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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, 2022
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-20220331_g1.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 29, 2022, there were issued and outstanding 1,449,262,382 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
 Page
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
S-1
  

2

Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,
2022
December 31,
2021
 (In millions)
ASSETS  
Current assets:  
Cash and cash equivalents$8,338 $8,068 
Trade accounts receivable1,537 1,168 
Income and other tax receivables444 574 
Inventories: 
Materials and supplies, net1,741 1,669 
Mill and leach stockpiles1,227 1,170 
Product1,486 1,658 
Other current assets529 523 
Total current assets15,302 14,830 
Property, plant, equipment and mine development costs, net30,708 30,345 
Long-term mill and leach stockpiles1,377 1,387 
Other assets1,445 1,460 
Total assets$48,832 $48,022 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,163 $3,495 
Accrued income taxes1,392 1,541 
Current portion of debt1,365 372 
Current portion of environmental and asset retirement obligations316 264 
Dividends payable218 220 
Total current liabilities6,454 5,892 
Long-term debt, less current portion8,256 9,078 
Deferred income taxes4,282 4,234 
Environmental and asset retirement obligations, less current portion4,145 4,116 
Other liabilities1,653 1,683 
Total liabilities24,790 25,003 
Equity:  
Stockholders’ equity:  
Common stock161 160 
Capital in excess of par value25,835 25,875 
Accumulated deficit(5,848)(7,375)
Accumulated other comprehensive loss(387)(388)
Common stock held in treasury(4,895)(4,292)
Total stockholders’ equity14,866 13,980 
Noncontrolling interests9,176 9,039 
Total equity24,042 23,019 
Total liabilities and equity$48,832 $48,022 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
March 31,
 20222021
(In millions, except per share amounts)
Revenues$6,603 $4,850 
Cost of sales: 
Production and delivery3,150 2,787 
Depreciation, depletion and amortization489 419 
Total cost of sales3,639 3,206 
Selling, general and administrative expenses115 100 
Mining exploration and research expenses24 7 
Environmental obligations and shutdown costs
16 5 
Total costs and expenses3,794 3,318 
Operating income2,809 1,532 
Interest expense, net(127)(145)
Other income, net31 11 
Income before income taxes and equity in affiliated companies’ net earnings (losses)2,713 1,398 
Provision for income taxes(824)(443)
Equity in affiliated companies’ net earnings (losses)15 (2)
Net income 1,904 953 
Net income attributable to noncontrolling interests(377)(235)
Net income attributable to common stockholders$1,527 $718 
Net income per share attributable to common stockholders:
Basic
$1.05 $0.49 
Diluted
$1.04 $0.48 
Weighted-average common shares outstanding:
Basic
1,455 1,462 
Diluted
1,469 1,477 
Dividends declared per share of common stock$0.15 $0.075 
 
The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended
March 31,
20222021
(In millions)
Net income $1,904 $953 
Other comprehensive income, net of taxes:
Defined benefit plans:
Actuarial losses arising during the period (1)
Prior service costs arising during the period(1) 
Amortization of unrecognized amounts included in net periodic benefit costs2 4 
Foreign exchange losses (1)
Other comprehensive income 1 2 
Total comprehensive income 1,905 955 
Total comprehensive income attributable to noncontrolling interests(377)(234)
Total comprehensive income attributable to common stockholders$1,528 $721 

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



5

Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
 20222021
 (In millions)
Cash flow from operating activities:  
Net income$1,904 $953 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization489 419 
Stock-based compensation49 41 
Net charges for environmental and asset retirement obligations, including accretion55 39 
Payments for environmental and asset retirement obligations(55)(54)
Net charges for defined pension and postretirement plans10  
Pension plan contributions(25)(21)
Deferred income taxes48 38 
Charges for Cerro Verde royalty dispute
 5 
Payments for Cerro Verde royalty dispute (38)
Other, net27 29 
Changes in working capital and other:
 
Accounts receivable(222)(361)
Inventories47 (225)
Other current assets19 6 
Accounts payable and accrued liabilities(519)(42)
Accrued income taxes and timing of other tax payments(136)286 
Net cash provided by operating activities1,691 1,075 
Cash flow from investing activities:  
Capital expenditures:  
North America copper mines(130)(26)
South America(56)(21)
Indonesia mining(379)(290)
Indonesia smelter projects(130)(20)
Molybdenum mines(1)(1)
Other(27)(12)
Proceeds from sales of assets20 5 
Loans to PT Smelting for expansion(9) 
Other, net(2)(3)
Net cash used in investing activities(714)(368)
Cash flow from financing activities:  
Proceeds from debt604 130 
Repayments of debt(434)(32)
Cash dividends and distributions paid:
Common stock(220) 
Noncontrolling interests(204) 
Treasury stock purchases(541) 
Contributions from noncontrolling interests47 41 
Proceeds from exercised stock options101 106 
Payments for withholding of employee taxes related to stock-based awards(55)(19)
Debt financing costs and other, net(1)(1)
Net cash (used in) provided by financing activities(703)225 
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents274 932 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year8,314 3,903 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$8,588 $4,835 
The accompanying notes are an integral part of these consolidated financial statements.
6

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, 20211,603 $160 $25,875 $(7,375)$(388)146 $(4,292)$13,980 $9,039 $23,019 
Exercised and issued stock-based awards9 1 107 — — — — 108 — 108 
Stock-based compensation, including the tender of shares— — 48 — — 2 (62)(14)(10)(24)
Treasury stock purchases— — — — — 12 (541)(541)— (541)
Dividends— — (218)— — — — (218)(254)(472)
Contributions from noncontrolling interests— — 23 — — — — 23 24 47 
Net income attributable to common stockholders— — — 1,527 — — — 1,527 — 1,527 
Net income attributable to noncontrolling interests
— — — — — — — — 377 377 
Other comprehensive income — — — — 1 — — 1 — 1 
Balance at March 31, 20221,612 $161 $25,835 $(5,848)$(387)160 $(4,895)$14,866 $9,176 $24,042 
 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, 20201,590 $159 $26,037 $(11,681)$(583)132 $(3,758)$10,174 $8,494 $18,668 
Exercised and issued stock-based awards7 1 105 — — — — 106 — 106 
Stock-based compensation, including the tender of shares— — 29 — — 1 (19)10 (3)7 
Dividends— — (111)— — — — (111)(93)(204)
Contributions from noncontrolling interests— — 20 — — — — 20 21 41 
Net income attributable to common stockholders— — — 718 — — — 718 — 718 
Net income attributable to noncontrolling interests— — — — — — — — 235 235 
Other comprehensive income (loss)— — — — 3 — — 3 (1)2 
Balance at March 31, 20211,597 $160 $26,080 $(10,963)$(580)133 $(3,777)$10,920 $8,653 $19,573 

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


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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, 2021 (2021 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, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Subsequent Events. FCX evaluated events after March 31, 2022, 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.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):
Three Months Ended
March 31,
 20222021
Net income$1,904 $953 
Net income attributable to noncontrolling interests(377)(235)
Undistributed earnings allocated to participating securities(5)(4)
Net income attributable to common stockholders$1,522 $714 
Basic weighted-average shares of common stock outstanding
1,455 1,462 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)14 15 
Diluted weighted-average shares of common stock outstanding
1,469 1,477 
Basic net income per share attributable to common stockholders$1.05 $0.49 
Diluted net income per share attributable to common stockholders$1.04 $0.48 

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. Stock options for 2 million shares of common stock in first-quarter 2022 and 10 million shares of common stock in first-quarter 2021, were excluded.

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

The components of inventories follow (in millions):
March 31, 2022December 31, 2021
Current inventories:
Total materials and supplies, neta
$1,741 $1,669 
Mill stockpiles$175 $193 
Leach stockpiles1,052 977 
Total current mill and leach stockpiles$1,227 $1,170 
Raw materials (primarily concentrate)$280 $536 
Work-in-process275 195 
Finished goods931 927 
Total product$1,486 $1,658 
Long-term inventories:
Mill stockpiles$227 $226 
Leach stockpiles1,150 1,161 
Total long-term mill and leach stockpilesb
$1,377 $1,387 
a.Materials and supplies inventory was net of obsolescence reserves totaling $39 million at March 31, 2022, and $36 million at December 31, 2021.
b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

NOTE 4. INCOME TAXES

Geographic sources of FCX’s provision for income taxes follow (in millions):
Three Months Ended
March 31,
 20222021
U.S. operations$(3)

$ 
International operations(821)(443)
Total$(824)$(443)

FCX’s consolidated effective income tax rate was 30 percent for first-quarter 2022 and 32 percent for first-quarter 2021. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate.

NOTE 5. DEBT AND EQUITY

The components of debt follow (in millions):
 March 31,
2022
December 31, 2021
Senior notes and debentures:
Issued by FCX$8,270 $8,268 
Issued by Freeport Minerals Corporation355 355 
PT-FI Term Loan603 432 
Cerro Verde Term Loan325 325 
Other 68 70 
Total debt9,621 9,450 
Less current portion of debt(1,365)a(372)
Long-term debt$8,256 $9,078 
a.Includes $325 million for the Cerro Verde Term Loan due June 2022 and $995 million for the FCX 3.875% Senior Notes due March 2023.

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Revolving Credit Facility. At March 31, 2022, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023. At March 31, 2022, FCX was in compliance with its revolving credit facility covenants.

PT-FI Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery (PMR), and for PT-FI’s general corporate purposes. At March 31, 2022, $614 million ($603 million net of debt issuance costs) was drawn under the term loan, no amounts were drawn under the revolving credit facility and PT-FI was in compliance with its credit facility covenants.

Senior Notes issued by PT-FI. In April 2022, PT-FI completed the sale of $3.0 billion of unsecured senior notes, consisting of $750 million of 4.763% Senior Notes due 2027, $1.5 billion of 5.315% Senior Notes due 2032 and $750 million of 6.200% Senior Notes due 2052. PT-FI intends to use the proceeds, net of underwriting fees, of $2.99 billion to finance its smelter projects, to refinance the PT-FI Term Loan and for general corporate purposes.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $153 million in first-quarter 2022 and $160 million in first-quarter 2021. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $26 million in first-quarter 2022 and $15 million in first-quarter 2021. The increase in capitalized interest costs for the 2022 period resulted from increased construction and development projects in process.

Share Repurchase Program. In first-quarter 2022, FCX acquired 12.3 million shares of its common stock under the share repurchase program for a total cost of $541 million ($44.02 average cost per share). Through May 5, 2022, FCX acquired 28.7 million shares of its common stock for a total cost of $1.2 billion ($41.64 average cost per share) and $1.8 billion remains available for repurchases under the program.

Dividends. On March 23, 2022, FCX declared quarterly cash dividends totaling $0.15 per share ($0.075 per share base dividend and $0.075 per share variable dividend) on its common stock, which were paid on May 2, 2022, to common stockholders of record as of April 14, 2022.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases is at
the discretion of FCX’s Board of Directors (Board) and management, respectively, and is subject to a number of factors, including maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, business prospects, 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.

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.

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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 the three-month periods ended March 31, 2022 and 2021. At March 31, 2022, FCX held copper futures and swap contracts that qualified for hedge accounting for 84 million pounds at an average contract price of $4.47 per pound, with maturities through February 2024.

A summary of 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 (in millions):
 Three Months Ended
March 31,
 20222021
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$12 $3 
Hedged item – firm sales commitments(12)(3)
Realized gains:
Matured derivative financial instruments14 24 

Derivatives Not Designated as Hedging Instruments
Embedded Derivatives. Certain FCX concentrate, copper cathode and gold 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 prices 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 or cathode at the then-current LME or COMEX copper price, and the London gold price. 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 or cathode 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 prices, 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.

A summary of FCX’s embedded derivatives at March 31, 2022, follows:
Open PositionsAverage Price
Per Unit
Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)753 $4.49 $4.71 August 2022
Gold (thousands of ounces)206 1,925 1,936 June 2022
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)65 4.43 4.71 July 2022

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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, 2022, Atlantic Copper held net copper forward purchase contracts for 4 million pounds at an average contract price of $4.60 per pound, with maturities through May 2022.

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):
 Three Months Ended
March 31,
 20222021
Embedded derivatives in provisional sales contracts:a
Copper$218 $207 
Gold and other metals22 (28)
Copper forward contractsb
4 (8)
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 (in millions):
March 31,
2022
December 31, 2021
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$24 $12 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts169 64 
Copper forward contracts2 1 
Total derivative assets$195 $77 
Commodity Derivative Liabilities:
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts$20 $27 
Copper forward contracts2 1 
Total derivative liabilities$22 $28 

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.

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A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):
AssetsLiabilities
March 31,
2022
December 31, 2021March 31,
2022
December 31, 2021
Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts$169 $64 $20 $27 
Copper derivatives26 13 2 1 
195 77 22 28 
Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts2 3 2 3 
Copper derivatives2