v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s provision for income taxes follow:
Nine Months Ended
September 30,
20262025
U.S.$(134)

$(4)
Foreign(1,673)(2,015)
Total$(1,807)$(2,019)

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 29% for the first nine months of 2026 and 36% for the first nine months of 2025. The U.S. income tax provision for the first nine months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax provisions, which do not benefit from regular tax U.S. net operating loss carryforwards.

In third-quarter 2026, PTFI received confirmation of income tax benefits associated with its smelter development, including benefits attributable to a six-year incentive period from 2025 through 2030. The foreign income tax provision for the first nine months of 2026 includes tax benefits recognized by PTFI associated with the year 2025 and first nine months of 2026.