Freeport-McMoRan (FCX) 10-K15 Feb 242023 FY Annual reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 57.1
Entity Common Stock, Shares Outstanding		1,434,409,010
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s proxy statement for its 2024 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000831259
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 22,855	$ 22,780	$ 22,845
Cost of sales:
Production and delivery	13,627	13,070	12,032
Depreciation, depletion and amortization	2,068	2,019	1,998
Total cost of sales	15,695	15,089	14,030
Selling, general and administrative expenses	479	420	383
Exploration Expense	137	115	55
Environmental obligations and shutdown costs	319	121	91
Net gain on sales of assets	0	(2)	(80)
Total costs and expenses	16,630	15,743	14,479
Operating income	6,225	7,037	8,366
Interest expense, net	(515)	(560)	(602)
Net gain on early extinguishment of debt	10	31	0
Other income (expense), net	286	207	(105)
Income before income taxes and equity in affiliated companies’ net earnings	6,006	6,715	7,659
Provision for (benefit from) income taxes	(2,270)	(2,267)	(2,299)
Equity in affiliated companies’ net earnings	15	31	5
Net income	3,751	4,479	5,365
Net income attributable to noncontrolling interests	(1,903)	(1,011)	(1,059)
Net income attributable to common stockholders	$ 1,848	$ 3,468	$ 4,306
Net income per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.28	$ 2.40	$ 2.93
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.28	$ 2.39	$ 2.90
Weighted-average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	1,434	1,441	1,466
Weighted Average Number of Shares Outstanding, Diluted	1,443	1,451	1,482
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 0.60	$ 0.375

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 3,751	$ 4,479	$ 5,365
Defined benefit plans:
Actuarial gains arising during the period, net of taxes	39	62	179
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	1	0
Amortization of unrecognized amounts included in net periodic benefit costs	5	8	18
Foreign exchange losses	0	(1)	(1)
Other comprehensive income	44	68	196
Total comprehensive income	3,795	4,547	5,561
Total comprehensive income attributable to noncontrolling interests	(1,901)	(1,011)	(1,060)
Total comprehensive income attributable to common stockholders	$ 1,894	$ 3,536	$ 4,501

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net income	$ 3,751	$ 4,479	$ 5,365
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,068	2,019	1,998
Stock-based compensation	109	95	98
Net charges for environmental and asset retirement obligations, including accretion	295	369	540
Payments for environmental and asset retirement obligations	250	274	273
Net charges for defined pension and postretirement plans	62	45	4
Pension plan contributions	(75)	(54)	(109)
Net gain on early extinguishment of debt	(10)	(31)	0
Net gain on sales of assets	0	(2)	(80)
Deferred income taxes	182	36	(171)
Changes in deferred profit on PT Freeport Indonesia’s sales to PT Smelting	(112)	(14)	86
Charges for social investment programs at PT Freeport Indonesia	84	84	75
Payments for social investment programs at PT Freeport Indonesia	(44)	(11)	(67)
Impairment of oil and gas properties	67	0	0
Payments for Cerro Verde royalty dispute	0	0	(421)
Other, net	(33)	(1)	(77)
Changes in working capital and other:
Accounts receivable	166	56	(472)
Inventories	(873)	(573)	(618)
Other current assets	(29)	(12)	(101)
Accounts payable and accrued liabilities	(161)	(73)	487
Accrued income taxes and timing of other tax payments	17	(999)	1,451
Net cash provided by (used in) operating activities	5,279	5,139	7,715
Cash flow from investing activities:
Capital expenditures	(4,824)	(3,469)	(2,115)
Proceeds from sales of assets
Proceeds from sales of assets	27	108	247
Loans to PT Smelting for expansion	(129)	(65)	(36)
Acquisition of minority interest in PT Smelting	0	0	(33)
Other, net	(30)	(14)	(27)
Net cash provided by (used in) investing activities	(4,956)	(3,440)	(1,964)
Cash flow from financing activities:
Proceeds from debt	1,781	5,735	1,201
Repayments of debt	(2,980)	(4,515)	(1,461)
Cash dividends and distributions paid:
Common stock	(863)	(866)	(331)
Noncontrolling interests	(625)	(840)	(583)
Treasury stock purchases	0	(1,347)	(488)
Contributions from noncontrolling interests	50	189	182
Proceeds from exercised stock options	47	125	210
Payments for withholding of employee taxes related to stock-based awards	(50)	(55)	(29)
Other, net	(10)	(49)	(41)
Net cash used in financing activities	(2,650)	(1,623)	(1,340)
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(2,327)	76	4,411
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	6,063	8,390	8,314
North America copper mines
Cash flow from investing activities:
Capital expenditures	(761)	(597)	(342)
South America
Cash flow from investing activities:
Capital expenditures	(368)	(304)	(162)
Indonesia mining
Cash flow from investing activities:
Capital expenditures	(1,696)	(1,575)	(1,296)
Corporate, Other and Eliminations, Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(1,715)	(806)	(222)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(84)	(33)	(6)
Other
Cash flow from investing activities:
Capital expenditures	(200)	(154)	(87)
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	$ 65	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,758	$ 8,146
Restricted cash and cash equivalents	1,208	111
Trade accounts receivable	1,209	1,336
Income and other tax receivables	455	459
Inventories:
Total materials and supplies, net	2,169	1,964
Mill and leach stockpiles	1,419	1,383
Product	2,472	1,833
Other current assets	375	381
Total current assets	14,065	15,613
Property, plant, equipment and mine development costs, net	35,295	32,627
Long-term mill and leach stockpiles	1,336	1,252
Other assets	1,810	1,601
Total assets	52,506	51,093
Current liabilities:
Accounts payable and accrued liabilities	3,729	4,027
Current portion of debt	766	1,037
Accrued income taxes	786	744
Current portion of environmental and asset retirement obligations	316	320
Dividends payable	218	217
Total current liabilities	5,815	6,345
Long-term debt, less current portion	8,656	9,583
Environmental and asset retirement obligations, less current portion	4,624	4,463
Deferred income taxes	4,453	4,269
Other liabilities	1,648	1,562
Total liabilities	25,196	26,222
Stockholders’ equity:
Common stock, par value $0.10, 1,619 shares and 1,613 shares issued, respectively	162	161
Capital in excess of par value	24,637	25,322
Accumulated deficit	(2,059)	(3,907)
Accumulated other comprehensive loss	(274)	(320)
Common stock held in treasury – 184 shares and 183 shares, respectively, at cost	(5,773)	(5,701)
Total stockholders’ equity	16,693	15,555
Noncontrolling interests	10,617	9,316
Total equity	27,310	24,871
Total liabilities and equity	$ 52,506	$ 51,093

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,619	1,613
Share repurchased (in shares)	184	183

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	Accumu- lated Other Compre-hensive Loss	Common Stock Held in Treasury	Total Stock- holders’ Equity	Non- controlling Interests
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]
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	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)						35,000
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	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
Exercised and issued stock-based awards (in shares)		6,000
Exercised and issued stock-based awards	69	$ 1	68				69
Stock-based compensation, including tax benefit and the tender of shares	$ 14		87			$ (72)	15	(1)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1,000
Treasury stock purchases (in shares)	35,120
Dividends	$ (1,489)		(864)				(864)	(625)
Net income attributable to common stockholders	1,848			1,848			1,848
Net income attributable to noncontrolling interests	1,903							1,903
Other comprehensive income	44				46		46	(2)
Balance (in shares) at Dec. 31, 2023		1,619,000				184,000
Balance at Dec. 31, 2023	27,310	$ 162	24,637	$ (2,059)	$ (274)	$ (5,773)	16,693	10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from (Payments to) Noncontrolling Interests	$ 50		$ 24				$ 24	$ 26

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	Dec. 31, 2023
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, 2023, 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 mineral 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 $20 million in 2023, $9 million in 2022 and $66 million in 2021. Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents. Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. FCX’s restricted cash and cash equivalents are primarily related to PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks in accordance with Indonesia regulations, assurance bonds to support PT-FI’s commitment for smelter development in Indonesia, and guarantees and commitments for certain mine closure obligations. Refer to Notes 12 and 14 for further information. Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Product. Product inventories 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, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. 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., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process ( i.e. , leach, mill or concentrate leach) regardless of the number of stockpile systems at that site. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 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 annually based on new information and as related technology and processing methods change. Recovery adjustments will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper . Based on the annual review of mill and leach stockpiles, FCX increased its estimated recoverable copper in certain leach stockpiles, net of joint venture interests, by 73 million pounds in 2023 and 223 million pounds in 2022. These revised estimates did not have a material impact on the weighted-average cost per pound of recoverable copper or FCX’s consolidated site production and delivery costs in 2023 or 2022. Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs. Additionally, interest expense allocable to the cost of developing 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 production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 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 production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For non-operating properties without reserves, changes to the ARO are recorded in production and delivery costs. At least annually, FCX reviews its ARO estimates for changes in the projected timing of certain reclamation and closure/restoration costs, changes in cost estimates and additional AROs incurred during the period. Refer to Note 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 Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 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: 2023 2022 2021 Net income $ 3,751 $ 4,479 $ 5,365 Net income attributable to noncontrolling interests (1,903) (1,011) (1,059) Undistributed dividends and earnings allocated to participating securities (6) (7) (7) Net income attributable to common stockholders $ 1,842 $ 3,461 $ 4,299 (shares in millions) Basic weighted-average shares of common stock outstanding 1,434 1,441 1,466 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 9 10 16 Diluted weighted-average shares of common stock outstanding 1,443 1,451 1,482 Net income per share attributable to common stockholders: Basic $ 1.28 $ 2.40 $ 2.93 Diluted $ 1.28 $ 2.39 $ 2.90 Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the year are excluded from the computation of diluted net income per share of common stock. Excluded shares of common stock associated with outstanding stock options totaled less than 1 million shares in 2023, 1 million shares in 2022 and 5 million shares in 2021. Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. New Accounting Standards. Following is a discussion of new accounting standards. Segment Reporting. In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to segment reporting that requires disclosure of significant segment expenses and other segment items by reportable segment. This ASU becomes effective for annual periods beginning in 2024 and interim periods in 2025. FCX does not expect the new ASU to have a significant impact on its current segment reporting as presented within Note 16. Income Taxes. In December 2023, the FASB issued an ASU requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU becomes effective January 1, 2025. FCX is assessing the impact of this ASU, and upon adoption, may be required to include certain additional disclosures in the notes to its financial statements. Subsequent Events. FCX evaluated events after December 31, 2023, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

DISPOSITIONS AND ACQUISITIONS D

DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS	12 Months Ended
DISPOSITIONS AND ACQUISITIONS DISPOSITIONS AND ACQUISITIONS	Dec. 31, 2023
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.

OWNERSHIP IN SUBSIDIARIES AND J

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	Dec. 31, 2023
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, 2023, FMC’s operating mines in North America were Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami located in Arizona; Tyrone and Chino located in New Mexico; and Henderson and Climax located in Colorado. FMC has a 72% interest in Morenci (refer to “Joint Ventures. Sumitomo and SMM Morenci, Inc.”) and owns 100% of the other North America mines. At December 31, 2023, 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, 2023, FMC’s net assets totaled $17.8 billion and its accumulated deficit totaled $13.3 billion. FCX had no loans to FMC outstanding at December 31, 2023. FCX owns 48.76% of PT-FI (refer to “PT-FI Divestment”). At December 31, 2023, PT-FI’s net assets totaled $15.5 billion and its retained earnings totaled $11.0 billion. FCX had no loans to PT-FI outstanding at December 31, 2023. FCX owns 100% of the outstanding Atlantic Copper (FCX’s wholly owned smelting and refining unit in Spain) common stock. At December 31, 2023, Atlantic Copper’s net assets totaled $97 million and its accumulated deficit totaled $443 million. FCX had $611 million in loans to Atlantic Copper outstanding at December 31, 2023. PT-FI Divestment. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PT-FI’s long-term mining rights and share ownership (the 2018 Transaction). Pursuant to the divestment agreement and related documents, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, acquired all of Rio Tinto plc’s (Rio Tinto) interests associated with its joint venture with PT-FI (the former Rio Tinto Joint Venture) and 100% of FCX’s interests in PT Indonesia Papua Metal Dan Mineral (PTI). In connection with the 2018 Transaction, PT-FI acquired all of the common stock of PT Rio Tinto Indonesia that held the former Rio Tinto Joint Venture interest. After the 2018 Transaction, MIND ID’s (26.24%) and PTI’s (25.00%) collective share ownership of PT-FI totals 51.24% and FCX’s share ownership totals 48.76%. The arrangements provide for FCX and the other pre-transaction PT-FI shareholders ( i.e. , MIND ID) to retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture. As a result, FCX’s economic interest in PT-FI approximated 81% through 2022 and is 48.76% in 2023 and thereafter (see “Attribution of PT-FI Net Income or Loss” below). FCX, PT-FI, PTI and MIND ID entered into a shareholders agreement (the PT-FI Shareholders Agreement), which includes provisions related to the governance and management of PT-FI. FCX considered the terms of the PT-FI Shareholders Agreement and related governance structure, including whether MIND ID has substantive participating rights, and concluded that 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 retained the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture, so that FCX’s economic interest in the project through 2041 will not be significantly affected by the 2018 Transaction. FCX believes its conclusion to continue to consolidate PT-FI in its financial statements is in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-X, Rule 3A-02 (a), which provides for situations in which consolidation of an entity, notwithstanding the lack of majority ownership, is necessary to present fairly the financial position and results of operations of the registrant, because of the existence of a parent-subsidiary relationship by means other than 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 during 2023 were attributed approximately 81% to FCX and 19% to MIND ID. Beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for MIND ID and 25.00% for PTI), except for net income of $35 million that was 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 46 million pounds during 2023 and 62 million pounds during 2022 of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $177 million and $245 million, respectively. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $17 million at December 31, 2023, and $25 million at December 31, 2022. 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 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. In December 2023, the project was completed and PT-FI’s loan is expected to convert into PT Smelting equity in 2024, increasing PT-FI’s ownership in PT Smelting to approximately 65%. 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). PT-FI’s equity in PT Smelting’s earnings totaled $10 million in 2023, $24 million in 2022 and $6 million in 2021. Beginning January 1, 2023, PT-FI’s commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties ( i.e. , there are no further sales from PT-FI to PT Smelting). While the new tolling agreement with PT Smelting does not significantly change PT-FI’s economics, it impacts the timing of PT-FI’s sales and working capital requirements.

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, 2023
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, 2023 2022 Current inventories: Raw materials (primarily concentrate) $ 469 $ 443 Work-in-process 221 221 Finished goods a 1,782 1,169 Total product $ 2,472 $ 1,833 Total materials and supplies, net b $ 2,169 $ 1,964 Mill stockpiles $ 179 $ 216 Leach stockpiles 1,240 1,167 Total current mill and leach stockpiles $ 1,419 $ 1,383 Long-term inventories c : Mill stockpiles $ 251 $ 199 Leach stockpiles 1,085 1,053 Total long-term mill and leach stockpiles c $ 1,336 $ 1,252 a. The increase in finished goods inventory at December 31, 2023, was primarily associated with the change in PT-FI’s commercial arrangement with PT Smelting (refer to Note 3) and the timing of shipments of anode slimes. b. Materials and supplies inventory was net of obsolescence reserves totaling $41 million at December 31, 2023, and $39 million at December 31, 2022. c.

PROPERTY, PLANT, EQUIPMENT AND

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Proven and probable mineral reserves $ 7,160 $ 7,159 VBPP 359 360 Mine development and other 12,325 12,314 Buildings and infrastructure 10,165 9,746 Machinery and equipment 15,246 14,790 Mobile equipment 4,986 4,756 Construction in progress 6,885 4,419 Oil and gas properties 27,441 27,356 Total 84,567 80,900 Accumulated depreciation, depletion and amortization a (49,272) (48,273) Property, plant, equipment and mine development costs, net $ 35,295 $ 32,627 a. Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2023, and $27.3 billion at December 31, 2022. FCX recorded $1.6 billion for VBPP in connection with the FMC acquisition (excluding $0.6 billion associated with mining operations that were subsequently sold) and transferred $0.8 billion to proven and probable mineral reserves through 2023 ($1 million in 2023 and $16 million in 2022). Cumulative impairments of and adjustments to VBPP total $0.5 billion, which were primarily recorded in 2008. Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including the construction and development of the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects), totaled $267 million in 2023, $150 million in 2022 and $72 million in 2021. During the three-year period ended December 31, 2023, no material impairments of FCX’s long-lived mining assets were recorded.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2023
Other Assets [Abstract]
Other Assets Disclosure	OTHER ASSETS The components of other assets follow: December 31, 2023 2022 Intangible assets a $ 422 $ 416 Legally restricted trust assets b 212 182 Disputed tax assessments: c Cerro Verde 274 333 PT-FI 10 12 Investments: PT Smelting d 123 50 Restricted time deposits e 97 133 Fixed income, equity securities and other 84 79 Loans to PT Smelting for expansion f 233 101 Long-term receivable for taxes g 70 54 Prepaid rent and deposits 39 26 Contingent consideration associated with sales of assets h 38 47 Long-term employee receivables 26 24 Other 182 144 Total other assets $ 1,810 $ 1,601 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2023 and 2022. Definite-lived intangible assets totaled $208 million at December 31, 2023, and $202 million at December 31, 2022, which was net of accumulated amortization totaling $43 million and $39 million, respectively. b. Reflects amounts 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. 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. Trade accounts receivable from PT Smelting totaled $277 million at December 31, 2022. e. Relates to PT-FI’s regulatory commitments (refer to Notes 12 and 14 for further discussion). f. Refer to Note 3 for further discussion. g. Includes tax overpayments and refunds not expected to be realized within the next 12 months. h. Refer to Note 15 for further discussion.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Dec. 31, 2023
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, 2023 2022 Accounts payable $ 2,466 $ 2,701 Salaries, wages and other compensation 343 329 Deferred revenue 161 76 Accrued interest a 146 218 Pension, postretirement, postemployment and other employee benefits b 129 143 PT-FI contingencies c 122 179 Accrued taxes, other than income taxes 88 75 Leases d 84 38 Community development programs 58 60 Litigation accruals 51 99 Accrued mining royalties 13 41 Other 68 68 Total accounts payable and accrued liabilities $ 3,729 $ 4,027 a. Third-party interest paid, net of capitalized interest, was $419 million in 2023, $417 million in 2022 and $640 million in 2021. b. Refer to Note 9 for long-term portion. c. Refer to Notes 12 and 13 for further discussion. d. Refer to Note 13 for further discussion.

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	DEBT FCX’s debt at December 31, 2023, is net of reductions of $67 million ($78 million at December 31, 2022) for unamortized net discounts and unamortized debt issuance costs. The components of debt follow: December 31, 2023 2022 Revolving credit facilities: FCX $ — $ — PT-FI — — Cerro Verde — — Senior notes and debentures: Issued by FCX: 3.875% Senior Notes due 2023 — 995 4.55% Senior Notes due 2024 730 729 5.00% Senior Notes due 2027 448 465 4.125% Senior Notes due 2028 483 543 4.375% Senior Notes due 2028 430 475 5.25% Senior Notes due 2029 468 499 4.25% Senior Notes due 2030 446 494 4.625% Senior Notes due 2030 588 615 5.40% Senior Notes due 2034 723 723 5.450% Senior Notes due 2043 1,689 1,687 Issued by PT-FI: 4.763% Senior Notes due 2027 746 745 5.315% Senior Notes due 2032 1,490 1,489 6.200% Senior Notes due 2052 744 744 Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 121 122 6 1/8% Senior Notes due 2034 118 118 Other 83 62 Total debt 9,422 10,620 Less current portion of debt (766) (1,037) Long-term debt $ 8,656 $ 9,583 Revolving Credit Facilities. FCX . FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PT-FI’s borrowing capacity. At December 31, 2023, FCX had $7 million in letters of credit issued under its revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PT-FI, be determined based on the Secured Overnight Financing Rate 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 November 2023, PT-FI amended and restated its senior unsecured revolving credit facility to, among other things, increase the availability to $1.75 billion, extend the maturity date under the facility to November 2028 and reduce the applicable margin used in the determination of interest rates. PT-FI’s revolving credit facility is available for its general corporate purposes, including to fund PT-FI’s projects related to the expansion of smelting and refining capacity in Indonesia. 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. Cerro Verde has a $350 million, senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants. At December 31, 2023, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants. Senior Notes. FCX. In March 2023, FCX repaid in full the outstanding principal balance of its 3.875% Senior Notes totaling $996 million at maturity. Beginning in 2022 and through 2023, FCX has purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion. There have been no purchases of senior notes in open-market transactions since July 2023. Listed below are the FCX senior notes purchased on the open market during 2023 and 2022. Principal Amount Net Adjustments Book Value Redemption Value Gain Year Ended December 31, 2023 5.00% Senior Notes due 2027 $ 17 $ — $ 17 $ 17 $ — 4.125% Senior Notes due 2028 61 — 61 58 3 4.375% Senior Notes due 2028 46 (1) 45 43 2 5.25% Senior Notes due 2029 31 — 31 31 — 4.25% Senior Notes due 2030 50 (1) 49 46 3 4.625% Senior Notes due 2030 28 — 28 26 2 Total $ 233 $ (2) $ 231 $ 221 $ 10 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 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 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 recorded a loss on early extinguishment of debt of $10 million in 2022. PT-FI is using the remaining net proceeds to finance the Indonesia 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 6.200% Senior Notes due 2052 October 14, 2051 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, 2023 and 2022, and availability under these agreements totals $200 million. Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2023, total $766 million in 2024, $4 million in 2025, $4 million in 2026, $1.3 billion in 2027, $0.9 billion in 2028 and $6.5 billion thereafter.

OTHER LIABILITIES, INCLUDING EM

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	12 Months Ended
OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS	Dec. 31, 2023
Other Liabilities, Including Employee Benefits [Abstract]
Other Liabilities	OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2023 2022 Pension, postretirement, postemployment and other employment benefits a $ 704 $ 775 Leases b 347 294 Provision for tax positions 174 161 Litigation accruals 163 109 Social investment programs 79 36 Indemnification of MIND ID b 75 74 Other 106 113 Total other liabilities $ 1,648 $ 1,562 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. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (16%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (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 5.75% per annum beginning January 1, 2024, 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 15,339 rupiah to one U.S. dollar on December 31, 2023, and 15,652 rupiah to one U.S. dollar on December 31, 2022. 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, 2024. 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, 2023 2022 Projected and accumulated benefit obligation $ 1,828 $ 1,831 Fair value of plan assets 1,475 1,422 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 1,884 $ 2,553 $ 215 $ 237 Service cost 15 15 11 12 Interest cost 98 71 14 14 Actuarial losses (gains) 15 (623) 3 (2) Special termination benefits and plan amendments — — 1 2 Foreign exchange losses (gains) 1 (3) 4 (22) Benefits and administrative expenses paid (133) (129) (27) (26) Benefit obligation at end of year 1,880 1,884 221 215 Change in plan assets: Fair value of plan assets at beginning of year 1,483 2,071 205 240 Actual return on plan assets 121 (509) 11 10 Employer contributions a 65 52 9 2 Foreign exchange gains (losses) 1 (2) 4 (21) Benefits and administrative expenses paid (133) (129) (26) (26) Fair value of plan assets at end of year 1,537 1,483 203 205 Funded status $ (343) $ (401) $ (18) $ (10) Accumulated benefit obligation $ 1,878 $ 1,882 $ 182 $ 176 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.15 % 5.41 % 6.75 % 7.00 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 9 $ 8 $ — $ — Accounts payable and accrued liabilities (3) (4) — — Other liabilities (349) (405) (18) (10) Total $ (343) $ (401) $ (18) $ (10) a. Employer contributions for 2024 are currently expected to approximate $65 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2023, exchange rate of 15,339 Indonesia rupiah to one U.S. dollar). During 2023, the actuarial loss of $15 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 5.41% to 5.15% . 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%. 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: 2023 2022 2021 Weighted-average assumptions: a Discount rate 5.41 % 2.85 % 2.50 % Expected return on plan assets 5.00 % 3.00 % 5.25 % Service cost $ 15 $ 15 $ 12 Interest cost 98 71 66 Expected return on plan assets (72) (62) (98) Amortization of net actuarial losses 15 15 25 Net periodic benefit cost $ 56 $ 39 $ 5 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: 2023 2022 2021 Weighted-average assumptions: Discount rate 7.00 % 6.50 % 6.25 % Expected return on plan assets 7.00 % 7.00 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 14 14 Expected return on plan assets (14) (15) (19) Amortization of prior service cost 2 1 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit 1 2 — Net periodic benefit cost $ 13 $ 13 $ 8 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: 2023 2022 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 382 $ 257 $ 426 $ 305 Prior service costs (1) (2) — (2) $ 381 $ 255 $ 426 $ 303 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, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 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 Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions. Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Payables — Total pension plan net assets $ 203 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 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 2024 $ 123 $ 30 2025 183 27 2026 126 29 2027 128 29 2028 128 27 2029 through 2033 632 128 a. Based on a December 31, 2023, exchange rate of 15,339 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $5 million (included in accounts payable and accrued liabilities) and a long-term portion of $34 million (included in other liabilities) at December 31, 2023, and a current portion of $6 million and a long-term portion of $43 million at December 31, 2022. 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 $46 million (included in other liabilities) at December 31, 2023, and a current portion of $7 million and a long-term portion of $41 million at December 31, 2022. 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 $62 million at December 31, 2023, and $56 million at December 31, 2022, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $119 million in 2023, $101 million in 2022 and $95 million in 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, 2023 2022 Pension, postretirement, postemployment and other employment benefits a $ 704 $ 775 Leases b 347 294 Provision for tax positions 174 161 Litigation accruals 163 109 Social investment programs 79 36 Indemnification of MIND ID b 75 74 Other 106 113 Total other liabilities $ 1,648 $ 1,562 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. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (16%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (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 5.75% per annum beginning January 1, 2024, 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 15,339 rupiah to one U.S. dollar on December 31, 2023, and 15,652 rupiah to one U.S. dollar on December 31, 2022. 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, 2024. 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, 2023 2022 Projected and accumulated benefit obligation $ 1,828 $ 1,831 Fair value of plan assets 1,475 1,422 Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows: FCX PT-FI 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 1,884 $ 2,553 $ 215 $ 237 Service cost 15 15 11 12 Interest cost 98 71 14 14 Actuarial losses (gains) 15 (623) 3 (2) Special termination benefits and plan amendments — — 1 2 Foreign exchange losses (gains) 1 (3) 4 (22) Benefits and administrative expenses paid (133) (129) (27) (26) Benefit obligation at end of year 1,880 1,884 221 215 Change in plan assets: Fair value of plan assets at beginning of year 1,483 2,071 205 240 Actual return on plan assets 121 (509) 11 10 Employer contributions a 65 52 9 2 Foreign exchange gains (losses) 1 (2) 4 (21) Benefits and administrative expenses paid (133) (129) (26) (26) Fair value of plan assets at end of year 1,537 1,483 203 205 Funded status $ (343) $ (401) $ (18) $ (10) Accumulated benefit obligation $ 1,878 $ 1,882 $ 182 $ 176 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.15 % 5.41 % 6.75 % 7.00 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 9 $ 8 $ — $ — Accounts payable and accrued liabilities (3) (4) — — Other liabilities (349) (405) (18) (10) Total $ (343) $ (401) $ (18) $ (10) a. Employer contributions for 2024 are currently expected to approximate $65 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2023, exchange rate of 15,339 Indonesia rupiah to one U.S. dollar). During 2023, the actuarial loss of $15 million for the FCX pension plans primarily resulted from the decrease in the discount rate from 5.41% to 5.15% . 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%. 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: 2023 2022 2021 Weighted-average assumptions: a Discount rate 5.41 % 2.85 % 2.50 % Expected return on plan assets 5.00 % 3.00 % 5.25 % Service cost $ 15 $ 15 $ 12 Interest cost 98 71 66 Expected return on plan assets (72) (62) (98) Amortization of net actuarial losses 15 15 25 Net periodic benefit cost $ 56 $ 39 $ 5 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: 2023 2022 2021 Weighted-average assumptions: Discount rate 7.00 % 6.50 % 6.25 % Expected return on plan assets 7.00 % 7.00 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 14 14 Expected return on plan assets (14) (15) (19) Amortization of prior service cost 2 1 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit 1 2 — Net periodic benefit cost $ 13 $ 13 $ 8 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: 2023 2022 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 382 $ 257 $ 426 $ 305 Prior service costs (1) (2) — (2) $ 381 $ 255 $ 426 $ 303 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, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 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 Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value. Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions. Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs. Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term. A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Payables — Total pension plan net assets $ 203 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 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 2024 $ 123 $ 30 2025 183 27 2026 126 29 2027 128 29 2028 128 27 2029 through 2033 632 128 a. Based on a December 31, 2023, exchange rate of 15,339 Indonesia rupiah to one U.S. dollar. Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service. The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $5 million (included in accounts payable and accrued liabilities) and a long-term portion of $34 million (included in other liabilities) at December 31, 2023, and a current portion of $6 million and a long-term portion of $43 million at December 31, 2022. 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 $46 million (included in other liabilities) at December 31, 2023, and a current portion of $7 million and a long-term portion of $41 million at December 31, 2022. 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 $62 million at December 31, 2023, and $56 million at December 31, 2022, all of which was included in other liabilities. The costs charged to operations for the employee savings plan totaled $119 million in 2023, $101 million in 2022 and $95 million in 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, 2023
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, providing cash returns to shareholders and 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 net project debt for the Indonesia smelter projects). The Board reviews the structure of the performance-based payout framework at least annually. 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 variable cash dividend on FCX’s common stock and (ii) a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock. 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. Under its share repurchase program, FCX acquired 12.74 million shares of its common stock for a total cost of $0.5 billion ($38.32 average cost per share) in 2021 and 35.12 million shares of its common stock for a total cost of $1.3 billion ($38.36 average cost per share) in 2022. There were no shares acquired under the program in 2023. As of February 15, 2024, FCX has $3.2 billion available for repurchases under the program. On December 20, 2023, FCX declared quarterly cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share base dividend and $0.075 per share variable dividend), which were paid on February 1, 2024, to common stockholders of record as of January 12, 2024. The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. Accumulated Other Comprehensive Loss. A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows: Defined Benefit Plans Translation Adjustment Total Balance at January 1, 2021 $ (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) Amounts arising during the period a,b 41 — 41 Amounts reclassified c 5 — 5 Balance at December 31, 2023 $ (284) $ 10 $ (274) a. Includes net actuarial gains, net of noncontrolling interest, totaling $174 million for 2021, $59 million for 2022 and $38 million for 2023. b. Includes tax provision totaling $2 million for 2021, 2022, and 2023. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2021, 2022 and 2023. 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, 2023, 20.5 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: 2023 2022 2021 Selling, general and administrative expenses $ 64 $ 57 $ 64 Production and delivery 45 38 34 Total stock-based compensation 109 95 98 Tax benefit and noncontrolling interests’ share a (5) (4) (5) Impact on net income $ 104 $ 91 $ 93 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. FCX did not grant stock options in 2023 or 2022. A summary of stock options outstanding as of December 31, 2023, and activity during the year ended December 31, 2023, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 11,614,052 $ 17.75 Exercised (2,851,786) 24.18 Expired/Forfeited (12,333) 34.27 Balance at December 31 8,749,933 15.63 4.3 $ 236 Vested and exercisable at December 31 8,726,933 15.59 4.3 $ 235 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: 2023 a 2022 a 2021 Weighted-average assumptions used to value stock option awards: Expected volatility N/A N/A 58.1 % Expected life of options (in years) N/A N/A 5.90 Expected dividend rate N/A N/A 2.5 % Risk-free interest rate N/A N/A 0.6 % Weighted-average grant-date fair value (per option) N/A N/A $ 11.92 Intrinsic value of options exercised $ 52 $ 148 $ 194 Fair value of options vested $ 3 $ 23 $ 16 a. FCX did not grant stock options in 2023 or 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 2023 and 2022 and 0.3 million for 2021, 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, 2023, and activity during the year ended December 31, 2023, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 6,650,873 $ 28.05 Granted 2,270,941 39.72 Vested (3,172,907) 19.76 Forfeited (49,332) 38.24 Balance at December 31 5,699,575 37.23 $ 243 The total fair value of stock-settled RSUs and PSUs granted was $93 million during 2023, $83 million during 2022 and $62 million during 2021. The total intrinsic value of stock-settled RSUs and PSUs vested was $136 million during 2023, $138 million during 2022 and $56 million during 2021. As of December 31, 2023, FCX had $27 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, 2023, and activity during the year ended December 31, 2023, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 814,289 $ 28.04 Granted 546,100 43.06 Vested (475,151) 22.54 Forfeited (26,497) 41.36 Balance at December 31 858,741 40.23 $ 37 The total grant-date fair value of cash-settled RSUs was $24 million during 2023, $15 million during 2022 and $9 million during 2021. The intrinsic value of cash-settled RSUs vested was $20 million during 2023, $26 million during 2022 and $24 million during 2021. 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 $7 million (included in other liabilities) at December 31, 2023, and a current portion of $19 million and a long-term portion of $5 million at December 31, 2022. 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: 2023 2022 2021 FCX shares tendered or withheld to pay the exercise price and/or the statutory withholding taxes a 1,633,519 1,511,072 1,358,101 Cash received from stock option exercises $ 47 $ 125 $ 210 Actual tax benefit realized for tax deductions $ 4 $ 13 $ 9 Amounts FCX paid for employee taxes $ 50 $ 55 $ 29 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender or have withheld FCX shares to pay the exercise price and/or required withholding taxes.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of income before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2023 2022 2021 U.S. $ 68 $ 840 $ 1,861 Foreign 5,938 5,875 5,798 Total $ 6,006 $ 6,715 $ 7,659 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: 2023 2022 2021 Current income taxes: Federal $ 5 $ — $ — State (6) 1 (11) Foreign (2,087) (2,232) (2,460) Total current (2,088) (2,231) (2,471) Deferred income taxes: Federal (50) (149) (184) State (3) (6) (4) Foreign (320) (144) (23) Total deferred (373) (299) (211) Adjustments 6 1 193 a Operating loss carryforwards 185 262 190 Provision for income taxes $ (2,270) $ (2,267) $ (2,299) a. Primarily reflects the release of valuation allowances on net operating losses at PT Rio Tinto Indonesia (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: 2023 2022 2021 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,261) (21) % $ (1,410) (21) % $ (1,608) (21) % Withholding and other impacts on foreign earnings (615) (10) (673) (10) (678) (9) Effect of foreign rates different than the U.S. federal statutory rate (313) (5) (314) (5) (328) (4) Foreign tax credit limitation (289) (5) (50) (1) (116) (1) Percentage depletion 183 3 189 3 221 3 Valuation allowance a 128 2 28 — 326 4 Non-deductible permanent differences (68) (1) (29) — (21) — Uncertain tax positions (28) (1) (17) — 13 — State income taxes (6) — (4) — (14) — PT-FI historical tax disputes b — — (8) — (193) (3) PT Rio Tinto Indonesia valuation allowance — — — — 189 2 Other items, net (1) — 21 — (90) (1) Provision for income taxes $ (2,270) (38) % $ (2,267) (34) % $ (2,299) (30) % a. Refer to “Valuation Allowances” below. b. Refer to “Indonesia Tax Matters” below. FCX paid federal, state and foreign income taxes totaling $2.1 billion in 2023, $3.1 billion in 2022 and $1.3 billion in 2021. FCX received refunds of federal, state and foreign income taxes totaling less than $1 million in 2023, $46 million in 2022 and $109 million in 2021. The components of deferred taxes follow: December 31, 2023 2022 Deferred tax assets: Foreign tax credits $ 1,228 $ 1,514 Net operating losses 1,761 1,923 Accrued expenses 1,390 1,303 Employee benefit plans 78 99 Other 215 230 Deferred tax assets 4,672 5,069 Valuation allowances (3,894) (3,985) Net deferred tax assets 778 1,084 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,118) (4,330) Undistributed earnings (911) (810) Other (195) (211) Total deferred tax liabilities (5,224) (5,351) Net deferred tax liabilities $ (4,446) $ (4,267) Tax Attributes. At December 31, 2023, FCX had (i) U.S. foreign tax credits of $1.2 billion that will expire between 2024 and 2027, (ii) U.S. federal net operating losses (NOLs) of $5.4 billion that primarily expire between 2036 and 2037, of which $0.4 billion can be carried forward indefinitely, (iii) U.S. state NOLs of $10.4 billion that primarily expire between 2024 and 2043 and (iv) Atlantic Copper NOLs of $0.5 billion that can be carried forward indefinitely. Valuation Allowances. On the basis of available information at December 31, 2023, including positive and negative evidence, FCX has provided valuation allowances for certain of its deferred tax assets where it believes it is more-likely-than-not that some portion or all of such assets will not be realized. Valuation allowances totaled $3.9 billion at December 31, 2023, and covered all of FCX’s U.S. foreign tax credits and U.S. federal NOLs, substantially all of its U.S. state and foreign NOLs, as well as a portion of its U.S. federal, state and foreign deferred tax assets. The valuation allowance related to FCX’s U.S. foreign tax credits totaled $1.2 billion at December 31, 2023. 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 $0.9 billion at December 31, 2023. 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 $91 million net decrease in the valuation allowances during 2023 is primarily related to $32 million of U.S. federal NOLs utilized during 2023, and a $292 million decrease related to expirations of U.S. foreign tax credits, partially offset by an increase of $188 million, primarily associated with current year changes in U.S. federal temporary differences and a $22 million increase in valuation allowances against Section 163(j) deferred tax assets related to current year activity. U.S. Inflation Reduction Act of 2022 . The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not materially impact FCX’s financial results in 2023. Although the U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, uncertainty remains regarding the application of the CAMT. Future guidance released by the Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. NOLs. 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 as they relate to the audits for years 2012 through 2016. In 2021, PT-FI participated in discussions with the Indonesia Tax Office regarding progress on the framework for resolution. 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 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 2022, 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, including a credit of $76 million recorded to other income (expense), net and a charge of $7 million to provision for income taxes. Peru Tax Matters. Cerro Verde’s current mining stability agreement subjects it to a stable income tax rate of 32% through the expiration of the agreement on December 31, 2028. The enacted tax rate on dividend distributions, which is not stabilized by the agreement, is 5%. Chile Tax Matters . In December 2023, the US-Chilean Tax Treaty was ratified and will enter into force in 2024. Ratification of this treaty results in the extension of FCX’s share of income from El Abra being subject to an income tax rate of 35%. Beginning in 2018, and through 2023 mining royalty rates at El Abra were based on a sliding scale of 5% to 14% (depending on a defined operational margin). In August 2023, the Chile legislature approved a mining royalty tax reform package that took effect on January 1, 2024, under which the mining royalty taxes will consist of two main components (i) profitability based mining royalty rates on a sliding scale of 8% to 26% (depending on a defined operational margin) and (ii) an additional ad valorem royalty tax based on 1% of sales. Uncertain Tax Positions. Tax positions reflected in the consolidated financial statements are, based on their technical merits, more-likely-than-not to be sustained upon examination by taxing authorities or have otherwise been effectively settled. Such tax positions reflect the largest amount of benefit, determined on a cumulative probability basis, that is more-likely-than-not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. FCX’s policy associated with uncertain tax positions is to record accrued interest in interest expense and accrued penalties in other income (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. 2023 2022 2021 Balance at beginning of year $ 810 $ 808 $ 474 Additions: Prior year tax positions 27 26 330 Current year tax positions 28 25 71 Decreases: Prior year tax positions (13) (12) (30) Settlements with taxing authorities (132) (37) (37) Balance at end of year $ 720 $ 810 $ 808 The total amount of accrued interest and penalties associated with unrecognized tax benefits was $536 million at December 31, 2023, primarily relating to unrecognized tax benefits associated with cost recovery methods and royalties and other related mining taxes, $551 million at December 31, 2022, and $620 million at December 31, 2021. Amounts include unpaid items on the consolidated balance sheet of $33 million at December 31, 2023, $36 million at December 31, 2022, and $41 million at December 31, 2021. Charges for interest and penalties related to unrecognized tax benefits totaled $153 million in 2023, $7 million in 2022 and $34 million in 2021. The reserve for unrecognized tax benefits of $720 million at December 31, 2023, included $597 million ($421 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 2024, 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 2020-2023 Indonesia 2012-2015, 2017, 2021 2020, 2022-2023 Peru - 2017-2023 Chile 2022 2020-2021, 2023

CONTINGENCIES

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Environmental. FCX’s operations are subject to various environmental laws and regulations that govern the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is also subject to claims where the release of hazardous substances is alleged to have damaged natural resources (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2023, FCX had more than 80 active remediation projects, including NRD claims, in 22 U.S. states. The aggregate environmental obligation for approximately 50% of the active remediation projects totaled approximately $20 million at December 31, 2023. A summary of changes in FCX’s estimated environmental obligations for the years ended December 31 follows: 2023 2022 2021 Balance at beginning of year $ 1,740 $ 1,664 $ 1,584 Accretion expense a 119 110 104 Net additions b 195 43 40 Spending (115) (77) (64) Balance at end of year 1,939 1,740 1,664 Less current portion (131) (125) (64) Long-term portion $ 1,808 $ 1,615 $ 1,600 a. Represents accretion of the fair value of environmental obligations assumed in the acquisition of FMC, which were determined on a discounted cash flow basis. b. Primarily reflects revisions for changes in the anticipated scope and timing of projects. See further discussion below for charges recorded in 2023 associated with the Pinal Creek and Newtown Creek environmental matters. Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $4.5 billion, including $131 million in 2024, $147 million in 2025, $139 million in 2026, $128 million in 2027, $108 million in 2028 and $3.9 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, 2023, FCX’s environmental obligations totaled $1.9 billion, including $1.8 billion recorded on a discounted basis for those obligations assumed in the FMC acquisition at fair value. FCX estimates it is reasonably possible that these obligations could range between $3.9 billion and $5.0 billion on an undiscounted and de-escalated basis. At December 31, 2023, 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 $1.6 billion at December 31, 2023. FCX may also be subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows. Pinal Creek. The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping is expected to continue for many years. During 2023, FCX recorded adjustments to the Pinal Creek environmental obligation totaling $61 million associated with a refined engineering scope and cost estimate for work to be completed within the next several years. FCX’s environmental liability balance for this site was $518 million at December 31, 2023. 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. EPA approved the final RI in April 2023. The NCG’s FS work and efforts to identify other PRPs are ongoing. The NCG expects to submit a draft FS report to EPA by October 2026 and currently expects EPA to select a creek-wide remedy in 2029, with the actual remediation construction starting several years later. Further, in early 2022, EPA asked the NCG to develop and evaluate alternatives for an early action remediation project in the East Branch tributary of the creek. The NCG submitted to EPA a draft early action focused feasibility study relating to remediation options for the East Branch and EPA provided comments. During 2023, FCX recorded adjustments to Newtown Creek environmental obligations totaling $64 million based on updated cost estimates from such draft early action focused feasibility study. FCX’s environmental liability balance for this site was $423 million at December 31, 2023. 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 possible remedial actions could result in additional adjustments to the related environmental remediation obligation in future periods. FCX’s environmental liability balance for historical smelter sites, including in the Borough of Carteret, New Jersey, was $262 million at December 31, 2023. During 2023, the Superior Court of New Jersey approved an agreement between the parties to settle all claims for an amount not material to FCX in 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, that was filed on January 30, 2017, against USMR, FCX, and Amax Realty Development, Inc. Uranium Mining Sites. During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation. In 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. Government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for 94 former uranium mining sites on tribal lands. Under the terms of the Consent Decree executed in May 2017, and approved by the U.S. District Court for the District of Arizona, the U.S. contributed $335 million into a trust fund to cover the government’s initial share of the costs, and FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the 94 sites. The program is expected to take more than 20 years to complete. The Consent Decree excluded 23 former uranium mine sites at which an FCX subsidiary may also be potentially liable, but for which the United States recovered funds as part of a larger bankruptcy settlement with Tronox. By letter dated September 29, 2021, EPA informed an FCX subsidiary as well as two other federal entities that it does not expect to have funds sufficient to remediate all of the sites covered by the Tronox bankruptcy settlement. Based on information from EPA, it is currently considered unlikely that EPA will deplete the Tronox settlement funds in the near-term. FCX is also conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on approximately 15,000 mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. A similar agreement is in place with the U.S. Forest Service for mine features on U.S. Forest Service land. Either BLM or the U.S. Forest Service may request additional assessment or remediation activities for other claims with mining features. FCX will update this obligation when it has a sufficient number of remedy decisions from the BLM or the U.S. Forest Service to support a reasonably certain range of outcomes. FCX expects it will take several years to complete this work. FCX’s environmental liability balance for the uranium mining sites was $444 million at December 31, 2023. 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: 2023 2022 2021 Balance at beginning of year $ 3,043 $ 2,716 $ 2,472 Liabilities incurred 18 9 2 Settlements and revisions to cash flow estimates, net 54 381 a 331 a Accretion expense 20 b 134 112 Spending (134) (197) (201) Balance at end of year 3,001 3,043 2,716 Less current portion (185) (195) (200) Long-term portion $ 2,816 $ 2,848 $ 2,516 a. Primarily reflects adjustments at PT-FI, Morenci and Bagdad for the year 2022 and PT-FI for the year 2021, see further discussion below. b. Includes a $112 million adjustment at PT-FI to correct certain inputs in the historical PT-FI ARO model. ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if determined to be economically beneficial. For ARO activities and expenditures for oil and gas operations, the methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time. Financial Assurance. New Mexico, Arizona, Colorado and other states, as well as 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 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, 2023, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $1.8 billion, of which $1.1 billion was in the form of guarantees issued by FCX and FMC. At December 31, 2023, FCX had trust assets totaling $0.2 billion (included in other assets), which are legally restricted to be used to satisfy its financial assurance obligations for its mining properties in New Mexico. In addition, FCX subsidiaries have financial assurance obligations for their oil and gas properties associated with plugging and abandoning wells and facilities totaling $0.5 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, 2023, FCX had accrued reclamation and closure costs of $522 million for its New Mexico operations. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material. Arizona Environmental and Reclamation Programs. FCX’s Arizona operations are subject to regulatory oversight by the ADEQ. ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated every six years and financial assurance mechanisms are required to be updated every two years. During 2022, the Morenci and Bagdad mines increased their AROs by $118 million and $65 million, respectively, associated with their updated closure strategies and plans for stockpiles and tailings impoundments that were submitted to ADEQ for approval. In accordance with FCX’s commitment to the Global Industry Standard on Tailings Management, Sierrita expects to revise its closure plan and cost estimate in 2024, which could result in a significant change in estimate. 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. In fourth-quarter 2023, the Arizona State Mines Inspector requested updates to reclamation cost estimates and associated financial assurance for FCX’s Arizona mine sites. FCX’s responses to their requests and the posting of updated financial assurance will not be completed until mid-2024; FCX’s expectation is that these updates, in the aggregate, will not be material. 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, 2023, FCX had accrued reclamation and closure costs of $607 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 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 expects to submit an updated reclamation plan and cost estimate in April 2024, which could result in a significant change in estimate. As of December 31, 2023, FCX had accrued reclamation and closure costs of $171 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. El Abra submitted an updated closure plan and cost estimates in November 2018, and approval of the updated closure plan and cost estimates was received in August 2020. In compliance with the requirement for five-year updates, El Abra expects to submit an updated plan with closure cost estimates in 2025 unless a modification to the closure plan requires early submission. At December 31, 2023, FCX had accrued reclamation and closure costs of $106 million for its El Abra operation. Peru Reclamation and Closure Programs . Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines (MINEM). Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, in 2023, Cerro Verde submitted its updated closure plan and cost estimates and received approval from MINEM in December 2023. At December 31, 2023, FCX had accrued reclamation and closure costs of $206 million for its Cerro Verde operation. Indonesia Reclamation and Closure Programs. The ultimate amount of reclamation and closure costs to be incurred at PT-FI’s operations will be determined based on applicable laws and regulations and PT-FI’s assessment of appropriate remedial activities under the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred 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 have 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, which resulted in ARO adjustments totaling $397 million in 2021 (of which $340 million related to the depleted Grasberg open pit and was charged to production and delivery costs). 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, which resulted in ARO adjustments totaling $131 million in 2022 (of which $116 million related to the depleted Grasberg open pit and was charged to production and delivery costs). At December 31, 2023, FCX had accrued reclamation and closure costs of $958 million 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, 2023, PT-FI had restricted time deposits totaling $97 million for mine closure included in other assets. 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. In 2023, ARO adjustments associated with oil and gas properties totaled $91 million, which reflected abandoned wells and additional obligations assumed as a result of bankruptcies from other companies. As of December 31, 2023, FM O&G AROs cover 115 wells and approximately 130 platforms and other structures and it had accrued reclamation and closure costs of $391 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 2013 and thereafter 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, intervened in the litigation in support of the parishes’ claims. 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. Under the terms of the agreement, FCX agreed it will pay $15 million 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 terms will also require the FCX affiliates to pay into the Fund twenty annual installments of $4.25 million provided the state of Louisiana passes the enabling legislation. The first two of such annual installments are conditioned on the enactment of the enabling legislation within three years of execution of the settlement agreement, and all subsequent installments are 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, which is expected to offset the payments resulting in a $23.5 million maximum total payment obligation. On March 16, 2023, a non-plaintiff coastal parish included in the settlement (Terrebonne), filed an amended petition titled Terrebonne Parish Consolidated Government vs. Louisiana Department of Natural Resources et al. , Docket No. 185576, in the 32nd Judicial District Court, Terrebonne Parish, State of Louisiana, adding the settling FCX affiliates to a lawsuit that challenges whether Terrebonne Parish is validly bound to the settlement agreement and seeks to have the court declare the settlement void. FCX is vigorously defending this matter. Asbestos and Talc Claims . Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion. There has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining and processing from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (1) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (2) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Tal

COMMITMENTS AND GUARANTEES

COMMITMENTS AND GUARANTEES	12 Months Ended
COMMITMENTS AND GUARANTEES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND GUARANTEES	COMMITMENTS AND GUARANTEES Leases. The components of FCX’s leases presented in the consolidated balance sheets for the years ended December 31 follow: December 31, 2023 2022 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 448 $ 342 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 84 $ 38 Long-term lease liabilities (included in other liabilities) 347 294 Total lease liabilities a $ 431 $ 332 a. Includes a land lease by PT-FI for the Manyar smelter totaling $130 million at December 31, 2023 and 2022. 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: 2023 2022 2021 Operating leases $ 48 $ 46 $ 42 Variable and short-term leases 126 a 84 62 Total operating lease costs $ 174 $ 130 $ 104 a. Includes $30 million related to a variable lease component of PT-FI’s tolling arrangement with PT Smelting. Refer to Note 3 for additional discussion of PT-FI’s commercial arrangement with PT Smelting. FCX acquired right-of-use assets through lease arrangements of $167 million in 2023, $76 million in 2022 and $176 million in 2021. FCX payments included in operating cash flows for its lease liabilities totaled $61 million in 2023, $41 million in 2022 and $54 million in 2021. FCX payments included in financing cash flows for its lease liabilities totaled $3 million in 2023, $7 million in 2022 and $25 million in 2021. As of December 31, 2023, the weighted-average discount rate used to determine the lease liabilities was 4.7% (4.1% as of December 31, 2022) and the weighted-average remaining lease term was 13.1 years (12.0 years as of December 31, 2022). The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2023, follow: 2024 $ 105 2025 52 2026 44 2027 38 2028 29 Thereafter 299 Total payments 567 Less amount representing interest (136) Present value of net minimum lease payments 431 Less current portion (84) Long-term portion $ 347 Contractual Obligations. At December 31, 2023, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.2 billion, primarily comprising the procurement of copper concentrate ($3.3 billion), transportation services ($0.3 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 associated with contracted ocean freight agreements for our South America and Indonesia operations. Electricity obligations are primarily for long-term power purchase agreements in North America and contractual minimum demand at the South America mines. FCX’s unconditional purchase obligations total $2.2 billion in 2024, $1.3 billion in 2025, $0.3 billion in 2026, $0.1 billion in 2027, $0.1 billion in 2028 and $0.2 billion thereafter. During the three-year period ended December 31, 2023, 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 a special mining license (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 and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government (refer to Note 12). 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 $338 million in 2023, $357 million in 2022 and $319 million in 2021. Dividend distributions from PT-FI to FCX totaled $0.4 billion in 2023, $2.5 billion in 2022 and $1.0 billion in 2021, and are subject to a 10% withholding tax. Export Duties . The IUPK required PT-FI to pay export duties of 5%, declining to 2.5% when smelter development progress exceeded 30% and eliminated when development progress for additional smelting and refining capacity in Indonesia exceeded 50%. In December 2022, PT-FI received approval, based on construction progress achieved, for a reduction in export duties from 5% to 2.5%, which was effective immediately. In March 2023, the Indonesia government further verified that construction progress of the Manyar smelter exceeded 50% and PT-FI’s export duties were eliminated effective March 29, 2023. In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. Under the revised regulation PT-FI was assessed export duties for copper concentrates at 7.5% in the second half of 2023 (totaling $307 million). For 2024, the revised regulation assesses export duties for copper concentrates at 10% for companies with smelter progress of 70% to 90% and at 7.5% for companies with smelter progress exceeding 90%. As of December 31, 2023, construction progress of the Indonesia smelter projects exceeded 90%; however, PT-FI is subject to the 10% export duty in 2024 until it receives a revised concentrate export license (after which PT-FI expects to be subject to the 7.5% export duty). PT-FI’s export duties totaled $324 million in 2023, $307 million in 2022 and $218 million in 2021. PT-FI also continues to discuss the applicability of the revised regulation with the Indonesia government because of inconsistencies with its IUPK. Chiyoda Contract . In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of the Manyar 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 $75 million as of December 31, 2023, and $74 million as of December 31, 2022, (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 both 2023 and 2022 and $109 million in 2021 to production and delivery costs 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, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the COMEX average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the three years ended December 31, 2023. At December 31, 2023, FCX held copper futures and swap contracts that qualified for hedge accounting for 78 million pounds at an average contract price of $3.85 per pound, with maturities through November 2025. Summary of Gains (Losses). A summary of realized and unrealized gains (losses) 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: 2023 2022 2021 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 3 $ (11) $ (4) Hedged item – firm sales commitments (3) 11 4 Realized (losses) gains: Matured derivative financial instruments (4) (63) 65 Derivatives Not Designated as Hedging Instruments Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the LME copper price or the COMEX copper price and the London gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at December 31, 2023, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 469 $ 3.74 $ 3.87 May 2024 Gold (thousands of ounces) 223 2,013 2,078 May 2024 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 155 3.72 3.86 April 2024 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, 2023, Atlantic Copper held net copper forward sales contracts for 31 million pounds at an average contract price of $3.82 per pound, with maturities through February 2024. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2023 2022 2021 Embedded derivatives in provisional sales contracts a : Copper $ 97 $ (479) $ 425 Gold and other metals 55 (12) (2) Copper forward contracts b (6) 37 (15) 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, 2023 2022 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 4 $ 3 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 76 166 Copper forward contracts — 1 Total derivative assets $ 80 $ 170 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 23 39 Copper forward contracts 1 — Total derivative liabilities $ 24 $ 42 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2023 and 2022): Assets at December 31, Liabilities at December 31, 2023 2022 2023 2022 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 76 $ 166 $ 23 $ 39 Copper derivatives 4 4 1 3 $ 80 $ 170 $ 24 $ 42 Balance sheet classification: Trade accounts receivable $ 76 $ 163 $ 2 $ 7 Other current assets 4 4 — — Accounts payable and accrued liabilities — 3 22 34 Other liabilities — — — 1 $ 80 $ 170 $ 24 $ 42 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, 2023, the maximum amount of credit exposure associated with derivative transactions was $80 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, 2023, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 15 for the related fair values). Cash, Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows: December 31, 2023 2022 Balance sheet components: Cash and cash equivalents a $ 4,758 $ 8,146 Restricted cash and cash equivalents, current 1,208 b 111 Restricted cash and cash equivalents, long-term – included in other assets 97 133 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,063 $ 8,390 a. Includes time deposits of $0.3 billion at December 31, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023, and $1.8 billion at December 31, 2022. b. Includes (i) $1.1 billion associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a 2023 regulation issued by the Indonesia government and (ii) $145 million in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia. The terms for $135 million of the assurance bonds have been fulfilled, and in August 2023, PT-FI submitted a request to MEMR for their release.

FAIR VALUE MEASUREMENT (Notes)

FAIR VALUE MEASUREMENT (Notes)	12 Months Ended
FAIR VALUE MEASUREMENT (Notes)	Dec. 31, 2023
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 2023. 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, 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, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — 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 forward contracts 3 3 — — 3 — Total 42 42 — — 42 — Long-term debt, including current portion d 10,620 10,097 — — 10,097 — a. Current portion included in other current assets other assets b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily associated with (i) PT-FI’s export proceeds ($1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($145 million at December 31, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at December 31, 2023, and $103 million at December 31, 2022). 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 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 2018. The contingent consideration included in (i) other current assets totaled $12 million at December 31, 2023, and $20 million at December 31, 2022, and (ii) other assets totaled $38 million at December 31, 2023, and $47 million at December 31, 2022. 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, 2023, as compared to those techniques used at December 31, 2022. 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: 2023 2022 2021 Balance at beginning of year $ 57 $ 81 $ 88 Net unrealized gains (losses) related to assets still held at the end of the year 1 (1) 12 Settlements (16) (23) (19) Balance at end of year $ 42 $ 57 $ 81

BUSINESS SEGMENTS INFORMATION

BUSINESS SEGMENTS INFORMATION	12 Months Ended
BUSINESS SEGMENTS INFORMATION	Dec. 31, 2023
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: 2023 2022 2021 Copper: Concentrate $ 7,127 $ 9,650 $ 8,705 Cathode 6,629 5,134 5,900 Rod and other refined copper products 3,659 3,699 3,369 Purchased copper a 416 481 757 Gold 3,472 3,397 2,580 Molybdenum 2,006 1,416 1,283 Other b 585 688 821 Adjustments to revenues: Treatment charges c (538) (503) (445) Royalty expense d (346) (366) (330) PT-FI export duties e (307) (325) (218) Revenues from contracts with customers 22,703 23,271 22,422 Embedded derivatives f 152 (491) 423 Total consolidated revenues $ 22,855 $ 22,780 $ 22,845 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. Treatment charges for the year 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e. Refer to Note 13 for further discussion of PT-FI export duties. Amounts include credits (charges) of $17 million in 2023 and $(18) million in 2022 associated with adjustments to prior-period export duties. f. 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, 2023 2022 Long-lived assets: a Indonesia $ 20,602 $ 18,121 U.S. 9,386 8,801 Peru 6,563 6,727 Chile 1,105 1,103 Other 355 309 Total $ 38,011 $ 35,061 a. Excludes deferred tax assets and intangible assets. Years Ended December 31, 2023 2022 2021 Revenues: a U.S. $ 7,264 $ 7,339 $ 7,168 Switzerland 3,971 2,740 3,682 Japan 3,431 2,462 2,372 Spain 1,251 1,174 1,495 Singapore 1,178 1,492 156 China 1,081 929 1,044 Indonesia 767 3,026 3,132 Germany 714 632 469 Chile 428 383 343 Philippines 396 249 264 India 354 330 207 South Korea 267 302 270 Egypt 229 149 268 United Kingdom 171 355 659 Other 1,353 1,218 1,316 Total $ 22,855 $ 22,780 $ 22,845 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 and 14% in 2021, 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, 2023. Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America mining operations and Morenci’s joint venture partners totaling $1.4 billion in 2023, $1.7 billion in 2022 and $1.4 billion in 2021. Consolidated revenues also include PT-FI’s sales to PT Smelting totaling $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales), $3.0 billion in 2022 and $3.1 billion in 2021 as well as sales to PT-FI’s partner in PT Smelting, MMC, totaling $2.0 billion in 2023, $0.6 billion in 2022 and $0.4 billion in 2021. As discussed in Note 3, beginning January 1, 2023, PT-FI’s commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement, and there are no further sales from PT-FI to PT Smelting. Labor Matters . As of December 31, 2023, approximately 29% of FCX’s global labor force was covered by collective bargaining agreements, and approximately 16% was covered by agreements that will or were scheduled to expire during 2024 (including the collective bargaining agreement with PT-FI’s unions that is effective through March 2024) or that had expired as of December 31, 2023, and continue to be negotiated. 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 mining operations to Atlantic Copper Smelting & Refining until final sales to third parties occur. FCX also deferred recognizing profit on 39.5% of PT-FI’s sales to PT Smelting from April 30, 2021, to December, 31, 2022, and 25.0% prior to April 30, 2021, until final sales to third parties occurred. As discussed in Note 3, beginning January 1, 2023, PT-FI’s commercial arrangement with PT Smelting changed and there are no further sales from PT-FI to PT Smelting. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. 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 2023, the Morenci mine produced 43% of FCX’s North America copper and 14% 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 2023, the Cerro Verde mine produced 82% 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 2023, PT-FI’s Grasberg minerals district produced 39% 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 2023, Atlantic Copper purchased 3% of its concentrate requirements from FCX’s North America copper mines, 17% from FCX’s South America mining operations and 20% 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 Indonesia smelter projects, 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, 2023 Revenues: Unaffiliated customers $ 91 $ 152 $ 243 $ 3,330 $ 824 $ 4,154 $ 7,816 a $ — $ 5,886 $ 2,791 $ 1,965 b $ 22,855 Intersegment 2,328 3,745 6,073 787 — 787 621 677 40 19 (8,217) — Production and delivery 1,730 3,048 4,778 2,529 710 3,239 2,552 c 439 5,901 2,718 (6,000) 13,627 Depreciation, depletion and amortization 175 243 418 395 64 459 1,028 66 5 28 64 2,068 Selling, general and administrative expenses 2 2 4 9 — 9 129 — — 28 309 479 Mining exploration and research expenses — 3 3 — — — — — — — 134 137 Environmental obligations and shutdown costs (1) 28 27 — — — — — — — 292 319 Operating income (loss) 513 573 1,086 1,184 50 1,234 4,728 172 20 36 (1,051) 6,225 Interest expense, net — 1 1 77 d — 77 42 — — 31 364 515 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (5) 3 (2) (13) 11 (2) 127 (1) (2) (8) 174 286 Provision for (benefit from) income taxes — — — 495 17 512 1,774 — — — (16) 2,270 Equity in affiliated companies’ net earnings — — — — — — 10 — — — 5 15 Net income (loss) attributable to noncontrolling interests — — — 300 36 336 1,614 e — — — (47) 1,903 Total assets at December 31, 2023 3,195 5,996 9,191 8,120 1,930 10,050 21,655 1,782 172 1,326 8,330 52,506 Capital expenditures 232 529 761 271 97 368 1,696 84 13 64 1,838 f 4,824 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 1,550 2,827 4,377 2,369 705 3,074 2,684 c 359 6,330 2,452 g (6,206) 13,070 Depreciation, depletion and amortization 177 233 410 357 51 408 1,025 74 5 27 70 2,019 Selling, general and administrative expenses 2 3 5 8 — 8 117 — — 25 265 420 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 Net (loss) gain on early extinguishment of debt — — — — — — (11) — — — 42 31 Other (expense) income, net (2) (30) (32) 13 4 17 124 — (1) 13 86 207 Provision for (benefit from) income taxes — — — 461 (8) 453 1,820 — — (1) (5) 2,267 Equity in affiliated companies’ net earnings — — — — — — 24 — — — 7 31 Net income attributable to noncontrolling interests — — — 372 35 407 592 e — — — 12 1,011 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 f 3,469 Financial Information by Business Segment (continued) 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 1,239 2,235 3,474 2,000 h 429 2,429 2,425 c 254 6,381 2,907 (5,838) g 12,032 Depreciation, depletion and amortization 152 217 369 366 47 413 1,049 67 5 28 67 1,998 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) i (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 Other income (expense), net 6 9 15 30 13 43 (152) 1 1 12 (25) (105) Provision for (benefit from) income taxes — — — 730 90 820 1,524 j — — — (45) 2,299 Equity in affiliated companies’ net earnings (losses) — — — — — — 6 — — — (1) 5 Net income (loss) attributable to noncontrolling interests — — — 526 76 602 459 e — — — (2) 1,059 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 f 2,115 a. Includes sales to PT Smelting totaling $27 million in 2023 (reflecting adjustments to prior period provisionally priced concentrate sales), $3.0 billion in 2022 and $3.1 billion in 2021. 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 for administrative fines of $55 million in 2023, $41 million in 2022 and $16 million in 2021. Includes credits totaling $112 million in 2023 to correct certain inputs in the historical PT-FI ARO model and charges totaling $116 million in 2022 and $340 million in 2021 associated with ARO adjustments. Refer to Note 12 for further discussion. d. Includes $74 million of interest charges associated with Cerro Verde’s contested tax rulings issued by the Peruvian Supreme Court, partly offset by a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. e. FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%. Refer to Note 1 for further discussion of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement. f. Primarily includes capital expenditures for the Indonesia smelter projects. g. Includes maintenance charges and idle facility costs associated with major maintenance turnarounds at Atlantic Copper totaling $41 million in 2022 and at the Miami smelter totaling $87 million in 2021. h. Includes nonrecurring charges totaling $92 million associated with labor-related costs at Cerro Verde for agreements reached with its hourly employees. i. 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. j. 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.

SUPPLEMENTARY MINERAL RESERVE I

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION	12 Months Ended
	Dec. 31, 2023
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, 2023, 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, 2023, 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, 2023, LME copper settlement prices averaged $4.02 per pound, London PM gold prices averaged $1,846 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $19.62 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, 2023 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 44.7 0.6 2.66 South America 30.5 — 0.68 Indonesia b 29.0 23.9 — Consolidated basis c 104.1 24.5 3.34 Net equity interest b,d 75.1 12.2 3.02 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.5 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 43% of its proven and probable recoverable mineral reserves at December 31, 2023, representing 47% of FCX’s net equity share of recoverable copper reserves and 49% 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 329 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 218 million ounces of silver. Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2023 Ore a (million metric tons) Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Mineral Reserves b FCX’s FCX’s 100% Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Production stage: Morenci 72% 2,750 3,819 0.22 — 0.01 12.6 — 0.23 Sierrita 100% 2,398 2,398 0.23 — c 0.02 10.0 0.1 0.99 Bagdad 100% 2,473 2,473 0.35 — c 0.02 15.9 0.2 0.89 Safford, including Lone Star 100% 1,038 1,038 0.40 — — 6.7 — — Chino, including Cobre 100% 346 346 0.44 0.03 — 2.7 0.3 — Climax 100% 149 149 — — 0.15 — — 0.46 Henderson 100% 48 48 — — 0.16 — — 0.15 Tyrone 100% 90 90 0.17 — — 0.3 — — Miami 100% — — — — — 0.1 c — — South America Production stage: Cerro Verde 53.56% 2,189 4,087 0.34 — 0.01 27.0 — 0.68 El Abra 51% 337 660 0.44 — — 3.5 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 379 777 1.02 0.68 — 14.7 11.3 — Deep Mill Level Zone 48.76% 163 333 0.80 0.63 — 4.9 5.3 — Big Gossan 48.76% 24 49 2.26 0.93 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 188 385 1.05 0.92 — 7.1 6.3 — Total 100% basis 16,653 107.7 24.5 3.40 Consolidated basis e 15,584 104.1 24.5 3.34 FCX’s net equity interest f 12,571 75.1 12.2 3.02 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). f.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Additions (Deductions) Balance at Charged to Charged to Balance at Beginning of Costs and Other Other End of Year Expense Accounts Deductions Year Reserves and allowances deducted from asset accounts: Valuation allowance for deferred tax assets Year Ended December 31, 2023 $ 3,985 $ (80) a $ (11) b $ — $ 3,894 Year Ended December 31, 2022 4,087 (87) c (15) b — 3,985 Year Ended December 31, 2021 4,732 (596) d (49) b — 4,087 Reserves for non-income taxes: Year Ended December 31, 2023 $ 24 $ 9 $ — $ (5) e $ 28 Year Ended December 31, 2022 59 (32) — (3) e 24 Year Ended December 31, 2021 82 18 — (41) e 59 a. Primarily relates to $32 million of United States (U.S.) federal net operating losses (NOLs) utilized during 2023, and a $292 million decrease related to expirations of U.S. foreign tax credits, partially offset by an increase of $188 million, primarily associated with current year changes in U.S. federal temporary differences and a $22 million increase in valuation allowances against Section 163(j) deferred tax assets related to current year activity. 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 $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. d. 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. e. Represents amounts paid or adjustments to reserves based on revised estimates.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
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, 2023, 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 mineral 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 $20 million in 2023, $9 million in 2022 and $66 million in 2021.
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.
Inventories	Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV). Product. Product inventories 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, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. 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., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, depreciation, depletion, amortization and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process ( i.e. , leach, mill or concentrate leach) regardless of the number of stockpile systems at that site. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 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 annually based on new information and as related technology and processing methods change. Recovery adjustments will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper .
Property, Plant, Equipment and Mine Development Costs	Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs. Additionally, interest expense allocable to the cost of developing 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 production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment. Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 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 production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life. For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition. For non-operating properties without reserves, changes to the ARO are recorded in production and delivery costs.
Revenue Recognition	Revenue Recognition. FCX recognizes revenue for its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 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 Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment.
Stock-Based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) are determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards ( i.e. , cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 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: 2023 2022 2021 Net income $ 3,751 $ 4,479 $ 5,365 Net income attributable to noncontrolling interests (1,903) (1,011) (1,059) Undistributed dividends and earnings allocated to participating securities (6) (7) (7) Net income attributable to common stockholders $ 1,842 $ 3,461 $ 4,299 (shares in millions) Basic weighted-average shares of common stock outstanding 1,434 1,441 1,466 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 9 10 16 Diluted weighted-average shares of common stock outstanding 1,443 1,451 1,482 Net income per share attributable to common stockholders: Basic $ 1.28 $ 2.40 $ 2.93 Diluted $ 1.28 $ 2.39 $ 2.90 Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the year are excluded from the computation of diluted net income per share of common stock. Excluded shares of common stock associated with outstanding stock options totaled less than 1 million shares in 2023, 1 million shares in 2022 and 5 million shares in 2021.
New Accounting Standards	Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. New Accounting Standards. Following is a discussion of new accounting standards. Segment Reporting. In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to segment reporting that requires disclosure of significant segment expenses and other segment items by reportable segment. This ASU becomes effective for annual periods beginning in 2024 and interim periods in 2025. FCX does not expect the new ASU to have a significant impact on its current segment reporting as presented within Note 16. Income Taxes. In December 2023, the FASB issued an ASU requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU becomes effective January 1, 2025. FCX is assessing the impact of this ASU, and upon adoption, may be required to include certain additional disclosures in the notes to its financial statements. Subsequent Events. FCX evaluated events after December 31, 2023, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
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: 2023 2022 2021 Net income $ 3,751 $ 4,479 $ 5,365 Net income attributable to noncontrolling interests (1,903) (1,011) (1,059) Undistributed dividends and earnings allocated to participating securities (6) (7) (7) Net income attributable to common stockholders $ 1,842 $ 3,461 $ 4,299 (shares in millions) Basic weighted-average shares of common stock outstanding 1,434 1,441 1,466 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs 9 10 16 Diluted weighted-average shares of common stock outstanding 1,443 1,451 1,482 Net income per share attributable to common stockholders: Basic $ 1.28 $ 2.40 $ 2.93 Diluted $ 1.28 $ 2.39 $ 2.90

INVENTORIES, INCLUDING LONG-T_2

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories follow: December 31, 2023 2022 Current inventories: Raw materials (primarily concentrate) $ 469 $ 443 Work-in-process 221 221 Finished goods a 1,782 1,169 Total product $ 2,472 $ 1,833 Total materials and supplies, net b $ 2,169 $ 1,964 Mill stockpiles $ 179 $ 216 Leach stockpiles 1,240 1,167 Total current mill and leach stockpiles $ 1,419 $ 1,383 Long-term inventories c : Mill stockpiles $ 251 $ 199 Leach stockpiles 1,085 1,053 Total long-term mill and leach stockpiles c $ 1,336 $ 1,252 a. The increase in finished goods inventory at December 31, 2023, was primarily associated with the change in PT-FI’s commercial arrangement with PT Smelting (refer to Note 3) and the timing of shipments of anode slimes. b. Materials and supplies inventory was net of obsolescence reserves totaling $41 million at December 31, 2023, and $39 million at December 31, 2022. c.

PROPERTY, PLANT, EQUIPMENT AN_2

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Proven and probable mineral reserves $ 7,160 $ 7,159 VBPP 359 360 Mine development and other 12,325 12,314 Buildings and infrastructure 10,165 9,746 Machinery and equipment 15,246 14,790 Mobile equipment 4,986 4,756 Construction in progress 6,885 4,419 Oil and gas properties 27,441 27,356 Total 84,567 80,900 Accumulated depreciation, depletion and amortization a (49,272) (48,273) Property, plant, equipment and mine development costs, net $ 35,295 $ 32,627 a. Includes accumulated amortization for oil and gas properties of $27.4 billion at December 31, 2023, and $27.3 billion at December 31, 2022.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets follow: December 31, 2023 2022 Intangible assets a $ 422 $ 416 Legally restricted trust assets b 212 182 Disputed tax assessments: c Cerro Verde 274 333 PT-FI 10 12 Investments: PT Smelting d 123 50 Restricted time deposits e 97 133 Fixed income, equity securities and other 84 79 Loans to PT Smelting for expansion f 233 101 Long-term receivable for taxes g 70 54 Prepaid rent and deposits 39 26 Contingent consideration associated with sales of assets h 38 47 Long-term employee receivables 26 24 Other 182 144 Total other assets $ 1,810 $ 1,601 a. Indefinite-lived intangible assets totaled $214 million at December 31, 2023 and 2022. Definite-lived intangible assets totaled $208 million at December 31, 2023, and $202 million at December 31, 2022, which was net of accumulated amortization totaling $43 million and $39 million, respectively. b. Reflects amounts 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. 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. Trade accounts receivable from PT Smelting totaled $277 million at December 31, 2022. e. Relates to PT-FI’s regulatory commitments (refer to Notes 12 and 14 for further discussion). f. Refer to Note 3 for further discussion. g. Includes tax overpayments and refunds not expected to be realized within the next 12 months. h. Refer to Note 15 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, 2023
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, 2023 2022 Accounts payable $ 2,466 $ 2,701 Salaries, wages and other compensation 343 329 Deferred revenue 161 76 Accrued interest a 146 218 Pension, postretirement, postemployment and other employee benefits b 129 143 PT-FI contingencies c 122 179 Accrued taxes, other than income taxes 88 75 Leases d 84 38 Community development programs 58 60 Litigation accruals 51 99 Accrued mining royalties 13 41 Other 68 68 Total accounts payable and accrued liabilities $ 3,729 $ 4,027 a. Third-party interest paid, net of capitalized interest, was $419 million in 2023, $417 million in 2022 and $640 million in 2021. b. Refer to Note 9 for long-term portion. c. Refer to Notes 12 and 13 for further discussion. d. Refer to Note 13 for further discussion.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Components	The components of debt follow: December 31, 2023 2022 Revolving credit facilities: FCX $ — $ — PT-FI — — Cerro Verde — — Senior notes and debentures: Issued by FCX: 3.875% Senior Notes due 2023 — 995 4.55% Senior Notes due 2024 730 729 5.00% Senior Notes due 2027 448 465 4.125% Senior Notes due 2028 483 543 4.375% Senior Notes due 2028 430 475 5.25% Senior Notes due 2029 468 499 4.25% Senior Notes due 2030 446 494 4.625% Senior Notes due 2030 588 615 5.40% Senior Notes due 2034 723 723 5.450% Senior Notes due 2043 1,689 1,687 Issued by PT-FI: 4.763% Senior Notes due 2027 746 745 5.315% Senior Notes due 2032 1,490 1,489 6.200% Senior Notes due 2052 744 744 Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 121 122 6 1/8% Senior Notes due 2034 118 118 Other 83 62 Total debt 9,422 10,620 Less current portion of debt (766) (1,037) Long-term debt $ 8,656 $ 9,583
Schedule of Extinguishment of Debt	Listed below are the FCX senior notes purchased on the open market during 2023 and 2022. Principal Amount Net Adjustments Book Value Redemption Value Gain Year Ended December 31, 2023 5.00% Senior Notes due 2027 $ 17 $ — $ 17 $ 17 $ — 4.125% Senior Notes due 2028 61 — 61 58 3 4.375% Senior Notes due 2028 46 (1) 45 43 2 5.25% Senior Notes due 2029 31 — 31 31 — 4.25% Senior Notes due 2030 50 (1) 49 46 3 4.625% Senior Notes due 2030 28 — 28 26 2 Total $ 233 $ (2) $ 231 $ 221 $ 10 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
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 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 6.200% 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, 2023
Other Liabilities, Including Employee Benefits [Abstract]
Components of Other Liabilities	The components of other liabilities follow: December 31, 2023 2022 Pension, postretirement, postemployment and other employment benefits a $ 704 $ 775 Leases b 347 294 Provision for tax positions 174 161 Litigation accruals 163 109 Social investment programs 79 36 Indemnification of MIND ID b 75 74 Other 106 113 Total other liabilities $ 1,648 $ 1,562 a. Refer to Note 7 for current portion. b.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	FCX uses a measurement date of December 31 for its plans. Information for qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows: December 31, 2023 2022 Projected and accumulated benefit obligation $ 1,828 $ 1,831 Fair value of plan assets 1,475 1,422
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 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 1,884 $ 2,553 $ 215 $ 237 Service cost 15 15 11 12 Interest cost 98 71 14 14 Actuarial losses (gains) 15 (623) 3 (2) Special termination benefits and plan amendments — — 1 2 Foreign exchange losses (gains) 1 (3) 4 (22) Benefits and administrative expenses paid (133) (129) (27) (26) Benefit obligation at end of year 1,880 1,884 221 215 Change in plan assets: Fair value of plan assets at beginning of year 1,483 2,071 205 240 Actual return on plan assets 121 (509) 11 10 Employer contributions a 65 52 9 2 Foreign exchange gains (losses) 1 (2) 4 (21) Benefits and administrative expenses paid (133) (129) (26) (26) Fair value of plan assets at end of year 1,537 1,483 203 205 Funded status $ (343) $ (401) $ (18) $ (10) Accumulated benefit obligation $ 1,878 $ 1,882 $ 182 $ 176 Weighted-average assumptions used to determine benefit obligations: Discount rate 5.15 % 5.41 % 6.75 % 7.00 % Rate of compensation increase N/A N/A 4.00 % 4.00 % Balance sheet classification of funded status: Other assets $ 9 $ 8 $ — $ — Accounts payable and accrued liabilities (3) (4) — — Other liabilities (349) (405) (18) (10) Total $ (343) $ (401) $ (18) $ (10) a. Employer contributions for 2024 are currently expected to approximate $65 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2023, exchange rate of 15,339 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: 2023 2022 2021 Weighted-average assumptions: a Discount rate 5.41 % 2.85 % 2.50 % Expected return on plan assets 5.00 % 3.00 % 5.25 % Service cost $ 15 $ 15 $ 12 Interest cost 98 71 66 Expected return on plan assets (72) (62) (98) Amortization of net actuarial losses 15 15 25 Net periodic benefit cost $ 56 $ 39 $ 5 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: 2023 2022 2021 Weighted-average assumptions: Discount rate 7.00 % 6.50 % 6.25 % Expected return on plan assets 7.00 % 7.00 % 7.75 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Service cost $ 11 $ 12 $ 13 Interest cost 14 14 14 Expected return on plan assets (14) (15) (19) Amortization of prior service cost 2 1 1 Amortization of net actuarial gains (1) (1) (1) Special termination benefit 1 2 — Net periodic benefit cost $ 13 $ 13 $ 8
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: 2023 2022 Before Taxes After Taxes and Noncontrolling Interests Before Taxes After Taxes and Noncontrolling Interests Net actuarial losses $ 382 $ 257 $ 426 $ 305 Prior service costs (1) (2) — (2) $ 381 $ 255 $ 426 $ 303
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, 2023 Total NAV Level 1 Level 2 Level 3 Commingled/collective funds: Fixed income securities $ 417 $ 417 $ — $ — $ — Short-term investments 24 24 — — — Fixed income: Corporate bonds 677 — — 677 — Government bonds 276 — — 276 — Private equity investments 67 67 — — — Other investments 63 — 1 62 — Total investments 1,524 $ 508 $ 1 $ 1,015 $ — Cash and receivables 17 Payables (4) Total pension plan net assets $ 1,537 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 A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows: Fair Value at December 31, 2023 Total Level 1 Level 2 Level 3 Government bonds $ 102 $ 102 $ — $ — Common stocks 67 67 — — Mutual funds 12 12 — — Total investments 181 $ 181 $ — $ — Cash and receivables a 22 Payables — Total pension plan net assets $ 203 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 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 2024 $ 123 $ 30 2025 183 27 2026 126 29 2027 128 29 2028 128 27 2029 through 2033 632 128 a. Based on a December 31, 2023, exchange rate of 15,339 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, 2023
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, 2021 $ (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) Amounts arising during the period a,b 41 — 41 Amounts reclassified c 5 — 5 Balance at December 31, 2023 $ (284) $ 10 $ (274) a. Includes net actuarial gains, net of noncontrolling interest, totaling $174 million for 2021, $59 million for 2022 and $38 million for 2023. b. Includes tax provision totaling $2 million for 2021, 2022, and 2023. c. Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2021, 2022 and 2023.
Compensation costs charged against earnings	Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows: 2023 2022 2021 Selling, general and administrative expenses $ 64 $ 57 $ 64 Production and delivery 45 38 34 Total stock-based compensation 109 95 98 Tax benefit and noncontrolling interests’ share a (5) (4) (5) Impact on net income $ 104 $ 91 $ 93
Summary of stock options and SARs outstanding and changes during the period	A summary of stock options outstanding as of December 31, 2023, and activity during the year ended December 31, 2023, follows: Number of Weighted- Weighted- Aggregate Balance at January 1 11,614,052 $ 17.75 Exercised (2,851,786) 24.18 Expired/Forfeited (12,333) 34.27 Balance at December 31 8,749,933 15.63 4.3 $ 236 Vested and exercisable at December 31 8,726,933 15.59 4.3 $ 235
Weighted average assumptions used to value stock option awards	Information related to stock options during the years ended December 31 follows: 2023 a 2022 a 2021 Weighted-average assumptions used to value stock option awards: Expected volatility N/A N/A 58.1 % Expected life of options (in years) N/A N/A 5.90 Expected dividend rate N/A N/A 2.5 % Risk-free interest rate N/A N/A 0.6 % Weighted-average grant-date fair value (per option) N/A N/A $ 11.92 Intrinsic value of options exercised $ 52 $ 148 $ 194 Fair value of options vested $ 3 $ 23 $ 16
Summary Of Outstanding Stock-settled RSUs and PSUs	A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2023, and activity during the year ended December 31, 2023, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 6,650,873 $ 28.05 Granted 2,270,941 39.72 Vested (3,172,907) 19.76 Forfeited (49,332) 38.24 Balance at December 31 5,699,575 37.23 $ 243
Summary of Outstanding Cash-Settled RSUs and PSUs	A summary of outstanding cash-settled RSUs as of December 31, 2023, and activity during the year ended December 31, 2023, follows: Number of Awards Weighted-Average Grant-Date Fair Value Per Award Aggregate Balance at January 1 814,289 $ 28.04 Granted 546,100 43.06 Vested (475,151) 22.54 Forfeited (26,497) 41.36 Balance at December 31 858,741 40.23 $ 37
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: 2023 2022 2021 FCX shares tendered or withheld to pay the exercise price and/or the statutory withholding taxes a 1,633,519 1,511,072 1,358,101 Cash received from stock option exercises $ 47 $ 125 $ 210 Actual tax benefit realized for tax deductions $ 4 $ 13 $ 9 Amounts FCX paid for employee taxes $ 50 $ 55 $ 29 a. Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender or have withheld FCX shares to pay the exercise price and/or required withholding taxes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes and equity in affiliated companies' net earnings	Geographic sources of income before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 consist of the following: 2023 2022 2021 U.S. $ 68 $ 840 $ 1,861 Foreign 5,938 5,875 5,798 Total $ 6,006 $ 6,715 $ 7,659
Schedule of Benefit from (Provision for) income taxes	FCX’s provision for income taxes for the years ended December 31 consists of the following: 2023 2022 2021 Current income taxes: Federal $ 5 $ — $ — State (6) 1 (11) Foreign (2,087) (2,232) (2,460) Total current (2,088) (2,231) (2,471) Deferred income taxes: Federal (50) (149) (184) State (3) (6) (4) Foreign (320) (144) (23) Total deferred (373) (299) (211) Adjustments 6 1 193 a Operating loss carryforwards 185 262 190 Provision for income taxes $ (2,270) $ (2,267) $ (2,299) a. Primarily reflects the release of valuation allowances on net operating losses at PT Rio Tinto Indonesia (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: 2023 2022 2021 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,261) (21) % $ (1,410) (21) % $ (1,608) (21) % Withholding and other impacts on foreign earnings (615) (10) (673) (10) (678) (9) Effect of foreign rates different than the U.S. federal statutory rate (313) (5) (314) (5) (328) (4) Foreign tax credit limitation (289) (5) (50) (1) (116) (1) Percentage depletion 183 3 189 3 221 3 Valuation allowance a 128 2 28 — 326 4 Non-deductible permanent differences (68) (1) (29) — (21) — Uncertain tax positions (28) (1) (17) — 13 — State income taxes (6) — (4) — (14) — PT-FI historical tax disputes b — — (8) — (193) (3) PT Rio Tinto Indonesia valuation allowance — — — — 189 2 Other items, net (1) — 21 — (90) (1) Provision for income taxes $ (2,270) (38) % $ (2,267) (34) % $ (2,299) (30) % a. Refer to “Valuation Allowances” below. b. Refer to “Indonesia Tax Matters” below.
Components of deferred tax assets and liabilities	The components of deferred taxes follow: December 31, 2023 2022 Deferred tax assets: Foreign tax credits $ 1,228 $ 1,514 Net operating losses 1,761 1,923 Accrued expenses 1,390 1,303 Employee benefit plans 78 99 Other 215 230 Deferred tax assets 4,672 5,069 Valuation allowances (3,894) (3,985) Net deferred tax assets 778 1,084 Deferred tax liabilities: Property, plant, equipment and mine development costs (4,118) (4,330) Undistributed earnings (911) (810) Other (195) (211) Total deferred tax liabilities (5,224) (5,351) Net deferred tax liabilities $ (4,446) $ (4,267)
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. 2023 2022 2021 Balance at beginning of year $ 810 $ 808 $ 474 Additions: Prior year tax positions 27 26 330 Current year tax positions 28 25 71 Decreases: Prior year tax positions (13) (12) (30) Settlements with taxing authorities (132) (37) (37) Balance at end of year $ 720 $ 810 $ 808
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 2020-2023 Indonesia 2012-2015, 2017, 2021 2020, 2022-2023 Peru - 2017-2023 Chile 2022 2020-2021, 2023 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 47 $ 130 $ 177 2009 56 52 108 2010 54 126 180 2011 and 2012 42 77 119 2013 48 72 120 2014 to 2022 81 35 116 $ 328 $ 492 $ 820 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 62 $ 29 $ 91 2007 45 22 67 2012 and 2013 40 36 76 2014 and 2015 104 — 104 2017 7 3 10 $ 258 $ 90 $ 348

CONTINGENCIES (Tables)

CONTINGENCIES (Tables)	12 Months Ended
CONTINGENCIES (Tables)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Obligations	A summary of changes in FCX’s estimated environmental obligations for the years ended December 31 follows: 2023 2022 2021 Balance at beginning of year $ 1,740 $ 1,664 $ 1,584 Accretion expense a 119 110 104 Net additions b 195 43 40 Spending (115) (77) (64) Balance at end of year 1,939 1,740 1,664 Less current portion (131) (125) (64) Long-term portion $ 1,808 $ 1,615 $ 1,600 a. Represents accretion of the fair value of environmental obligations assumed in the acquisition of FMC, which were determined on a discounted cash flow basis. b. Primarily reflects revisions for changes in the anticipated scope and timing of projects. See further discussion below for charges recorded in 2023 associated with the Pinal Creek and Newtown Creek environmental matters.
Schedule of Asset Retirement Obligations	A summary of changes in FCX’s AROs for the years ended December 31 follows: 2023 2022 2021 Balance at beginning of year $ 3,043 $ 2,716 $ 2,472 Liabilities incurred 18 9 2 Settlements and revisions to cash flow estimates, net 54 381 a 331 a Accretion expense 20 b 134 112 Spending (134) (197) (201) Balance at end of year 3,001 3,043 2,716 Less current portion (185) (195) (200) Long-term portion $ 2,816 $ 2,848 $ 2,516 a. Primarily reflects adjustments at PT-FI, Morenci and Bagdad for the year 2022 and PT-FI for the year 2021, see further discussion below. b. Includes a $112 million adjustment at PT-FI to correct certain inputs in the historical PT-FI ARO model.
Summary of income tax examinations	The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows: Jurisdiction Years Subject to Examination Additional Open Years U.S. Federal 2017-2018 2020-2023 Indonesia 2012-2015, 2017, 2021 2020, 2022-2023 Peru - 2017-2023 Chile 2022 2020-2021, 2023 Tax Year Tax Assessment Penalties and Interest Total 2003 to 2008 $ 47 $ 130 $ 177 2009 56 52 108 2010 54 126 180 2011 and 2012 42 77 119 2013 48 72 120 2014 to 2022 81 35 116 $ 328 $ 492 $ 820 Tax Year Tax Assessment Penalties and Interest Total 2005 $ 62 $ 29 $ 91 2007 45 22 67 2012 and 2013 40 36 76 2014 and 2015 104 — 104 2017 7 3 10 $ 258 $ 90 $ 348

COMMITMENTS AND GUARANTEES Leas

COMMITMENTS AND GUARANTEES Leases (Tables)	12 Months Ended
COMMITMENTS AND GUARANTEES Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Assets And Liabilities, Lessee [Table Text Block]	The components of FCX’s leases presented in the consolidated balance sheets for the years ended December 31 follow: December 31, 2023 2022 Lease right-of-use assets (included in property, plant, equipment and mine development costs, net) $ 448 $ 342 Short-term lease liabilities (included in accounts payable and accrued liabilities) $ 84 $ 38 Long-term lease liabilities (included in other liabilities) 347 294 Total lease liabilities a $ 431 $ 332 a. Includes a land lease by PT-FI for the Manyar smelter totaling $130 million at December 31, 2023 and 2022. 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: 2023 2022 2021 Operating leases $ 48 $ 46 $ 42 Variable and short-term leases 126 a 84 62 Total operating lease costs $ 174 $ 130 $ 104 a. Includes $30 million related to a variable lease component of PT-FI’s tolling arrangement with PT Smelting. Refer to Note 3 for additional discussion of PT-FI’s commercial arrangement with PT Smelting.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2023, follow: 2024 $ 105 2025 52 2026 44 2027 38 2028 29 Thereafter 299 Total payments 567 Less amount representing interest (136) Present value of net minimum lease payments 431 Less current portion (84) Long-term portion $ 347

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2023
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 and restricted cash and cash equivalents presented in the consolidated statements of cash flows: December 31, 2023 2022 Balance sheet components: Cash and cash equivalents a $ 4,758 $ 8,146 Restricted cash and cash equivalents, current 1,208 b 111 Restricted cash and cash equivalents, long-term – included in other assets 97 133 Total cash, cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,063 $ 8,390 a. Includes time deposits of $0.3 billion at December 31, 2023, and $0.5 billion at December 31, 2022, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023, and $1.8 billion at December 31, 2022. b. Includes (i) $1.1 billion associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a 2023 regulation issued by the Indonesia government and (ii) $145 million in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia. The terms for $135 million of the assurance bonds have been fulfilled, and in August 2023, PT-FI submitted a request to MEMR for their release.
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of realized and unrealized gains (losses) 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: 2023 2022 2021 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 3 $ (11) $ (4) Hedged item – firm sales commitments (3) 11 4 Realized (losses) gains: Matured derivative financial instruments (4) (63) 65
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at December 31, 2023, follows: Open Average Price Maturities Positions Contract Market Through Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 469 $ 3.74 $ 3.87 May 2024 Gold (thousands of ounces) 223 2,013 2,078 May 2024 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 155 3.72 3.86 April 2024
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows: 2023 2022 2021 Embedded derivatives in provisional sales contracts a : Copper $ 97 $ (479) $ 425 Gold and other metals 55 (12) (2) Copper forward contracts b (6) 37 (15) 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, 2023 2022 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts $ 4 $ 3 Derivatives not designated as hedging instruments: Embedded derivatives in provisional sales/purchase contracts 76 166 Copper forward contracts — 1 Total derivative assets $ 80 $ 170 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 23 39 Copper forward contracts 1 — Total derivative liabilities $ 24 $ 42
Offsetting Liabilities [Table Text Block]	A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2023 and 2022): Assets at December 31, Liabilities at December 31, 2023 2022 2023 2022 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 76 $ 166 $ 23 $ 39 Copper derivatives 4 4 1 3 $ 80 $ 170 $ 24 $ 42 Balance sheet classification: Trade accounts receivable $ 76 $ 163 $ 2 $ 7 Other current assets 4 4 — — Accounts payable and accrued liabilities — 3 22 34 Other liabilities — — — 1 $ 80 $ 170 $ 24 $ 42
Offsetting Assets [Table Text Block]	A summary of these net unsettled commodity contracts in the balance sheet follows (there were no offsetting amounts at December 31, 2023 and 2022): Assets at December 31, Liabilities at December 31, 2023 2022 2023 2022 Amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 76 $ 166 $ 23 $ 39 Copper derivatives 4 4 1 3 $ 80 $ 170 $ 24 $ 42 Balance sheet classification: Trade accounts receivable $ 76 $ 163 $ 2 $ 7 Other current assets 4 4 — — Accounts payable and accrued liabilities — 3 22 34 Other liabilities — — — 1 $ 80 $ 170 $ 24 $ 42

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 2023
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, 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, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — 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 forward contracts 3 3 — — 3 — Total 42 42 — — 42 — Long-term debt, including current portion d 10,620 10,097 — — 10,097 — a. Current portion included in other current assets other assets b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily associated with (i) PT-FI’s export proceeds ($1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($145 million at December 31, 2023, and $133 million at December 31, 2022) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at December 31, 2023, and $103 million at December 31, 2022). c. Refer to Note 14 for further discussion and balance sheet classifications. d.
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: 2023 2022 2021 Balance at beginning of year $ 57 $ 81 $ 88 Net unrealized gains (losses) related to assets still held at the end of the year 1 (1) 12 Settlements (16) (23) (19) Balance at end of year $ 42 $ 57 $ 81

BUSINESS SEGMENTS INFORMATION (

BUSINESS SEGMENTS INFORMATION (Tables)	12 Months Ended
BUSINESS SEGMENTS INFORMATION (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Revenues by product	FCX’s revenues attributable to the products it sold for the years ended December 31 follow: 2023 2022 2021 Copper: Concentrate $ 7,127 $ 9,650 $ 8,705 Cathode 6,629 5,134 5,900 Rod and other refined copper products 3,659 3,699 3,369 Purchased copper a 416 481 757 Gold 3,472 3,397 2,580 Molybdenum 2,006 1,416 1,283 Other b 585 688 821 Adjustments to revenues: Treatment charges c (538) (503) (445) Royalty expense d (346) (366) (330) PT-FI export duties e (307) (325) (218) Revenues from contracts with customers 22,703 23,271 22,422 Embedded derivatives f 152 (491) 423 Total consolidated revenues $ 22,855 $ 22,780 $ 22,845 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. Treatment charges for the year 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e. Refer to Note 13 for further discussion of PT-FI export duties. Amounts include credits (charges) of $17 million in 2023 and $(18) million in 2022 associated with adjustments to prior-period export duties. f. 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, 2023 2022 Long-lived assets: a Indonesia $ 20,602 $ 18,121 U.S. 9,386 8,801 Peru 6,563 6,727 Chile 1,105 1,103 Other 355 309 Total $ 38,011 $ 35,061 a.
Revenues by geographic area of customer	Years Ended December 31, 2023 2022 2021 Revenues: a U.S. $ 7,264 $ 7,339 $ 7,168 Switzerland 3,971 2,740 3,682 Japan 3,431 2,462 2,372 Spain 1,251 1,174 1,495 Singapore 1,178 1,492 156 China 1,081 929 1,044 Indonesia 767 3,026 3,132 Germany 714 632 469 Chile 428 383 343 Philippines 396 249 264 India 354 330 207 South Korea 267 302 270 Egypt 229 149 268 United Kingdom 171 355 659 Other 1,353 1,218 1,316 Total $ 22,855 $ 22,780 $ 22,845 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, 2023 Revenues: Unaffiliated customers $ 91 $ 152 $ 243 $ 3,330 $ 824 $ 4,154 $ 7,816 a $ — $ 5,886 $ 2,791 $ 1,965 b $ 22,855 Intersegment 2,328 3,745 6,073 787 — 787 621 677 40 19 (8,217) — Production and delivery 1,730 3,048 4,778 2,529 710 3,239 2,552 c 439 5,901 2,718 (6,000) 13,627 Depreciation, depletion and amortization 175 243 418 395 64 459 1,028 66 5 28 64 2,068 Selling, general and administrative expenses 2 2 4 9 — 9 129 — — 28 309 479 Mining exploration and research expenses — 3 3 — — — — — — — 134 137 Environmental obligations and shutdown costs (1) 28 27 — — — — — — — 292 319 Operating income (loss) 513 573 1,086 1,184 50 1,234 4,728 172 20 36 (1,051) 6,225 Interest expense, net — 1 1 77 d — 77 42 — — 31 364 515 Net gain on early extinguishment of debt — — — — — — — — — — 10 10 Other (expense) income, net (5) 3 (2) (13) 11 (2) 127 (1) (2) (8) 174 286 Provision for (benefit from) income taxes — — — 495 17 512 1,774 — — — (16) 2,270 Equity in affiliated companies’ net earnings — — — — — — 10 — — — 5 15 Net income (loss) attributable to noncontrolling interests — — — 300 36 336 1,614 e — — — (47) 1,903 Total assets at December 31, 2023 3,195 5,996 9,191 8,120 1,930 10,050 21,655 1,782 172 1,326 8,330 52,506 Capital expenditures 232 529 761 271 97 368 1,696 84 13 64 1,838 f 4,824

SUPPLEMENTARY MINERAL RESERVE_2

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2023
Mineral Industries Disclosures [Abstract]
Schedule Of Estimated Recoverable Proven And Probable Reserves By Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2023 Copper a (billion pounds) Gold (million ounces) Molybdenum (billion pounds) North America 44.7 0.6 2.66 South America 30.5 — 0.68 Indonesia b 29.0 23.9 — Consolidated basis c 104.1 24.5 3.34 Net equity interest b,d 75.1 12.2 3.02 Note: Totals may not foot because of rounding. a. Estimated consolidated recoverable copper reserves included 1.5 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 43% of its proven and probable recoverable mineral reserves at December 31, 2023, representing 47% of FCX’s net equity share of recoverable copper reserves and 49% 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 329 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 218 million ounces of silver.
Supplementary Reserve Information at 100% Basis by Location	Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2023 Ore a (million metric tons) Average Ore Grade Per Metric Ton a Recoverable Proven and Probable Mineral Reserves b FCX’s FCX’s 100% Copper (%) Gold (grams) Molybdenum (%) Copper Gold Molybdenum North America Production stage: Morenci 72% 2,750 3,819 0.22 — 0.01 12.6 — 0.23 Sierrita 100% 2,398 2,398 0.23 — c 0.02 10.0 0.1 0.99 Bagdad 100% 2,473 2,473 0.35 — c 0.02 15.9 0.2 0.89 Safford, including Lone Star 100% 1,038 1,038 0.40 — — 6.7 — — Chino, including Cobre 100% 346 346 0.44 0.03 — 2.7 0.3 — Climax 100% 149 149 — — 0.15 — — 0.46 Henderson 100% 48 48 — — 0.16 — — 0.15 Tyrone 100% 90 90 0.17 — — 0.3 — — Miami 100% — — — — — 0.1 c — — South America Production stage: Cerro Verde 53.56% 2,189 4,087 0.34 — 0.01 27.0 — 0.68 El Abra 51% 337 660 0.44 — — 3.5 — — Indonesia d Production stage: Grasberg Block Cave 48.76% 379 777 1.02 0.68 — 14.7 11.3 — Deep Mill Level Zone 48.76% 163 333 0.80 0.63 — 4.9 5.3 — Big Gossan 48.76% 24 49 2.26 0.93 — 2.2 1.0 — Development stage: Kucing Liar 48.76% 188 385 1.05 0.92 — 7.1 6.3 — Total 100% basis 16,653 107.7 24.5 3.40 Consolidated basis e 15,584 104.1 24.5 3.34 FCX’s net equity interest f 12,571 75.1 12.2 3.02 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). f.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 21, 2018
Schedule of Significant Accounting Policies [Line Items]
Number of operating segments \| segment	4
Foreign currency transaction gains (losses), before tax \| $	$ 20	$ 9	$ 66
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income	$ 3,751	$ 4,479	$ 5,365
Net income attributable to noncontrolling interests	(1,903)	(1,011)	(1,059)
Undistributed dividends and earnings allocated to participating securities	(6)	(7)	(7)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 1,842	$ 3,461	$ 4,299
Weighted Average Number of Shares Outstanding, Basic	1,434	1,441	1,466
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	9	10	16
Weighted Average Number of Shares Outstanding, Diluted	1,443	1,451	1,482
Basic net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.28	$ 2.40	$ 2.93
Diluted net income (loss) per share attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.28	$ 2.39	$ 2.90
Outstanding options with exercise prices greater than market price of common stock	1	1	5

DISPOSITIONS AND ACQUISITIONS (

DISPOSITIONS AND ACQUISITIONS (Freeport Cobalt) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
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
Koboltti Chemicals Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of subsidiary	56%
Jervois
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of Business, Percent of Shares Owned	7%
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
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 35
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

OWNERSHIP IN SUBSIDIARIES AND_2

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - Ownership in Subsidiaries (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 21, 2018
Summary of investment holdings [Line Items]
Retained Earnings (Accumulated Deficit)	$ 2,059	$ 3,907
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary	15,500
Retained Earnings (Accumulated Deficit)	$ (11,000)
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 Payable	$ 0
Freeport Minerals Corporation [Member] \| Subsidiaries [Member]
Summary of investment holdings [Line Items]
Net assets (liabilities) in subsidiary	17,800
Retained Earnings (Accumulated Deficit)	$ 13,300
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage	48.76%		81%
Atlantic Copper [Member]
Summary of investment holdings [Line Items]
Ownership percentage	100%
Net assets (liabilities) in subsidiary	$ 97
Retained Earnings (Accumulated Deficit)	443
Loans Payable	$ 611

OWNERSHIP IN SUBSIDIARIES AND_3

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES - PT-FI Divestment (Details) $ in Millions	12 Months Ended				48 Months Ended
	Dec. 31, 2024 oz	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 21, 2018
Summary of investment holdings [Line Items]
Net income		$ 3,751	$ 4,479	$ 5,365
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Net income		$ 35			$ 6,000
PT Freeport Indonesia
Summary of investment holdings [Line Items]
Ownership percentage		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%				48.76%
PT Freeport Indonesia \| Beyond 2022
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary		48.76%
Freeport McMoRan Corporation
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary						48.76%
PT Indonesia Asahan Aluminium (Persero) (Inalum)
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary						26.24%
PT Indonesia Papua Metal dan Mineral
Summary of investment holdings [Line Items]
Ownership percentage of subsidiary						25%
PT Freeport Indonesia \| 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%
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, 2023 USD ($) lb	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($)	Apr. 30, 2021	Apr. 29, 2021
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings	$ 15	$ 31	$ 5
Sumitomo Metal Mining Co., Ltd.
Summary of investment holdings [Line Items]
Accounts Receivable, after Allowance for Credit Loss		$ 25
SMM Morenci Inc.
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo	$ 245
Freeport-McMoRan Corporation
Summary of investment holdings [Line Items]
Number of pounds of copper purchased from Sumitomo (in pounds) \| lb	46	62
Sumitomo Metal Mining, Ltd. and SMM Morenci Inc.
Summary of investment holdings [Line Items]
Dollar value of pounds purchased from Sumitomo	$ 177
Accounts Receivable, after Allowance for Credit Loss	17
PT Freeport Indonesia \| PT Smelting
Summary of investment holdings [Line Items]
Equity in affiliated companies’ net earnings	$ 10	$ 24	$ 6
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
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) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials (primarily concentrate)	$ 469	$ 443
Work-in-process	221	221
Finished goodsa	1,782	1,169
Total product	2,472	1,833
Total materials and supplies, net	2,169	1,964
Mill stockpiles	179	216
Inventory, Ore Stockpiles on Leach Pads, Gross	1,240	1,167
Total current mill and leach stockpiles	1,419	1,383
Mill stockpiles	251	199
Leach stockpiles	1,085	1,053
Total long-term inventories	1,336	1,252
Inventory obsolescence reserves	$ 41	$ 39

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 30, 2008	Dec. 31, 2007	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	$ 84,567,000,000	$ 80,900,000,000				$ 80,900,000,000
Accumulated depreciation, depletion and amortization	(49,272,000,000)	(48,273,000,000)				(48,273,000,000)
Property, plant, equipment and mining development costs, net	35,295,000,000	32,627,000,000				32,627,000,000
Proven and probable reserves [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	7,160,000,000	7,159,000,000				7,159,000,000
Transfer From Value Beyond Proven And Probable Reserves To Proven And Probable Reserves	1,000,000	16,000,000				800,000,000
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	359,000,000	360,000,000				360,000,000
Property, Plant and Equipment, Transfers and Changes				$ 500,000,000
Mine development and other
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	12,325,000,000	12,314,000,000				12,314,000,000
Buildings and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	10,165,000,000	9,746,000,000				9,746,000,000
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	15,246,000,000	14,790,000,000				14,790,000,000
Mobile equipment
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	4,986,000,000	4,756,000,000				4,756,000,000
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	6,885,000,000	4,419,000,000				4,419,000,000
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property, plant, equipment and mining development costs	27,441,000,000	27,356,000,000				27,356,000,000
Accumulated depreciation, depletion and amortization	(27,400,000,000)	(27,300,000,000)				$ (27,300,000,000)
Discontinued Operations
Property, Plant and Equipment [Line Items]
Payments to Acquire Mineral Rights					$ 600,000,000
Mining Operations [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest	$ 267,000,000	$ 150,000,000	$ 72,000,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
OTHER ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Other Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 422	$ 416
Legally restricted fundsg	212	182
Long-term receivable for taxes	70	54
Investments: [Abstract]
Assurance bond	97	133
Available-for-sale Securities, Noncurrent	84	79
Materials, Supplies, and Other	26	24
Prepaid rent and deposits	39	26
Other	182	144
Total other assets	1,810	1,601
Indefinite-lived Intangible Assets (Excluding Goodwill)	214	214
Finite-Lived Intangible Assets, Accumulated Amortization	43	39
Equity in affiliated companies’ net earnings	15	31	$ 5
Finite-Lived Intangible Assets, Net	208	202
PT Smelting
Investments: [Abstract]
Loans to PT Smelting	233	101
PT-FI
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	10	12
Cerro Verde
Schedule Of Other Assets [Line Items]
Long-term receivable for taxes	274	333
PT Smelting
Investments: [Abstract]
PT Smelting	123	50
Equity in affiliated companies’ net earnings		112
Accounts Receivable, before Allowance for Credit Loss, Current		277
NEW MEXICO
Investments: [Abstract]
Legally restricted funds for asset retirement obligations at New Mexico mines	200
Deepwater Gulf of Mexico Interests \| Freeport-McMoRan Oil & Gas
Investments: [Abstract]
Total other assets	$ 38	$ 47

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 2,466	$ 2,701
Salaries, wages and other compensation	343	329
Accrued interest	146	218
Pension, postretirement, postemployment and other employee benefits	129	143
Litigation accruals	51	99
Deferred revenue	161	76
Accrued taxes, other than income taxes	88	75
Accrued mining royalties	13	41
Leases	84	38
Community development programs	58	60
Other	68	68
Accounts payable and accrued liabilities	3,729	4,027
Cash interest paid, net	419	417	$ 640
PT Freeport Indonesia
Accounts Payable and Accrued Liabilities, Current [Abstract]
PT-FI contingencies	122	179
Supplier Finance Program [Line Items]
PT-FI contingencies	$ 122	$ 179

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments [Line Items]
Debt issuance costs, net	$ 67	$ 78
Long-term debt	9,422	10,620
Less current portion of debt	(766)	(1,037)
Long-term debt	8,656	9,583
Senior Notes \| 3.875% Senior Notes due March 2023
Debt Instruments [Line Items]
Long-term debt	0	995
Senior Notes \| senior notes 4.55
Debt Instruments [Line Items]
Long-term debt	730	729
Senior Notes \| Senior Notes due 2027, 5%
Debt Instruments [Line Items]
Long-term debt	448	465
Senior Notes \| Senior Notes Due 2028, 4.125%
Debt Instruments [Line Items]
Long-term debt	483	543
Senior Notes \| Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Long-term debt	430	475
Senior Notes \| Senior Notes due 2029, 5.25%
Debt Instruments [Line Items]
Long-term debt	468	499
Senior Notes \| Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Long-term debt	446	494
Senior Notes \| Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Long-term debt	588	615
Senior Notes \| Senior Notes due 2034 5 point 4 percent
Debt Instruments [Line Items]
Long-term debt	723	723
Senior Notes \| 5.450% Senior Notes due March 2043
Debt Instruments [Line Items]
Long-term debt	1,689	1,687
Other Debt
Debt Instruments [Line Items]
Long-term debt	83	62
Freeport McMoRan Corporation \| Senior Notes \| Senior Notes Due 2031
Debt Instruments [Line Items]
Long-term debt	121	122
Freeport McMoRan Corporation \| Senior Notes \| Senior Notes Due 2034
Debt Instruments [Line Items]
Long-term debt	118	118
Freeport McMoRan Corporation \| Debentures \| Debentures Due 2027
Debt Instruments [Line Items]
Long-term debt	115	115
Freeport McMoRan Corporation \| Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	0	0
PT-FI \| Senior Notes \| Senior Notes Due 2027, 4.763%
Debt Instruments [Line Items]
Long-term debt	746	745
PT-FI \| Senior Notes \| Senior Notes Due 2032, 5.315%
Debt Instruments [Line Items]
Long-term debt	1,490	1,489
PT-FI \| Senior Notes \| Senior Notes Due 2052, 6.200%
Debt Instruments [Line Items]
Long-term debt	744	744
PT-FI \| Revolving Credit Facility
Debt Instruments [Line Items]
Long-term line of credit	0	0
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	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022	Oct. 31, 2022	May 31, 2022
Debt Instruments [Line Items]
Long-term Debt	$ 9,422		$ 10,620
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 \| October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity				$ 3,000
Revolving Credit Facility \| Line of Credit \| PT-FI \| October 2022 Unsecured Revolving Credit Facility
Debt Instruments [Line Items]
Maximum borrowing capacity				500
Revolving Credit Facility \| Line of Credit \| PT-FI \| November 2023 Unsecured Revolving Credit Facility Amendment
Debt Instruments [Line Items]
Maximum borrowing capacity		$ 1,750
Letter of Credit \| Line of Credit
Debt Instruments [Line Items]
Long-term line of credit	$ 7
Remaining borrowing capacity				$ 1,500
Unsecured Credit Facility \| Cerro Verde
Debt Instruments [Line Items]
Maximum borrowing capacity					$ 350

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended			24 Months Ended
DEBT - Senior Notes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Debt Instruments [Line Items]
(Gain)/Loss	$ 10	$ 31	$ 0
Debt Instrument, Cumulative Repurchase Cost				$ 1,200
Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	233	1,061		233
Net Adjustments	(2)	(10)		(2)
Book Value	231	1,051
Redemption Value	221	1,007		221
(Gain)/Loss	10	44
Debt Instrument, Cumulative Repurchased Face Amount				1,300
4.375% Senior Notes Due 2028 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	46	171		46
Net Adjustments	(1)	(2)		(1)
Book Value	45	169
Redemption Value	43	163		43
(Gain)/Loss	2	6
5.25% Senior Notes Due 2029 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	31	97		31
Net Adjustments	0	(1)		0
Book Value	31	96
Redemption Value	31	93		31
(Gain)/Loss	0	3
4.25% Senior Notes Due 2030 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	50	101		50
Net Adjustments	(1)	(1)		(1)
Book Value	49	100
Redemption Value	46	93		46
(Gain)/Loss	3	7
4.625% Senior Notes Due 2030 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	28	228		28
Net Adjustments	0	(2)		0
Book Value	28	226
Redemption Value	26	215		26
(Gain)/Loss	2	11
5.00% Senior Notes due March 2027 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	17	131		17
Net Adjustments	0	(1)		0
Book Value	17	130
Redemption Value	17	130		17
(Gain)/Loss	0	0
4.125% Senior Notes due 2028 \| Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount	61	153		61
Net Adjustments	0	(1)		0
Book Value	61	152
Redemption Value	58	143		$ 58
(Gain)/Loss	$ 3	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)	Dec. 31, 2023
Senior Notes \| 6.5% Senior Notes due 2020
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%
Senior Notes \| 6.625% Senior Notes due 2021
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.625%
Senior Notes \| 6.75% Senior Notes due 2022
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.75%
Senior Notes \| 6.875% Senior Notes due 2023
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Senior Notes \| 3.875% Senior Notes due March 2023
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.875%
Senior Notes \| 6.125% Senior Notes due 2019
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%
Senior Notes \| senior notes 4.55
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.55%
Senior Notes \| Senior Notes due 2027, 5%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5%
Senior Notes \| Senior Notes Due 2028, 4.125%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.125%
Senior Notes \| Senior Notes Due 2028, 4.375%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Senior Notes \| Senior Notes due 2029, 5.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Senior Notes \| Senior Notes Due 2030, 4.25%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Senior Notes \| Senior Notes Due 2030, 4.625%
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Senior Notes \| Senior Notes due 2034 5 point 4 percent
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.40%
Senior Notes \| 5.450% Senior Notes due March 2043
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.45%
Senior Notes \| 4.763% Senior Notes Due 2027 \| Freeport-McMoRan Oil & Gas
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.763%
Senior Notes \| 5.315% Senior Notes Due 2032 \| Freeport-McMoRan Oil & Gas
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.315%
Senior Notes \| 6.200% Senior Notes Due 2052 \| Freeport-McMoRan Oil & Gas
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.20%
Senior Notes \| Senior Notes Due 2031 \| Freeport McMoRan Corporation
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.50%
Senior Notes \| Senior Notes Due 2034 \| Freeport McMoRan Corporation
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%
Debentures \| Debentures Due 2027 \| Freeport McMoRan Corporation
Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.125%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instruments [Line Items]
Repayments of Debt		$ 2,980	$ 4,515	$ 1,461
Gain (Loss) on Extinguishment of Debt		(10)	(31)	$ 0
Senior Notes
Debt Instruments [Line Items]
Debt instrument, face amount		233	1,061
Gain (Loss) on Extinguishment of Debt		$ (10)	(44)
Senior Notes \| PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	$ 3,000
Senior Notes \| 4.763% Senior Notes Due 2027 \| PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	750
Senior Notes \| 5.315% Senior Notes Due 2032 \| PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	1,500
Senior Notes \| 6.200% Senior Notes Due 2052 \| PT-FI
Debt Instruments [Line Items]
Debt instrument, face amount	750
PTFI Term Loan \| PT-FI
Debt Instruments [Line Items]
Repayments of Debt	$ 600
Unsecured Credit Facility \| PT-FI
Debt Instruments [Line Items]
Gain (Loss) on Extinguishment of Debt			$ (10)

DEBT - Cerro Verde Loans (Detai

DEBT - Cerro Verde Loans (Details) $ in Millions	Dec. 31, 2023 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, 2023 USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 766
Long-term Debt, Maturities, Repayments of Principal in Year Two	4
Long-term Debt, Maturities, Repayments of Principal in Year Three	4
Long-term Debt, Maturities, Repayments of Principal in Year Four	1,300
Long-term Debt, Maturities, Repayments of Principal in Year Five	900
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 6,500

OTHER LIABILITIES, INCLUDING _3

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS OTHER LIABILITEIS, INCLUDING EMPLOYEE BENEFIT (Components of Other Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Including Employee Benefits [Abstract]
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent	$ 704	$ 775
Operating Lease, Liability, Noncurrent	347	294
Provision for tax positions	174	161
Litigation accruals	163	109
Loss Contingency, Accrual, Noncurrent	75	74
Social investment programs	79	36
Other	106	113
Total other liabilities	$ 1,648	$ 1,562

OTHER LIABILITIES, INCLUDING _4

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Penion Plans) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Rp / $	Dec. 31, 2022 USD ($) Rp / $	Dec. 31, 2021
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 / $	15,339	15,652
Expected return on plan assets	7%
Actuarial losses (gains)	$ 3	$ (2)
Discount rate	6.75%	7%
Pension Plan \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	5.75%
Actuarial losses (gains)	$ 15	$ (623)
Discount rate	5.15%	5.41%	2.85%

OTHER LIABILITIES, INCLUDING _5

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Schedule of Disclosures) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Rp / $	Dec. 31, 2022 USD ($) Rp / $	Dec. 31, 2021 USD ($)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected and accumulated benefit obligation	$ 1,828	$ 1,831
Fair value of plan assets	1,475	1,422
Pension Plan \| UNITED STATES
Change in benefit obligation:
Benefit obligation at beginning of year	1,884	2,553
Service cost	15	15	$ 12
Interest cost	98	71	66
Actuarial losses (gains)	15	(623)
Foreign exchange losses (gains)	1	(3)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	133	129
Benefits obligation at end of year	1,880	1,884	2,553
Change in plan assets:
Fair value of plan assets at beginning of year	1,483	2,071
Actual return on plan assets	121	(509)
Employer contributions	65	52
Foreign exchange gains (losses)	1	(2)
Benefits and administrative expenses paid	(133)	(129)
Fair value of plan assets at end of year	1,537	1,483	$ 2,071
Funded status at end of year	(343)	(401)
Accumulated benefit obligation	$ 1,878	$ 1,882
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	5.15%	5.41%	2.85%
Balance sheet classification of funded status:
Other assets	$ 9	$ 8
Accounts payable and accrued liabilities	(3)	(4)
Other liabilities	(349)	(405)
Total	(343)	$ (401)
Estimated future employer contributions in next fiscal year	$ 65
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	5.41%	2.85%	2.50%
Expected return on plan assets	5%	3%	5.25%
Components of net periodic benefit (income) cost and other amounts recognized in other comprehensive income [Abstract]
Service cost	$ 15	$ 15	$ 12
Interest cost	98	71	66
Expected return on plan assets	(72)	(62)	(98)
Amortization of net actuarial losses	15	15	25
Net periodic benefit cost	56	39	5
Pension Plan \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	215	237
Service cost	11	12	13
Interest cost	14	14	14
Actuarial losses (gains)	3	(2)
Foreign exchange losses (gains)	4	(22)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	27	26
Benefits obligation at end of year	221	215	237
Change in plan assets:
Fair value of plan assets at beginning of year	205	240
Actual return on plan assets	11	10
Employer contributions	9	2
Foreign exchange gains (losses)	4	(21)
Benefits and administrative expenses paid	(26)	(26)
Fair value of plan assets at end of year	203	205	$ 240
Funded status at end of year	(18)	(10)
Accumulated benefit obligation	$ 182	$ 176
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	6.75%	7%
Rate of compensation increase	4%	4%
Balance sheet classification of funded status:
Other assets	$ 0	$ 0
Accounts payable and accrued liabilities	0	0
Other liabilities	(18)	(10)
Total	(18)	$ (10)
Estimated future employer contributions in next fiscal year	$ 11
Foreign currency exchange rate \| Rp / $	15,339	15,652
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	7%	6.50%	6.25%
Expected return on plan assets	7%	7%	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	$ 11	$ 12	$ 13
Interest cost	14	14	14
Expected return on plan assets	(14)	(15)	(19)
Amortization of prior service cost	2	1	1
Amortization of net actuarial losses	(1)	(1)	(1)
Special termination benefit	1	2	0
Net periodic benefit cost	13	13	$ 8
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	$ 1	$ 2

OTHER LIABILITIES, INCLUDING _6

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS - Costs Not Yet Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	$ (39)	$ (62)	$ (179)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	0	1	$ 0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial net loss (gain), Before Taxes	382	426
Prior service (credit), Before Taxes	(1)	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	381	426
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	257	305
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax	(2)	(2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 255	$ 303

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ 203	$ 205	$ 240
UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,537	1,483	$ 2,071
Total investments \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	181	179
Total investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	1,524	1,439
Total investments \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	181	179
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	1,015	1,048
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	508	390
Government bonds \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	102	95
Government bonds \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	102	95
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	67	72
Common Stock \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	67	72
Common Stock \| Level 2 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Common Stock \| Level 3 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Mutual funds \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	12	12
Mutual funds \| Level 1 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	12	12
Mutual funds \| Level 2 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Mutual funds \| Level 3 \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Fixed income securities \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	417	335
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	417	335
Short-term investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	24	30
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	24	30
Corporate bonds \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	677	282
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	677	282
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	276	712
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	276	712
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	63	55
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	62	54
Other investments \| Level 3 \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Other investments \| NAV \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	0
Private equity investments \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets		25
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		25
Private Equity Investment \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	67
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	67
Cash and receivables \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	22	27
Cash and receivables \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	17	49
Payables \| Foreign Plan
Fair value of plan assets measurement [Line items]
Total pension plan net assets	0	(1)
Payables \| UNITED STATES
Fair value of plan assets measurement [Line items]
Total pension plan net assets	$ (4)	$ (5)

OTHER LIABILITIES, INCLUDING _8

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Expected Benefit Payments) (Details) - Pension Plan $ in Millions	Dec. 31, 2023 USD ($) Rp / $	Dec. 31, 2022 Rp / $
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
2024	$ 123
2025	183
2026	126
2027	128
2028	128
2029 through 2033	632
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2024	30
2025	27
2026	29
2027	29
2028	27
2029 through 2033	$ 128
Foreign currency exchange rate \| Rp / $	15,339	15,652

OTHER LIABILITIES, INCLUDING _9

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Postretirement and Other Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	$ 25,196	$ 26,222
Costs charged to operations for employee savings plans and defined contribution plans	119	101	$ 95
401K Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liabilities	62	56
Postemployment Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability, Defined Benefit Plan, Current	(7)	(7)
Liability, Defined Benefit Plan, Noncurrent	(46)	(41)
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	(5)	(6)
Liability, Defined Benefit Plan, Noncurrent	$ (34)	$ (43)

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 15, 2024	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	$ 0.60	$ 0.375
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, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	$ 15,555
Ending balance, stockholders' equity	16,693	$ 15,555
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	38	59	$ 174
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(330)	(398)	(593)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	41	61	176
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	5	7	19
Ending balance, stockholders' equity	(284)	(330)	(398)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	10	10	10
OCI, before Reclassifications, Net of Tax, Attributable to Parent	0	0	0
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	0	0	0
Ending balance, stockholders' equity	10	10	10
Accumu- lated Other Compre-hensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, stockholders' equity	(320)	(388)	(583)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	41	61	176
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	5	7	19
Ending balance, stockholders' equity	(274)	(320)	(388)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	2	2	2
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] \| Maximum
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	$ (1)	$ (1)	$ (1)

STOCKHOLDERS' EQUITY AND STOC_5

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Stock Option and SARs) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	20,500,000
Share-based Payment Arrangement, Compensation Cost [Abstract]
Total stock-based compensation	$ 109	$ 95	$ 98
Tax benefit of compensation costs	(5)	(4)	(5)
Impact on net income	$ 104	$ 91	93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in number of options/units)	11,614,052
Exercised (in number of options/units)	(2,851,786)
Expired/Forfeited (in number of options/units)	(12,333)
Balance at end of period (in number of options/units)	8,749,933	11,614,052
Weighted-average exercise price at beginning of period (in dollars per option)	$ 17.75
Exercised, Exercise Price (in dollars per option)	24.18
Expired/Forfeited, Exercise Price (in dollars per option)	34.27
Weighted-average exercise price at end of period (in dollars per option)	$ 15.63	$ 17.75
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 236
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	8,726,933
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 15.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 235
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	64	$ 57	64
Cost of Sales
Share-based Payment Arrangement, Compensation Cost [Abstract]
Stock-based compensation	$ 45	38	$ 34
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%
Expected life of options (in years)			5 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			2.50%
Risk free interest rate			0.60%
Weighted-average grant-date fair value (in dollars per option)			$ 11.92
Total intrinsic value of options exercised	$ 52	148	$ 194
Fair value of options vested	$ 3	$ 23	$ 16

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent Addition or Reduction In Restricted Stock Units If Performance Is Below Level Defined In Agreement	25%
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted in period (number of RSUs and PSUs)	400,000	400,000	300,000
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)	6,650,873
Granted in period (number of RSUs and PSUs)	2,270,941
Vested in Period (number of RSUs and PSUs)	(3,172,907)
Forfeited in Period (number of RSUs and PSUs)	(49,332)
Balance at end of period (in number of RSUs and PSUs)	5,699,575	6,650,873
Beginning Balance - weighted average grant date fair value	$ 28.05
Granted - Weighted average grant date fair value	39.72
Vested - weighted average grant date fair value	19.76
Forfeited - weighted average grant date fair value	38.24
Ending balance - weighted average grant date fair value	$ 37.23	$ 28.05
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 243
Fair value of RSUs and PSUs granted	93	$ 83	$ 62
Intrinsic value of RSUs and PSUs vested	136	$ 138	$ 56
Total unrecognized compensation cost related to unvested RSUs and PSUs expected to be recognized over a weighted-average period	$ 27
Weighted-average period used in calculating unrecognized compensation cost, RSUs and PSUs (in years)	1 year 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accounts payable and accrued liabilities	$ 3,729	$ 4,027
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)	814,289
Granted in period (number of RSUs and PSUs)	546,100
Vested in Period (number of RSUs and PSUs)	(475,151)
Forfeited in Period (number of RSUs and PSUs)	(26,497)
Balance at end of period (in number of RSUs and PSUs)	858,741	814,289
Beginning Balance - weighted average grant date fair value	$ 28.04
Granted - Weighted average grant date fair value	43.06
Vested - weighted average grant date fair value	22.54
Forfeited - weighted average grant date fair value	41.36
Ending balance - weighted average grant date fair value	$ 40.23	$ 28.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 37
Fair value of RSUs and PSUs granted	24	$ 15	$ 9
Intrinsic value of RSUs and PSUs vested	20	26	$ 24
Accounts payable and accrued liabilities	19	19
Other Liabilities	$ 7	$ 5
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	1,633,519	1,511,072	1,358,101
Proceeds from Stock Options Exercised	$ 47	$ 125	$ 210
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (Deprecated 2017-01-31)	4	13	9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 50	$ 55	$ 29

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 68	$ 840	$ 1,861
Foreign	5,938	5,875	5,798
Income before income taxes and equity in affiliated companies’ net earnings	$ 6,006	$ 6,715	$ 7,659

INCOME TAXES (Provision for (be

INCOME TAXES (Provision for (benefit from) income taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 5	$ 0	$ 0
State	6	(1)	11
Foreign	2,087	2,232	2,460
Total current	2,088	2,231	2,471
Deferred income taxes:
Federal	50	149	184
State	3	6	4
Foreign	320	144	23
Total deferred	373	299	211
Adjustments	(6)	(1)	(193)
Operating loss carryforwards	(185)	(262)	(190)
Provision for income taxes	$ 2,270	$ 2,267	$ 2,299

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
U.S. federal statutory tax rate	$ (1,261)	$ (1,410)	$ (1,608)
Withholding and other impacts on foreign earnings	(615)	(673)	(678)
Effect of foreign rates different than the U.S. federal statutory rate	(313)	(314)	(328)
Percentage depletion	183	189	221
Foreign tax credit limitation	(289)	(50)	(116)
Non-deductible permanent differences	68	29	21
Uncertain tax positions	(28)	(17)	13
PT-FI historical tax disputes	0	(8)	(193)
Valuation allowance	128	28	326
State income taxes	(6)	(4)	(14)
Other items, net	(1)	21	(90)
Provision for income taxes	$ (2,270)	$ (2,267)	$ (2,299)
%
U.S. federal statutory tax rate	(21.00%)	(21.00%)	(21.00%)
Withholding and other impacts on foreign earnings	(10.00%)	(10.00%)	(9.00%)
Effect of foreign rates different than the U.S. federal statutory rate	(5.00%)	(5.00%)	(4.00%)
Percentage deplection	3%	3%	3%
Foreign tax credit limitation	(5.00%)	(1.00%)	(1.00%)
Non-deductible permanent differences	(1.00%)
Uncertain tax positions	(1.00%)
PT-FI historical tax disputes	0%	0%	(3.00%)
Valuation allowance	2%	0%	4%
State income taxes	0%	0%	0%
Other items, net	0%	0%	(1.00%)
Provision for income taxes	(38.00%)	(34.00%)	(30.00%)
Tax refunds received from all jurisdictions	$ 1	$ 46	$ 109
PT Rio Tinto
Amount
Valuation allowance	$ 0	$ 0	$ 189
%
Valuation allowance	0%	0%	2%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2022	Jan. 01, 2017	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Income Taxes [Line Items]
Total income taxes paid to all jurisdictions				$ 2,100	$ 3,100	$ 1,300
Tax refunds received from all jurisdictions				1	46	$ 109
Tax Attributes
Foreign tax credits			$ 1,228	1,228	1,514
Valuation allowances			3,894	3,894	$ 3,985
Valuation allowance, increase (decrease)				$ 91
U.S. federal statutory tax rate				21%	21%	21%
Interest on income taxes accrued			536	$ 536	$ 551	$ 620
Unrecognized tax benefits			720	720	810	808	$ 474
Unrecognized tax benefits that would impact the effective tax rate			597	597
Unrecognized tax benefits that would impact the effective tax rate, net of tax benefits			421	421
Deferred income taxes				182	36	(171)
Corporate Alternative Minimum Tax for Corporations with Average AFSI over $1 billion, rate	15%
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense				153	7	34
Unrecognized Tax Benefits, Unpaid			33	33	36	41
PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				13	384
Deferred income taxes				69
Valuation allowance for operating loss carryforwards
Tax Attributes
Valuation allowances			1,800	1,800
Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)				32	219	104
Section 163(j) Deferred Tax Assets, Current Year Activity
Tax Attributes
Valuation allowance, increase (decrease)				$ 22
SUNAT \| Cerro Verde
Tax Attributes
Foreign income tax rate under new stability agreement				32%
Foreign Tax Authority
Tax Attributes
Tax Credit Carryforward, Valuation Allowance			1,200	$ 1,200
Income Tax Credits and Adjustments				292	105	$ 22
Foreign Tax Authority \| Tax Authority, Spain
Tax Attributes
Operating Loss Carryforwards			$ 500	$ 500
Foreign Tax Authority \| Chili - Service of Internal Taxes
Tax Attributes
Ad Valorem Royalty Based Tax				1%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Minimum
Tax Attributes
Mining royalty tax rate				8%
Foreign Tax Authority \| Chili - Service of Internal Taxes \| Maximum
Tax Attributes
Mining royalty tax rate				26%
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 \| 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 \| 2017
Tax Attributes
Dividend tax rate		5%
Domestic Tax Authority
Tax Attributes
Operating Loss Carryforwards			$ 5,400	$ 5,400
Valuation allowances			900	900
State and Local Jurisdiction
Tax Attributes
Operating Loss Carryforwards			10,400	10,400
PT Rio Tinto \| Net Operating Losses
Tax Attributes
Valuation allowance, increase (decrease)				188
Indefinite-Lived Carryforward
Tax Attributes
Operating Loss Carryforwards			$ 400	400
Other (expense) benefit \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				5	155
Deferred income taxes					76
Interest expense \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges					43
Income expense (benefit) \| PT Freeport Indonesia
Tax Attributes
Loss Contingency, Loss in Period, Including Tax Charges				$ 8	186
Deferred income taxes					$ 7

INCOME TAXES (Components of def

INCOME TAXES (Components of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Foreign tax credits	$ 1,228	$ 1,514
Net operating losses	1,761	1,923
Accrued expenses	1,390	1,303
Employee benefit plans	78	99
Other	215	230
Deferred tax assets	4,672	5,069
Valuation allowances	(3,894)	(3,985)
Net deferred tax assets	778	1,084
Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,118)	(4,330)
Undistributed earnings	(911)	(810)
Other	(195)	(211)
Total deferred tax liabilities	(5,224)	(5,351)
Net deferred tax liabilities	$ (4,446)	$ (4,267)

INCOME TAXES (Reserve for unrec

INCOME TAXES (Reserve for unrecognized tax benefits, interest and penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 810	$ 808	$ 474
Additions:
Prior year tax positions	27	26	330
Current year tax positions	28	25	71
Decreases:
Prior year tax positions	(13)	(12)	(30)
Settlements with taxing authorities	(132)	(37)	(37)
Balance at end of year	$ 720	$ 810	$ 808

CONTINGENCIES (Environmental Ob

CONTINGENCIES (Environmental Obligations) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) state project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 USD ($) site divisions
Site Contingency [Line Items]
Number of remediation projects \| project	80
Number of US States with remediation projects \| state	22
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at beginning of year	$ 1,740	$ 1,664	$ 1,584
Accretion Expense	119	110	104
Net additionsb	195	43	40
Spending	(115)	(77)	(64)
Balance at end of year	$ 1,939	$ 1,740	$ 1,664
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of environmental and asset retirement obligations	Current portion of environmental and asset retirement obligations	Current portion of environmental and asset retirement obligations
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Environmental and asset retirement obligations, less current portion	Environmental and asset retirement obligations, less current portion	Environmental and asset retirement obligations, less current portion
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities	Liabilities
Less current portion	$ (131)	$ (125)	$ (64)
Long-term portion	1,808	1,615	1,600
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
2024	131
2025	147
2026	139
2027	128
2028	108
Thereafter	3,900
Estimated environmental obligations on a discounted basis	1,800
Estimated environmental obligations on an undiscounted and unescalated	$ 4,500
Environmental Loss Contingency, Number of Uranium Sites on Tribal Lands \| divisions				94
Remediation work related to Uranium mines, amount to be contributed by the U.S. Government				$ 335
Uranium mine remediation work, program term, in years				20 years
Number of site surveys being performed to mining claims \| site				15,000
Active remediation projects, percent	50%
Settlements and revisions to cash flow estimates, net	$ 54	381	331
Minimum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	3,900
Maximum
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Estimated environmental obligations on an undiscounted and unescalated	5,000
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	1,600
Newtown Creek
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	423
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	64
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	518
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	61
Historical Smelter Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	262
Uranium Mining Sites
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance at end of year	$ 444
Pt Freeport Indonesia Environmental And Reclamation Programs
Estimated environmental cash payments (on an undiscounted and unescalated basis) [Abstract]
Settlements and revisions to cash flow estimates, net		$ 131	$ 397

CONTINGENCIES (Asset Retirement

CONTINGENCIES (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 3,043	$ 2,716	$ 2,472
Liabilities incurred	18	9	2
Settlements and revisions to cash flow estimates, net	54	381	331
Accretion expense	20	134	112
Spending	(134)	(197)	(201)
Balance at end of year	3,001	3,043	2,716
Less current portion	(185)	(195)	(200)
Long-term portion	2,816	$ 2,848	$ 2,516
PT-FI
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	112
Morenci
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Adjustment at PT-FI	$ 118

CONTINGENCIES (Financial Assura

CONTINGENCIES (Financial Assurances) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Freeport-McMoRan Oil & Gas
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 500
Bagdad [Member]
Guarantor Obligations [Line Items]
Adjustment at PT-FI	65
NEW MEXICO
Guarantor Obligations [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	200
New Mexico, Arizona, Colorado and Other States
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	1,800
New Mexico, Arizona, Colorado and Other States \| Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 1,100

CONTINGENCIES (Environmental an

CONTINGENCIES (Environmental and Reclamation Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Site Contingency [Line Items]
Time deposits	$ 97
Settlements and revisions to cash flow estimates, net	54	$ 381	$ 331
NEW MEXICO
Site Contingency [Line Items]
Legally restricted funds for asset retirement obligations at New Mexico mines	200
New Mexico Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	522
Arizona Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	607
Colorado Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	171
El Abra
Site Contingency [Line Items]
Accrued reclamation and closure costs	106
Cerro Verde
Site Contingency [Line Items]
Accrued reclamation and closure costs	206
Pt Freeport Indonesia Environmental And Reclamation Programs
Site Contingency [Line Items]
Accrued reclamation and closure costs	958
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	$ (112)	$ 116	$ 340

CONTINGENCIES (Oil and Gas Prop

CONTINGENCIES (Oil and Gas Properties) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) well platform	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
ARO, noncurrent	$ 3,001	$ 3,043	$ 2,716	$ 2,472
Freeport-McMoRan Oil & Gas
Loss Contingencies [Line Items]
Adjustment in ARO	$ 91
Number of productive oil wells \| well	115
Number of platforms and other structures \| platform	130
ARO, noncurrent	$ 391

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 ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) case	Dec. 31, 2020 USD ($)	Dec. 31, 2019 case	Mar. 31, 2019 litigation
Loss Contingencies [Line Items]
Threshold for disclosure					$ 1,000
Talc Lawsuits
Loss Contingencies [Line Items]
Number of cases \| litigation								950
Cyprus Mines
Loss Contingencies [Line Items]
Charge for talc-related litigation					65,000	$ 130,000
Settlement amount		$ 130,000
Cyprus Mines \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual					$ 195,000
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) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2023	Dec. 31, 2022	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 15, 2023	Mar. 31, 2022	Jan. 31, 2022
Income Tax Examination [Line Items]
Long-term receivable for taxes		$ 54		$ 70	$ 54
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization				13,627	13,070	$ 12,032
Export Duties Expense				307	325	218
Administrative Fees Expense				$ 55	41	16
Other Commitment, Escrow Account, Smelter Development Progress, Percent	90%
Export Duties, Smelter Development Progress, Percent				90.50%
Surety Bond
Income Tax Examination [Line Items]
Guarantor obligations, carrying value				$ 497
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%
Export Duties Expense				$ 324	307	$ 218
Loss contingency, loss in period					16
Administrative Fees Expense			$ 149
Income tax examination, assessments, penalties and interest not accrued				117
Loss contingency, estimate of possible loss							$ 55	$ 41	$ 57
PT-FI \| Surety Bond \| Construction Contracts
Income Tax Examination [Line Items]
Escrow Deposit	$ 10
Cerro Verde
Income Tax Examination [Line Items]
Income tax examination, assessments, penalties and interest not accrued				242
FCX Affiliates \| Settled Litigation \| Louisiana Parishes Coastal Erosion Cases \| Maximum
Income Tax Examination [Line Items]
Settlement amount				23.5
Cyprus Mines
Income Tax Examination [Line Items]
Settlement amount			$ 130
Cyprus Mines \| Minimum
Income Tax Examination [Line Items]
Increase (Decrease) In Litigation Settlement, Amount Awarded To Other Party				65
Cyprus Mines \| Maximum
Income Tax Examination [Line Items]
Increase (Decrease) In Litigation Settlement, Amount Awarded To Other Party				195
SUNAT \| PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes				189
Increase (decrease) in income taxes receivable				179
SUNAT \| Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes				820
Increase (decrease) in income taxes receivable				546
Indonesian Supreme Court \| PT-FI \| The year 2005 and the year 2007
Income Tax Examination [Line Items]
Loss contingency, loss in period				43
Cerro Verde
Income Tax Examination [Line Items]
Long-term receivable for taxes		$ 333		274	333
PT-FI
Income Tax Examination [Line Items]
Long-term receivable for taxes		$ 12		$ 10	$ 12

CONTINGENCIES (Tax Matters by T

CONTINGENCIES (Tax Matters by Tax Year) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Income Tax Examination [Line Items]
Export Duties, Construction in Progress, Threshold		50%
Cerro Verde
Income Tax Examination [Line Items]
Total		$ 712
PT-FI
Income Tax Examination [Line Items]
Total		$ 301
Progressive export duty on copper concentrates, higher threshold, percent	5%	5%
SUNAT \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		$ 328
Penalties and Interest		492
Total		820
SUNAT \| 2003 to 2008 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		47
Penalties and Interest		130
Total		177
SUNAT \| 2009 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		56
Penalties and Interest		52
Total		108
SUNAT \| 2010 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		54
Penalties and Interest		126
Total		180
SUNAT \| 2011 and 2012 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		42
Penalties and Interest		77
Total		119
SUNAT \| 2013 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		48
Penalties and Interest		72
Total		120
SUNAT \| Tax Year 2014 to Tax Year 2017 \| Cerro Verde
Income Tax Examination [Line Items]
Tax Assessment		81
Penalties and Interest		35
Total		116
Indonesia Tax Authority \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		258
Penalties and Interest		90
Total		348
Indonesia Tax Authority \| 2005 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		62
Penalties and Interest		29
Total		91
Indonesia Tax Authority \| 2007 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		45
Penalties and Interest		22
Total		67
Indonesia Tax Authority \| 2012 and 2013 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		40
Penalties and Interest		36
Total		76
Indonesia Tax Authority \| 2014 and 2015 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		104
Penalties and Interest		0
Total		104
Indonesia Tax Authority \| 2017 \| PT-FI
Income Tax Examination [Line Items]
Tax Assessment		7
Penalties and Interest		3
Total		$ 10

CONTINGENCIES (Letters of Credi

CONTINGENCIES (Letters of Credit, Bank Guarantees and Surety Bonds) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Surety Bond
Guarantor Obligations [Line Items]
Guarantor obligations, carrying value	$ 497
Cerro Verde
Guarantor Obligations [Line Items]
Outstanding Standby Letters Of Credit	$ 353

CONTINGENCIES (Insurance) (Deta

CONTINGENCIES (Insurance) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Self insurance reserve	$ 58
Self insurance reserve, current	11
Self insurance reserve, non-current	47
Insurance receivables	20
Insurance receivables, current	6
Insurance receivables, noncurrent	$ 14

COMMITMENTS AND GUARANTEES (Ope

COMMITMENTS AND GUARANTEES (Operating Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Operating Leased Assets And Liabilities [Line Items]
Operating Lease, Liability, Noncurrent	$ 347	$ 294
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	448	342
Operating leases	48	46	$ 42
Variable and short-term leases	126	84	62
Total operating lease costs	174	130	104
Operating Lease, Righ-Of-Use Assets, Acquired	167	76	176
Operating Lease, Payments	61	41	54
Finance Lease, Principal Payments	$ 3	$ 7	$ 25
Operating Lease, Weighted Average Discount Rate, Percent	4.70%	4.10%
Operating Lease, Weighted Average Remaining Lease Term	13 years 1 month 6 days	12 years
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 105
Lessee, Operating Lease, Liability, Payments, Due Year Two	52
Lessee, Operating Lease, Liability, Payments, Due Year Three	44
Lessee, Operating Lease, Liability, Payments, Due Year Four	38
Lessee, Operating Lease, Liability, Payments, Due Year Five	29
Lessee, Operating Lease, Liability, Payments, Due after Year Five	299
Lessee, Operating Lease, Liability, Payments, Due	567
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(136)
Operating Lease, Liability	431	$ 332
Operating Lease, Liability, Current	$ (84)	$ (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 Smelting
Schedule of Operating Leased Assets And Liabilities [Line Items]
Variable and short-term leases	$ 30
PT Freeport Indonesia
Schedule of Operating Leased Assets And Liabilities [Line Items]
Operating Lease, Liability, Noncurrent	$ 130	$ 130

COMMITMENTS AND GUARANTEES (Con

COMMITMENTS AND GUARANTEES (Contractual Obligations) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 4,200
2019	2,200
2020	1,300
2021	300
2022	100
2023	100
Thereafter	200
Copper concentrates
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	3,300
Electricity
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	300
Transportation
Unconditional purchase obligations [Line Items]
Unconditional purchase obligations	$ 300

COMMITMENTS AND GUARANTEES (Spe

COMMITMENTS AND GUARANTEES (Special Mining License (IUPK)) (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 29, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends							$ 1,000
Royalty Expense					$ 346	$ 366	330
Export Duties Expense					$ 307	325	218
Construction Progress, Percent Complete					90%
PT Freeport Indonesia
Contractual Obligations Mining Contracts [Line Items]
Progressive export duty on copper concentrates, higher threshold, percent		5%			5%
Progressive export duty on copper concentrates, lower threshold, percent		2.50%			2.50%
Lower threshold, percent					30%
Higher threshold, percent					50%
Royalty Expense					$ 338	357	319
Export Duties Expense					$ 324	307	$ 218
Progressive Export Duty On Copper Concentrates, Construction Process In Excess of Export Duties	50%
Export Duties, Copper Concentrate			7.50%		7.50%
Export Duties Expense, Additional Expense Due To Revision			$ 307
PT Freeport Indonesia \| Forecast
Contractual Obligations Mining Contracts [Line Items]
Export Duties, Copper Concentrate				10%
PT Freeport Indonesia \| Forecast \| Maximum
Contractual Obligations Mining Contracts [Line Items]
Smelter development progress, percent complete				90%
PT Freeport Indonesia \| Forecast \| Minimum
Contractual Obligations Mining Contracts [Line Items]
Smelter development progress, percent complete				70%
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 \| Intersegment Eliminations [Member]
Contractual Obligations Mining Contracts [Line Items]
Payments of Dividends					$ 400	$ 2,500
Tax Authority, In Papua, Indonesia
Contractual Obligations Mining Contracts [Line Items]
Foreign income tax rate under new stability agreement					25%
Foreign Profits Tax Rate on Net Income Under New Stability Agreement					10%

COMMITMENTS AND GUARANTEES (Oth

COMMITMENTS AND GUARANTEES (Other and Community Development Programs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Other liabilities	$ 1,648	$ 1,562
Total cost of sales	15,695	15,089	$ 14,030
Estimated construction costs	2,800
Indemnification Agreement [Member]
Other Commitments [Line Items]
Other liabilities	75	74
Community Development Programs \| PT-FI
Other Commitments [Line Items]
Total cost of sales	$ 123	$ 123	$ 109

FINANCIAL INSTRUMENTS (Unrealiz

FINANCIAL INSTRUMENTS (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lb oz $ / oz $ / lb $ / lb	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Copper derivatives
Unrealized gains (losses):
Derivative financial instruments \| $	$ (3)	$ 11	$ 4
Hedged item – firm sales commitments \| $	(3)	11	4
Realized gains (losses):
Matured derivative financial instruments \| $	$ (4)	(63)	65
Copper derivatives \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	78
Derivative, Average Forward Price \| $ / lb	3.85
Copper Forward Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	31
Derivative, Average Forward Price \| $ / lb	3.82
Realized gains (losses):
Matured derivative financial instruments \| $	$ (6)	37	(15)
Copper \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net \| $	$ 97	(479)	425
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	469
Derivative, Average Forward Price \| $ / lb	3.74
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.87
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	155
Derivative, Average Forward Price \| $ / lb	3.72
Realized gains (losses):
Derivative Average Market Price \| $ / lb	3.86
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	223
Derivative, Average Forward Price \| $ / oz	2,013
Realized gains (losses):
Derivative Average Market Price \| $ / oz	2,078
gold and other [Member] \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net \| $	$ 55	$ (12)	$ (2)

FINANCIAL INSTRUMENTS (Unsettle

FINANCIAL INSTRUMENTS (Unsettled Derivatives) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 80	$ 170
Derivative Liability, Fair Value, Gross Liability	24	42
Derivative Asset	80	170
Derivative Liability	24	42
Trade accounts receivable
Derivatives, Fair Value [Line Items]
Derivative Asset	76	163
Derivative Liability	$ 2	$ 7
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Trade accounts receivable	Trade accounts receivable
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Trade accounts receivable	Trade accounts receivable
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 4	$ 4
Derivative Liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	$ 3
Derivative Liability	$ 22	$ 34
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	$ 0
Derivative Liability	$ 0	$ 1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Copper derivatives
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 4	$ 4
Derivative Liability	1	3
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	76	166
Derivative Liability	23	39
Designated as Hedging Instrument [Member] \| Copper derivatives
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4	3
Derivatives Not Designated as Hedging Instruments \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	76	166
Derivative Liability, Fair Value, Gross Liability	23	39
Future [Member] \| Designated as Hedging Instrument [Member] \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	3
Copper derivatives \| Derivatives Not Designated as Hedging Instruments \| Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	1
Derivative Liability, Fair Value, Gross Liability	$ 1	$ 0

FINANCIAL INSTRUMENTS (Derivati

FINANCIAL INSTRUMENTS (Derivative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 80
Cash and cash equivalents	4,758	$ 8,146
Restricted cash and cash equivalents	1,208	111
Restricted Cash and Cash Equivalents, Noncurrent	97	133
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	6,063	8,390	$ 8,314	$ 3,903
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	300	500
Designated for Smelter Development Projects
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	200	$ 1,800
Export Proceeds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents	1,100
Assurance Bonds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents	$ 145

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	$ 0	$ 0
Other current assets	375	381
Other assets	1,810	1,601
Derivatives:
Derivative Asset	80	170
Derivatives: [Abstract]
Derivative Liability	$ 24	$ 42
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	$ 27	$ 25
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	56
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	6	7
Assets [Abstract]
Trust Assets Fair Value Disclosure	17	3
Derivatives:
Derivative Asset	3	4
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability	1	0
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	130	122
Derivatives:
Derivative Asset	77	166
Contingent receivable	0	0
Derivatives: [Abstract]
Derivative Liability	23	42
Long-term debt, including current portion	9,364	10,097
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	42	57
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	33	32
Assets [Abstract]
Trust Assets Fair Value Disclosure	212	181
Derivatives:
Derivative Asset	80	170
Contingent receivable	50	67
Derivatives: [Abstract]
Derivative Liability	24	42
Long-term debt, including current portion	9,422	10,620
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure	33	32
Assets [Abstract]
Trust Assets Fair Value Disclosure	212	181
Derivatives:
Derivative Asset	80	170
Contingent receivable	42	57
Derivatives: [Abstract]
Derivative Liability	24	42
Long-term debt, including current portion	9,364	10,097
Embedded Derivative Financial Instruments [Member]
Derivatives:
Derivative Asset	76	166
Derivatives: [Abstract]
Derivative Liability	23	39
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	76	166
Derivatives: [Abstract]
Derivative Liability	23	39
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	76	166
Derivatives: [Abstract]
Derivative Liability	23	39
Embedded Derivative Financial Instruments [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	76	166
Derivatives: [Abstract]
Derivative Liability	23	39
Future [Member] \| NAV
Derivatives:
Derivative Asset	0	0
Future [Member] \| Level 1
Derivatives:
Derivative Asset	3	3
Future [Member] \| Level 2
Derivatives:
Derivative Asset	1	0
Future [Member] \| Level 3
Derivatives:
Derivative Asset	0	0
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	4	3
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	4	3
Copper derivatives
Derivatives:
Derivative Asset	4	4
Derivatives: [Abstract]
Derivative Liability	1	3
Copper derivatives \| NAV
Derivatives:
Derivative Asset		0
Copper derivatives \| NAV \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Copper derivatives \| Level 1
Derivatives:
Derivative Asset		1
Copper derivatives \| Level 1 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	0
Copper derivatives \| Level 2
Derivatives:
Derivative Asset		0
Copper derivatives \| Level 2 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	3
Copper derivatives \| Level 3
Derivatives:
Derivative Asset		0
Copper derivatives \| Level 3 \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	0	0
Copper derivatives \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset		1
Copper derivatives \| Carrying Amount, Fair Value Disclosure [Member] \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	3
Copper derivatives \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset		1
Copper derivatives \| Estimate of Fair Value Measurement [Member] \| Forward Contracts
Derivatives: [Abstract]
Derivative Liability	1	3
U.S. core fixed income fund [Member] \| NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	27	25
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	56
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	27	25
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	56
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	27	25
Assets [Abstract]
Trust Assets Fair Value Disclosure	65	56
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	17	3
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	17	3
Money market funds [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	17	3
Equity securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	6	7
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	6	7
Equity securities \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Marketable Securities	6	7
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	37	34
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	37	34
Government bonds \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	37	34
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	51	37
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	51	37
Government mortgage-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	51	37
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	29	31
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	29	31
Corporate bonds [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	29	31
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	12	17
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	12	17
Asset-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	12	17
Collateralized Mortgage Backed Securities [Member] \| NAV
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] \| Level 1
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] \| Level 2
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	3
Collateralized Mortgage Backed Securities [Member] \| Level 3
Assets [Abstract]
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	3
Collateralized Mortgage Backed Securities [Member] \| Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Trust Assets Fair Value Disclosure	1	3
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	1,100
Other assets	145	133
Mine Closure And Reclamation Guarantees \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other assets	97	103
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	12	20
Other assets	$ 38	$ 47
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ (1)	$ 12
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(16)	(23)	(19)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 42	$ 57	$ 81	$ 88

BUSINESS SEGMENTS INFORMATION_2

BUSINESS SEGMENTS INFORMATION (Product Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product revenue [Line Items]
Treatment and refining charges included in copper concentrates revenues	$ (538)	$ (503)	$ (445)
Royalty Expense	(346)	(366)	(330)
Export Duties Expense	(307)	(325)	(218)
Revenue from Contract with Customer, Excluding Assessed Tax	22,703	23,271	22,422
Revenues	22,855	22,780	22,845
Noncontrolling Interest Owners Of South America Mining Operations and Morenci joint venture partners \| Affiliated Entity
Product revenue [Line Items]
Revenues	1,400	1,700	1,400
Mitsubishi Materials Corporation \| Affiliated Entity
Product revenue [Line Items]
Revenues	2,000	600	400
Indonesia
Product revenue [Line Items]
Revenues	767	3,026	3,132
Indonesia \| Disputes
Product revenue [Line Items]
Export Duties Expense	(17)	18
Copper in concentrate
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	7,127	9,650	8,705
Rod and other refined copper products
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,659	3,699	3,369
Purchased Copper [Member]
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	416	481	757
Copper Cathode
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	6,629	5,134	5,900
Gold
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,472	3,397	2,580
Molybdenum
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,006	1,416	1,283
Other
Product revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	585	688	821
Derivatives Not Designated as Hedging Instruments \| Sales [Member]
Product revenue [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	$ 152	$ (491)	$ 423

BUSINESS SEGMENTS INFORMATION_3

BUSINESS SEGMENTS INFORMATION (Long Lived Assets by Geographic Area) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 38,011	$ 35,061
Indonesia
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	20,602	18,121
U.S.
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	9,386	8,801
Peru
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	6,563	6,727
Chile
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	1,105	1,103
Other
Long Lived assets by geographic area of customer [Line Items]
Long-lived assets	$ 355	$ 309

BUSINESS SEGMENTS INFORMATION_4

BUSINESS SEGMENTS INFORMATION (Revenues by Geographic Area of Customer) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues by geographic area of customer [Line Items]
Revenues	$ 22,855	$ 22,780	$ 22,845
U.S.
Revenues by geographic area of customer [Line Items]
Revenues	7,264	7,339	7,168
Indonesia
Revenues by geographic area of customer [Line Items]
Revenues	767	3,026	3,132
Switzerland
Revenues by geographic area of customer [Line Items]
Revenues	3,971	2,740	3,682
Japan
Revenues by geographic area of customer [Line Items]
Revenues	3,431	2,462	2,372
SINGAPORE
Revenues by geographic area of customer [Line Items]
Revenues	1,178	1,492	156
Spain
Revenues by geographic area of customer [Line Items]
Revenues	1,251	1,174	1,495
China
Revenues by geographic area of customer [Line Items]
Revenues	1,081	929	1,044
GERMANY
Revenues by geographic area of customer [Line Items]
Revenues	714	632	469
Chile
Revenues by geographic area of customer [Line Items]
Revenues	428	383	343
INDIA
Revenues by geographic area of customer [Line Items]
Revenues	354	330	207
Korea
Revenues by geographic area of customer [Line Items]
Revenues	267	302	270
PHILIPPINES
Revenues by geographic area of customer [Line Items]
Revenues	396	249	264
EGYPT
Revenues by geographic area of customer [Line Items]
Revenues	229	149	268
UNITED KINGDOM
Revenues by geographic area of customer [Line Items]
Revenues	171	355	659
Other
Revenues by geographic area of customer [Line Items]
Revenues	$ 1,353	$ 1,218	$ 1,316

BUSINESS SEGMENTS INFORMATION_5

BUSINESS SEGMENTS INFORMATION (Customers and Labor Matters) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major Customer and Labor Matters [Line Items]
Revenues	$ 22,855	$ 22,780	$ 22,845
Affiliated Entity \| PT Smelting
Major Customer and Labor Matters [Line Items]
Revenues	$ 27	$ 3,000	$ 3,100
PT Smelting \| Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage		13%	14%
Global \| Workforce Subject to Collective Bargaining Arrangements \| Labor Force Concentration Risk
Major Customer and Labor Matters [Line Items]
Concentration risk percentage	29%
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	16%

BUSINESS SEGMENTS INFORMATION_6

BUSINESS SEGMENTS INFORMATION (Business Segments Narrative) (Details)	4 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2023
Inventory, Copper Metal Production \| Product Concentration Risk \| Morenci
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		14%
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		3%
South America \| Inventory, Copper Metal Production \| Product Concentration Risk \| Cerro Verde
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		82%
South America \| Inventory, Copper Metal Production \| Product Concentration Risk \| Grasberg Segment [Member]
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		39%
South America \| Cost of Goods, Product Line \| Supplier Concentration Risk \| Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		17%
Indonesia \| Cost of Goods, Product Line \| Supplier Concentration Risk \| Atlantic Copper Smelting & Refining
Mining Segment Reporting Information [Line Items]
Concentration risk percentage		20%
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	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues		$ 22,855	$ 22,780	$ 22,845
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		13,627	13,070	12,032
Depreciation, depletion and amortization		2,068	2,019	1,998
Selling, general and administrative expenses		479	420	383
Mining exploration and research expenses		137	115	55
Environmental obligations and shutdown costs		319	121	91
Net gain on sales of assets		0	(2)	(80)
Operating income (loss)		6,225	7,037	8,366
Interest expense, net		515	560	602
(Gain)/Loss		10	31	0
Other income (expense), net		286	207	(105)
Provision for (benefit from) income taxes		(2,270)	(2,267)	(2,299)
Equity in affiliated companies’ net earnings		15	31	5
Net income attributable to noncontrolling interests		1,903	1,011	1,059
Total assets		52,506	51,093	48,022
Capital expenditures		4,824	3,469	2,115
Settlements and revisions to cash flow estimates, net		54	381	331
Administrative Fees Expense		$ 55	$ 41	16
PT Freeport Indonesia
Segment Reporting Information [Line Items]
Administrative Fees Expense	$ 149
FCX
Segment Reporting Information [Line Items]
Dividends Receivable, Percentage			81%
FCX \| PT Freeport Indonesia
Segment Reporting Information [Line Items]
Ownership percentage of subsidiary		48.76%	81%
Pt Freeport Indonesia Environmental And Reclamation Programs
Segment Reporting Information [Line Items]
Settlements and revisions to cash flow estimates, net			$ 131	397
Cerro Verde \| Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net		$ 74
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures		1,696	1,575	1,296
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures		84	33	6
Indonesia
Segment Reporting Information [Line Items]
Revenues		767	3,026	3,132
Operating Segments \| Molybdenum
Segment Reporting Information [Line Items]
Revenues		0	0	0
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		439	359	254
Depreciation, depletion and amortization		66	74	67
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
Operating income (loss)		172	132	123
Interest expense, net		0	0	0
(Gain)/Loss		0	0
Other income (expense), net		(1)	0	1
Provision for (benefit from) income taxes		0	0	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		1,782	1,697	1,713
Capital expenditures		84	33	6
Operating Segments \| Rod & Refining
Segment Reporting Information [Line Items]
Revenues		5,886	6,281	6,356
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		5,901	6,330	6,381
Depreciation, depletion and amortization		5	5	5
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
Operating income (loss)		20	(23)	(1)
Interest expense, net		0	0	0
(Gain)/Loss		0	0
Other income (expense), net		(2)	(1)	1
Provision for (benefit from) income taxes		0	0	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		172	183	228
Capital expenditures		13	9	2
Operating Segments \| Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues		2,791	2,439	2,961
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		2,718	2,452	2,907
Depreciation, depletion and amortization		28	27	28
Selling, general and administrative expenses		28	25	24
Mining exploration and research expenses		0	0	0
Environmental obligations and shutdown costs		0	0	0
Net gain on sales of assets			0	(19)
Operating income (loss)		36	(61)	21
Interest expense, net		31	15	6
(Gain)/Loss		0	0
Other income (expense), net		(8)	13	12
Provision for (benefit from) income taxes		0	1	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		1,326	1,262	1,318
Capital expenditures		64	76	34
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		243	428	262
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		4,778	4,377	3,474
Depreciation, depletion and amortization		418	410	369
Selling, general and administrative expenses		4	5	4
Mining exploration and research expenses		3	1	1
Environmental obligations and shutdown costs		27	(4)	(1)
Net gain on sales of assets			0	0
Operating income (loss)		1,086	1,921	2,978
Interest expense, net		1	2	1
(Gain)/Loss		0	0
Other income (expense), net		(2)	(32)	15
Provision for (benefit from) income taxes		0	0	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		9,191	8,604	7,916
Capital expenditures		761	597	342
Operating Segments \| North America \| Morenci
Segment Reporting Information [Line Items]
Revenues		91	175	82
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		1,730	1,550	1,239
Depreciation, depletion and amortization		175	177	152
Selling, general and administrative expenses		2	2	2
Mining exploration and research expenses		0	0	0
Environmental obligations and shutdown costs		(1)	(5)	0
Net gain on sales of assets			0	0
Operating income (loss)		513	965	1,417
Interest expense, net		0	1	0
(Gain)/Loss		0	0
Other income (expense), net		(5)	(2)	6
Provision for (benefit from) income taxes		0	0	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		3,195	3,052	2,708
Capital expenditures		232	263	135
Operating Segments \| North America \| Other
Segment Reporting Information [Line Items]
Revenues		152	253	180
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		3,048	2,827	2,235
Depreciation, depletion and amortization		243	233	217
Selling, general and administrative expenses		2	3	2
Mining exploration and research expenses		3	1	1
Environmental obligations and shutdown costs		28	1	(1)
Net gain on sales of assets			0	0
Operating income (loss)		573	956	1,561
Interest expense, net		1	1	1
(Gain)/Loss		0	0
Other income (expense), net		3	(30)	9
Provision for (benefit from) income taxes		0	0	0
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		0	0	0
Total assets		5,996	5,552	5,208
Capital expenditures		529	334	207
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		4,154	4,212	4,456
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		3,239	3,074	2,429
Depreciation, depletion and amortization		459	408	413
Selling, general and administrative expenses		9	8	8
Mining exploration and research expenses		0	0	0
Environmental obligations and shutdown costs		0	0	0
Net gain on sales of assets			0	0
Operating income (loss)		1,234	1,228	2,066
Interest expense, net		77	15	28
(Gain)/Loss		0	0
Other income (expense), net		(2)	17	43
Provision for (benefit from) income taxes		(512)	(453)	(820)
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		336	407	602
Total assets		10,050	10,271	10,615
Capital expenditures		368	304	162
Operating Segments \| South America \| Cerro Verde
Segment Reporting Information [Line Items]
Revenues		3,330	3,444	3,736
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		2,529	2,369	2,000
Depreciation, depletion and amortization		395	357	366
Selling, general and administrative expenses		9	8	8
Mining exploration and research expenses		0	0	0
Environmental obligations and shutdown costs		0	0	0
Net gain on sales of assets			0	0
Operating income (loss)		1,184	1,216	1,822
Interest expense, net		77	15	28
(Gain)/Loss		0	0
Other income (expense), net		(13)	13	30
Provision for (benefit from) income taxes		(495)	(461)	(730)
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		300	372	526
Total assets		8,120	8,398	8,694
Capital expenditures		271	164	132
Labor and Related Expense			92
Operating Segments \| South America \| Other
Segment Reporting Information [Line Items]
Revenues		824	768	720
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		710	705	429
Depreciation, depletion and amortization		64	51	47
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
Operating income (loss)		50	12	244
Interest expense, net		0	0	0
(Gain)/Loss		0	0
Other income (expense), net		11	4	13
Provision for (benefit from) income taxes		(17)	8	(90)
Equity in affiliated companies’ net earnings		0	0	0
Net income attributable to noncontrolling interests		36	35	76
Total assets		1,930	1,873	1,921
Capital expenditures		97	140	30
Operating Segments \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues		7,816	8,028	7,241
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		2,552	2,684	2,425
Depreciation, depletion and amortization		1,028	1,025	1,049
Selling, general and administrative expenses		129	117	111
Mining exploration and research expenses		0	0	0
Environmental obligations and shutdown costs		0	0	0
Net gain on sales of assets			0	0
Operating income (loss)		4,728	4,600	3,938
Interest expense, net		42	40	48
(Gain)/Loss		0	(11)
Other income (expense), net		127	124	(152)
Provision for (benefit from) income taxes		(1,774)	(1,820)	(1,524)
Equity in affiliated companies’ net earnings		10	24	6
Net income attributable to noncontrolling interests		1,614	592	459
Total assets		21,655	20,639	18,971
Capital expenditures		1,696	1,575	1,296
Operating Segments \| Indonesia \| Grasberg Segment [Member] \| PT Smelting
Segment Reporting Information [Line Items]
Revenues		27	3,000	3,100
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues		1,965	1,392	1,569
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		(6,000)	(6,206)	(5,838)
Depreciation, depletion and amortization		64	70	67
Selling, general and administrative expenses		309	265	236
Mining exploration and research expenses		134	114	54
Environmental obligations and shutdown costs		292	125	92
Net gain on sales of assets			(2)	(61)
Operating income (loss)		(1,051)	(760)	(759)
Interest expense, net		364	488	519
(Gain)/Loss		10	42
Other income (expense), net		174	86	(25)
Provision for (benefit from) income taxes		16	5	45
Equity in affiliated companies’ net earnings		5	7	(1)
Net income attributable to noncontrolling interests		(47)	12	(2)
Total assets		8,330	8,437	7,261
Capital expenditures		1,838	875	273
Corporate And Eliminations [Member] \| Freeport Cobalt
Segment Reporting Information [Line Items]
Net gain on sales of assets			(60)
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		677	565	444
Intersegment \| Rod & Refining
Segment Reporting Information [Line Items]
Revenues		40	31	29
Intersegment \| Atlantic Copper Smelting & Refining
Segment Reporting Information [Line Items]
Revenues		19	4	0
Intersegment \| Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues		(8,217)	(7,786)	(7,778)
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		6,073	6,282	6,563
Intersegment \| North America \| Morenci
Segment Reporting Information [Line Items]
Revenues		2,328	2,514	2,728
Intersegment \| North America \| Other
Segment Reporting Information [Line Items]
Revenues		3,745	3,768	3,835
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		787	506	460
Intersegment \| South America \| Cerro Verde
Segment Reporting Information [Line Items]
Revenues		787	506	460
Intersegment \| South America \| Other
Segment Reporting Information [Line Items]
Revenues		0	0	0
Intersegment \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Revenues		621	398	282
Unfavorable Regulatory Actions \| Operating Segments \| Indonesia \| Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes			189
Profit Share Liability \| Cerro Verde \| Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net		(13)
Production and Delivery Costs [Member] \| Pt Freeport Indonesia Environmental And Reclamation Programs
Segment Reporting Information [Line Items]
Settlements and revisions to cash flow estimates, net		$ (112)	$ 116	$ 340

SUPPLEMENTARY MINERAL RESERVE_3

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Details) oz in Millions, lb in Millions	12 Months Ended
	Dec. 31, 2023 oz lb $ / oz $ / lb
Copper
Estimated Recoverable Proven And Probable Reserves \| oz	107,700
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / lb	3
Three Year Average Price \| $ / lb	4.02
Gold
Estimated Recoverable Proven And Probable Reserves \| oz	24.5
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / oz	1,500
Three Year Average Price \| $ / oz	1,846
Molybdenum
Estimated Recoverable Proven And Probable Reserves \| lb	3,400
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / lb	12
Three Year Average Price \| $ / lb	19.62
Silver
Long Term Average Price Used To Estimate Recoverable Reserves \| $ / oz	20
Consolidated Basis [Member] \| Copper
Estimated Recoverable Proven And Probable Reserves \| lb	104,100
Consolidated Basis [Member] \| Gold
Estimated Recoverable Proven And Probable Reserves \| oz	24.5
Consolidated Basis [Member] \| Molybdenum
Estimated Recoverable Proven And Probable Reserves \| lb	3,340
Consolidated Basis [Member] \| Silver
Estimated Recoverable Proven And Probable Reserves \| oz	329
Consolidated Basis [Member] \| Indonesia \| Copper
Estimated Recoverable Proven And Probable Reserves \| lb	29,000
Consolidated Basis [Member] \| Indonesia \| Gold
Estimated Recoverable Proven And Probable Reserves \| oz	23.9
Consolidated Basis [Member] \| Indonesia \| Molybdenum
Estimated Recoverable Proven And Probable Reserves \| lb	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, 2023 lb oz $ / oz $ / lb	Dec. 21, 2018
Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			107,700
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			24.5
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			3,400
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			75,100
Net Equity Interest [Member] \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			12.2
Net Equity Interest [Member] \| Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,020
Net Equity Interest [Member] \| Silver
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			218
Consolidated Basis [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)			1,500
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			104,100
Consolidated Basis [Member] \| Copper \| North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			44,700
Consolidated Basis [Member] \| Copper \| South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			30,500
Consolidated Basis [Member] \| Copper \| Indonesia
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			29,000
Consolidated Basis [Member] \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz			24.5
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			23.9
Consolidated Basis [Member] \| Molybdenum mines
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			3,340
Consolidated Basis [Member] \| Molybdenum mines \| North America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			2,660
Consolidated Basis [Member] \| Molybdenum mines \| South America
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves			680
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			329
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	0.43
Forecast \| PT-FI \| Copper
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.47
Forecast \| PT-FI \| Gold (ounces) [Member]
Estimated Recoverable Proven and Probable Reserves [Line Items]
Estimate of proven and probable mineral reserves to be mined	0.49

SUPPLEMENTARY MINERAL RESERVE_5

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) (Ore Reserves) (Details) oz in Millions, lb in Millions, T in Millions	Dec. 31, 2023 lb T oz g
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	16,653
Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore)	15,584
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)	12,571
Productive Land [Member] \| Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	3,819
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	1%
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	2,473
Average ore grade of copper per metric ton	35%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	2%
Productive Land [Member] \| Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	1,038
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	2,398
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	2%
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	90
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	346
Average ore grade of copper per metric ton	44%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.03
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	48
Average ore grade of copper per metric ton	0%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	16%
Productive Land [Member] \| Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	149
Average ore grade of copper per metric ton	0%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	15%
Productive Land [Member] \| Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	4,087
Average ore grade of copper per metric ton	34%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0
Average ore grade of molybdenum per metric ton	1%
Productive Land [Member] \| El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Amount of ore reserves (in metric tons of ore) \| T	660
Average ore grade of copper per metric ton	44%
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	226%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.93
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	777
Average ore grade of copper per metric ton	102%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.68
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	333
Average ore grade of copper per metric ton	80%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.63
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	385
Average ore grade of copper per metric ton	105%
Average ore grade of gold per metric ton (in grams per metric ton) \| g	0.92
Average ore grade of molybdenum per metric ton	0%
Copper
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	107,700
Copper \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	104,100
Copper \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	75,100
Copper \| Productive Land [Member] \| Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	12,600
Copper \| Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	15,900
Copper \| Productive Land [Member] \| Safford [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	6,700
Copper \| Productive Land [Member] \| Sierrita [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	10,000
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	2,700
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	27,000
Copper \| Productive Land [Member] \| El Abra
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,500
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	14,700
Copper \| Productive Land [Member] \| Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	4,900
Copper \| Undeveloped [Member] \| Kucing Liar [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	7,100
Gold
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	24.5
Gold \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	24.5
Gold \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	12.2
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	11.3
Gold \| Productive Land [Member] \| Deep Mill Level Zone [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves \| oz	5.3
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	6.3
Molybdenum
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,400
Molybdenum \| Consolidated Basis [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,340
Molybdenum \| Net Equity Interest [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	3,020
Molybdenum \| Productive Land [Member] \| Morenci
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	230
Molybdenum \| Productive Land [Member] \| Bagdad [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	890
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	990
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	150
Molybdenum \| Productive Land [Member] \| Climax [Member]
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	460
Molybdenum \| Productive Land [Member] \| Cerro Verde
Ore, average ore grades and recoverable proven and probable reserves [Line Items]
Estimated Recoverable Proven And Probable Reserves	680
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	2,750
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	2,473
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	1,038
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	2,398
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	90
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	346
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	48
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	149
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	2,189
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	337
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	379
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	163
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	188

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 91
Foreign Tax Authority
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Income Tax Credits and Adjustments	(292)	$ (105)	$ (22)
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	3,985	4,087	4,732
Other Additions (Deductions)	(80)	(87)	(596)
Additons Charged to Other Accounts	(11)	(15)	(49)
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease)	0	0	0
Balance at End of Year	3,894	3,985	4,087
Reserve for Taxes, Other than Income Taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	24	59	82
Other Additions (Deductions)	9	(32)	18
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	0	0	0
SEC Schedule, 12-09, Valuation Allowance and Reserves, Deduction, Other	(5)	(3)	(41)
Balance at End of Year	28	24	59
Net Operating Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)	$ 32	219	104
Domestic Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, increase (decrease)		$ (228)	$ 163