Debt and Equity |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Equity | DEBT AND EQUITY The components of debt follow:
Revolving Credit Facilities. FCX and PTFI have a $3.0 billion, senior 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 PTFI’s borrowing capacity. At March 31, 2026, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility. At March 31, 2026, PTFI had $250 million in borrowings outstanding under its $1.75 billion, senior unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million, senior unsecured revolving credit facility that matures in May 2027. At March 31, 2026, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants. Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025. Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) into service in 2025. Share Repurchase Program and Dividends. During first-quarter 2026, FCX acquired 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share). At April 30, 2026, FCX has acquired a total of 53.7 million shares ($39.01 average cost per share) and has $2.9 billion available under its $5.0 billion share repurchase program. On March 25, 2026, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on May 1, 2026, to common stockholders of record on April 15, 2026. 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.
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