers $ 29 $ 48 $ 77 $ 2,282 $ 431 $ 2,713 $ 3,534 a $ — $ 4,781 $ 2,020 $ 1,073 b $ 14,198 Intersegment 2,015 2,272 4,287 242 — 242 80 222 33 17 (4,881) — Production and delivery 1,269 1,831 3,100 1,599 379 1,978 1,606 230 4,819 1,962 (3,664) 10,031 Depreciation, depletion and amortization 166 189 355 367 54 421 580 57 16 29 70 1,528 Metals inventory adjustments 4 48 52 — 3 3 — 10 3 — 28 96 Selling, general and administrative expenses 2 2 4 6 — 6 108 — — 21 231 370 Mining exploration and research expenses — 2 2 — — — — — — — 48 50 Environmental obligations and shutdown costs — (1) (1) — — — — — 1 — 159 c 159 Net gain on sales of assets — — — — — — — — — — (473) d (473) Operating income (loss) 603 249 852 552 e (5) 547 1,320 (75) (25) e 25 (207) e 2,437 e Interest expense, net 2 — 2 139 — 139 39 f — — 6 412 598 Provision for income taxes — — — 238 1 239 606 — — 2 97 g 944 Total assets at December 31, 2020 2,574 5,163 7,737 8,474 1,678 10,152 16,918 1,760 211 877 4,489 42,144 Capital expenditures 102 326 428 141 42 183 1,161 19 6 29 135 h 1,961 a. Includes sales to PT Smelting totaling $1.8 billion. b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. c. Includes charges totaling $130 million associated with a framework for the resolution of all current and future potential talc-related litigation. Refer to Note 12 for further discussion. d. Includes a $486 million gain associated with the sale of FCX’s interests in the Kisanfu undeveloped project. Refer to Note 2 for further discussion. e. Includes charges totaling $258 million associated with (i) idle facility costs (Cerro Verde), contract cancellation and other charges directly related to the COVID-19 pandemic and (ii) the April 2020 revised operating plans (including employee separation costs). These charges were primarily recorded in the Cerro Verde segment ($89 million), Corporate, Other & Eliminations ($57 million) and the Rod & Refining segment ($30 million). f. Includes charges totaling $35 million associated with PT-FI's historical contested tax audits. Refer to Note 12 for further discussion. g. Includes tax charges totaling $135 million associated with the sale of the Kisanfu undeveloped project, partly offset by tax credits of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project. h. Primarily includes capital expenditures for the Indonesia smelter projects.

SUPPLEMENTARY MINERAL RESERVE I

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION	12 Months Ended
	Dec. 31, 2022
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, 2022, 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 optimize 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, 2022, were determined using metals price assumptions of $3.00 per pound for copper, $1,500 per ounce for gold and $12 per pound for molybdenum. For the three-year period ended December 31, 2022, LME copper settlement prices averaged $3.67 per pound, London PM gold prices averaged $1,789 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $14.44 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, 2022 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 48.6 0.6 2.83 South America 31.7 — 0.70 Indonesia b 30.8 26.3 — Consolidated basis c 111.0 26.9 3.53 Net equity interest b,d 80.4 13.5 3.20 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.8 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 13 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 46% of its proven and probable recoverable mineral reserves at December 31, 2022, representing 49% of FCX’s net equity share of recoverable copper reserves and 51% of FCX’s net equity share of recoverable gold reserves. 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 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 340 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 3 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 226 million ounces of silver. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2022 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% 3,525 4,895 0.23 — 0.01 15.7 — 0.29 Sierrita 100% 2,735 2,735 0.22 — c 0.02 11.1 0.1 1.10 Bagdad 100% 2,637 2,637 0.33 — c 0.02 16.2 0.2 0.91 Safford, including Lone Star 100% 1,071 1,071 0.40 — — 7.0 — — Chino, including Cobre 100% 319 319 0.44 0.04 — 2.6 0.3 — Climax 100% 151 151 — — 0.14 — — 0.45 Henderson 100% 51 51 — — 0.16 — — 0.16 Tyrone 100% 91 91 0.17 — — 0.3 — — Miami 100% — — — — — 0.1 c — — South America Production stage: Cerro Verde 53.56% 2,268 4,235 0.35 — 0.01 28.0 — 0.70 El Abra 51.00% 368 722 0.42 — — 3.6 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 395 810 1.10 0.75 — 16.5 12.9 — Deep Mill Level Zone 48.76% 186 382 0.75 0.62 — 5.4 5.9 — Big Gossan 48.76% 24 49 2.27 0.95 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 186 381 0.99 0.88 — 6.8 6.5 — Total 100% basis 18,528 115.4 26.9 3.61 Consolidated basis e 17,158 111.0 26.9 3.53 FCX’s net equity interest f 14,007 80.4 13.5 3.20 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 13 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 3 for further discussion).

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)	12 Months Ended
	Dec. 31, 2022
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 Other Balance at Beginning of Costs and Other (Deductions) End of Year Expense Accounts Additions Year Reserves and allowances deducted from asset accounts: Valuation allowance for deferred tax assets Year Ended December 31, 2022 $ 4,087 $ (87) a $ (15) b $ — $ 3,985 Year Ended December 31, 2021 4,732 (596) c (49) b — 4,087 Year Ended December 31, 2020 4,576 200 d (16) b (28) e 4,732 Reserves for non-income taxes: Year Ended December 31, 2022 $ 59 $ (32) $ — $ (3) f $ 24 Year Ended December 31, 2021 82 18 — (41) f 59 Year Ended December 31, 2020 58 21 (1) 4 f 82 a. Primarily relates to $163 million of United States (U.S.) federal net operating losses (NOLs) utilized during 2022 and a $22 million decrease related to expirations of U.S. foreign tax credits, partially offset by an increase of $104 million, primarily associated with current year changes in U.S. federal temporary differences. b. Relates to a valuation allowance for tax benefits primarily associated with actuarial gains for U.S. defined benefit plans included in other comprehensive income. c. Primarily relates to decreases of $219 million associated with U.S. federal NOL carryforwards utilized during 2021, $105 million related to expiration of U.S. foreign tax credits and $228 million associated with PT Rio Tinto NOLs resulting from positive evidence supporting future taxable income against which NOLs can be used. d. Primarily relates to a $250 million increase in U.S. federal NOL carryforwards, partly offset by a $75 million decrease in U.S. foreign tax credits associated with expirations and an $11 million decrease in U.S. deferred tax assets for which no benefit is expected to be realized. e. Relates to sale of FCX’s interest in the Kisanfu undeveloped project. f. Represents amounts paid or adjustments to reserves based on revised estimates.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
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, 2022, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary PT Freeport Indonesia (PT-FI), and the following wholly owned subsidiaries: Freeport Minerals Corporation (FMC) and Atlantic Copper, S.L.U. (Atlantic Copper). Refer to Note 3 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 3 for further discussion). 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 3 for further discussion). 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 mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. FCX’s reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. Refer to Note 16 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 minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and 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 (expense), net, as are gains and losses from foreign currency transactions. Foreign currency gains totaled $9 million in 2022, $66 million in 2021 and $34 million in 2020.
Cash Equivalents	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. FCX’s restricted cash and cash equivalents are primarily related to PT-FI’s commitment for the development of a greenfield smelter in Indonesia; and guarantees and commitments for certain mine closure and reclamation obligations. 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. Restricted cash and cash equivalents are comprised of bank deposits and money market funds.
Inventories	Inventories. Inventories include materials and supplies, mill and leach stockpiles, and product inventories. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. 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., solution extraction and electrowinning (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-progress 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 90% 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 periodically as additional information becomes available and as related technology changes. 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. Product. Product inventories include raw materials, work-in-process and finished goods. Corporate general and administrative costs are not included in inventory costs. Raw materials are primarily unprocessed concentrate at Atlantic Copper’s smelting and refining operations. Work-in-process inventories are primarily copper concentrate at various stages of conversion into anode and cathode at Atlantic Copper’s operations. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs. Finished goods for mining operations represent salable products ( e.g. , copper and molybdenum concentrate, copper anode, copper cathode, copper rod, molybdenum oxide, and high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities. Costs of finished goods and work-in-process ( i.e.
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 mine transitions to the production phase and panel development costs are allocated to inventory and then included as a component of cost of goods sold. Additionally, interest expense allocable to the cost of developing mining properties 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 cost of goods sold. 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 5 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 12 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 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 asset retirement obligations (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 cost of sales. 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 without reserves, changes to the ARO are recorded in earnings.
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 14 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 16 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 average published Platts Metals Daily 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 on the graded-vesting method over the vesting period. Refer to Note 10 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: 2022 2021 2020 Net income $ 4,479 $ 5,365 $ 865 Net income attributable to noncontrolling interests (1,011) (1,059) (266) Undistributed dividends and earnings allocated to participating securities (7) (7) (3) Net income attributable to common stockholders $ 3,461 $ 4,299 $ 596 (shares in millions) Basic weighted-average shares of common stock outstanding 1,441 1,466 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 10 16 8 Diluted weighted-average shares of common stock outstanding 1,451 1,482 1,461 Net income per share attributable to common stockholders: Basic $ 2.40 $ 2.93 $ 0.41 Diluted $ 2.39 $ 2.90 $ 0.41 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 totaled 1 million shares in 2022, 5 million shares in 2021 and 31 million shares in 2020.
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. Subsequent Events. Since February 11, 2023, PT-FI’s operations have been temporarily disrupted because of significant rainfall and landslides, which restricted access to infrastructure near its milling operations. Recovery activities are in progress to clear debris from the affected areas and PT-FI is in the process of gradually resuming operations. Operations are expected to be fully restored by the end of February 2023. FCX evaluated events after December 31, 2022, and through the date the 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 financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2022
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: 2022 2021 2020 Net income $ 4,479 $ 5,365 $ 865 Net income attributable to noncontrolling interests (1,011) (1,059) (266) Undistributed dividends and earnings allocated to participating securities (7) (7) (3) Net income attributable to common stockholders $ 3,461 $ 4,299 $ 596 (shares in millions) Basic weighted-average shares of common stock outstanding 1,441 1,466 1,453 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 10 16 8 Diluted weighted-average shares of common stock outstanding 1,451 1,482 1,461 Net income per share attributable to common stockholders: Basic $ 2.40 $ 2.93 $ 0.41 Diluted $ 2.39 $ 2.90 $ 0.41

INVENTORIES, INCLUDING LONG-T_2

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories follow: December 31, 2022 2021 Current inventories: Total materials and supplies, net a $ 1,964 $ 1,669 Mill stockpiles $ 216 $ 193 Leach stockpiles 1,167 977 Total current mill and leach stockpiles $ 1,383 $ 1,170 Raw materials (primarily concentrate) $ 443 $ 536 Work-in-process 221 195 Finished goods 1,169 927 Total product $ 1,833 $ 1,658 Long-term inventories: Mill stockpiles $ 199 $ 226 Leach stockpiles 1,053 1,161 Total long-term mill and leach stockpiles b $ 1,252 $ 1,387 a. Materials and supplies inventory was net of obsolescence reserves totaling $39 million at December 31, 2022, and $36 million at December 31, 2021.

PROPERTY, PLANT, EQUIPMENT AN_2

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 Proven and probable mineral reserves $ 7,159 $ 7,142 VBPP 360 376 Mine development and other 12,314 11,309 Buildings and infrastructure 9,746 9,412 Machinery and equipment 14,790 14,399 Mobile equipment 4,756 4,605 Construction in progress 4,419 2,477 Oil and gas properties 27,356 27,298 Total 80,900 77,018 Accumulated depreciation, depletion and amortization a (48,273) (46,673) Property, plant, equipment and mine development costs, net $ 32,627 $ 30,345 a. Includes accumulated amortization for oil and gas properties of $27.3 billion at December 31, 2022 and 2021.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets follow: December 31, 2022 2021 Intangible assets a $ 416 $ 412 Legally restricted funds b 182 209 Disputed tax assessments: c Cerro Verde 333 237 PT-FI 12 57 Long-term receivable for taxes d 54 84 Investments: Assurance bond e 133 132 Fixed income, equity securities and other 79 74 PT Smelting f 50 26 Contingent consideration associated with sales of assets g 47 70 Loans to PT Smelting for expansion h 101 36 Long-term employee receivables 24 20 Prepaid rent and deposits 26 2 Other 144 101 Total other assets $ 1,601 $ 1,460 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2022, and $215 million at December 31, 2021. Accumulated amortization for definite-lived intangible assets totaled $39 million at December 31, 2022, and $35 million at December 31, 2021. b. Includes $181 million at December 31, 2022, and $208 million at December 31, 2021, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion). c. Refer to Note 12 for further discussion. d. Includes tax overpayments and refunds not expected to be realized within the next 12 months. e. Relates to PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion). f. PT-FI’s ownership in PT Smelting is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $112 million at December 31, 2022, and $126 million at December 31, 2021. Trade accounts receivable from PT Smelting totaled $277 million at December 31, 2022, and $411 million at December 31, 2021. g. Refer to Note 15 for further discussion. h. Refer to Note 3 for further discussion.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	Dec. 31, 2022
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, 2022 2021 Accounts payable $ 2,701 $ 2,035 Salaries, wages and other compensation 329 334 Accrued interest a 218 203 PT-FI contingencies b 179 259 Pension, postretirement, postemployment and other employee benefits c 143 190 Litigation accruals 99 28 Deferred revenue 76 191 Accrued taxes, other than income taxes 75 64 Accrued mining royalties 41 33 Leases d 38 38 Other 128 120 Total accounts payable and accrued liabilities $ 4,027 $ 3,495 a. Third-party interest paid, net of capitalized interest, was $417 million in 2022, $640 million in 2021 and $472 million in 2020. b. Refer to Note 12 for further discussion. c. Refer to Note 9 for long-term portion. d. Refer to Note 13 for further discussion.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt Components	The components of debt follow: December 31, 2022 2021 Revolving credit facilities: FCX $ — $ — PT-FI — — Cerro Verde — — Senior notes and debentures: Issued by FCX: 3.875% Senior Notes due 2023 a 995 995 4.55% Senior Notes due 2024 729 728 5.00% Senior Notes due 2027 465 594 4.125% Senior Notes due 2028 543 693 4.375% Senior Notes due 2028 475 643 5.25% Senior Notes due 2029 499 593 4.25% Senior Notes due 2030 494 593 4.625% Senior Notes due 2030 615 841 5.40% Senior Notes due 2034 723 742 5.450% Senior Notes due 2043 1,687 1,846 Issued by PT-FI: 4.763% Senior Notes due 2027 745 — 5.315% Senior Notes due 2032 1,489 — 6.200% Senior Notes due 2052 744 — Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 122 123 6 1/8% Senior Notes due 2034 118 117 PT-FI Term Loan — 432 Cerro Verde Term Loan — 325 Other 62 70 Total debt 10,620 9,450 Less current portion of debt (1,037) (372) Long-term debt $ 9,583 $ 9,078 a. Maturing in March 2023.
Schedule of Extinguishment of Debt	Listed below are the FCX senior notes, purchased or redeemed in full during the three-year period ended December 31, 2022. Principal Amount Net Adjustments Book Value Redemption Value (Gain)/Loss Year Ended December 31, 2022 5.00% Senior Notes due 2027 $ 131 $ (1) $ 130 $ 130 $ — 4.125% Senior Notes due 2028 153 (1) 152 143 (9) 4.375% Senior Notes due 2028 171 (2) 169 163 (6) 5.25% Senior Notes due 2029 97 (1) 96 93 (3) 4.25% Senior Notes due 2030 101 (1) 100 93 (7) 4.625% Senior Notes due 2030 228 (2) 226 215 (11) 5.40% Senior Notes due 2034 20 — 20 20 — 5.450% Senior Notes due 2043 160 (2) 158 150 (8) Total $ 1,061 $ (10) $ 1,051 $ 1,007 $ (44) Year Ended December 31, 2021 FCX 3.55% Senior Notes due 2022 $ 524 $ — $ 524 $ 524 $ — Year Ended December 31, 2020 FCX 4.00% Senior Notes due 2021 $ 195 $ (1) $ 194 $ 205 $ 11 FCX 3.55% Senior Notes due 2022 1,356 (6) 1,350 1,391 41 FCX 3.875% Senior Notes due 2023 927 (4) 923 964 41 FCX 4.55% Senior Notes due 2024 120 (1) 119 126 7 Total $ 2,598 $ (12) $ 2,586 $ 2,686 $ 100
Debt Instrument Redemption	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 5.00% Senior Notes due 2027 September 1, 2022 4.125% Senior Notes due 2028 March 1, 2023 4.375% Senior Notes due 2028 August 1, 2023 5.25% Senior Notes due 2029 September 1, 2024 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 3.875% Senior Notes due 2023 December 15, 2022 4.55% Senior Notes due 2024 August 14, 2024 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 6.2% Senior Notes due 2052 October 14, 2051

OTHER LIABILITIES, INCLUDING _2

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)	12 Months Ended
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)	Dec. 31, 2022
Other Liabilities, Including Employee Benefits [Abstract]
Components of Other Liabilities	The components of other liabilities follow: December 31, 2022 2021 Pension, postretirement, postemployment and other employment benefits a $ 775 $ 845 Leases b 294 281 Provision for tax positions 161 232 Litigation accruals 109 131 Indemnification of MIND ID b 74 78 Other 149 116 Total other liabilities $ 1,562 $ 1,683 a. Refer to Note 7 for current portion.
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, 2022 2021 Projected and accumulated benefit obligation $ 1,831 $ 2,476 Fair value of plan assets 1,422 1,988
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 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 2,553 $ 2,722 $ 237 $ 238 Service cost 15 12 12 13 Interest cost 71 66 14 14 Actuarial gains (623) (117) (2) (3) Special termination benefits and plan amendments — — 2 (2) Foreign exchange gains (3) (1) (22) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Benefit obligation at end of year 1,884 2,553 215 237 Change in plan assets: Fair value of plan assets at beginning of year 2,071 1,946 240 251 Actual return on plan assets (509) 150 10 8 Employer contributions a 52 105 2 4 Foreign exchange losses (2) (1) (21) (3) Benefits and administrative expenses paid (129) (129) (26) (20) Fair value of plan assets at end of year 1,483 2,071 205 240 Funded status $ (401) $ (482) $ (10) $ 3 Accumulated benefit obligation $ 1,882 $ 2,551 $ 176 $ 194 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.41 % 2.85 % 7.00 % 6.50 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 8 $ 6 $ — $ 3 Accounts payable and accrued liabilities (4) (4) — — Other liabilities (405) (484) (10) — Total $ (401) $ (482) $ (10) $ 3 a. Employer contributions for 2023 are currently expected to approximate $60 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2022, exchange rate of 15,652 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: 2022 2021 2020 Weighted-average assumptions: a Discount rate 2.85 % 2.50 % 2.98 % Expected return on plan assets 3.00 % 5.25 % 6.25 % Rate of compensation increase N/A N/A 3.25 % Service cost $ 15 $ 12 $ 37 Interest cost 71 66 77 Expected return on plan assets (62) (98) (105) Amortization of net actuarial losses 15 25 45 Curtailment loss — — 4 Net periodic benefit cost $ 39 $ 5 $ 58 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: 2022 2021 2020 Weighted-average assumptions: Discount rate 6.50 % 6.25 % 7.25 % Expected return on plan assets 7.00 % 7.75 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 12 $ 13 $ 11 Interest cost 14 14 14 Expected return on plan assets (15) (19) (19) Amortization of prior service cost 1 1 2 Amortization of net actuarial gains (1) (1) (3) Special termination benefit 2 — — Net periodic benefit cost $ 13 $ 8 $ 5
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: 2022 2021 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 426 $ 305 $ 488 $ 369 Prior service costs — (2) 2 — $ 426 $ 303 $ 490 $ 369
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, 2022 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 335 $ 335 $ — $ — $ — Short-term investments 30 30 — — — Fixed income: Corporate bonds 712 — — 712 — Government bonds 282 — — 282 — Private equity investments 25 25 — — — Other investments 55 — 1 54 — Total investments 1,439 $ 390 $ 1 $ 1,048 $ — Cash and receivables 49 Payables (5) Total pension plan net assets $ 1,483 Fair Value at December 31, 2021 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 522 $ 522 $ — $ — $ — Real estate property 72 72 — — — Short-term investments 38 38 — — — Fixed income: Corporate bonds 911 — — 911 — Government bonds 437 — — 437 — Private equity investments 11 11 — — — Other investments 74 — 1 73 — Total investments 2,065 $ 643 $ 1 $ 1,421 $ — Cash and receivables 18 Payables (12) Total pension plan net assets $ 2,071 A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2022 Total Level 1 Level 2 Level 3 Government bonds $ 95 ` $ 95 $ — $ — Common stocks 72 72 — — Mutual funds 12 12 — — Total investments 179 $ 179 $ — $ — Cash and receivables a 27 Payables (1) Total pension plan net assets $ 205 Fair Value at December 31, 2021 Total Level 1 Level 2 Level 3 Government bonds $ 114 $ 114 $ — $ — Common stocks 80 80 — — Mutual funds 18 18 — — Total investments 212 $ 212 $ — $ — Cash and receivables a 29 Payables (1) Total pension plan net assets $ 240 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 2023 $ 127 $ 29 2024 183 26 2025 131 26 2026 132 28 2027 132 29 2028 through 2032 648 127 a. Based on a December 31, 2022, exchange rate of 15,652 Indonesia rupiah to one U.S. dollar.

STOCKHOLDERS' EQUITY AND STOC_2

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2022
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, 2020 $ (686) $ 10 $ (676) Amounts arising during the period a,b 47 — 47 Amounts reclassified c 46 — 46 Balance at December 31, 2020 (593) 10 (583) Amounts arising during the period a,b 176 — 176 Amounts reclassified c 19 — 19 Balance at December 31, 2021 (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) a. Includes net actuarial gains, net of noncontrolling interest, totaling $40 million for 2020, $174 million for 2021 and $59 million for 2022. b. Includes tax provision totaling $7 million for 2020, $2 million for 2021 and 2022. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2020, 2021 and 2022.
Compensation costs charged against earnings	Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2022 2021 2020 Selling, general and administrative expenses $ 57 $ 64 $ 70 Production and delivery 38 34 29 Total stock-based compensation 95 98 99 Tax benefit and noncontrolling interests’ share a (4) (5) (5) Impact on net income $ 91 $ 93 $ 94
Summary of stock options and SARs outstanding and changes during the period	A summary of stock options outstanding as of December 31, 2022, and activity during the year ended December 31, 2022, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 21,822,562 $ 23.78 Exercised (6,371,610) 21.07 Expired/Forfeited (3,836,900) 46.56 Balance at December 31 11,614,052 17.75 4.7 $ 235 Vested and exercisable at December 31 11,171,890 17.65 4.6 $ 227
Weighted average assumptions used to value stock option awards	Information related to stock options during the years ended December 31 follows: 2022 a 2021 2020 Weighted-average assumptions used to value stock option awards: Expected volatility N/A 58.1 % 47.7 % Expected life of options (in years) N/A 5.90 5.83 Expected dividend rate N/A 2.5 % 1.7 % Risk-free interest rate N/A 0.6 % 1.5 % Weighted-average grant-date fair value (per option) N/A $ 11.92 $ 4.72 Intrinsic value of options exercised $ 148 $ 194 $ 82 Fair value of options vested $ 23 $ 16 $ 28
Summary Of Outstanding Stock-settled RSUs and PSUs	A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2022, and activity during the year ended December 31, 2022, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 7,800,885 $ 19.82 Granted 2,274,340 36.26 Vested (3,405,769) 14.64 Forfeited (18,583) 34.94 Balance at December 31 6,650,873 28.05 $ 253
Summary of Outstanding Cash-Settled RSUs and PSUs	A summary of outstanding cash-settled RSUs as of December 31, 2022, and activity during the year ended December 31, 2022, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 1,053,924 $ 16.56 Granted 389,950 38.78 Vested (603,686) 14.84 Forfeited (25,899) 30.12 Balance at December 31 814,289 28.04 $ 31
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: 2022 2021 2020 FCX shares tendered to pay the exercise price and/or the minimum required withholding taxes a 1,511,072 1,358,101 1,193,183 Cash received from stock option exercises $ 125 $ 210 $ 51 Actual tax benefit realized for tax deductions $ 13 $ 9 $ 2 Amounts FCX paid for employee taxes $ 55 $ 29 $ 17 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required withholding taxes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes and equity in affiliated companies' net earnings	Geographic sources of income (losses) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2022 2021 2020 U.S. $ 840 $ 1,861 $ (40) Foreign 5,875 5,798 1,837 Total $ 6,715 $ 7,659 $ 1,797
Schedule of Benefit from (Provision for) income taxes	FCX’s provision for income taxes for the years ended December 31 consists of the following: 2022 2021 2020 Current income taxes: Federal $ — $ — $ 53 a State 1 (11) (1) Foreign (2,232) (2,460) (816) b Total current (2,231) (2,471) (764) Deferred income taxes: Federal (149) (184) 3 State (6) (4) 5 Foreign (144) (23) (306) Total deferred (299) (211) (298) Adjustments 1 193 c 37 Operating loss carryforwards 262 190 81 Provision for income taxes $ (2,267) $ (2,299) $ (944) a. Includes a credit of $53 million associated with the reversal of the charge associated with the sale of FCX’s interest in the lower zone of the Timok exploration project. b. Includes a charge of $135 million associated with the gain on sale of FCX’s interest in the Kisanfu undeveloped project. c. Primarily reflects the release of valuation allowances on NOLs at PT Rio Tinto (see below).
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: 2022 2021 2020 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,410) (21) % $ (1,608) (21) % $ (377) (21) % Withholding and other impacts on foreign earnings (673) (10) (678) (9) (193) (11) Effect of foreign rates different than the U.S. federal statutory rate (314) (5) (328) (4) (109) (6) Percentage depletion 189 3 221 3 104 6 Foreign tax credit limitation (28) (1) (11) — 28 2 Uncertain tax positions (17) — 13 — (15) (1) PT-FI historical tax disputes a (8) — (193) (3) (8) — Valuation allowance b 6 — 221 3 (210) (12) State income taxes (4) — (14) — (2) — PT Rio Tinto valuation allowance b — — 189 2 — — Sale of Kisanfu — — — — (135) (8) Timok exploration project sale — — — — 53 3 Cerro Verde historical tax disputes — — — — (39) (2) Other items, net (8) — (111) (1) (41) (3) Provision for income taxes $ (2,267) (34) % $ (2,299) (30) % $ (944) (53) % a. Refer to “Indonesia Tax Matters” below.
Components of deferred tax assets and liabilities	The components of deferred taxes follow: December 31, 2022 2021 Deferred tax assets: Foreign tax credits $ 1,514 $ 1,536 NOLs 1,923 2,220 Accrued expenses 1,303 1,193 Employee benefit plans 99 105 Other 230 252 Deferred tax assets 5,069 5,306 Valuation allowances (3,985) (4,087) Net deferred tax assets 1,084 1,219 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,330) (4,492) Undistributed earnings (810) (807) Other (211) (152) Total deferred tax liabilities (5,351) (5,451) Net deferred tax liabilities $ (4,267) $ (4,232)
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. 2022 2021 2020 Balance at beginning of year $ 808 $ 474 $ 491 Additions: Prior year tax positions 26 330 56 Current year tax positions 25 71 60 Decreases: Prior year tax positions (12) (30) (82) Settlements with taxing authorities (37) (37) (51) Balance at end of year $ 810 $ 808 $ 474
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 2017-2018 2014-2016, 2019-2022 Indonesia 2012-2017 2020-2022 Peru - 2017-2022 Chile 2020-2021 2019,2022 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 48 $ 130 $ 178 2009 56 52 108 2010 54 125 179 2011 and 2012 42 73 115 2013 48 66 114 2014 to 2017 73 30 103 $ 321 $ 476 $ 797 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 62 $ 29 $ 91 2007 45 22 67 2012 and 2013 41 41 82 2014 and 2015 108 — 108 2016 257 336 593 2017 7 2 9 $ 520 $ 430 $ 950

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	12 Months Ended
CONTINGENCIES (Tables)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Obligations	A summary of changes in estimated environmental obligations for the years ended December 31 follows: 2022 2021 2020 Balance at beginning of year $ 1,664 $ 1,584 $ 1,561 Accretion expense a 110 104 102 Additions b 57 60 38 Reductions b (14) (20) (58) Spending (77) (64) (59) Balance at end of year 1,740 1,664 1,584 Less current portion (125) (64) (83) Long-term portion $ 1,615 $ 1,600 $ 1,501 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. Adjustments to environmental obligations are charged to operating income. Adjustments primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.
Schedule of Asset Retirement Obligations	A summary of changes in FCX’s AROs for the years ended December 31 follows: 2022 2021 2020 Balance at beginning of year $ 2,716 $ 2,472 $ 2,505 Liabilities incurred 9 2 7 Settlements and revisions to cash flow estimates, net 381 a 331 a (13) Accretion expense 134 112 131 Dispositions — — (2) Spending (197) (201) (156) Balance at end of year 3,043 2,716 2,472 Less current portion (195) (200) (268) Long-term portion $ 2,848 $ 2,516 $ 2,204
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 2017-2018 2014-2016, 2019-2022 Indonesia 2012-2017 2020-2022 Peru - 2017-2022 Chile 2020-2021 2019,2022 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 48 $ 130 $ 178 2009 56 52 108 2010 54 125 179 2011 and 2012 42 73 115 2013 48 66 114 2014 to 2017 73 30 103 $ 321 $ 476 $ 797 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 62 $ 29 $ 91 2007 45 22 67 2012 and 2013 41 41 82 2014 and 2015 108 — 108 2016 257 336 593 2017 7 2 9 $ 520 $ 430 $ 950

COMMITMENTS AND GUARANTEES Leas

COMMITMENTS AND GUARANTEES Leases (Tables)	12 Months Ended
COMMITMENTS AND GUARANTEES Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Assets And Liabilities, Lessee [Table Text Block]	The components of FCX’s leases presented in the consolidated balance sheet for the years ended December 31 follow: December 31, 2022 2021 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 342 $ 337 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 38 $ 38 Long-term lease liabilities (included in other liabilities) a 294 281 Total lease liabilities $ 332 $ 319 a. Includes a land lease by PT-FI for the greenfield smelter totaling $141 million at December 31, 2022 and $126 million at December 31, 2021. This is FCX’s only significant finance lease.
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: 2022 2021 2020 Operating leases $ 46 $ 42 $ 42 Variable and short-term leases 84 62 74 Total operating lease costs $ 130 $ 104 $ 116
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2022, follow: 2023 $ 48 2024 85 2025 34 2026 29 2027 24 Thereafter 186 Total payments 406 Less amount representing interest (74) Present value of net minimum lease payments 332 Less current portion (38) Long-term portion $ 294

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions): December 31, 2022 2021 Balance sheet components: Cash and cash equivalents a $ 8,146 b $ 8,068 Restricted cash and restricted cash equivalents included in: Other current assets 111 114 Other assets 133 132 Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows $ 8,390 $ 8,314 a. Includes time deposits of $0.5 billion at December 31, 2022, and $0.2 billion at December 31, 2021. b. Includes $1.8 billion of cash designated for smelter development projects related to PT-FI’s April 2022 senior notes offering.
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 (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 (in millions): 2022 2021 2020 Copper futures and swap contracts: Unrealized (losses) gains: Derivative financial instruments $ (11) $ (4) $ 9 Hedged item - firm sales commitments 11 4 (9) Realized (losses) gains: Matured derivative financial instruments (63) 65 22
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at December 31, 2022, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 861 $ 3.62 $ 3.80 June 2023 Gold (thousands of ounces) 240 1,769 1,823 April 2023 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 180 3.59 3.80 April 2023
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows (in millions): 2022 2021 2020 Embedded derivatives in provisional sales contracts a : Copper $ (479) $ 425 $ 259 Gold and other (12) (2) 45 Copper forward contracts b 37 (15) 3 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, 2022 2021 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 3 $ 12 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 166 64 Copper forward contracts 1 1 Total derivative assets $ 170 $ 77 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 3 $ — Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 39 27 Copper forward contracts — 1 Total derivative liabilities $ 42 $ 28
Offsetting Liabilities [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets at December 31, Liabilities at December 31, 2022 2021 2022 2021 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 166 $ 64 $ 39 $ 27 Copper derivatives 4 13 3 1 170 77 42 28 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts — 3 — 3 Copper derivatives — 1 — 1 — 4 — 4 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 166 61 39 24 Copper derivatives 4 12 3 — $ 170 $ 73 $ 42 $ 24 Balance sheet classification: Trade accounts receivable $ 163 $ 51 $ 7 $ 14 Other current assets 4 12 — — Accounts payable and accrued liabilities 3 10 34 10 Other liabilities — — 1 — $ 170 $ 73 $ 42 $ 24
Offsetting Assets [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets at December 31, Liabilities at December 31, 2022 2021 2022 2021 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 166 $ 64 $ 39 $ 27 Copper derivatives 4 13 3 1 170 77 42 28 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts — 3 — 3 Copper derivatives — 1 — 1 — 4 — 4 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 166 61 39 24 Copper derivatives 4 12 3 — $ 170 $ 73 $ 42 $ 24 Balance sheet classification: Trade accounts receivable $ 163 $ 51 $ 7 $ 14 Other current assets 4 12 — — Accounts payable and accrued liabilities 3 10 34 10 Other liabilities — — 1 — $ 170 $ 73 $ 42 $ 24

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 2022
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 14) follows: At December 31, 2022 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Equity securities 7 7 — 7 — — Total 32 32 25 7 — — Legally restricted funds: a U.S. core fixed income fund 56 56 56 — — — Government mortgage-backed securities 37 37 — — 37 — Government bonds and notes 34 34 — — 34 — Corporate bonds 31 31 — — 31 — Asset-backed securities 17 17 — — 17 — Money market funds 3 3 — 3 — — Collateralized mortgage-backed securities 3 3 — — 3 — Total 181 181 56 3 122 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 166 166 — — 166 — Copper futures and swap contracts 3 3 — 3 — — Copper forward contracts 1 1 — 1 — — Total 170 170 — 4 166 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 67 57 — — — 57 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 39 39 — — 39 — Copper futures and swap contracts 3 3 — — 3 — Total 42 42 — — 42 — Long-term debt, including current portion d 10,620 10,097 — — 10,097 — At December 31, 2021 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b Equity securities $ 50 $ 50 $ — $ 50 $ — $ — U.S. core fixed income fund 29 29 29 — — — Total 79 79 29 50 — — Legally restricted funds: a U.S. core fixed income fund 64 64 64 — — — Government bonds and notes 53 53 — — 53 — Corporate bonds 45 45 — — 45 — Government mortgage-backed securities 20 20 — — 20 — Asset-backed securities 18 18 — — 18 — Money market funds 8 8 — 8 — — Municipal bonds 1 1 — — 1 — Total 209 209 64 8 137 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 64 64 — — 64 — Copper futures and swap contracts 12 12 — 9 3 — Copper forward contracts 1 1 — 1 — — Total 77 77 — 10 67 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 90 81 — — — 81 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 27 27 — — 27 — Copper forward contracts 1 1 — 1 — — Total 28 28 — 1 27 — Long-term debt, including current portion d 9,450 10,630 — — 10,630 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $118 million at December 31, 2022, and $114 million at December 31, 2021, and (ii) other assets of $133 million at December 31, 2022, and $132 million at December 31, 2021, primarily associated with an assurance bond to support PT-FI’s commitment for the development of a greenfield smelter in Indonesia (refer to Note 13 for further discussion) and PT-FI’s closure and reclamation guarantees (refer to Note 12 for further discussion). c. Refer to Note 14 for further discussion and balance sheet classifications.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	A summary of the changes in the fair value of FCX ’ s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, for the years ended December 31 follows: 2022 2021 2020 Balance at beginning of year $ 81 $ 88 $ 108 Net unrealized (losses) gains related to assets still held at the end of the year (1) 12 (6) Settlements (23) (19) (14) Balance at end of year $ 57 $ 81 $ 88

BUSINESS SEGMENTS INFORMATION (

BUSINESS SEGMENTS INFORMATION (Tables)	12 Months Ended
BUSINESS SEGMENTS INFORMATION (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Revenues by product	FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2022 2021 2020 Copper: Concentrate $ 9,650 $ 8,705 $ 4,294 Cathode 5,134 5,900 4,204 Rod and other refined copper products 3,699 3,369 2,052 Purchased copper a 481 757 821 Gold 3,397 2,580 1,702 Molybdenum 1,416 1,283 848 Other b 688 821 592 Adjustments to revenues: Treatment charges (503) (445) (362) Royalty expense c (366) (330) (165) PT-FI export duties (325) d (218) (92) Revenues from contracts with customers 23,271 22,422 13,894 Embedded derivatives e (491) 423 304 Total consolidated revenues $ 22,780 $ 22,845 $ 14,198 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Primarily includes revenues associated with silver and, prior to 2022, cobalt. c. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. d. Includes a charge of $18 million associated with an adjustment to prior-period export duties. e. Refer to Note 14 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, 2022 2021 Long-lived assets: a Indonesia $ 18,121 $ 16,288 U.S. 8,801 8,292 Peru 6,727 6,827 Chile 1,103 1,110 Other 309 261 Total $ 35,061 $ 32,778
Revenues by geographic area of customer	Years Ended December 31, 2022 2021 2020 Revenues: a U.S. $ 7,339 $ 7,168 $ 5,248 Indonesia 3,026 3,132 1,760 Switzerland 2,740 3,682 2,032 Japan 2,462 2,372 1,205 Singapore 1,492 156 191 Spain 1,174 1,495 785 China 929 1,044 692 Germany 632 469 248 Chile 383 343 221 United Kingdom 355 659 491 India 330 207 152 South Korea 302 270 89 Philippines 249 264 34 Other 1,367 1,584 1,050 Total $ 22,780 $ 22,845 $ 14,198 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 Mining Atlantic Corporate, Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations Total Year Ended December 31, 2022 Revenues: Unaffiliated customers $ 175 $ 253 $ 428 $ 3,444 $ 768 $ 4,212 $ 8,028 a $ — $ 6,281 $ 2,439 $ 1,392 b $ 22,780 Intersegment 2,514 3,768 6,282 506 — 506 398 565 31 4 (7,786) — Production and delivery 1,542 2,819 4,361 2,359 702 3,061 2,684 c 359 6,330 2,452 d (6,206) 13,041 Depreciation, depletion and amortization 177 233 410 357 51 408 1,025 74 5 27 70 2,019 Metals inventory adjustments 8 8 16 10 3 13 — — — — — 29 Selling, general and administrative expenses 2 3 5 8 — 8 117 — — 25 265 420 Mining exploration and research expenses — 1 1 — — — — — — — 114 115 Environmental obligations and shutdown costs (5) 1 (4) — — — — — — — 125 121 Net gain on sales of assets — — — — — — — — — — (2) (2) Operating income (loss) 965 956 1,921 1,216 12 1,228 4,600 132 (23) (61) (760) 7,037 Interest expense, net 1 1 2 15 — 15 40 — — 15 488 560 Provision for (benefit from) income taxes — — — 461 (8) 453 1,820 — — (1) (5) 2,267 Total assets at December 31, 2022 3,052 5,552 8,604 8,398 1,873 10,271 20,639 1,697 183 1,262 8,437 51,093 Capital expenditures 263 334 597 164 140 304 1,575 33 9 76 875 e 3,469 a. Includes sales to PT Smelting totaling $3.0 billion. b. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. c. Includes charges totaling $116 million associated with an unfavorable ARO change. Refer to Note 12 for further discussion. d. Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million. e. Primarily includes capital expenditures for the Indonesia smelter projects.

SUPPLEMENTARY MINERAL RESERVE_2

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2022
Mineral Industries Disclosures [Abstract]
Schedule Of Estimated Recoverable Proven And Probable Reserves By Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2022 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 48.6 0.6 2.83 South America 31.7 — 0.70 Indonesia b 30.8 26.3 — Consolidated basis c 111.0 26.9 3.53 Net equity interest b,d 80.4 13.5 3.20 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.8 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 13 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 46% of its proven and probable recoverable mineral reserves at December 31, 2022, representing 49% of FCX’s net equity share of recoverable copper reserves and 51% of FCX’s net equity share of recoverable gold reserves. 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 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 340 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 3 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 226 million ounces of silver.
Supplementary Reserve Information at 100% Basis by Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2022 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% 3,525 4,895 0.23 — 0.01 15.7 — 0.29 Sierrita 100% 2,735 2,735 0.22 — c 0.02 11.1 0.1 1.10 Bagdad 100% 2,637 2,637 0.33 — c 0.02 16.2 0.2 0.91 Safford, including Lone Star 100% 1,071 1,071 0.40 — — 7.0 — — Chino, including Cobre 100% 319 319 0.44 0.04 — 2.6 0.3 — Climax 100% 151 151 — — 0.14 — — 0.45 Henderson 100% 51 51 — — 0.16 — — 0.16 Tyrone 100% 91 91 0.17 — — 0.3 — — Miami 100% — — — — — 0.1 c — — South America Production stage: Cerro Verde 53.56% 2,268 4,235 0.35 — 0.01 28.0 — 0.70 El Abra 51.00% 368 722 0.42 — — 3.6 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 395 810 1.10 0.75 — 16.5 12.9 — Deep Mill Level Zone 48.76% 186 382 0.75 0.62 — 5.4 5.9 — Big Gossan 48.76% 24 49 2.27 0.95 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 186 381 0.99 0.88 — 6.8 6.5 — Total 100% basis 18,528 115.4 26.9 3.61 Consolidated basis e 17,158 111.0 26.9 3.53 FCX’s net equity interest f 14,007 80.4 13.5 3.20 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 13 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 3 for further discussion).

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 21, 2018
Schedule of Significant Accounting Policies [Line Items]
Number of operating segments \| segment	4
Foreign currency transaction gains (losses), before tax \| $	$ 9	$ 66	$ 34
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	90%
Percentage of copper ultimately recoverable from newly placed material on active stockpiles extracted during the first year	80%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income	$ 4,479	$ 5,365	$ 865
Net income attributable to noncontrolling interests	(1,011)	(1,059)	(266)
Undistributed dividends and earnings allocated to participating securities	(7)	(7)	(3)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 3,461	$ 4,299	$ 596
Weighted Average Number of Shares Outstanding, Basic	1,441	1,466	1,453
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	10	16	8
Weighted Average Number of Shares Outstanding, Diluted	1,451	1,482	1,461
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.40	$ 2.93	$ 0.41
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	$ 2.39	$ 2.90	$ 0.41
Outstanding options with exercise prices greater than market price of common stock	1	5	31

DISPOSITIONS AND ACQUISITIONS (

DISPOSITIONS AND ACQUISITIONS (Freeport Cobalt) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 35
Koboltti Chemical Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Consideration Received Per Transaction		$ 60
Jervois
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of Business, Percent of Shares Owned	7%
Koboltti Chemicals Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of subsidiary	56%
Freeport Cobalt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 208
Proceeds from Divestiture of Businesses	$ 173
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		20
Disposal Group, Including Discontinued Operation, Other Assets		125
Gain (Loss) on Disposition of Business			$ 60
Business Combination, Contingent Consideration, Asset		$ 40
Freeport Cobalt \| Net Income Attributable To Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Business			$ 34

DISPOSITIONS AND ACQUISITIONS_2

DISPOSITIONS AND ACQUISITIONS (PT Smelting) (Details) - USD ($) $ in Millions	Apr. 30, 2021	Apr. 29, 2021
PT Smelting
Asset Acquisition [Line Items]
Ownership percentage	39.50%	25%
PT Smelting
Asset Acquisition [Line Items]
Percentage of voting interest	14.50%
Payments to Acquire Additional Interest in Subsidiaries	$ 33

DISPOSITIONS AND ACQUISITIONS -

DISPOSITIONS AND ACQUISITIONS - Kisanfu Transaction (Details) - Kisanfu [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Interest in Projects, Pretax	$ 550
Proceeds from Sale of Investment Projects	$ 415
Gain (Loss) on Sale of Interest in Projects		$ 486

DISPOSITIONS AND ACQUISITIONS_3

DISPOSITIONS AND ACQUISITIONS (Timok) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of assets	$ 108	$ 247	$ 704
Disposed of by Sale, Discontinued Operations \| Timok, Lower Zone [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of Businesses, Deferred Payments Receivable				$ 150
Divestiture of Businesses, Deferred Payments Receivable, Demand Amount				60
Disposed of by Sale, Discontinued Operations \| Timok, Upper Zone [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of Businesses, Contingent Consideration				$ 107
Proceeds from sales of assets	$ 12	$ 50	$ 45

DISPOSITIONS AND ACQUISITIONS_4

DISPOSITIONS AND ACQUISITIONS (TF Holdings Limited) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2020
Disposed of by Sale, Discontinued Operations \| TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 2,650
Contingent receivable	$ 120
TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	70%
Cobalt \| Disposed of by Sale, Discontinued Operations \| TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable		$ 60

OWNERSHIP IN SUBSIDIARIES AND_2

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Ownership in Subsidiaries (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 21, 2018
Summary of investment holdings [Line Items]
Retained Earnings (Accumulated Deficit)	$ 3,907,000,000	$ 7,375,000,000
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary	13,000,000,000
Retained Earnings (Accumulated Deficit)	$ (8,400,000,000)
Morenci
Summary of investment holdings [Line Items]
Ownership percentage	72%
Other North America [Member]
Summary of investment holdings [Line Items]
Ownership percentage	100%
Cerro Verde [Member]
Summary of investment holdings [Line Items]
Ownership percentage	53.56%
El Abra [Member]
Summary of investment holdings [Line Items]
Ownership percentage	51%
Freeport Minerals Corporation [Member]
Summary of investment holdings [Line Items]
Loans outstanding	$ 1,000,000
Freeport Minerals Corporation [Member] \| Subsidiaries [Member]
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary	19,000,000,000
Retained Earnings (Accumulated Deficit)	$ 12,200,000,000
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage	48.76%		81%
Loans outstanding	$ 0
Atlantic Copper [Member]
Summary of investment holdings [Line Items]
Ownership percentage	100%
Net assets (liabilities) in subsidiary	$ 104,000,000
Retained Earnings (Accumulated Deficit)	440,000,000
Loans outstanding	$ 456,000,000

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, 2023 oz	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 21, 2018
Summary of investment holdings [Line Items]
Net income		$ 4,479	$ 5,365	$ 865
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%			48.76%	81%
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 2022
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary		48.76%			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 \| Forecast
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%			48.76%
PT Freeport Indonesia \| Freeport McMoRan Corporation \| Forecast
Summary of investment holdings [Line Items]
Portion of gold sales attributable to noncontrolling interest	81%
PT Freeport Indonesia \| PT Indonesia Asahan Aluminium (Persero) (Inalum) \| Forecast
Summary of investment holdings [Line Items]
Portion of gold sales attributable to noncontrolling interest	19%
PT Freeport Indonesia, Subsidiary \| PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage						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) lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2021	Apr. 29, 2021
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings	$ 31	$ 5	$ 12
Sumitomo Metal Mining Co., Ltd.
Summary of investment holdings [Line Items]
Due from joint ventures		20
Freeport-McMoRan Corporation
Summary of investment holdings [Line Items]
Number of pounds of copper purchased from Sumitomo (in pounds) \| lb	62
Sumitomo Metal Mining, Ltd. and SMM Morenci Inc.
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo	$ 245
Due from joint ventures	25
PT Freeport Indonesia \| PT Smelting
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings	$ 24	6	$ 11
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
Summary of investment holdings [Line Items]
Ownership percentage				39.50%	25%
Equity in affiliated companies’ net earnings	$ 112	$ 126
PT Smelting \| PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage	39.50%
PT Smelting \| Mitsubishi Materials Corporation
Summary of investment holdings [Line Items]
Ownership percentage	60.50%

INVENTORIES, INCLUDING LONG-T_3

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Components of Inventories) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($) $ / shares lb	Dec. 31, 2020 USD ($)
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,964	$ 1,669
Mill stockpiles	216	193
Inventory, Ore Stockpiles on Leach Pads, Gross	1,167	977
Total current mill and leach stockpiles	1,383	1,170
Raw materials (primarily concentrate)	443	536
Work-in-process	221	195
Finished goods	1,169	927
Total product	1,833	1,658
Mill stockpiles	199	226
Leach stockpiles	1,053	1,161
Total long-term inventories	1,252	1,387
Inventory obsolescence reserves	39	36
Metals inventory adjustments	29	$ 16	$ 96
Inventory adjustment, stockpile write-off	$ 10
Increase in recoverable copper in leach stockpiles \| lb	(213,000,000)
El Abra
Components of Inventories [Line Items]
Increase (Decrease) in recoverable copper in Leach Stockpiles \| lb	(135,000,000)
Morenci
Components of Inventories [Line Items]
Increase in recoverable copper in leach stockpiles \| lb		(191,000,000)
Increase in net income as a result of recoverable inventory		$ 112
Increase in earnings per share as a result of increased recoverable inventory \| $ / shares		$ 0.08
Copper
Components of Inventories [Line Items]
Metals inventory adjustments	$ 19

PROPERTY, PLANT, EQUIPMENT AN_3

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Schedule of PPE) (Details) - USD ($)	12 Months Ended					192 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 30, 2008	Dec. 31, 2007	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	$ 80,900,000,000	$ 77,018,000,000				$ 80,900,000,000
Accumulated depreciation, depletion and amortization	(48,273,000,000)	(46,673,000,000)				(48,273,000,000)
Property, plant, equipment and mining development costs, net	32,627,000,000	30,345,000,000				32,627,000,000
Proven and probable reserves [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	7,159,000,000	7,142,000,000				7,159,000,000
Transfer From Value Beyond Proven And Probable Reserves To Proven And Probable Reserves	16,000,000	0				827,000,000
Value beyond proven and probable reserves (VBPP) [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 1,600,000,000
Property, plant, equipment and mining development costs	360,000,000	376,000,000				360,000,000
Property, Plant and Equipment, Transfers and Changes				$ 497,000,000
Mine development and other
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	12,314,000,000	11,309,000,000				12,314,000,000
Buildings and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	9,746,000,000	9,412,000,000				9,746,000,000
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	14,790,000,000	14,399,000,000				14,790,000,000
Mobile equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	4,756,000,000	4,605,000,000				4,756,000,000
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	4,419,000,000	2,477,000,000				4,419,000,000
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	27,356,000,000	27,298,000,000				27,356,000,000
Accumulated depreciation, depletion and amortization	(27,300,000,000)	(27,300,000,000)				$ (27,300,000,000)
Discontinued Operations
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 634,000,000
Mining Operations [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest	$ 150,000,000	$ 72,000,000	$ 147,000,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
OTHER ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Other Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 416	$ 412
Legally restricted fundsg	182	209
Long-term receivable for taxes	54	84
Investments: [Abstract]
Assurance bond	133	132
Available-for-sale Securities, Noncurrent	79	74
Loans to PT Smelting	101	36
Materials, Supplies, and Other	24	20
Prepaid rent and deposits	26	2
Other	144	101
Total other assets	1,601	1,460
Indefinite-lived Intangible Assets (Excluding Goodwill)	214	215
Finite-Lived Intangible Assets, Accumulated Amortization	39	35
Equity in affiliated companies’ net earnings	31	5	$ 12
PT-FI
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	12	57
Cerro Verde
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	333	237
PT Smelting
Investments: [Abstract]
PT Smelting	50	26
Equity in affiliated companies’ net earnings	112	126
Accounts Receivable, before Allowance for Credit Loss, Current	277	411
NEW MEXICO
Investments: [Abstract]
Legally restricted funds for asset retirement obligations at New Mexico mines	181	208
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Investments: [Abstract]
Total other assets	$ 47	$ 70

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 2,701	$ 2,035
Salaries, wages and other compensation	329	334
Accrued interest	218	203
PT-FI contingencies	179	259
Pension, postretirement, postemployment and other employee benefits	143	190
Litigation accruals	99	28
Deferred revenue	76	191
Accrued taxes, other than income taxes	75	64
Accrued mining royalties	41	33
Leases	38	38
Other	128	120
Accounts payable and accrued liabilities	4,027	3,495
Cash interest paid, net	$ 417	$ 640	$ 472

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instruments [Line Items]
Debt issuance costs, net	$ 78	$ 86
Long-term debt	10,620	9,450
Less current portion of debt	(1,037)	(372)
Long-term debt	9,583	9,078
Senior Notes \| 3.875% Senior Notes due March 2023
Debt Instruments [Line Items]
Long-term debt	995	995
Senior Notes \| senior notes 4.55
Debt Instruments [Line Items]
Long-term debt	729	728
Senior Notes \| Senior Notes due 2027, 5%
Debt Instruments [Line Items]
Long-term debt	465	594
Senior Notes \| Senior Notes Due 2028, 4.125%
Debt Instruments [Line Items]
Long-term debt	543	693
Senior Notes \| Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Long-term debt	475	643
Senior Notes \| Senior Notes due 2029, 5.25%
Debt Instruments [Line Items]
Long-term debt	499	593
Senior Notes \| Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Long-term debt	494	593
Senior Notes \| Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Long-term debt	615	841
Senior Notes \| Senior Notes due 2034 5 point 4 percent
Debt Instruments [Line Items]
Long-term debt	723	742
Senior Notes \| 5.450% Senior Notes due March 2043
Debt Instruments [Line Items]
Long-term debt	1,687	1,846
Other Debt
Debt Instruments [Line Items]
Long-term debt	62	70
Revolving Credit Facility \| Line of Credit
Debt Instruments [Line Items]
Long-term debt	0
Freeport McMoRan Corporation \| Senior Notes \| Senior Notes Due 2031
Debt Instruments [Line Items]
Long-term debt	122	123
Freeport McMoRan Corporation \| Senior Notes \| Senior Notes Due 2034
Debt Instruments [Line Items]
Long-term debt	118	117
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	745	0
PT-FI \| Senior Notes \| Senior Notes Due 2032, 5.315%
Debt Instruments [Line Items]
Long-term debt	1,489	0
PT-FI \| Senior Notes \| Senior Notes Due 2052, 6.200%
Debt Instruments [Line Items]
Long-term debt	744	0
PT-FI \| Line of Credit
Debt Instruments [Line Items]
Long-term debt	0	432
PT-FI \| Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	0	0
Cerro Verde \| Line of Credit
Debt Instruments [Line Items]
Long-term debt	0	325
Cerro Verde \| Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	$ 0	$ 0

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2022	May 31, 2022	Apr. 30, 2022	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instruments [Line Items]
Long-term Debt					$ 10,620	$ 9,450
Line of Credit \| PT-FI
Debt Instruments [Line Items]
Long-term Debt					0	432
Line of Credit \| Cerro Verde
Debt Instruments [Line Items]
Long-term Debt					0	325
Revolving Credit Facility \| PT-FI
Debt Instruments [Line Items]
Long-term line of credit					0	0
Revolving Credit Facility \| Cerro Verde
Debt Instruments [Line Items]
Long-term line of credit					0	$ 0
Revolving Credit Facility \| Line of Credit
Debt Instruments [Line Items]
Long-term Debt					0
Revolving Credit Facility \| Line of Credit \| October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity	$ 3,000
Term of debt agreement	5 years
Revolving Credit Facility \| Line of Credit \| PT-FI \| October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity	$ 500
Letter of Credit \| Line of Credit
Debt Instruments [Line Items]
Long-term line of credit					8
Remaining borrowing capacity	$ 1,500
Unsecured Credit Facility \| PT-FI
Debt Instruments [Line Items]
Long-term line of credit					0
Term of debt agreement			5 years
Line of credit increase (decrease), net			$ 1,300
Unsecured Credit Facility \| Cerro Verde
Debt Instruments [Line Items]
Long-term line of credit					$ 0
Maximum borrowing capacity		$ 350
Term of debt agreement		5 years
Unsecured Credit Facility \| Line of Credit \| PT-FI
Debt Instruments [Line Items]
Term of debt agreement				5 years
Debt instrument, face amount				$ 1,000

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
DEBT - Senior Notes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instruments [Line Items]
(Gain)/Loss	$ 31	$ 0	$ (101)
Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	1,061		2,598
Net Adjustments	(10)		(12)
Book Value	1,051		2,586
Redemption Value	1,007		2,686
(Gain)/Loss	(44)		100
4.375% Senior Notes Due 2028 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	171
Net Adjustments	(2)
Book Value	169
Redemption Value	163
(Gain)/Loss	(6)
5.25% Senior Notes Due 2029 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	97
Net Adjustments	(1)
Book Value	96
Redemption Value	93
(Gain)/Loss	(3)
4.25% Senior Notes Due 2030 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	101
Net Adjustments	(1)
Book Value	100
Redemption Value	93
(Gain)/Loss	(7)
4.625% Senior Notes Due 2030 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	228
Net Adjustments	(2)
Book Value	226
Redemption Value	215
(Gain)/Loss	(11)
4.00% Senior Notes Due 2021 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount			195
Net Adjustments			(1)
Book Value			194
Redemption Value			205
(Gain)/Loss			11
3.55% Senior Notes Due 2022 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount		524	1,356
Net Adjustments		0	(6)
Book Value		524	1,350
Redemption Value		524	1,391
(Gain)/Loss		$ 0	41
3.875% Senior Notes due March 2023 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount			927
Net Adjustments			(4)
Book Value			923
Redemption Value			964
(Gain)/Loss			41
4.55% Senior Notes due 2024 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount			120
Net Adjustments			(1)
Book Value			119
Redemption Value			126
(Gain)/Loss			$ 7
5.00% Senior Notes due March 2027 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	131
Net Adjustments	(1)
Book Value	130
Redemption Value	130
(Gain)/Loss	0
4.125% Senior Notes due 2028 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	153
Net Adjustments	(1)
Book Value	152
Redemption Value	143
(Gain)/Loss	(9)
5.40% Senior Notes due 2034 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	20
Net Adjustments	0
Book Value	20
Redemption Value	20
(Gain)/Loss	0
5.450% Senior Notes Due 2043 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	160
Net Adjustments	(2)
Book Value	158
Redemption Value	150
(Gain)/Loss	$ (8)

DEBT - Schedule of Senior Notes

DEBT - Schedule of Senior Notes (Details) - Senior Notes	Dec. 31, 2022	Dec. 31, 2021
3.100% Senior Notes due March 2020
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.10%
6.5% Senior Notes due 2020
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
6.625% Senior Notes due 2021
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.625%	6.625%
4.00% Senior Notes Due 2021
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4%
6.75% Senior Notes due 2022
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.75%	6.75%
3.55% Senior Notes Due 2022
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.55%
6.875% Senior Notes due 2023
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%	6.875%
3.875% Senior Notes due March 2023
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.875%
6.125% Senior Notes due 2019
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.125%
senior notes 4.55
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.55%
Senior Notes due 2027, 5%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5%
Senior Notes Due 2028, 4.125%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.125%
Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Senior Notes due 2029, 5.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Senior Notes due 2034 5 point 4 percent
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.40%
5.450% Senior Notes due March 2043
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.45%

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instruments [Line Items]
Repayments of Debt		$ 4,515	$ 1,461	$ 3,724
Gain (Loss) on Extinguishment of Debt		(31)	$ 0	101
Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount		1,061		2,598
Gain (Loss) on Extinguishment of Debt		$ 44		$ (100)
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 - Cerro Verde Loans (Detai

DEBT - Cerro Verde Loans (Details) $ in Millions	Dec. 31, 2022 USD ($)
Shareholder Loan \| Cerro Verde
Debt Instruments [Line Items]
Related Party Transaction, Remaining Borrowing Capacity	$ 200

DEBT - Maturities (Details)

DEBT - Maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 1,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	731
Long-term Debt, Maturities, Repayments of Principal in Year Three	4
Long-term Debt, Maturities, Repayments of Principal in Year Four	4
Long-term Debt, Maturities, Repayments of Principal in Year Five	1,300
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 7,600

OTHER LIABILITIES, INCLUDING _3

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS OTHER LIABILITEIS, INCLUDING EMPLOYEE BENEFIT (Components of Other Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities, Including Employee Benefits [Abstract]
Pension, postretirement, postemployment and other employment benefits	$ 775	$ 845
Operating Lease, Liability, Noncurrent	294	281
Provision for tax positions	161	232
Estimated Litigation Liability, Noncurrent	109	131
Loss Contingency, Accrual, Noncurrent	74	78
Other	149	116
Total other liabilities	$ 1,562	$ 1,683

OTHER LIABILITIES, INCLUDING _4

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Penion Plans) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Rp / $	Dec. 31, 2021 USD ($) Rp / $	Dec. 31, 2020
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	16%
Long-term U.S. Treasury STRIPS
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	13%
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage of assets	1%
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
Pension Plan \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Foreign currency exchange rate \| Rp / $	15,652	14,198
Expected return on plan assets	7%
Actuarial gains	$ (2)	$ (3)
Discount rate	7%	6.50%
Pension Plan \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5%
Actuarial gains	$ (623)	$ (117)
Discount rate	5.41%	2.85%	2.50%

OTHER LIABILITIES, INCLUDING _5

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of Disclosures) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Rp / $	Dec. 31, 2021 USD ($) Rp / $	Dec. 31, 2020 USD ($)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected and accumulated benefit obligation	$ 1,831	$ 2,476
Fair value of plan assets	1,422	1,988
Pension Plan \| UNITED STATES
Change in benefit obligation:
Benefit obligation at beginning of year	2,553	2,722
Service cost	15	12	$ 37
Interest cost	71	66	77
Actuarial gains	(623)	(117)
Foreign exchange gains	(3)	(1)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	129	129
Benefits obligation at end of year	1,884	2,553	2,722
Change in plan assets:
Fair value of plan assets at beginning of year	2,071	1,946
Actual return on plan assets	(509)	150
Employer contributions	52	105
Foreign exchange losses	(2)	(1)
Benefits and administrative expenses paid	(129)	(129)
Fair value of plan assets at end of year	1,483	2,071	$ 1,946
Funded status at end of year	(401)	(482)
Accumulated benefit obligation	$ 1,882	$ 2,551
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	5.41%	2.85%	2.50%
Balance sheet classification of funded status:
Other assets	$ 8	$ 6
Accounts payable and accrued liabilities	(4)	(4)
Other liabilities	(405)	(484)
Total	(401)	$ (482)
Estimated future employer contributions in next fiscal year	$ 60
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	2.85%	2.50%	2.98%
Expected return on plan assets	3%	5.25%	6.25%
Rate of compensation increase			3.25%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost	$ 15	$ 12	$ 37
Interest cost	71	66	77
Expected return on plan assets	(62)	(98)	(105)
Amortization of net actuarial losses	15	25	45
Curtailment loss	0	0	4
Net periodic benefit cost	39	5	58
Pension Plan \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	237	238
Service cost	12	13	11
Interest cost	14	14	14
Actuarial gains	(2)	(3)
Foreign exchange gains	(22)	(3)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	26	20
Benefits obligation at end of year	215	237	238
Change in plan assets:
Fair value of plan assets at beginning of year	240	251
Actual return on plan assets	10	8
Employer contributions	2	4
Foreign exchange losses	(21)	(3)
Benefits and administrative expenses paid	(26)	(20)
Fair value of plan assets at end of year	205	240	$ 251
Funded status at end of year	(10)	3
Accumulated benefit obligation	$ 176	$ 194
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	7%	6.50%
Rate of compensation increase	4%	4%
Balance sheet classification of funded status:
Other assets	$ 0	$ 3
Accounts payable and accrued liabilities	0	0
Other liabilities	(10)	0
Total	(10)	$ 3
Estimated future employer contributions in next fiscal year	$ 11
Foreign currency exchange rate \| Rp / $	15,652	14,198
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	6.50%	6.25%	7.25%
Expected return on plan assets	7%	7.75%	7.75%
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	$ 13	$ 11
Interest cost	14	14	14
Expected return on plan assets	(15)	(19)	(19)
Amortization of prior service cost	1	1	2
Amortization of net actuarial losses	(1)	(1)	(3)
Special termination benefit	2	0	0
Net periodic benefit cost	13	8	$ 5
Pension Plan \| FCX \| UNITED STATES
Change in benefit obligation:
Special termination benefits and plan amendments	0	0
Pension Plan \| PT Freeport Indonesia, Subsidiary \| Foreign Plan
Change in benefit obligation:
Special termination benefits and plan amendments	$ 2	$ (2)

OTHER LIABILITIES, INCLUDING _6

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS - Costs Not Yet Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	$ (62)	$ (179)	$ (46)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	1	0	$ 0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial net loss (gain), Before Taxes	426	488
Prior service (credit), Before Taxes	0	2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	426	490
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	305	369
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	(2)	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 303	$ 369

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ 205	$ 240	$ 251
UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,483	2,071	$ 1,946
Total investments \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	179	212
Total investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,439	2,065
Total investments \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	179	212
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	1,048	1,421
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	390	643
Government bonds \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	95	114
Government bonds \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	95	114
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	72	80
Common Stock \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	72	80
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	18
Mutual funds \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	12	18
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	335	522
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	335	522
Short-term investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	30	38
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	30	38
Corporate bonds \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	712	911
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	712	911
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	282	437
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	282	437
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	55	74
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	54	73
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
Real estate property \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		72
Real estate property \| Level 1 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Real estate property \| Level 2 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Real estate property \| Level 3 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Real estate property \| NAV \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		72
Private equity investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		11
Private equity investments \| Level 1 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Private equity investments \| Level 2 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Private equity investments \| Level 3 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		0
Private equity investments \| NAV \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		11
Private Equity Investment \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	25
Private Equity Investment \| Level 1 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Private Equity Investment \| Level 2 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Private Equity Investment \| Level 3 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0
Private Equity Investment \| NAV \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	25
Cash and receivables \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	27	29
Cash and receivables \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	49	18
Payables \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	(1)	(1)
Payables \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ (5)	$ (12)

OTHER LIABILITIES, INCLUDING _8

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Expected Benefit Payments) (Details) - Pension Plan $ in Millions	Dec. 31, 2022 USD ($) Rp / $	Dec. 31, 2021 Rp / $
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
2023	$ 127
2024	183
2025	131
2026	132
2027	132
2028 through 2032	648
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2023	29
2024	26
2025	26
2026	28
2027	29
2028 through 2032	$ 127
Foreign currency exchange rate \| Rp / $	15,652	14,198

OTHER LIABILITIES, INCLUDING _9

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Postretirement and Other Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	$ 26,222	$ 25,003
Costs charged to operations for employee savings plans and defined contribution plans	101	95	$ 40
401K Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	56	51
Postemployment Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability, Defined Benefit Plan, Current	(7)	(6)
Liability, Defined Benefit Plan, Noncurrent	(41)	(35)
Postretirement Medical and Life Insurance Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability, Defined Benefit Plan, Current	(6)	(7)
Liability, Defined Benefit Plan, Noncurrent	$ (43)	$ (57)

STOCKHOLDERS' EQUITY AND STOC_3

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Dec. 21, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 15, 2023	Jul. 01, 2022	Nov. 01, 2021	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares of capital stock (in shares)		3,050,000
Authorized shares of common stock (in shares)		3,000,000
Authorized shares of preferred stock (in shares)		50,000
Stock repurchase program, authorized amount (in shares)						$ 5,000	$ 3,000
Treasury stock purchases (in shares)		35,120	12,740
Shares repurchased (in shares)		$ 1,300	$ 500
Cost per share repurchased (in dollars per share)		$ 38.36	$ 38.32
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.60	$ 0.375	$ 0
Base cash dividend (in dollars per share)	0.075
Variable cash dividend (in dollars per share)	$ 0.075
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining authorized shares repurchase amount (in shares)					$ 3,200
Outside Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
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, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	$ 13,980
Ending balance, stockholders' equity	15,555	$ 13,980
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	59	174	$ 40
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(398)	(593)	(686)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	61	176	47
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	7	19	46
Ending balance, stockholders' equity	(330)	(398)	(593)
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
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(388)	(583)	(676)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	61	176	47
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	7	19	46
Ending balance, stockholders' equity	(320)	(388)	(583)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	2	2	7
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 STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Stock Option and SARs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	25,500,000
Share-based Payment Arrangement, Compensation Cost [Abstract]
Total stock-based compensation	$ 95	$ 98	$ 99
Tax benefit of compensation costs	(4)	(5)	(5)
Impact on net income	$ 91	$ 93	94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in number of options/units)	21,822,562
Exercised (in number of options/units)	(6,371,610)
Expired/Forfeited (in number of options/units)	(3,836,900)
Balance at end of period (in number of options/units)	11,614,052	21,822,562
Weighted-average exercise price at beginning of period (in dollars per option)	$ 23.78
Exercised, Exercise Price (in dollars per option)	21.07
Expired/Forfeited, Exercise Price (in dollars per option)	46.56
Weighted-average exercise price at end of period (in dollars per option)	$ 17.75	$ 23.78
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 235
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	11,171,890
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 17.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 227
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	57	$ 64	70
Cost of Sales
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	$ 38	$ 34	$ 29
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]
Weighted-average expected volatility		58.10%	47.70%
Expected life of options (in years)		5 years 10 months 24 days	5 years 9 months 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		2.50%	1.70%
Risk free interest rate		0.60%	1.50%
Weighted-average grant-date fair value (in dollars per option)		$ 11.92	$ 4.72
Total intrinsic value of options exercised	$ 148	$ 194	$ 82
Fair value of options vested	$ 23	$ 16	$ 28

STOCKHOLDERS' EQUITY AND STOC_6

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Equity RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	300,000	800,000
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)	7,800,885
Granted in period (number of RSUs and PSUs)	2,274,340
Vested in Period (number of RSUs and PSUs)	(3,405,769)
Forfeited in Period (number of RSUs and PSUs)	(18,583)
Balance at end of period (in number of RSUs and PSUs)	6,650,873	7,800,885
Beginning Balance - weighted average grant date fair value	$ 19.82
Granted - Weighted average grant date fair value	36.26
Vested - weighted average grant date fair value	14.64
Forfeited - weighted average grant date fair value	34.94
Ending balance - weighted average grant date fair value	$ 28.05	$ 19.82
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 253
Fair value of RSUs and PSUs granted	83	$ 62	$ 47
Intrinsic value of RSUs and PSUs vested	138	$ 56	$ 18
Total unrecognized compensation cost related to unvested RSUs and PSUs expected to be recognized over a weighted-average period	$ 25
Weighted-average period used in calculating unrecognized compensation cost, RSUs and PSUs (in years)	1 year 2 months 12 days

STOCKHOLDERS' EQUITY AND STOC_7

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Cash-settled RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accounts payable and accrued liabilities	$ 4,027	$ 3,495
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)	1,053,924
Granted in period (number of RSUs and PSUs)	389,950
Vested in Period (number of RSUs and PSUs)	(603,686)
Forfeited in Period (number of RSUs and PSUs)	(25,899)
Balance at end of period (in number of RSUs and PSUs)	814,289	1,053,924
Beginning Balance - weighted average grant date fair value	$ 16.56
Granted - Weighted average grant date fair value	38.78
Vested - weighted average grant date fair value	14.84
Forfeited - weighted average grant date fair value	30.12
Ending balance - weighted average grant date fair value	$ 28.04	$ 16.56
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 31
Fair value of RSUs and PSUs granted	15	$ 9	$ 11
Intrinsic value of RSUs and PSUs vested	26	24	$ 11
Accounts payable and accrued liabilities	19	26
Other Liabilities	$ 5	$ 6
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 STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Other info) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	1,511,072	1,358,101	1,193,183
Proceeds from Stock Options Exercised	$ 125	$ 210	$ 51
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (Deprecated 2017-01-31)	13	9	2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 55	$ 29	$ 17

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ 840	$ 1,861	$ (40)
Foreign	5,875	5,798	1,837
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	$ 6,715	$ 7,659	$ 1,797

INCOME TAXES (Provision for (be

INCOME TAXES (Provision for (benefit from) income taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 0	$ 0	$ 53
State	(1)	11	1
Foreign	2,232	2,460	816
Total current	2,231	2,471	764
Deferred income taxes:
Federal	149	184	(3)
State	6	4	(5)
Foreign	144	23	306
Total deferred	299	211	298
Adjustments	(1)	(193)	(37)
Operating loss carryforwards	(262)	(190)	(81)
Provision for income taxes	$ 2,267	2,299	944
Sale of investment, tax expense			135
Timok, Lower Zone [Member]
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal		$ 53	$ 53

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Amount
U.S. federal statutory tax rate	$ (1,410)	$ (1,608)	$ (377)
Withholding and other impacts on foreign earnings	(673)	(678)	(193)
Effect of foreign rates different than the U.S. federal statutory rate	(314)	(328)	(109)
Percentage depletion	189	221	104
Foreign tax credit limitation	(28)	(11)	28
Uncertain tax positions	(17)	13	(15)
PT-FI historical tax disputes	(8)	(193)	(8)
Valuation allowance	6	221	(210)
State income taxes	(4)	(14)	(2)
Sale of Kisanfu	0	0	(135)
Timok exploration project sale	0	0	53
Cerro Verde historical tax disputes	0	0	(39)
Other items, net	(8)	(111)	(41)
Provision for income taxes	$ (2,267)	$ (2,299)	$ (944)
%
U.S. federal statutory tax rate	(21.00%)	(21.00%)	(21.00%)
Withholding and other impacts on foreign earnings	(10.00%)	(9.00%)	(11.00%)
Effect of foreign rates different than the U.S. federal statutory rate	(5.00%)	(4.00%)	(6.00%)
Percentage deplection	3%	3%	6%
Foreign tax credit limitation	(1.00%)		2%
Uncertain tax positions			(1.00%)
PT-FI historical tax disputes	0%	(3.00%)	0%
Valuation allowance	0%	3%	(12.00%)
Sale of Kisanfu			(8.00%)
Timok exploration project sale			3%
Cerro Verde historical tax disputes			(2.00%)
Other items, net	0%	(1.00%)	(3.00%)
Provision for income taxes	(34.00%)	(30.00%)	(53.00%)
PT Rio Tinto
Amount
Valuation allowance	$ 0	$ 189	$ 0
%
Valuation allowance	0%	2%	0%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 30, 2019	Jan. 01, 2017	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Income Taxes [Line Items]
Total income taxes paid to all jurisdictions				$ 3,100	$ 1,300	$ 397
Tax refunds received from all jurisdictions				46	109	$ 265
Tax Attributes
Foreign tax credits				1,514	1,536
Valuation allowances				3,985	4,087
Valuation allowance, increase (decrease)				102
Deferred tax assets, alternative minimum tax refunds				$ 24	$ 244
U.S. federal statutory tax rate				21%	21%	21%
Interest on income taxes accrued				$ 551	$ 620	$ 307
Unrecognized tax benefits				810	808	474	$ 491
Unrecognized tax benefits that would impact the effective tax rate				689
Unrecognized tax benefits that would impact the effective tax rate, net of tax benefits				485
Deferred income taxes				36	(171)	181
PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				13	384	46	$ 304
Deferred income taxes				69
Valuation allowance for operating loss carryforwards
Tax Attributes
Valuation allowances				1,800
Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)				$ 163	219	11
Domestic Deferred Tax Assets
Tax Attributes
Valuation allowance, increase (decrease)					(228)	250
SUNAT \| Cerro Verde
Tax Attributes
Foreign income tax rate under new stability agreement				32%
Foreign Tax Authority
Tax Attributes
Tax Credit Carryforward, Valuation Allowance				$ 1,500
Income Tax Credits and Adjustments				22	105	$ 75
Foreign Tax Authority \| Tax Authority, Spain
Tax Attributes
Operating Loss Carryforwards				500
Foreign Tax Authority \| Tax Authority, In Papau, Indonesia
Tax Attributes
Operating Loss Carryforwards				$ 500
Foreign Tax Authority \| Chili - Service of Internal Taxes
Tax Attributes
U.S. federal statutory tax rate							35%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Prior to September 2014
Tax Attributes
U.S. federal statutory tax rate				35%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| 2020 and thereafter
Tax Attributes
U.S. federal statutory tax rate						44.50%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Tax years 2017 through 2021
Tax Attributes
U.S. federal statutory tax rate				35%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Tax Year 2022 and Thereafter
Tax Attributes
U.S. federal statutory tax rate			44.50%	44.50%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Tax Years 2018 to 2023 \| Minimum
Tax Attributes
Mining royalty tax rate				5%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Tax Years 2018 to 2023 \| Maximum
Tax Attributes
Mining royalty tax rate				14%
Foreign Tax Authority \| SUNAT \| 2019 and thereafter
Tax Attributes
U.S. federal statutory tax rate							26%
Dividend tax rate							9.30%
Foreign Tax Authority \| SUNAT \| 2017
Tax Attributes
Dividend tax rate		5%
Corporate Income Tax Rate		29.50%
Foreign Tax Authority \| Settlement with Taxing Authority \| Tax Years 2012 to 2018
Tax Attributes
Payments for legal settlements	$ 250
Domestic Tax Authority
Tax Attributes
Operating Loss Carryforwards				$ 5,500
Valuation allowances				700
State and Local Jurisdiction
Tax Attributes
Operating Loss Carryforwards				10,500
PT Rio Tinto \| Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)				104
Indefinite-Lived Carryforward
Tax Attributes
Operating Loss Carryforwards				400
Other (expense) benefit \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				5	155	$ 9
Deferred income taxes					76
Interest expense \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges					43	35
Income expense (benefit) \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				$ 8	186	$ 2
Deferred income taxes					$ 7

INCOME TAXES (Components of def

INCOME TAXES (Components of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Foreign tax credits	$ 1,514	$ 1,536
NOLs	1,923	2,220
Accrued expenses	1,303	1,193
Employee benefit plans	99	105
Other	230	252
Deferred tax assets	5,069	5,306
Valuation allowances	(3,985)	(4,087)
Net deferred tax assets	1,084	1,219
Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,330)	(4,492)
Undistributed earnings	(810)	(807)
Other	(211)	(152)
Total deferred tax liabilities	(5,351)	(5,451)
Net deferred tax liabilities	$ (4,267)	$ (4,232)

INCOME TAXES (Reserve for unrec

INCOME TAXES (Reserve for unrecognized tax benefits, interest and penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 808	$ 474	$ 491
Additions:
Prior year tax positions	26	330	56
Current year tax positions	25	71	60
Decreases:
Prior year tax positions	(12)	(30)	(82)
Settlements with taxing authorities	(37)	(37)	(51)
Balance at end of year	$ 810	$ 808	$ 474

CONTINGENCIES (Environmental Ob

CONTINGENCIES (Environmental Obligations) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) project state	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 USD ($) divisions site	Sep. 29, 2021 divisions
Site Contingency [Line Items]
Number of remediation projects \| project	100
Number of US States with remediation projects \| state	24
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at beginning of year	$ 1,664	$ 1,584	$ 1,561
Accretion Expense	110	104	102
Additionsb	57	60	38
Reductions	(14)	(20)	(58)
Spending	(77)	(64)	(59)
Balance at end of year	1,740	1,664	1,584
Less current portion	(125)	(64)	(83)
Long-term portion	1,615	$ 1,600	1,501
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
2022	125
2023	120
2024	93
2025	100
2026	97
Thereafter	3,200
Estimated environmental obligations on a discounted basis	1,600
Estimated environmental obligations on an undiscounted and unescalated	$ 3,700
Environmental Loss Contingency, Number of Uranium Sites on Tribal Lands \| divisions				94	23
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
Reduction of environmental obligation due to deceleration of work cause by COVID-19			$ 47
Number of site surveys being performed to mining claims \| site				15,000
Active remediation projects, percent	60%
Minimum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	$ 3,300
Maximum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	4,100
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	1,500
Newtown Creek
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	338
Sixty Percent of Remediation Projects
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	20
Pinal Creek, AZ
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	437
Historical Smelter Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	268
Uranium Mining Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	$ 439

CONTINGENCIES (Asset Retirement

CONTINGENCIES (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 2,716	$ 2,472	$ 2,505
Liabilities incurred	9	2	7
Settlements and revisions to cash flow estimates, net	381	331	(13)
Accretion expense	134	112	131
Dispositions	0	0	(2)
Spending	(197)	(201)	(156)
Balance at end of year	3,043	2,716	2,472
Less current portion	(195)	(200)	(268)
Long-term portion	2,848	2,516	$ 2,204
PT-FI
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI		$ 397
PT-FI, Morenci & Bagdad
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	314
Morenci
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	118
Bagdad [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	$ 65

CONTINGENCIES (Financial Assura

CONTINGENCIES (Financial Assurances) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Freeport-McMoRan Oil & Gas
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 400
NEW MEXICO
Guarantor Obligations [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	181	$ 208
New Mexico, Arizona, Colorado and Other States
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	1,500
New Mexico, Arizona, Colorado and Other States \| Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 900

CONTINGENCIES (Environmental an

CONTINGENCIES (Environmental and Reclamation Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Site Contingency [Line Items]
Time deposits	$ 103
Settlements and revisions to cash flow estimates, net	381	$ 331	$ (13)
NEW MEXICO
Site Contingency [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	181	208
New Mexico Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	534
Arizona Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	581
Colorado Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	162
El Abra
Site Contingency [Line Items]
Accrued reclamation and closure costs	98
Cerro Verde
Site Contingency [Line Items]
Accrued reclamation and closure costs	171
Pt Freeport Indonesia Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	1,100
Settlements and revisions to cash flow estimates, net	131	397
Pt Freeport Indonesia Environmental And Reclamation Programs \| Production and Delivery Costs [Member]
Site Contingency [Line Items]
Settlements and revisions to cash flow estimates, net	$ 116	$ 340

CONTINGENCIES (Oil and Gas Prop

CONTINGENCIES (Oil and Gas Properties) (Details) $ in Millions	Dec. 31, 2022 USD ($) platform well	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
ARO, noncurrent	$ 3,043	$ 2,716	$ 2,472	$ 2,505
Freeport-McMoRan Oil & Gas
Loss Contingencies [Line Items]
Number of productive oil wells \| well	110
Number of platforms and other structures \| platform	105
ARO, noncurrent	$ 328

CONTINGENCIES (Litigation) (Det

CONTINGENCIES (Litigation) (Details) $ in Thousands	1 Months Ended			12 Months Ended
CONTINGENCIES (Litigation) (Details) $ in Thousands	Oct. 31, 2022 USD ($) payment case	Jan. 31, 2021 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) case	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) case
Loss Contingencies [Line Items]
Threshold for disclosure					$ 1,000
Cyprus Mines
Loss Contingencies [Line Items]
Charge for talc-related litigation						$ 130,000
Settlement amount		$ 130,000
Cyprus Mines \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual					$ 130,000
FCX Affiliates \| Louisiana Parishes Coastal Erosion Cases \| Settled Litigation
Loss Contingencies [Line Items]
Number of cases \| case	13				13		13
Charge for talc-related litigation							$ 15,000
Settlement, initial payment			$ 15,000
Number of installment payments \| payment	20
Settlement, installment payment	$ 4,250
FCX Affiliates \| Louisiana Parishes Coastal Erosion Cases \| Settled Litigation \| Maximum
Loss Contingencies [Line Items]
Settlement amount					$ 23,500
Forecast \| FCX Affiliates \| Louisiana Parishes Coastal Erosion Cases \| Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements				$ 15,000

CONTINGENCIES (Tax and Other Ma

CONTINGENCIES (Tax and Other Matters) (Details) $ in Millions, Rp in Billions	1 Months Ended						12 Months Ended						21 Months Ended
	Dec. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2019 IDR (Rp)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 IDR (Rp)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 IDR (Rp)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 IDR (Rp)	Dec. 21, 2018	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)
Income Tax Examination [Line Items]
Long-term receivable for taxes	$ 54						$ 54	$ 84
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization							13,041	12,016		$ 10,031
Export Duties Expense							$ 325	218		92
Surface Water Taxes, Papua, Indonesia
Income Tax Examination [Line Items]
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization					$ 69						$ 28
PT-FI
Income Tax Examination [Line Items]
Progressive export duty on copper concentrates, lower threshold, percent	2.50%						2.50%
Progressive export duty on copper concentrates, higher threshold, percent	5%						5%						7.50%
Export Duties Expense							$ 325	218		$ 92
Loss contingency, loss in period								16
Administrative Fees Expense		$ 149
Income tax examination, assessments, penalties and interest not accrued	$ 400						400
Loss contingency, estimate of possible loss														$ 41	$ 57
Cerro Verde
Income Tax Examination [Line Items]
Income tax examination, assessments, penalties and interest not accrued	400						400
SUNAT \| PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes	193						193
Increase (decrease) in income taxes receivable	181						181
SUNAT \| Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes	741						741
Increase (decrease) in income taxes receivable	408						408
Tax Authority, In Papau, Indonesia \| PT-FI \| Surface Water Taxes, Papua, Indonesia \| Penalties
Income Tax Examination [Line Items]
Payments for legal settlements			$ 50	Rp 708.5				48	Rp 685.5
Settlement amount						Rp 1,000,000,000,000,000					$ 99	Rp 1,394
Indonesian Supreme Court \| PT-FI \| The year 2005 and the year 2007
Income Tax Examination [Line Items]
Loss contingency, loss in period							42
Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes	333						333	237
PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes	$ 12						$ 12	$ 57

CONTINGENCIES (Tax Matters by T

CONTINGENCIES (Tax Matters by Tax Year) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended	21 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 21, 2018
Cerro Verde
Income Tax Examination [Line Items]
Total	$ 700	$ 700
PT-FI
Income Tax Examination [Line Items]
Total	$ 900	$ 900
Progressive export duty on copper concentrates, higher threshold, percent	5%	5%	7.50%
SUNAT \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	$ 321	$ 321
Penalties and Interest	476	476
Total	797	797
SUNAT \| 2003 to 2008 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	48	48
Penalties and Interest	130	130
Total	178	178
SUNAT \| 2009 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	56	56
Penalties and Interest	52	52
Total	108	108
SUNAT \| 2010 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	54	54
Penalties and Interest	125	125
Total	179	179
SUNAT \| 2011 and 2012 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	42	42
Penalties and Interest	73	73
Total	115	115
SUNAT \| 2013 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	48	48
Penalties and Interest	66	66
Total	114	114
SUNAT \| Tax Year 2014 to Tax Year 2017 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment	73	73
Penalties and Interest	30	30
Total	103	103
Indonesia Tax Authority \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	520	520
Penalties and Interest	430	430
Total	950	950
Indonesia Tax Authority \| 2005 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	62	62
Penalties and Interest	29	29
Total	91	91
Indonesia Tax Authority \| 2007 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	45	45
Penalties and Interest	22	22
Total	67	67
Indonesia Tax Authority \| 2012 and 2013 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	41	41
Penalties and Interest	41	41
Total	82	82
Indonesia Tax Authority \| 2014 and 2015 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	108	108
Penalties and Interest	0	0
Total	108	108
Indonesia Tax Authority \| 2016 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	257	257
Penalties and Interest	336	336
Total	593	593
Indonesia Tax Authority \| 2017 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment	7	7
Penalties and Interest	2	2
Total	$ 9	$ 9

CONTINGENCIES (Letters of Credi

CONTINGENCIES (Letters of Credit, Bank Guarantees and Surety Bonds) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Surety Bond
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 488
Cerro Verde
Guarantor Obligations [Line Items]
Outstanding Standby Letters Of Credit	$ 312

CONTINGENCIES (Insurance) (Deta

CONTINGENCIES (Insurance) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Self insurance reserve	$ 62
Self insurance reserve, current	10
Self insurance reserve, non-current	52
Insurance receivables	23
Insurance receivables, current	5
Insurance receivables, noncurrent	$ 18

COMMITMENTS AND GUARANTEES (Ope

COMMITMENTS AND GUARANTEES (Operating Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Operating Leased Assets And Liabilities [Line Items]
Operating Lease, Liability, Noncurrent	$ 294	$ 281
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	342	337
Operating leases	46	42	$ 42
Variable and short-term leases	84	62	74
Total operating lease costs	130	104	116
Operating Lease, Payments	41	54	36
Finance Lease, Principal Payments	$ 7	$ 25	$ 4
Operating Lease, Weighted Average Discount Rate, Percent	4.10%	4.20%
Operating Lease, Weighted Average Remaining Lease Term	12 years	12 years 4 months 24 days
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 48
Lessee, Operating Lease, Liability, Payments, Due Year Two	85
Lessee, Operating Lease, Liability, Payments, Due Year Three	34
Lessee, Operating Lease, Liability, Payments, Due Year Four	29
Lessee, Operating Lease, Liability, Payments, Due Year Five	24
Lessee, Operating Lease, Liability, Payments, Due after Year Five	186
Lessee, Operating Lease, Liability, Payments, Due	406
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(74)
Operating Lease, Liability	332	$ 319
Operating Lease, Liability, Current	$ (38)	$ (38)
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
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
PT Freeport Indonesia
Schedule of Operating Leased Assets And Liabilities [Line Items]
Operating Lease, Liability, Noncurrent	$ 141	$ 126

COMMITMENTS AND GUARANTEES (Con

COMMITMENTS AND GUARANTEES (Contractual Obligations) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 4,800
2019	1,600
2020	1,500
2021	1,000
2022	300
2023	100
Thereafter	300
Copper concentrates
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	3,600
Electricity
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	300
Transportation
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 500

COMMITMENTS AND GUARANTEES (Spe

COMMITMENTS AND GUARANTEES (Special Mining License (IUPK)) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended			21 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2018
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends				$ 0
Higher threshold, percent		50%
Smelter development progress, percent complete	50%	50%
Royalty Expense		$ 366	$ 330	165
Export Duties Expense		325	218	92
Surety Bond
Contractual Obligations Mining Contracts [Line Items]
Assurance Bond, Smelter Development	$ 488	$ 488
PT Freeport Indonesia
Contractual Obligations Mining Contracts [Line Items]
Progressive export duty on copper concentrates, higher threshold, percent	5%	5%			7.50%
Progressive export duty on copper concentrates, lower threshold, percent	2.50%	2.50%
Lower threshold, percent		30%
Royalty Expense		$ 357	319	160
Export Duties Expense		$ 325	218	$ 92
PT Freeport Indonesia \| Copper
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	4%	4%
PT Freeport Indonesia \| Gold
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	3.75%	3.75%
PT Freeport Indonesia \| Silver
Contractual Obligations Mining Contracts [Line Items]
Royalty Interest in Future Production	3.25%	3.25%
PT Freeport Indonesia \| Construction Contracts \| Surety Bond
Contractual Obligations Mining Contracts [Line Items]
Assurance Bond, Smelter Development	$ 133	$ 133
PT Freeport Indonesia \| Intersegment Eliminations [Member]
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends		$ 2,500	$ 1,000
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%
Annual Surface Water Tax Payments [Member] \| PT Freeport Indonesia
Contractual Obligations Mining Contracts [Line Items]
Payments for Other Taxes		$ 15

COMMITMENTS AND GUARANTEES (Oth

COMMITMENTS AND GUARANTEES (Other and Community Development Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Other liabilities	$ 1,562	$ 1,683
Total cost of sales	15,089	14,030	$ 11,655
Estimated construction costs	2,800
Indemnification Agreement [Member]
Other Commitments [Line Items]
Other liabilities	74	78
Community Development Programs \| PT-FI
Other Commitments [Line Items]
Total cost of sales	$ 123	$ 109	$ 67

FINANCIAL INSTRUMENTS (Unrealiz

FINANCIAL INSTRUMENTS (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Apr. 30, 2020 lb $ / lb	Jun. 30, 2020	Dec. 31, 2022 USD ($) lb oz $ / lb $ / lb $ / oz	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
North America
Realized gains (losses):
Percent of Copper Sale Volume		60%
Derivatives Not Designated as Hedging Instruments \| Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (491)	$ 423	$ 304
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments			11	4	(9)
Hedged item - firm sales commitments			11	4	(9)
Realized gains (losses):
Matured derivative financial instruments			$ (63)	65	22
Commodity Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb			82
Derivative, Average Forward Price \| $ / lb			3.80
Copper Forward Contracts
Unrealized gains (losses):
Derivative financial instruments					24
Realized gains (losses):
Derivative, Forward Price \| $ / lb	2.34
Copper Forward Contracts \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Copper Forward Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb			6
Derivative, Average Forward Price \| $ / lb			3.82
Copper Forward Contracts \| Derivatives Not Designated as Hedging Instruments \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments			$ 37	(15)	3
Copper \| Derivatives Not Designated as Hedging Instruments \| Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (479)	425	259
Copper \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb			861
Derivative, Average Forward Price \| $ / lb			3.62
Realized gains (losses):
Derivative Average Market Price \| $ / lb			3.80
Copper \| Long [Member] \| Embedded Derivative Financial Instruments [Member] \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb			180
Derivative, Average Forward Price \| $ / lb			3.59
Realized gains (losses):
Derivative Average Market Price \| $ / lb			3.80
Gold \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz			240
Derivative, Average Forward Price \| $ / oz			1,769
Realized gains (losses):
Derivative Average Market Price \| $ / oz			1,823
gold and other [Member] \| Derivatives Not Designated as Hedging Instruments \| Amounts recorded in Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ (12)	$ (2)	$ 45

FINANCIAL INSTRUMENTS (Unsettle

FINANCIAL INSTRUMENTS (Unsettled Derivatives) (Details) lb in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020 lb	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 170	$ 77
Derivative Liability, Fair Value, Gross Liability		42	28
Derivative Liability, Fair Value, Gross Asset		0	4
Derivative Asset, Fair Value, Gross Liability		0	4
Derivative Asset		170	73
Derivative Liability		42	24
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		163	51
Derivative Liability		7	14
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		4	12
Derivative Liability		0	0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		3	10
Derivative Liability		34	10
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		0	0
Derivative Liability		1	0
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		4	13
Derivative Liability, Fair Value, Gross Liability		3	1
Derivative Liability, Fair Value, Gross Asset		0	1
Derivative Asset, Fair Value, Gross Liability		0	1
Derivative Asset		4	12
Derivative Liability		3	0
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		166	64
Derivative Liability, Fair Value, Gross Liability		39	27
Derivative Liability, Fair Value, Gross Asset		0	3
Derivative Asset, Fair Value, Gross Liability		0	3
Derivative Asset		166	61
Derivative Liability		39	24
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 3	12
Derivative, Nonmonetary Notional Amount, Mass \| lb		82
Designated as Hedging Instrument [Member] \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150
Derivatives Not Designated as Hedging Instruments \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 166	64
Derivative Liability, Fair Value, Gross Liability		$ 39	27
Derivatives Not Designated as Hedging Instruments \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb		6
Future [Member] \| Derivatives Not Designated as Hedging Instruments \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 3	0
Commodity Contract [Member] \| Derivatives Not Designated as Hedging Instruments \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		1	1
Derivative Liability, Fair Value, Gross Liability		$ 0	$ 1

FINANCIAL INSTRUMENTS (Derivati

FINANCIAL INSTRUMENTS (Derivative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 170
Cash and cash equivalents	8,146	$ 8,068
Restricted Cash and Cash Equivalents, Current	111	114
Restricted Cash and Cash Equivalents, Noncurrent	133	132
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	8,390	8,314	$ 3,903	$ 2,278
Proceeds from Sale and Collection of Receivables	444	431
Sale of Receivables, Discount	4	2
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	500	$ 200
Designated for Smelter Development Projects
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 1,800

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	$ 0	$ 0
Other current assets	492	523
Other assets	1,601	1,460
Derivative Liability, Fair Value, Gross Liability	42	28
Derivatives:
Derivative Asset	170	73
Derivatives: [Abstract]
Derivative Liability	42	24
NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	25	29
Assets [Abstract]
Trust Assets Fair Value Disclosure	56	64
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	7	50
Assets [Abstract]
Trust Assets Fair Value Disclosure	3	8
Derivatives:
Derivative Asset	4	10
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	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	122	137
Derivatives:
Derivative Asset	166	67
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability	42	27
Long-term debt, including current portion	10,097	10,630
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	57	81
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	32	79
Assets [Abstract]
Trust Assets Fair Value Disclosure	181	209
Derivatives:
Derivative Asset	170	77
Contingent receivable	67	90
Derivatives: [Abstract]
Derivative Liability	42	28
Long-term debt, including current portion	10,620	9,450
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	32	79
Assets [Abstract]
Trust Assets Fair Value Disclosure	181	209
Derivatives:
Derivative Asset	170	77
Contingent receivable	57	81
Derivatives: [Abstract]
Derivative Liability	42	28
Long-term debt, including current portion	10,097	10,630
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	39	27
Derivatives:
Derivative Asset	166	61
Derivatives: [Abstract]
Derivative Liability	39	24
Embedded Derivative Financial Instruments [Member] \| NAV
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] \| Level 1
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] \| Level 2
Derivatives:
Derivative Asset	166	64
Derivatives: [Abstract]
Derivative Liability	39	27
Embedded Derivative Financial Instruments [Member] \| Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	166	64
Derivatives: [Abstract]
Derivative Liability	39	27
Embedded Derivative Financial Instruments [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	166	64
Derivatives: [Abstract]
Derivative Liability	39	27
Future [Member] \| NAV
Derivatives:
Derivative Asset	0	0
Future [Member] \| Level 1
Derivatives:
Derivative Asset	3	9
Future [Member] \| Level 2
Derivatives:
Derivative Asset	0	3
Future [Member] \| Level 3
Derivatives:
Derivative Asset	0	0
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	3	12
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	3	12
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	3	1
Derivatives:
Derivative Asset	4	12
Derivatives: [Abstract]
Derivative Liability	3	0
Commodity Contract [Member] \| NAV
Derivatives:
Derivative Asset	0	0
Commodity Contract [Member] \| NAV \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| NAV \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset	1	1
Commodity Contract [Member] \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset	0	0
Commodity Contract [Member] \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	3
Commodity Contract [Member] \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset	0	0
Commodity Contract [Member] \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Level 3 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	1	1
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	3
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	1	1
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	3
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
U.S. core fixed income fund [Member] \| NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	25	29
Assets [Abstract]
Trust Assets Fair Value Disclosure	56	64
U.S. core fixed income fund [Member] \| 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 [Member] \| 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 [Member] \| 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 [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	25	29
Assets [Abstract]
Trust Assets Fair Value Disclosure	56	64
U.S. core fixed income fund [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	25	29
Assets [Abstract]
Trust Assets Fair Value Disclosure	56	64
Money market funds [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	3	8
Money market funds [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	3	8
Money market funds [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	3	8
Equity securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	7	50
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	7	50
Equity securities \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	7	50
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	53
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	53
Government bonds \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	34	53
Government mortgage-backed securities [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	37	20
Government mortgage-backed securities [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	37	20
Government mortgage-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	37	20
Corporate bonds [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	31	45
Corporate bonds [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	31	45
Corporate bonds [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	31	45
Asset-backed securities [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	17	18
Asset-backed securities [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	17	18
Asset-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	17	18
Collateralized Mortgage Backed Securities [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	3
Collateralized Mortgage Backed Securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	3
Municipal bonds [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure		0
Municipal bonds [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure		0
Municipal bonds [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure		1
Municipal bonds [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure		0
Municipal bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		1
Municipal bonds [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure		1
Bank Time Deposits \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	118	114
Other assets	133	132
Derivatives Not Designated as Hedging Instruments \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	39	27
Freeport-McMoRan Oil & Gas \| Deepwater Gulf of Mexico Interests
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	20
Other assets	$ 47	$ 70
Derivatives:
Contingent receivable			$ 150

FAIR VALUE MEASUREMENT FAIR VAL

FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)	$ (1)	$ 12	$ (6)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(23)	(19)	(14)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 57	$ 81	$ 88	$ 108

BUSINESS SEGMENTS INFORMATION_2

BUSINESS SEGMENTS INFORMATION (Product Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product revenue [Line Items]
Revenues	$ 22,780	$ 22,845	$ 14,198
Treatment and refining charges included in copper concentrates revenues	(503)	(445)	(362)
Royalty Expense	(366)	(330)	(165)
Export Duties Expense	(325)	(218)	(92)
Revenue from Contract with Customer, Excluding Assessed Tax	23,271	22,422	13,894
Indonesia
Product revenue [Line Items]
Revenues	3,026	3,132	1,760
Indonesia \| Disputes
Product revenue [Line Items]
Export Duties Expense	(18)
Copper in concentrate
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	9,650	8,705	4,294
Rod and other refined copper products
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,699	3,369	2,052
Purchased Copper [Member]
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	481	757	821
Copper Cathode
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	5,134	5,900	4,204
Gold
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,397	2,580	1,702
Molybdenum
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,416	1,283	848
Other
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	688	821	592
Derivatives Not Designated as Hedging Instruments \| Sales [Member]
Product revenue [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ (491)	$ 423	$ 304

BUSINESS SEGMENTS INFORMATION_3

BUSINESS SEGMENTS INFORMATION (Long Lived Assets by Geographic Area) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 35,061	$ 32,778
Indonesia
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	18,121	16,288
U.S.
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	8,801	8,292
Peru
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	6,727	6,827
Chile
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	1,103	1,110
Other
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 309	$ 261

BUSINESS SEGMENTS INFORMATION_4

BUSINESS SEGMENTS INFORMATION (Revenues by Geographic Area of Customer) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues by geographic area of customer [Line Items]
Revenues	$ 22,780	$ 22,845	$ 14,198
U.S.
Revenues by geographic area of customer [Line Items]
Revenues	7,339	7,168	5,248
Indonesia
Revenues by geographic area of customer [Line Items]
Revenues	3,026	3,132	1,760
Switzerland
Revenues by geographic area of customer [Line Items]
Revenues	2,740	3,682	2,032
Japan
Revenues by geographic area of customer [Line Items]
Revenues	2,462	2,372	1,205
SINGAPORE
Revenues by geographic area of customer [Line Items]
Revenues	1,492	156	191
Spain
Revenues by geographic area of customer [Line Items]
Revenues	1,174	1,495	785
China
Revenues by geographic area of customer [Line Items]
Revenues	929	1,044	692
GERMANY
Revenues by geographic area of customer [Line Items]
Revenues	632	469	248
Chile
Revenues by geographic area of customer [Line Items]
Revenues	383	343	221
UNITED KINGDOM
Revenues by geographic area of customer [Line Items]
Revenues	355	659	491
INDIA
Revenues by geographic area of customer [Line Items]
Revenues	330	207	152
Korea
Revenues by geographic area of customer [Line Items]
Revenues	302	270	89
PHILIPPINES
Revenues by geographic area of customer [Line Items]
Revenues	249	264	34
Other
Revenues by geographic area of customer [Line Items]
Revenues	$ 1,367	$ 1,584	$ 1,050

BUSINESS SEGMENTS INFORMATION_5

BUSINESS SEGMENTS INFORMATION (Customers and Labor Matters) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Major Customer and Labor Matters [Line Items]
Revenues		$ 22,780	$ 22,845	$ 14,198
Affiliated Entity \| Noncontrolling Interest Owners Of South America Mining Operations
Major Customer and Labor Matters [Line Items]
Revenues		1,700	1,400	900
Affiliated Entity \| PT Smelting
Major Customer and Labor Matters [Line Items]
Revenues		$ 3,000	$ 3,100	$ 1,800
PT Smelting \| Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage		13%	14%	12%
PT-FI
Major Customer and Labor Matters [Line Items]
Collective-bargaining arrangement, term	2 years
Global \| Workforce Subject to Collective Bargaining Arrangements \| Labor Force Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage		30%
Global \| Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Labor Force Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage		2%

BUSINESS SEGMENTS INFORMATION_6

BUSINESS SEGMENTS INFORMATION (Business Segments Narrative) (Details)	4 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022
Inventory, Copper Metal Production \| Product Concentration Risk \| Morenci
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		15%
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 \| Grasberg Segment [Member]
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		43%
North America \| Cost of Goods, Product Line \| Supplier Concentration Risk \| Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		7%
South America \| Inventory, Copper Metal Production \| Product Concentration Risk \| Cerro Verde
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		83%
South America \| Inventory, Copper Metal Production \| Product Concentration Risk \| Grasberg Segment [Member]
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		37%
South America \| Cost of Goods, Product Line \| Supplier Concentration Risk \| Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		10%
Indonesia \| Cost of Goods, Product Line \| Supplier Concentration Risk \| Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		18%
PT Smelting
Mining Segment Reporting Information [Line Items]
Deferred intercompany profit	25%	39.50%

BUSINESS SEGMENTS INFORMATION_7

BUSINESS SEGMENTS INFORMATION (Segment Reporting) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 22,780	$ 22,845	$ 14,198
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	13,041	12,016	10,031
Depreciation, depletion and amortization	2,019	1,998	1,528
Metals inventory adjustments	29	16	96
Selling, general and administrative expenses	420	383	370
Mining exploration and research expenses	115	55	50
Environmental obligations and shutdown costs	121	91	159
Net gain on sales of assets	(2)	(80)	(473)
Operating income (loss)	7,037	8,366	2,437
Interest expense, net	560	602	598
Provision for (benefit from) income taxes	(2,267)	(2,299)	(944)
Total assets	51,093	48,022	42,144
Capital expenditures	3,469	2,115	1,961
Gain on Sale of Investments			486
Sale of Investment, Tax Expense			(135)
Settlements and revisions to cash flow estimates, net	381	331	(13)
Current Federal Tax Expense (Benefit)	0	0	53
Pt Freeport Indonesia Environmental And Reclamation Programs
Segment Reporting Information [Line Items]
Settlements and revisions to cash flow estimates, net	131	397
Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs			258
Cerro Verde \| Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs			89
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	1,575	1,296	1,161
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures	33	6	19
Rod & Refining \| Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs			30
Indonesia
Segment Reporting Information [Line Items]
Revenues	3,026	3,132	1,760
Operating Segments \| Molybdenum
Segment Reporting Information [Line Items]
Revenues	0	0	0
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	359	253	230
Depreciation, depletion and amortization	74	67	57
Metals inventory adjustments	0	1	10
Selling, general and administrative expenses	0	0	0
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	132	123	(75)
Interest expense, net	0	0	0
Provision for (benefit from) income taxes	0	0	0
Total assets	1,697	1,713	1,760
Capital expenditures	33	6	19
Operating Segments \| Rod & Refining
Segment Reporting Information [Line Items]
Revenues	6,281	6,356	4,781
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	6,330	6,381	4,819
Depreciation, depletion and amortization	5	5	16
Metals inventory adjustments	0	0	3
Selling, general and administrative expenses	0	0	0
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	1
Net gain on sales of assets	0	0	0
Operating income (loss)	(23)	(1)	(25)
Interest expense, net	0	0	0
Provision for (benefit from) income taxes	0	0	0
Total assets	183	228	211
Capital expenditures	9	2	6
Operating Segments \| Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues	2,439	2,961	2,020
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,452	2,907	1,962
Depreciation, depletion and amortization	27	28	29
Metals inventory adjustments	0	0	0
Selling, general and administrative expenses	25	24	21
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	(19)	0
Operating income (loss)	(61)	21	25
Interest expense, net	15	6	6
Provision for (benefit from) income taxes	1	0	(2)
Total assets	1,262	1,318	877
Capital expenditures	76	34	29
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	428	262	77
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,361	3,461	3,100
Depreciation, depletion and amortization	410	369	355
Metals inventory adjustments	16	13	52
Selling, general and administrative expenses	5	4	4
Mining exploration and research expenses	1	1	2
Environmental obligations and shutdown costs	(4)	(1)	(1)
Net gain on sales of assets	0	0	0
Operating income (loss)	1,921	2,978	852
Interest expense, net	2	1	2
Provision for (benefit from) income taxes	0	0	0
Total assets	8,604	7,916	7,737
Capital expenditures	597	342	428
Operating Segments \| North America \| Morenci
Segment Reporting Information [Line Items]
Revenues	175	82	29
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	1,542	1,226	1,269
Depreciation, depletion and amortization	177	152	166
Metals inventory adjustments	8	13	4
Selling, general and administrative expenses	2	2	2
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	(5)	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	965	1,417	603
Interest expense, net	1	0	2
Provision for (benefit from) income taxes	0	0	0
Total assets	3,052	2,708	2,574
Capital expenditures	263	135	102
Operating Segments \| North America \| Other
Segment Reporting Information [Line Items]
Revenues	253	180	48
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,819	2,235	1,831
Depreciation, depletion and amortization	233	217	189
Metals inventory adjustments	8	0	48
Selling, general and administrative expenses	3	2	2
Mining exploration and research expenses	1	1	2
Environmental obligations and shutdown costs	1	(1)	(1)
Net gain on sales of assets	0	0	0
Operating income (loss)	956	1,561	249
Interest expense, net	1	1	0
Provision for (benefit from) income taxes	0	0	0
Total assets	5,552	5,208	5,163
Capital expenditures	334	207	326
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues	4,212	4,456	2,713
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,061	2,429	1,978
Depreciation, depletion and amortization	408	413	421
Metals inventory adjustments	13	0	3
Selling, general and administrative expenses	8	8	6
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	1,228	2,066	547
Interest expense, net	15	28	139
Provision for (benefit from) income taxes	(453)	(820)	(239)
Total assets	10,271	10,615	10,152
Capital expenditures	304	162	183
Operating Segments \| South America \| Cerro Verde
Segment Reporting Information [Line Items]
Revenues	3,444	3,736	2,282
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,359	2,000	1,599
Depreciation, depletion and amortization	357	366	367
Metals inventory adjustments	10	0	0
Selling, general and administrative expenses	8	8	6
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	1,216	1,822	552
Interest expense, net	15	28	139
Provision for (benefit from) income taxes	(461)	(730)	(238)
Total assets	8,398	8,694	8,474
Capital expenditures	164	132	141
Labor and Related Expense		92
Operating Segments \| South America \| Other
Segment Reporting Information [Line Items]
Revenues	768	720	431
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	702	429	379
Depreciation, depletion and amortization	51	47	54
Metals inventory adjustments	3	0	3
Selling, general and administrative expenses	0	0	0
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	12	244	(5)
Interest expense, net	0	0	0
Provision for (benefit from) income taxes	8	(90)	(1)
Total assets	1,873	1,921	1,678
Capital expenditures	140	30	42
Operating Segments \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues	8,028	7,241	3,534
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,684	2,425	1,606
Depreciation, depletion and amortization	1,025	1,049	580
Metals inventory adjustments	0	0	0
Selling, general and administrative expenses	117	111	108
Mining exploration and research expenses	0	0	0
Environmental obligations and shutdown costs	0	0	0
Net gain on sales of assets	0	0	0
Operating income (loss)	4,600	3,938	1,320
Interest expense, net	40	48	39
Provision for (benefit from) income taxes	(1,820)	(1,524)	(606)
Total assets	20,639	18,971	16,918
Capital expenditures	1,575	1,296	1,161
Operating Segments \| Indonesia \| Grasberg Segment [Member] \| PT Smelting
Segment Reporting Information [Line Items]
Revenues	3,000	3,100	1,800
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	1,392	1,569	1,073
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	(6,206)	(5,840)	(3,664)
Depreciation, depletion and amortization	70	67	70
Metals inventory adjustments	0	2	28
Selling, general and administrative expenses	265	236	231
Mining exploration and research expenses	114	54	48
Environmental obligations and shutdown costs	125	92	159
Net gain on sales of assets	(2)	(61)	(473)
Operating income (loss)	(760)	(759)	(207)
Interest expense, net	488	519	412
Provision for (benefit from) income taxes	5	45	(97)
Total assets	8,437	7,261	4,489
Capital expenditures	875	273	135
Corporate And Eliminations [Member] \| Freeport Cobalt
Segment Reporting Information [Line Items]
Net gain on sales of assets		(60)
Corporate And Eliminations [Member] \| Covid-19 [Member]
Segment Reporting Information [Line Items]
Idle Facility Costs			57
Corporate And Eliminations [Member] \| Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Cost, Maintenance	41
Corporate And Eliminations [Member] \| Miami smelter
Segment Reporting Information [Line Items]
Cost, Maintenance		87
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0
Intersegment \| Molybdenum
Segment Reporting Information [Line Items]
Revenues	565	444	222
Intersegment \| Rod & Refining
Segment Reporting Information [Line Items]
Revenues	31	29	33
Intersegment \| Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues	4	0	17
Intersegment \| Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(7,786)	(7,778)	(4,881)
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues	6,282	6,563	4,287
Intersegment \| North America \| Morenci
Segment Reporting Information [Line Items]
Revenues	2,514	2,728	2,015
Intersegment \| North America \| Other
Segment Reporting Information [Line Items]
Revenues	3,768	3,835	2,272
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues	506	460	242
Intersegment \| South America \| Cerro Verde
Segment Reporting Information [Line Items]
Revenues	506	460	242
Intersegment \| South America \| Other
Segment Reporting Information [Line Items]
Revenues	0	0	0
Intersegment \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues	398	282	80
Unfavorable Regulatory Actions \| Operating Segments \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes		189	(35)
Asbestos Contamination in Talc-Based Personal Care Products
Segment Reporting Information [Line Items]
Charge for talc-related litigation	0	0	130
Timok, Lower Zone [Member]
Segment Reporting Information [Line Items]
Current Federal Tax Expense (Benefit)		53	$ 53
Production and Delivery Costs [Member] \| Pt Freeport Indonesia Environmental And Reclamation Programs
Segment Reporting Information [Line Items]
Settlements and revisions to cash flow estimates, net	$ 116	$ 340

SUPPLEMENTARY MINERAL RESERVE_3

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Details) oz in Millions, lb in Millions	12 Months Ended
	Dec. 31, 2022 oz lb $ / oz $ / lb
Copper
Estimated Recoverable Proven And Probable Reserves	115,400
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / lb	3
Three Year Average Price \| $ / lb	3.67
Gold
Estimated Recoverable Proven And Probable Reserves \| oz	26.9
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / oz	1,500
Three Year Average Price \| $ / oz	1,789
Molybdenum
Estimated Recoverable Proven And Probable Reserves	3,610
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / lb	12
Three Year Average Price \| $ / lb	14.44
Silver
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / oz	20
Consolidated Basis [Member] \| Copper
Estimated Recoverable Proven And Probable Reserves	111,000
Consolidated Basis [Member] \| Gold
Estimated Recoverable Proven And Probable Reserves \| oz	26.9
Consolidated Basis [Member] \| Molybdenum
Estimated Recoverable Proven And Probable Reserves	3,530
Consolidated Basis [Member] \| Silver
Estimated Recoverable Proven And Probable Reserves \| oz	340
Consolidated Basis [Member] \| Indonesia \| Copper
Estimated Recoverable Proven And Probable Reserves	30,800
Consolidated Basis [Member] \| Indonesia \| Gold
Estimated Recoverable Proven And Probable Reserves \| oz	26.3
Consolidated Basis [Member] \| Indonesia \| Molybdenum
Estimated Recoverable Proven And Probable Reserves	0

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, 2022 lb oz $ / lb $ / oz	Dec. 21, 2018
Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			115,400
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / lb			3
Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			26.9
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / oz			1,500
Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,610
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
Net Equity Interest [Member] \| Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			80,400
Net Equity Interest [Member] \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			13.5
Net Equity Interest [Member] \| Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,200
Net Equity Interest [Member] \| Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			226
Consolidated Basis [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)			1,800
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			111,000
Consolidated Basis [Member] \| Copper \| North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			48,600
Consolidated Basis [Member] \| Copper \| South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			31,700
Consolidated Basis [Member] \| Copper \| Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			30,800
Consolidated Basis [Member] \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			26.9
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			26.3
Consolidated Basis [Member] \| Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,530
Consolidated Basis [Member] \| Molybdenum mines \| North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			2,830
Consolidated Basis [Member] \| Molybdenum mines \| South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			700
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			340
PT Freeport Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Ownership percentage of subsidiary			81%	48.76%
PT Freeport Indonesia \| PT Freeport Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Ownership percentage of subsidiary			48.76%
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	0.46
Forecast \| PT-FI \| Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.49
Forecast \| PT-FI \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.51

SUPPLEMENTARY MINERAL RESERVE_5

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Ore Reserves) (Details) oz in Millions, lb in Millions, T in Millions	Dec. 31, 2022 oz T lb g
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	18,528
Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore)	17,158
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)	14,007
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	4,895
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	0.01%
Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	2,637
Average ore grade of copper per metric ton	33%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	0.02%
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	1,071
Average ore grade of copper per metric ton	40%
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 [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	2,735
Average ore grade of copper per metric ton	22%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	0.02%
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	91
Average ore grade of copper per metric ton	17%
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	319
Average ore grade of copper per metric ton	44%
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] \| 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] \| Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	51
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	0.16%
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	151
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	0.14%
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	4,235
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	0.01%
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	722
Average ore grade of copper per metric ton	42%
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] \| 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	49
Average ore grade of copper per metric ton	227%
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%
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	810
Average ore grade of copper per metric ton	110%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.75
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	382
Average ore grade of copper per metric ton	75%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.62
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	381
Average ore grade of copper per metric ton	99%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.88
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	115,400
Copper \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	111,000
Copper \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	80,400
Copper \| Productive Land [Member] \| Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	15,700
Copper \| Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	16,200
Copper \| Productive Land [Member] \| Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	7,000
Copper \| Productive Land [Member] \| Sierrita [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	11,100
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] \| Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	2,600
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] \| 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] \| 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] \| Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	28,000
Copper \| Productive Land [Member] \| El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,600
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 \| 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	16,500
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	5,400
Copper \| Undeveloped [Member] \| Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	6,800
Gold
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	26.9
Gold \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	26.9
Gold \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	13.5
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] \| Bagdad [Member]
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] \| Sierrita [Member]
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] \| 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] \| Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	0.3
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] \| 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] \| 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] \| 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] \| Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	1
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	12.9
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	5.9
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	6.5
Molybdenum
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,610
Molybdenum \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,530
Molybdenum \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,200
Molybdenum \| Productive Land [Member] \| Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	290
Molybdenum \| Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	910
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] \| Sierrita [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	1,100
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] \| 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] \| 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] \| Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	160
Molybdenum \| Productive Land [Member] \| Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	450
Molybdenum \| Productive Land [Member] \| Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	700
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] \| Big Gossan [Member]
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 \| 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]
FCX’s Interest	72%
Amount of ore reserves (in metric tons of ore) \| T	3,525
FCX \| Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	2,637
FCX \| Productive Land [Member] \| Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	1,071
FCX \| Productive Land [Member] \| Sierrita [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	2,735
FCX \| Productive Land [Member] \| Tyrone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	91
FCX \| Productive Land [Member] \| Chino [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	319
FCX \| Productive Land [Member] \| Miami [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	0
FCX \| Productive Land [Member] \| Henderson [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	51
FCX \| Productive Land [Member] \| Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	100%
Amount of ore reserves (in metric tons of ore) \| T	151
FCX \| Productive Land [Member] \| Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	53.56%
Amount of ore reserves (in metric tons of ore) \| T	2,268
FCX \| Productive Land [Member] \| El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	51%
Amount of ore reserves (in metric tons of ore) \| T	368
FCX \| Productive Land [Member] \| Big Gossan [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	48.76%
Amount of ore reserves (in metric tons of ore) \| T	24
FCX \| Productive Land [Member] \| Grasberg block cave [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	48.76%
Amount of ore reserves (in metric tons of ore) \| T	395
FCX \| Productive Land [Member] \| Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	48.76%
Amount of ore reserves (in metric tons of ore) \| T	186
FCX \| Undeveloped [Member] \| Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
FCX’s Interest	48.76%
Amount of ore reserves (in metric tons of ore) \| T	186

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 102
Foreign Tax Authority
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Income Tax Credits and Adjustments	(22)	$ (105)	$ (75)
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	4,087	4,732	4,576
Other Additions (Deductions)	(87)	(596)	200
Additons Charged to Other Accounts	(15)	(49)	(16)
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease)	0	0	(28)
Balance at End of Year	3,985	4,087	4,732
Reserve for Taxes, Other than Income Taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	59	82	58
Other Additions (Deductions)	(32)	18	21
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	0	0	(1)
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other	(3)	(41)	4
Balance at End of Year	24	59	82
Net Operating Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 163	219	11
Domestic Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)		$ (228)	$ 250