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OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2019
Other Liabilities, Including Employee Benefits [Abstract] |
Components of Other Liabilities | The components of other liabilities follow:
| December 31,
| 2019 |  | 2018
Pension, postretirement, postemployment and other employment benefits a | $ | 1,318 |  |  | $ | 1,174 |
Cerro Verde royalty dispute | 502 |  |  | 631 |
Provision for tax positions | 255 |  |  | 230 |
Leases b | 204 |  |  | — |
Other | 212 |  |  | 195 |
Total other liabilities | $ | 2,491 |  |  | $ | 2,230 |
a. Refer to Note 7 for current portion.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | FCX uses a measurement date of December 31 for its plans. Information for those plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows:
| December 31,
| 2019 |  | 2018
Projected benefit obligation | $ | 2,522 |  |  | $ | 2,177 |
Accumulated benefit obligation | 2,361 |  |  | 2,048 |
Fair value of plan assets | 1,615 |  |  | 1,373 |
Schedule of Changes Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan | Information on the FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:
| FCX |  | PT-FI
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,230 |  |  | $ | 2,343 |  |  | $ | 220 |  |  | $ | 240 |
Service cost | 42 |  |  | 44 |  |  | 12 |  |  | 13 |
Interest cost | 95 |  |  | 84 |  |  | 17 |  |  | 14 |
Actuarial losses (gains) | 328 |  |  | (124 | ) |  | (27 | ) |  | (19 | )
Plan amendments | — |  |  | 4 |  |  | — |  |  | — |
Foreign exchange losses (gains) | 1 |  |  | (1 | ) |  | 8 |  |  | (15 | )
Benefits and administrative expenses paid | (120 | ) |  | (120 | ) |  | (13 | ) |  | (13 | )
Benefit obligation at end of year | 2,576 |  |  | 2,230 |  |  | 217 |  |  | 220 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 1,433 |  |  | 1,588 |  |  | 238 |  |  | 269 |
Actual return on plan assets | 289 |  |  | (104 | ) |  | 19 |  |  | (5 | )
Employer contributions a | 74 |  |  | 70 |  |  | — |  |  | 4 |
Foreign exchange gains (losses) | 1 |  |  | (1 | ) |  | 10 |  |  | (17 | )
Benefits and administrative expenses paid | (120 | ) |  | (120 | ) |  | (13 | ) |  | (13 | )
Fair value of plan assets at end of year | 1,677 |  |  | 1,433 |  |  | 254 |  |  | 238 |
Funded status | $ | (899 | ) |  | $ | (797 | ) |  | $ | 37 |  |  | $ | 18 |
Accumulated benefit obligation | $ | 2,414 |  |  | $ | 2,101 |  |  | $ | 175 |  |  | $ | 181 |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |  |  |  |
Discount rate | 3.40 | % |  | 4.40 | % |  | 7.25 | % |  | 8.25 | %
Rate of compensation increase | 3.25 | % |  | 3.25 | % |  | 4.00 | % |  | 4.00 | %
Balance sheet classification of funded status: |  |  |  |  |  |  |
Other assets | $ | 8 |  |  | $ | 7 |  |  | $ | 37 |  |  | $ | 18 |
Accounts payable and accrued liabilities | (4 | ) |  | (4 | ) |  | — |  |  | — |
Other liabilities | (903 | ) |  | (800 | ) |  | — |  |  | — |
Total | $ | (899 | ) |  | $ | (797 | ) |  | $ | 37 |  |  | $ | 18 |
a. Employer contributions for 2020 are expected to approximate $132 million for the FCX plans and $2 million for the PT-FI plan (based on a December 31, 2019, exchange rate of 13,832 Indonesia rupiah to one U.S. dollar).
Schedule of Assumptions Used | The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for FCX’s pension plans for the years ended December 31 follow:
| 2019 |  | 2018 |  | 2017
Weighted-average assumptions:a |  |  |  |  |
Discount rate | 4.40 | % |  | 3.70 | % |  | 4.40 | %
Expected return on plan assets | 6.50 | % |  | 6.50 | % |  | 7.00 | %
Rate of compensation increase | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Service cost | $ | 42 |  |  | $ | 44 |  |  | $ | 44 |
Interest cost | 95 |  |  | 84 |  |  | 91 |
Expected return on plan assets | (90 | ) |  | (101 | ) |  | (93 | )
Amortization of net actuarial losses | 48 |  |  | 49 |  |  | 49 |
Net periodic benefit cost | $ | 95 |  |  | $ | 76 |  |  | $ | 91 |
a. | The assumptions shown relate only to the FMC plans.
The weighted-average assumptions used to determine net periodic benefit cost and the components of net periodic benefit cost for PT-FI’s pension plan for the years ended December 31 follow:
| 2019 |  | 2018 |  | 2017
Weighted-average assumptions: |  |  |  |  |
Discount rate | 8.25 | % |  | 6.75 | % |  | 8.25 | %
Expected return on plan assets | 8.25 | % |  | 6.75 | % |  | 7.75 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 8.00 | %
Service cost | $ | 12 |  |  | $ | 13 |  |  | $ | 20 |
Interest cost | 17 |  |  | 14 |  |  | 23 |
Expected return on plan assets | (17 | ) |  | (19 | ) |  | (21 | )
Amortization of prior service cost | 1 |  |  | 2 |  |  | 2 |
Amortization of net actuarial gains | (1 | ) |  | (1 | ) |  | — |
Curtailment loss | — |  |  | — |  |  | 4 |
Net periodic benefit cost | $ | 12 |  |  | $ | 9 |  |  | $ | 28 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Included in accumulated other comprehensive loss are the following amounts that have not been recognized in net periodic pension cost as of December 31:
| 2019 |  | 2018
| Before Taxes |  | After Taxes and Noncontrolling Interests |  | Before Taxes |  | After Taxes and Noncontrolling Interests
Net actuarial losses | $ | 710 |  |  | $ | 604 |  |  | $ | 659 |  |  | $ | 539 |
Prior service costs | 11 |  |  | 6 |  |  | 13 |  |  | 8 |
| $ | 721 |  |  | $ | 610 |  |  | $ | 672 |  |  | $ | 547 |
Schedule of Allocation of Plan Assets | A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:
| Fair Value at December 31, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
Government bonds | $ | 93 |  |  | $ | 93 |  |  | $ | — |  |  | $ | — |
Common stocks | 80 |  |  | 80 |  |  | — |  |  | — |
Mutual funds | 17 |  |  | 17 |  |  | — |  |  | — |
Total investments | 190 |  |  | $ | 190 |  |  | $ | — |  |  | $ | — |
Cash and receivables a | 65 |  |  |  |  |  |  |
Payables | (1 | ) |  |  |  |  |  |
Total pension plan net assets | $ | 254 |  |  |  |  |  |  |
| Fair Value at December 31, 2018
| Total |  | Level 1 |  | Level 2 |  | Level 3
Government bonds | $ | 72 |  |  | $ | 72 |  |  | $ | — |  |  | $ | — |
Common stocks | 72 |  |  | 72 |  |  | — |  |  | — |
Mutual funds | 20 |  |  | 20 |  |  | — |  |  | — |
Total investments | 164 |  |  | $ | 164 |  |  | $ | — |  |  | $ | — |
Cash and receivables a | 75 |  |  |  |  |  |  |
Payables | (1 | ) |  |  |  |  |  |
Total pension plan net assets | $ | 238 |  |  |  |  |  |  |
a. | Cash consists primarily of short-term time deposits.
A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FCX plans follows:
| Fair Value at December 31, 2019
| Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Commingled/collective funds: |  |  |  |  |  |  |  |  |
Global equity | $ | 425 |  |  | $ | 425 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed income securities | 239 |  |  | 239 |  |  | — |  |  | — |  |  | — |
U.S. small-cap equity | 67 |  |  | 67 |  |  | — |  |  | — |  |  | — |
Real estate property | 58 |  |  | 58 |  |  | — |  |  | — |  |  | — |
International small-cap equity | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
U.S. real estate securities | 53 |  |  | 53 |  |  | — |  |  | — |  |  | — |
Short-term investments | 16 |  |  | 16 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |
Government bonds | 279 |  |  | — |  |  | — |  |  | 279 |  |  | — |
Corporate bonds | 256 |  |  | — |  |  | — |  |  | 256 |  |  | — |
Global large-cap equity securities | 107 |  |  | — |  |  | 107 |  |  | — |  |  | — |
Private equity investments | 11 |  |  | 11 |  |  | — |  |  | — |  |  | — |
Other investments | 64 |  |  | — |  |  | 14 |  |  | 50 |  |  | — |
Total investments | 1,630 |  |  | $ | 924 |  |  | $ | 121 |  |  | $ | 585 |  |  | $ | — |
Cash and receivables | 86 |  |  |  |  |  |  |  |  |
Payables | (39 | ) |  |  |  |  |  |  |  |
Total pension plan net assets | $ | 1,677 |  |  |  |  |  |  |  |  |
| Fair Value at December 31, 2018
| Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Commingled/collective funds: |  |  |  |  |  |  |  |  |
Global equity | $ | 291 |  |  | $ | 291 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed income securities | 144 |  |  | 144 |  |  | — |  |  | — |  |  | — |
Global fixed income securities | 108 |  |  | 108 |  |  | — |  |  | — |  |  | — |
Emerging markets equity | 71 |  |  | 71 |  |  | — |  |  | — |  |  | — |
Real estate property | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
U.S. small-cap equity | 54 |  |  | 54 |  |  | — |  |  | — |  |  | — |
International small-cap equity | 47 |  |  | 47 |  |  | — |  |  | — |  |  | — |
U.S. real estate securities | 41 |  |  | 41 |  |  | — |  |  | — |  |  | — |
Short-term investments | 15 |  |  | 15 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |
Government bonds | 224 |  |  | — |  |  | — |  |  | 224 |  |  | — |
Corporate bonds | 211 |  |  | — |  |  | — |  |  | 211 |  |  | — |
Global large-cap equity securities | 94 |  |  | — |  |  | 94 |  |  | — |  |  | — |
Private equity investments | 15 |  |  | 15 |  |  | — |  |  | — |  |  | — |
Other investments | 61 |  |  | — |  |  | 16 |  |  | 45 |  |  | — |
Total investments | 1,431 |  |  | $ | 841 |  |  | $ | 110 |  |  | $ | 480 |  |  | $ | — |
Cash and receivables | 32 |  |  |  |  |  |  |  |  |
Payables | (30 | ) |  |  |  |  |  |  |  |
Total pension plan net assets | $ | 1,433 |  |  |  |  |  |  |  |  |
Schedule of Expected Benefit Payments | The expected benefit payments for FCX’s and PT-FI’s pension plans follow:
| FCX |  | PT-FI a
2020 | $ | 120 |  |  | $ | 12 |
2021 | 166 |  |  | 19 |
2022 | 127 |  |  | 22 |
2023 | 129 |  |  | 30 |
2024 | 131 |  |  | 32 |
2025 through 2029 | 679 |  |  | 155 |
a. Based on a December 31, 2019, exchange rate of 13,832 Indonesia rupiah to one U.S. dollar.

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