v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations (including the Grasberg minerals district and PTFI’s downstream processing facilities), and U.S. Rod & Refining operations. FCX has also separately disclosed the Morenci copper mine and Atlantic Copper Smelting & Refining segments in the following tables.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

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, the timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. 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 operating segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual operating segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or individual operating segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Copper:
Cathode$2,173 $2,273 $4,198 $4,232 
Concentrate2,023 1,596 3,409 3,416 
Rod and other refined copper products969 974 1,929 1,927 
Purchased coppera
173 262 471 408 
Gold1,833 935 2,308 2,103 
Molybdenum479 472 921 889 
Silver and other173 144 312 297 
Adjustments to revenues:
PTFI export dutiesb
(146)(75)(202)(231)
Royalty expensec
(135)(93)(203)(213)
Treatment charges(16)(90)(43)(219)
Revenues from contracts with customers7,526 6,398 13,100 12,609 
Embedded derivativesd
56 226 210 336 
Total consolidated revenues$7,582 $6,624 $13,310 $12,945 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects an export duty of 7.5% on copper concentrate exports.
c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
U.S. Copper MinesSouth America OperationsU.S.CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended June 30, 2025           
Revenues:            
Unaffiliated customers$63 $64 $127 $836 $183 $1,019 $3,419 $— $1,692 $815 $510 
a
$7,582 
Intersegment559 1,028 1,587 193 49 242 (2)
b
180 9 3 (2,019)— 
Production and delivery435 779 1,214 590 178 768 1,124 

128 1,693 791 (1,436)4,282 
Depreciation, depletion and amortization (DD&A)46 72 118 94 19 113 389 26 1 7 14 668 
Selling, general and administrative expenses
1 — 1 1 1 2 35 — — 7 82 127 
Exploration and research expenses8 5 13 4 — 4 1 1 — — 27 46 
Environmental obligations and shutdown costs
— — — — — — — — — — 27 27 
Operating income (loss)132 236 368 340 34 374 1,868 25 7 13 (223)2,432 
Interest expense, net— 1 1 4 — 4 16 — — 7 54 82 
Other (expense) income, net(1)1 — 20 2 22 15 (1)(1)(14)20 41 
Provision for income taxes— — — 139 12 151 677 — — 2 20 850 
Equity in affiliated companies’ net earnings — — — — — — 6 — — — — 6 
Net income attributable to noncontrolling interests— — — 105 4 109 648 — — — 18 775 
Net income attributable to common stockholders$772 
Total assets at June 30, 20253,337 7,253 10,590 8,385 2,091 10,476 27,781 2,027 432 1,508 3,678 56,492 
Capital expenditures70 203 273 78 14 92 740 27 26 45 58 1,261 
Three Months Ended June 30, 2024            
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 

$— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 

182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
c
181 860 672 134 1,692 859 

(1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 — — — 37 664 
Net income attributable to common stockholders$616 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
b.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
c.Includes nonrecurring labor-related charges totaling $65 million at Cerro Verde associated with a new collective labor agreement.
d.Includes charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter.
e.Includes oil and gas charges totaling $105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.
f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.