10-Q 1 fcx-20240331.htm 10-Q fcx-20240331
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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-11307-01
fcx_logoa01a01a03a46.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(Address of principal executive offices)(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 
On April 30, 2024, there were issued and outstanding 1,436,489,977 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
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Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,
2024
December 31,
2023
 (In Millions)
ASSETS  
Current assets:  
Cash and cash equivalents$5,208 $4,758 
Restricted cash and cash equivalents1,034 1,208 
Trade accounts receivable1,494 1,209 
Income and other tax receivables744 455 
Inventories: 
Product2,356 2,472 
Materials and supplies, net2,202 2,169 
Mill and leach stockpiles1,419 1,419 
Other current assets385 375 
Total current assets14,842 14,065 
Property, plant, equipment and mine development costs, net36,197 35,295 
Long-term mill and leach stockpiles1,313 1,336 
Other assets1,846 1,810 
Total assets$54,198 $52,506 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,672 $3,729 
Accrued income taxes1,322 786 
Current portion of debt769 766 
Current portion of environmental and asset retirement obligations325 316 
Dividends payable217 218 
Total current liabilities6,305 5,815 
Long-term debt, less current portion8,656 8,656 
Environmental and asset retirement obligations, less current portion5,059 4,624 
Deferred income taxes4,500 4,453 
Other liabilities1,573 1,648 
Total liabilities26,093 25,196 
Equity:  
Stockholders’ equity:  
Common stock162 162 
Capital in excess of par value24,488 24,637 
Accumulated deficit(1,586)(2,059)
Accumulated other comprehensive loss(274)(274)
Common stock held in treasury(5,817)(5,773)
Total stockholders’ equity16,973 16,693 
Noncontrolling interests11,132 10,617 
Total equity28,105 27,310 
Total liabilities and equity$54,198 $52,506 

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
March 31,
 20242023
(In Millions, Except Per Share Amounts)
Revenues$6,321 $5,389 
Cost of sales: 
Production and delivery3,844 3,165 
Depreciation, depletion and amortization 595 399 
Total cost of sales4,439 3,564 
Selling, general and administrative expenses144 126 
Exploration and research expenses37 31 
Environmental obligations and shutdown costs
67 67 
Total costs and expenses4,687 3,788 
Operating income1,634 1,601 
Interest expense, net(89)(151)
Other income, net129 88 
Income before income taxes and equity in affiliated companies’ net earnings 1,674 1,538 
Provision for income taxes(512)(499)
Equity in affiliated companies’ net earnings  10 
Net income 1,162 1,049 
Net income attributable to noncontrolling interests(689)(386)
Net income attributable to common stockholders$473 $663 
Net income per share attributable to common stockholders:
Basic
$0.33 $0.46 
Diluted
$0.32 $0.46 
Weighted-average shares of common stock outstanding:
Basic
1,436 1,433 
Diluted
1,444 1,443 
Dividends declared per share of common stock$0.15 $0.15 
 
The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended
March 31,
20242023
(In Millions)
Net income $1,162 $1,049 
Other comprehensive income, net of taxes:
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs1 1 
Foreign exchange (losses) gains(1)1 
Other comprehensive income  2 
Total comprehensive income 1,162 1,051 
Total comprehensive income attributable to noncontrolling interests(689)(387)
Total comprehensive income attributable to common stockholders$473 $664 

The accompanying notes are an integral part of these consolidated financial statements.



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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
 20242023
 (In Millions)
Cash flow from operating activities:  
Net income$1,162 $1,049 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization595 399 
Stock-based compensation53 53 
Net charges for environmental and asset retirement obligations, including accretion224 117 
Payments for environmental and asset retirement obligations(42)(60)
Net charges for defined pension and postretirement plans8 16 
Pension plan contributions(18)(2)
Deferred income taxes46 35 
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting (112)
Charges for social investment programs at PT Freeport Indonesia28 14 
Payments for social investment programs at PT Freeport Indonesia(24)(15)
Other, net(39)8 
Changes in working capital and other:
 
Accounts receivable(582)157 
Inventories66 (457)
Other current assets (20)
Accounts payable and accrued liabilities(160)(288)
Accrued income taxes and timing of other tax payments579 156 
Net cash provided by operating activities1,896 1,050 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(237)(196)
South America operations(82)(100)
Indonesia mining(381)(427)
Indonesia smelter projects(461)(345)
Molybdenum mines(27)(9)
Other(66)(44)
Loans to PT Smelting for expansion(28)(24)
Proceeds from sales of assets and other, net5 (19)
Net cash used in investing activities(1,277)(1,164)
Cash flow from financing activities:  
Proceeds from debt613 284 
Repayments of debt(612)(1,273)
Cash dividends and distributions paid:
Common stock(218)(217)
Noncontrolling interests(102) 
Contributions from noncontrolling interests 50 
Proceeds from exercised stock options4 31 
Payments for withholding of employee taxes related to stock-based awards(27)(47)
Net cash used in financing activities(342)(1,172)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents277 (1,286)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year6,063 8,390 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$6,340 $7,104 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED MARCH 31
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at December 31, 20231,619 $162 $24,637 $(2,059)$(274)184 $(5,773)$16,693 $10,617 $27,310 
Exercised and issued stock-based awards3 — 22 — — 1 — 22 — 22 
Stock-based compensation, including the tender of shares— — 46 — — 1 (44)2 (1)1 
Dividends— — (217)— — — — (217)(173)(390)
Net income attributable to common stockholders— — — 473 — — — 473 — 473 
Net income attributable to noncontrolling interests
— — — — — — — — 689 689 
Balance at March 31, 20241,622 $162 $24,488 $(1,586)$(274)186 $(5,817)$16,973 $11,132 $28,105 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss
Common Stock
Held in Treasury
Total
Stock-holders’ Equity
Number
of
Shares
At Par
Value
Capital in
Excess of
Par Value
Number
of
Shares
At
Cost
Non-
controlling
Interests
Total
Equity
 (In Millions)
Balance at December 31, 20221,613 $161 $25,322 $(3,907)$(320)183 $(5,701)$15,555 $9,316 $24,871 
Exercised and issued stock-based awards5 1 52 — — — — 53 — 53 
Stock-based compensation, including the tender of shares— — 46 — — 1 (68)(22)(1)(23)
Dividends— — (217)— — — — (217)(137)(354)
Contributions from noncontrolling interests— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 663 — — — 663 — 663 
Net income attributable to noncontrolling interests— — — — — — — — 386 386 
Other comprehensive income— — — — 1 — — 1 1 2 
Balance at March 31, 20231,618 $162 $25,227 $(3,244)$(319)184 $(5,769)$16,057 $9,591 $25,648 
The accompanying notes are an integral part of these consolidated financial statements.



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Table of Contents                 
Freeport-McMoRan Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. GENERAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts.

Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT Freeport Indonesia’s (PT-FI) net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement.

As further discussed in Note 4, during first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX.

As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), 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.

Subsequent Events. FCX evaluated events after March 31, 2024, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

NOTE 2. 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 accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. 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.


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Table of Contents                 
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months Ended
March 31,
 20242023
Net income$1,162 $1,049 
Net income attributable to noncontrolling interests(689)(386)
Undistributed dividends and earnings allocated to participating securities(5)(5)
Net income attributable to common stockholders$468 $658 
Basic weighted-average shares of common stock outstanding
1,436 1,433 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)8 10 
Diluted weighted-average shares of common stock outstanding
1,444 1,443 
Net income per share attributable to common stockholders:
Basic$0.33 $0.46 
Diluted$0.32 $0.46 

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in first-quarter 2024 or 2023.

NOTE 3. INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow:
March 31,
2024
December 31, 2023
Current inventories:
Raw materials (primarily copper concentrate)$413 $469 
Work-in-process252 221 
Finished goods1,691 1,782 
Total product$2,356 $2,472 
Total materials and supplies, neta
$2,202 $2,169 
Mill stockpiles$181 $179 
Leach stockpiles1,238 1,240 
Total current mill and leach stockpiles$1,419 $1,419 
Long-term inventories:
Mill stockpiles$222 $251 
Leach stockpiles1,091 1,085 
Total long-term mill and leach stockpilesb
$1,313 $1,336 
a.Materials and supplies inventory was net of obsolescence reserves totaling $48 million at March 31, 2024, and $41 million at December 31, 2023.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

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Table of Contents                 
NOTE 4. INCOME TAXES

Geographic sources of FCX’s (provision) benefit for income taxes follow:
Three Months Ended
March 31,
 20242023
U.S.$(1)

$4 
International(511)(503)
Total$(512)$(499)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 31% for first-quarter 2024, including a net benefit of $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion), and was 32% for first-quarter 2023. At current copper prices, FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

Indonesia Tax Matters. During first-quarter 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

Resolution of the framework for disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion.

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 impact FCX’s financial results for first-quarter 2024 or for the year 2023.

Although the U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and 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. net operating losses.

Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.


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NOTE 5. DEBT AND EQUITY

The components of debt follow:
 March 31,
2024
December 31, 2023
Senior notes and debentures:
Issued by FCX$6,007 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,425 9,422 
Less current portion of debt(769)(766)
Long-term debt$8,656 $8,656 

Revolving Credit Facilities.
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 letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At March 31, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027.

At March 31, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $175 million in first-quarter 2024 and $207 million in first-quarter 2023, which included $25 million associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court in first-quarter 2023.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $86 million in first-quarter 2024 and $56 million in first-quarter 2023. The increase in capitalized interest costs in first-quarter 2024 compared to first-quarter 2023, primarily resulted from increased construction and development costs for projects in process, primarily at the Manyar smelter and precious metals refinery in Indonesia (collectively, the Indonesia smelter projects).

Share Repurchase Program and Dividends. FCX currently has $3.2 billion available for repurchases under its share repurchase program.

On March 27, 2024, 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, 2024, to common stockholders of record as of April 15, 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.

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Table of Contents                 
NOTE 6. 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 Commodity Exchange Inc. (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 first-quarter 2024 or 2023. At March 31, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 91 million pounds at an average contract price of $3.90 per pound, with maturities through December 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 follows:
 Three Months Ended
March 31,
 20242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$9 $14 
Hedged item – firm sales commitments(9)(14)
Realized gains:
Matured derivative financial instruments1 8 

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (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.
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Table of Contents                 
A summary of FCX’s embedded derivatives at March 31, 2024, follows:
Open PositionsAverage Price
Per Unit
Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)463 $3.83 $4.01 August 2024
Gold (thousands of ounces)286 2,091 2,226 July 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)92 3.83 4.00 July 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 March 31, 2024, Atlantic Copper held net copper forward sales contracts for 49 million pounds at an average contract price of $3.94 per pound, with maturities through May 2024.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20242023
Embedded derivatives in provisional sales contracts:a
Copper$66 $231 
Gold and other metals44 42 
Copper forward contractsb
(9)(2)
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:
March 31,
2024
December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$13 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts122 76 
Copper forward contracts1  
Total derivative assets$136 $80 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts16 23 
Copper forward contracts3 1 
Total derivative liabilities$19 $24 

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Table of Contents                 
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 March 31, 2024, and December 31, 2023):
AssetsLiabilities
March 31,
2024
December 31, 2023March 31,
2024
December 31, 2023
Amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts$122 $76 $16 $23 
Copper derivatives14 4 3 1 
$136 $80 $19 $24 
Balance sheet classification:
Trade accounts receivable$122 $76 $2 $2 
Other current assets14 4   
Accounts payable and accrued liabilities  17 22 
$136 $80 $19 $24 

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 March 31, 2024, the maximum amount of credit exposure associated with derivative transactions was $136 million.

Other Financial Instruments. Other financial instruments include cash and 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 7 for the fair values of investment securities, legally restricted funds and debt). In addition, as of March 31, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2024
December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,208 $4,758 
Restricted cash and cash equivalents, currentb
1,034 1,208 
Restricted cash and cash equivalents, long-term - included in other assets98 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,340 $6,063 
a.Includes time deposits of $0.1 billion at March 31, 2024, and $0.3 billion at December 31, 2023, and cash designated for smelter development projects totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government and (ii) $147 million at March 31, 2024, and $145 million at December 31, 2023, in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.
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NOTE 7. 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 during first-quarter 2024.

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 Gulf of Mexico (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 net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 6), follows:

At March 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$26 $26 $26 $ $ $ 
Equity securities7 7  7   
Total33 33 26 7   
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65    
Government mortgage-backed securities48 48   48  
Government bonds and notes32 32   32  
Corporate bonds32 32   32  
Money market funds20 20  20   
Asset-backed securities13 13   13  
Collateralized mortgage-backed securities1 1   1  
Total211 211 65 20 126  
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position122 122   122  
Copper futures and swap contracts13 13  8 5  
Copper forward contracts1 1   1  
       Total136 136  8 128  
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 40    40 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position16 16   16  
Copper forward contracts3 3  2 1  
Total19 19  2 17  
Long-term debt, including current portiond
9,425 9,301   9,301  

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At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $ $ $ 
Equity securities6 6  6   
Total33 33 27 6   
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65    
Government mortgage-backed securities51 51   51  
Government bonds and notes37 37   37  
Corporate bonds29 29   29  
Money market funds17 17  17   
Asset-backed securities12 12   12  
Collateralized mortgage-backed securities1 1   1  
Total212 212 65 17 130  
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76   76  
Copper futures and swap contracts4 4  3 1  
Total80 80  3 77  
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
50 42    42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23   23  
Copper forward contracts1 1  1   
Total24 24  1 23  
Long-term debt, including current portiond
9,422 9,364   9,364  
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at March 31, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for additional smelter development in Indonesia ($147 million at March 31, 2024, and $145 million at December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($97 million at both March 31, 2024, and December 31, 2023).
c.Refer to Note 6 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 securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) 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.
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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 price at each reporting date based on the month of maturity (refer to Note 6 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 6 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 (to be received over time) that was recorded at the total amount under the loss recovery approach. 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 p