v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Six Months Ended
June 30,
 20252024
U.S.$2 

$(4)
International(1,352)(1,262)
Total$(1,350)$(1,266)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 37% for the first six months of 2025 and 34% for the first six months of 2024. The provision for income taxes for the first six months of 2024 included net benefits of $182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first six months of 2025 and 2024, FCX’s U.S. operations generated net losses that would not result in a realized tax benefit; accordingly, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OB3 Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. FCX is analyzing the OB3 Act, but does not expect it to have a material impact on its 2025 financial results.