Company Quick10K Filing
Freeport-McMoran
Price9.65 EPS0
Shares1,452 P/E96
MCap14,012 P/FCF11
Net Debt7,407 EBIT327
TEV21,419 TEV/EBIT66
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-27 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-23 Earnings, Regulation FD, Exhibits
8-K 2020-07-13 Other Events, Exhibits
8-K 2020-07-13 Enter Agreement, Other Events, Exhibits
8-K 2020-07-06 Earnings, Regulation FD, Exhibits
8-K 2020-06-03
8-K 2020-04-22
8-K 2020-04-13
8-K 2020-03-26
8-K 2020-03-23
8-K 2020-03-17
8-K 2020-03-09
8-K 2020-03-04
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-01-23
8-K 2019-12-02
8-K 2019-11-25
8-K 2019-10-23
8-K 2019-10-18
8-K 2019-08-15
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-07-24
8-K 2019-07-01
8-K 2019-06-12
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-04-25
8-K 2019-03-12
8-K 2019-02-25
8-K 2019-02-05
8-K 2019-01-24
8-K 2018-12-21
8-K 2018-10-24
8-K 2018-09-27
8-K 2018-07-25
8-K 2018-07-17
8-K 2018-07-12
8-K 2018-06-05
8-K 2018-04-24
8-K 2018-04-20
8-K 2018-03-05
8-K 2018-03-05
8-K 2018-02-06
8-K 2018-01-25

FCX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1. General Information
Note 2. Earnings per Share
Note 3. Inventories, Including Long - Term Mill and Leach Stockpiles
Note 4. Income Taxes
Note 5. Debt and Equity
Note 6. Financial Instruments
Note 7. Fair Value Measurement
Note 8. Contingencies and Commitments
Note 9. Business Segments
Note 10. New Accounting Standard
Note 11. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-4.26 a2q2020exhibit426.htm
EX-15.1 a2q2020exhibit151.htm
EX-31.1 a2q2020exhibit311.htm
EX-31.2 a2q2020exhibit312.htm
EX-32.1 a2q2020exhibit321.htm
EX-32.2 a2q2020exhibit322.htm
EX-95.1 a2q2020exhibit951.htm

Freeport-McMoran Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
705642281402012201420172020
Assets, Equity
10.07.24.41.5-1.3-4.12012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

Document
false--12-31Q220200000831259Large accelerated filer7000000150000005.253.752.002.755000000054000000 0000831259 2020-01-01 2020-06-30 0000831259 2020-07-31 0000831259 2020-06-30 0000831259 2019-12-31 0000831259 2019-04-01 2019-06-30 0000831259 2020-04-01 2020-06-30 0000831259 2019-01-01 2019-06-30 0000831259 fcx:MolybdenumMember 2020-01-01 2020-06-30 0000831259 fcx:CerroVerdeRoyaltyDisputeMember 2019-01-01 2019-06-30 0000831259 fcx:CerroVerdeRoyaltyDisputeMember 2020-01-01 2020-06-30 0000831259 us-gaap:AllOtherSegmentsMember 2019-01-01 2019-06-30 0000831259 fcx:SurfaceWaterTaxesPapuaIndonesiaMember 2019-01-01 2019-06-30 0000831259 fcx:SouthAmericaMinesSegmentMember 2019-01-01 2019-06-30 0000831259 fcx:NorthAmericaCopperMinesSegmentMember 2020-01-01 2020-06-30 0000831259 fcx:NorthAmericaCopperMinesSegmentMember 2019-01-01 2019-06-30 0000831259 fcx:MolybdenumMember 2019-01-01 2019-06-30 0000831259 us-gaap:AllOtherSegmentsMember 2020-01-01 2020-06-30 0000831259 fcx:SurfaceWaterTaxesPapuaIndonesiaMember 2020-01-01 2020-06-30 0000831259 fcx:GrasbergSegmentMember 2019-01-01 2019-06-30 0000831259 fcx:GrasbergSegmentMember 2020-01-01 2020-06-30 0000831259 2019-06-30 0000831259 fcx:SouthAmericaMinesSegmentMember 2020-01-01 2020-06-30 0000831259 2018-12-31 0000831259 us-gaap:TreasuryStockMember 2020-03-31 0000831259 us-gaap:TreasuryStockMember 2020-06-30 0000831259 us-gaap:RetainedEarningsMember 2020-06-30 0000831259 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000831259 us-gaap:CommonStockMember 2020-06-30 0000831259 us-gaap:ParentMember 2020-04-01 2020-06-30 0000831259 2020-03-31 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000831259 us-gaap:RetainedEarningsMember 2020-03-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000831259 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0000831259 us-gaap:CommonStockMember 2020-03-31 0000831259 us-gaap:NoncontrollingInterestMember 2020-06-30 0000831259 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2020-03-31 0000831259 us-gaap:ParentMember 2020-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000831259 us-gaap:ParentMember 2020-03-31 0000831259 us-gaap:NoncontrollingInterestMember 2019-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2019-03-31 0000831259 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000831259 us-gaap:CommonStockMember 2019-03-31 0000831259 us-gaap:ParentMember 2019-04-01 2019-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000831259 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000831259 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000831259 us-gaap:ParentMember 2019-03-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000831259 us-gaap:TreasuryStockMember 2019-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000831259 us-gaap:RetainedEarningsMember 2019-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000831259 us-gaap:TreasuryStockMember 2019-03-31 0000831259 us-gaap:CommonStockMember 2019-06-30 0000831259 us-gaap:ParentMember 2019-06-30 0000831259 2019-03-31 0000831259 us-gaap:RetainedEarningsMember 2019-03-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000831259 us-gaap:ParentMember 2020-01-01 2020-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0000831259 us-gaap:TreasuryStockMember 2019-12-31 0000831259 us-gaap:RetainedEarningsMember 2019-12-31 0000831259 us-gaap:TreasuryStockMember 2020-01-01 2020-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-06-30 0000831259 us-gaap:ParentMember 2019-12-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000831259 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2019-12-31 0000831259 us-gaap:CommonStockMember 2019-12-31 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000831259 us-gaap:TreasuryStockMember 2018-12-31 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000831259 us-gaap:CommonStockMember 2018-12-31 0000831259 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0000831259 us-gaap:ParentMember 2019-01-01 2019-06-30 0000831259 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0000831259 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000831259 us-gaap:NoncontrollingInterestMember 2018-12-31 0000831259 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000831259 us-gaap:ParentMember 2018-12-31 0000831259 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000831259 us-gaap:RetainedEarningsMember 2018-12-31 0000831259 fcx:MolybdenumMember 2020-04-01 2020-06-30 0000831259 fcx:MolybdenumMember 2020-01-01 2020-06-30 0000831259 fcx:CopperMember 2020-04-01 2020-06-30 0000831259 fcx:MetalsMember 2020-04-01 2020-06-30 0000831259 fcx:MetalsMember 2020-01-01 2020-06-30 0000831259 fcx:CopperMember 2020-01-01 2020-06-30 0000831259 us-gaap:SubsequentEventMember 2020-07-01 2020-07-31 0000831259 us-gaap:SubsequentEventMember 2020-07-01 2021-06-30 0000831259 fcx:A355SeniorNotesDue2022Member us-gaap:SubsequentEventMember 2020-07-27 0000831259 2020-03-04 2020-03-04 0000831259 us-gaap:PropertyPlantAndEquipmentMember 2020-04-01 2020-06-30 0000831259 srt:ScenarioForecastMember 2021-07-01 2021-12-31 0000831259 us-gaap:PropertyPlantAndEquipmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:SubsequentEventMember 2020-07-27 0000831259 fcx:SeniorNotesdue20244point55percentMember us-gaap:SubsequentEventMember 2020-07-27 0000831259 srt:ScenarioForecastMember 2022-01-01 2022-12-31 0000831259 us-gaap:LetterOfCreditMember us-gaap:LineOfCreditMember 2020-06-30 0000831259 fcx:SeniorNotesDue20233.875Member us-gaap:SubsequentEventMember 2020-07-27 0000831259 fcx:A355SeniorNotesDue2022Member 2020-03-04 0000831259 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2020-06-30 0000831259 us-gaap:PropertyPlantAndEquipmentMember 2020-01-01 2020-06-30 0000831259 fcx:NotesDue20284.375Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-27 0000831259 fcx:SeniorNotesDue2021Member 2020-04-03 0000831259 us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2020-06-30 0000831259 us-gaap:SubsequentEventMember 2020-07-27 2020-07-27 0000831259 fcx:SeniorNotesDue2021Member 2020-03-04 0000831259 srt:ScenarioForecastMember 2020-07-01 2020-09-30 0000831259 fcx:SeniorNotesdue20304.25MemberDomain 2020-03-04 0000831259 us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2020-01-01 2020-06-30 0000831259 fcx:SeniorNotesdue20284.125MemberDomain 2020-03-04 0000831259 fcx:NotesDue20304.625Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-27 0000831259 us-gaap:RevolvingCreditFacilityMember fcx:Maturing2024Member us-gaap:LineOfCreditMember 2020-06-30 0000831259 us-gaap:PropertyPlantAndEquipmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:RevolvingCreditFacilityMember fcx:Maturing2023Member us-gaap:LineOfCreditMember 2020-06-30 0000831259 fcx:OtherDebtMember 2019-12-31 0000831259 fcx:FreeportMcmoranCorporationMember us-gaap:SubordinatedDebtMember 2019-12-31 0000831259 fcx:CerroVerdeMember us-gaap:LineOfCreditMember 2020-06-30 0000831259 fcx:FcxMember us-gaap:SeniorNotesMember 2020-06-30 0000831259 fcx:FcxMember us-gaap:SeniorNotesMember 2019-12-31 0000831259 fcx:OtherDebtMember 2020-06-30 0000831259 fcx:CerroVerdeMember us-gaap:LineOfCreditMember 2019-12-31 0000831259 fcx:FreeportMcmoranCorporationMember us-gaap:SubordinatedDebtMember 2020-06-30 0000831259 srt:ScenarioForecastMember us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2021-10-01 2021-12-31 0000831259 srt:ScenarioForecastMember us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2021-01-01 2021-12-31 0000831259 srt:ScenarioForecastMember us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2022-01-01 2022-12-31 0000831259 srt:ScenarioForecastMember us-gaap:RevolvingCreditFacilityMember fcx:CreditAgreementMember 2021-07-01 2021-09-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:LongMember fcx:CopperMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:ShortMember us-gaap:GoldMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:LongMember fcx:CopperMember 2020-01-01 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:ShortMember fcx:CopperMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:ShortMember fcx:CopperMember 2020-01-01 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember us-gaap:ShortMember us-gaap:GoldMember 2020-01-01 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:GoldandotherMember 2019-04-01 2019-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2020-04-01 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2020-01-01 2020-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:GoldandotherMember 2019-01-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:GoldandotherMember 2020-04-01 2020-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:CopperMember 2020-04-01 2020-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:CopperMember 2019-01-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:CopperMember 2020-01-01 2020-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:CopperMember 2019-04-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember fcx:GoldandotherMember 2020-01-01 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2019-12-31 0000831259 fcx:FmcsCopperFuturesAndSwapContractsMember us-gaap:FutureMember us-gaap:NondesignatedMember 2019-12-31 0000831259 fcx:FmcsCopperFuturesAndSwapContractsMember us-gaap:FutureMember us-gaap:NondesignatedMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000831259 us-gaap:ForwardContractsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0000831259 us-gaap:CommodityContractMember 2019-04-01 2019-06-30 0000831259 us-gaap:CommodityContractMember 2020-01-01 2020-06-30 0000831259 us-gaap:CommodityContractMember 2019-01-01 2019-06-30 0000831259 us-gaap:CommodityContractMember 2020-04-01 2020-06-30 0000831259 fcx:NetAccountsReceivableMember 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2019-12-31 0000831259 us-gaap:CommodityContractMember 2019-12-31 0000831259 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2020-06-30 0000831259 us-gaap:OtherCurrentAssetsMember 2020-06-30 0000831259 fcx:NetAccountsReceivableMember 2020-06-30 0000831259 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2019-12-31 0000831259 us-gaap:CommodityContractMember 2020-06-30 0000831259 us-gaap:OtherCurrentAssetsMember 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-04-01 2020-04-30 0000831259 us-gaap:BankTimeDepositsMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2020-01-01 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2020-06-30 0000831259 us-gaap:BankTimeDepositsMember 2019-12-31 0000831259 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-04-30 0000831259 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-04-01 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-04-01 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 fcx:AfricaandonshoreCaliforniaMember us-gaap:CommodityContractMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:FutureMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:FutureMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:FutureMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:FutureMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0000831259 us-gaap:EquitySecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:USGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:MunicipalBondsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:EquitySecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:AssetBackedSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:FutureMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0000831259 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0000831259 us-gaap:ForwardContractsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 us-gaap:MortgageBackedSecuritiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:OnshoreCaliforniaMember 2020-01-01 2020-06-30 0000831259 us-gaap:BankTimeDepositsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0000831259 fcx:FreeportMcMoRanOilGasMember srt:CrudeOilMember fcx:OnshoreCaliforniaMember 2018-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:DeepwaterGulfofMexicoInterestsMember 2020-06-30 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:OnshoreCaliforniaMember 2019-01-01 2019-03-31 0000831259 us-gaap:BankTimeDepositsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:DeepwaterGulfofMexicoInterestsMember 2016-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:DeepwaterGulfofMexicoInterestsMember 2019-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:OnshoreCaliforniaMember 2016-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:OnshoreCaliforniaMember 2020-06-30 0000831259 fcx:FreeportMcMoRanOilGasMember fcx:OnshoreCaliforniaMember 2019-12-31 0000831259 fcx:FreeportMcMoRanOilGasMember srt:CrudeOilMember fcx:OnshoreCaliforniaMember 2016-12-31 0000831259 fcx:GulfofMexicoContingentConsiderationMember 2020-01-01 2020-06-30 0000831259 fcx:GulfofMexicoContingentConsiderationMember 2019-12-31 0000831259 fcx:GulfofMexicoContingentConsiderationMember 2020-06-30 0000831259 fcx:FreeportMcMoRanOilGasMember srt:ScenarioForecastMember fcx:OnshoreCaliforniaMember 2020-01-01 2020-12-31 0000831259 fcx:CyprusMinesMember fcx:AsbestosContaminationinTalcBasedPersonalCareProductsMember us-gaap:PendingLitigationMember us-gaap:DamagesFromProductDefectsMember 2019-03-13 0000831259 fcx:PTSmeltingMember fcx:PtFreeportIndonesiaMember 2020-06-30 0000831259 fcx:FCXAffiliatesMember fcx:LouisianaParishesCoastalErosionCasesMember us-gaap:SettledLitigationMember 2019-09-30 0000831259 fcx:FCXAffiliatesMember fcx:LouisianaParishesCoastalErosionCasesMember us-gaap:SettledLitigationMember 2019-10-01 2019-10-31 0000831259 fcx:JohnsonJohnsonandCyprusMinesMember fcx:AsbestosContaminationinTalcBasedPersonalCareProductsMember us-gaap:PendingLitigationMember us-gaap:DamagesFromProductDefectsMember 2019-03-13 0000831259 fcx:OtherProductsOrServicesMember 2020-01-01 2020-06-30 0000831259 fcx:PurchasedCopperMember 2019-01-01 2019-06-30 0000831259 fcx:OtherProductsOrServicesMember 2019-01-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember 2020-01-01 2020-06-30 0000831259 fcx:PurchasedCopperMember 2020-01-01 2020-06-30 0000831259 fcx:RefinedCopperProductsMember 2019-04-01 2019-06-30 0000831259 fcx:CopperInConcentratesMember 2019-04-01 2019-06-30 0000831259 fcx:MolybdenumMember 2019-04-01 2019-06-30 0000831259 fcx:PurchasedCopperMember 2019-04-01 2019-06-30 0000831259 fcx:RefinedCopperProductsMember 2020-01-01 2020-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember 2019-01-01 2019-06-30 0000831259 fcx:OtherProductsOrServicesMember 2019-04-01 2019-06-30 0000831259 fcx:MolybdenumMember 2020-01-01 2020-06-30 0000831259 fcx:MolybdenumMember 2020-04-01 2020-06-30 0000831259 fcx:MolybdenumMember 2019-01-01 2019-06-30 0000831259 fcx:CopperCathodeMember 2020-04-01 2020-06-30 0000831259 fcx:CopperInConcentratesMember 2020-01-01 2020-06-30 0000831259 fcx:CopperCathodeMember 2019-01-01 2019-06-30 0000831259 fcx:RefinedCopperProductsMember 2020-04-01 2020-06-30 0000831259 fcx:CopperInConcentratesMember 2020-04-01 2020-06-30 0000831259 fcx:PurchasedCopperMember 2020-04-01 2020-06-30 0000831259 fcx:CopperInConcentratesMember 2019-01-01 2019-06-30 0000831259 us-gaap:GoldMember 2019-04-01 2019-06-30 0000831259 fcx:RefinedCopperProductsMember 2019-01-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember 2019-04-01 2019-06-30 0000831259 us-gaap:NondesignatedMember us-gaap:SalesMember 2020-04-01 2020-06-30 0000831259 fcx:OtherProductsOrServicesMember 2020-04-01 2020-06-30 0000831259 fcx:CopperCathodeMember 2020-01-01 2020-06-30 0000831259 fcx:CopperCathodeMember 2019-04-01 2019-06-30 0000831259 us-gaap:GoldMember 2019-01-01 2019-06-30 0000831259 us-gaap:GoldMember 2020-01-01 2020-06-30 0000831259 us-gaap:GoldMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2020-01-01 2020-06-30 0000831259 fcx:CorporateAndEliminationsMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:CerroVerdeMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:BagdadMember fcx:BagdadMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:CerroVerdeMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:BagdadMember 2020-01-01 2020-06-30 0000831259 fcx:CorporateAndEliminationsMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherMinesNorthAmericaCopperMinesSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:MorenciMember 2020-01-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:CorporateAndEliminationsMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember country:ID fcx:GrasbergSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:RodAndRefiningSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:MorenciMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember country:ID fcx:GrasbergSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:CorporateAndEliminationsMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:MolybdenumMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:MolybdenumMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:RodAndRefiningSegmentMember 2020-01-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:BagdadMember 2019-01-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:BagdadMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:MorenciMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2019-04-01 2019-06-30 0000831259 fcx:CorporateAndEliminationsMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember country:ID fcx:GrasbergSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2020-04-01 2020-06-30 0000831259 fcx:CorporateAndEliminationsMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:BagdadMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:CerroVerdeMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:OtherMinesNorthAmericaCopperMinesSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:BagdadMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:RodAndRefiningSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:CerroVerdeMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember fcx:CerroVerdeMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:MolybdenumMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:SouthAmericaMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:CorporateAndEliminationsMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember country:ID fcx:GrasbergSegmentMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:SouthAmericaMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember country:ID fcx:GrasbergSegmentMember 2020-06-30 0000831259 fcx:CorporateAndEliminationsMember 2020-06-30 0000831259 fcx:CorporateAndEliminationsMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:MorenciMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember srt:NorthAmericaMember fcx:OtherIndividuallyImmaterialOperatingSegmentsMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember fcx:MorenciMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:RodAndRefiningSegmentMember 2019-04-01 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2019-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:MolybdenumMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:CorporateAndEliminationsMember 2019-04-01 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:RodAndRefiningSegmentMember 2020-04-01 2020-06-30 0000831259 us-gaap:OperatingSegmentsMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2019-06-30 0000831259 us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:AtlanticCopperSmeltingAndRefiningSegmentMember 2020-04-01 2020-06-30 0000831259 us-gaap:IntersegmentEliminationMember fcx:MolybdenumMember 2020-04-01 2020-06-30 0000831259 fcx:PTSmeltingMember srt:AffiliatedEntityMember 2019-04-01 2019-06-30 0000831259 fcx:PTSmeltingMember srt:AffiliatedEntityMember 2019-01-01 2019-12-31 0000831259 fcx:PTSmeltingMember srt:AffiliatedEntityMember 2020-04-01 2020-06-30 0000831259 fcx:PTSmeltingMember srt:AffiliatedEntityMember 2020-01-01 2020-06-30 iso4217:USD xbrli:shares iso4217:USD utreg:lb xbrli:pure iso4217:USD fcx:lb utreg:lb iso4217:USD xbrli:shares iso4217:USD fcx:oz utreg:oz fcx:case iso4217:USD utreg:bbl fcx:segment

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 June 30, 2020
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)
Delaware
 
74-2480931
(State or other jurisdiction of
 
(I.R.S. Employer Identification No.)
incorporation or organization)
 
 
333 North Central Avenue

 
 

Phoenix
 
AZ
 
 
 
85004-2189
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.10 per share
FCX
The 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 July 31, 2020, there were issued and outstanding 1,452,218,624 shares of the registrant’s common stock, par value $0.10 per share.



Freeport-McMoRan Inc.

TABLE OF CONTENTS

 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents             

Part I.
FINANCIAL INFORMATION

Item 1.
Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)

 
June 30,
2020
 
December 31,
2019
 
(In millions)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,465

 
$
2,020

Trade accounts receivable
717

 
741

Income and other tax receivables
646

 
426

Inventories:
 
 
 
Materials and supplies, net
1,604

 
1,649

Mill and leach stockpiles
1,030

 
1,143

Product
1,176

 
1,281

Other current assets
517

 
655

Total current assets
7,155

 
7,915

Property, plant, equipment and mine development costs, net
29,936

 
29,584

Long-term mill and leach stockpiles
1,446

 
1,425

Other assets
1,693

 
1,885

Total assets
$
40,230

 
$
40,809

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
2,471

 
$
2,576

Current portion of environmental and asset retirement obligations
298

 
436

Current portion of debt
90

 
5

Accrued income taxes
47

 
119

Dividends payable

 
73

Total current liabilities
2,906

 
3,209

Long-term debt, less current portion
9,824

 
9,821

Deferred income taxes
4,180

 
4,210

Environmental and asset retirement obligations, less current portion
3,767

 
3,630

Other liabilities
2,398

 
2,491

Total liabilities
23,075

 
23,361

 
 
 
 
Equity:
 
 
 
Stockholders’ equity:
 
 
 
Common stock
158

 
158

Capital in excess of par value
25,905

 
25,830

Accumulated deficit
(12,718
)
 
(12,280
)
Accumulated other comprehensive loss
(652
)
 
(676
)
Common stock held in treasury
(3,739
)
 
(3,734
)
Total stockholders’ equity
8,954

 
9,298

Noncontrolling interests
8,201

 
8,150

Total equity
17,155

 
17,448

Total liabilities and equity
$
40,230

 
$
40,809


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

3

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
 
(In millions, except per share amounts)
Revenues
$
3,054

 
$
3,546

 
$
5,852

 
$
7,338

Cost of sales:
 
 
 
 
 
 
 
Production and delivery
2,394

 
3,005

 
4,939

 
5,929

Depreciation, depletion and amortization
358

 
352

 
699

 
699

Metals inventory adjustments
(139
)
 
2

 
83

 
59

Total cost of sales
2,613

 
3,359

 
5,721

 
6,687

Selling, general and administrative expenses
91

 
92

 
201

 
199

Mining exploration and research expenses
18

 
31

 
34

 
58

Environmental obligations and shutdown costs
11

 
23

 
37

 
65

Net loss (gain) on sales of assets

 
8

 
11

 
(25
)
Total costs and expenses
2,733

 
3,513

 
6,004

 
6,984

Operating income (loss)
321

 
33

 
(152
)
 
354

Interest expense, net
(115
)
 
(132
)
 
(242
)
 
(278
)
Net loss on early extinguishment of debt
(9
)
 

 
(41
)
 
(6
)
Other income, net
20

 
5

 
40

 
19

Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net earnings
217

 
(94
)
 
(395
)
 
89

(Provision for) benefit from income taxes
(96
)
 
15

 
(36
)
 
(90
)
Equity in affiliated companies’ net earnings
3

 
5

 
6

 
2

Net income (loss) from continuing operations
124

 
(74
)
 
(425
)
 
1

Net gain from discontinued operations

 

 

 
1

Net income (loss)
124

 
(74
)
 
(425
)
 
2

Net (income) loss attributable to noncontrolling interests
(71
)
 
2

 
(13
)
 
(43
)
Net income (loss) attributable to common stockholders
$
53

 
$
(72
)
 
$
(438
)
 
$
(41
)
 
 
 
 
 
 
 
 
Basic and diluted net income (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
Continuing operations
$
0.03

 
$
(0.05
)
 
$
(0.30
)
 
$
(0.03
)
Discontinued operations

 

 

 

 
$
0.03

 
$
(0.05
)
 
$
(0.30
)
 
$
(0.03
)
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
1,453

 
1,451

 
1,453

 
1,451

Diluted
1,458

 
1,451

 
1,453

 
1,451

 
 
 
 
 
 
 
 
Dividends declared per share of common stock
$

 
$
0.05

 
$

 
$
0.10

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


4

Table of Contents             

Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
 
(In millions)
Net income (loss)
$
124

 
$
(74
)
 
$
(425
)
 
$
2

 
 
 
 
 
 
 
 
Other comprehensive income, net of taxes:
 
 
 
 
 
 
 
Defined benefit plans:
 
 
 
 
 
 
 
Amortization of unrecognized amounts included in net periodic benefit costs
12

 
13

 
24

 
24

Foreign exchange gains (losses)
4

 

 
(1
)
 

Other comprehensive income
16

 
13

 
23

 
24

 
 
 
 
 
 
 
 
Total comprehensive income (loss)
140

 
(61
)
 
(402
)
 
26

Total comprehensive (income) loss attributable to noncontrolling interests
(71
)
 
1

 
(12
)
 
(44
)
Total comprehensive income (loss) attributable to common stockholders
$
69

 
$
(60
)
 
$
(414
)
 
$
(18
)

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)
 
Six Months Ended
 
 
June 30,
 
 
2020
 
2019
 
 
(In millions)
 
Cash flow from operating activities:
 
 
 
 
Net (loss) income
$
(425
)
 
$
2

 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 
 
 
Depreciation, depletion and amortization
699

 
699

 
Metals inventory adjustments
83

 
59

 
Net loss (gain) on sales of assets
11

 
(25
)
 
Stock-based compensation
43

 
40

 
Net charges for environmental and asset retirement obligations, including accretion
112

 
109

 
Payments for environmental and asset retirement obligations
(119
)
 
(100
)
 
Net charges for defined pension and postretirement plans
45

 
53

 
Pension plan contributions
(29
)
 
(33
)
 
Net loss on early extinguishment of debt
41

 
6

 
Deferred income taxes
(28
)
 
20

 
PT Freeport Indonesia (PT-FI) surface water tax settlement

 
28

 
Charges for Cerro Verde royalty dispute
15

 
28

 
Payments for Cerro Verde royalty dispute
(90
)
 
(86
)
 
Other, net
(46
)
 
40

 
Changes in working capital and other:
 
 
 
 
Accounts receivable
83

 
256

 
Inventories
168

 
254

 
Other current assets
(4
)
 
(26
)
 
Accounts payable and accrued liabilities
(73
)
 
9

 
Accrued income taxes and timing of other tax payments
(33
)
 
(245
)
 
Net cash provided by operating activities
453

 
1,088

 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
Capital expenditures:
 
 
 
 
North America copper mines
(332
)
 
(417
)
 
South America
(125
)
 
(108
)
 
Indonesia
(634
)
 
(658
)
 
Molybdenum mines
(11
)
 
(6
)
 
Other
(35
)
 
(62
)
 
Proceeds from sales of assets
116

 
94

 
Other, net
(5
)
 
(10
)
 
Net cash used in investing activities
(1,026
)
 
(1,167
)
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
Proceeds from debt
1,585

 
328

 
Repayments of debt
(1,527
)
 
(1,563
)
 
Cash dividends and distributions paid:
 
 
 
 
Common stock
(73
)
 
(146
)
 
Noncontrolling interests

 
(79
)
 
Contributions from noncontrolling interests
74

 
100

 
Stock-based awards net payments
(4
)
 
(6
)
 
Debt financing costs and other, net
(31
)
 
(4
)
 
Net cash provided by (used in) financing activities
24

 
(1,370
)
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(549
)
 
(1,449
)
 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
2,278

 
4,455

 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$
1,729

 
$
3,006

 
 
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 JUNE 30
 
Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
Accum-ulated Deficit
 
Accumu-
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 March 31, 2020
1,583

 
$
158

 
$
25,875

 
$
(12,771
)
 
$
(668
)
 
131

 
$
(3,739
)
 
$
8,855

 
$
8,108

 
$
16,963

Stock-based compensation, including the tender of shares

 

 
9

 

 

 

 

 
9

 
1

 
10

Contributions from noncontrolling interests

 

 
21

 

 

 

 

 
21

 
21

 
42

Net income attributable to common stockholders

 

 

 
53

 

 

 

 
53

 

 
53

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 
71

 
71

Other comprehensive income