XML 75 R34.htm IDEA: XBRL DOCUMENT
v3.22.4

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Other Liabilities, Including Employee Benefits [Abstract] |
Components of Other Liabilities | The components of other liabilities follow:
| December 31,
| 2022 |  | 2021
Pension, postretirement, postemployment and other employment benefits a | $ | 775 |  |  | $ | 845 |
Leases b | 294 |  |  | 281 |
Provision for tax positions | 161 |  |  | 232 |
Litigation accruals | 109 |  |  | 131 |
Indemnification of MIND ID b | 74 |  |  | 78 |
Other | 149 |  |  | 116 |
Total other liabilities | $ | 1,562 |  |  | $ | 1,683 |
a.Refer to Note 7 for current portion. b.Refer to Note 13 for further discussion.
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 qualified and non-qualified plans where the projected benefit obligations and the accumulated benefit obligations exceed the fair value of plan assets follows:
| December 31,
| 2022 |  | 2021
Projected and accumulated benefit obligation | $ | 1,831 |  |  | $ | 2,476 |
Fair value of plan assets | 1,422 |  |  | 1,988 |
Schedule of Changes Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan | Information on the qualified and non-qualified FCX (FMC and SERP plans) and PT-FI plans as of December 31 follows:
| FCX |  | PT-FI
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,553 |  |  | $ | 2,722 |  |  | $ | 237 |  |  | $ | 238 |
Service cost | 15 |  |  | 12 |  |  | 12 |  |  | 13 |
Interest cost | 71 |  |  | 66 |  |  | 14 |  |  | 14 |
Actuarial gains | (623) |  |  | (117) |  |  | (2) |  |  | (3) |
Special termination benefits and plan amendments | — |  |  | — |  |  | 2 |  |  | (2) |
Foreign exchange gains | (3) |  |  | (1) |  |  | (22) |  |  | (3) |
Benefits and administrative expenses paid | (129) |  |  | (129) |  |  | (26) |  |  | (20) |
Benefit obligation at end of year | 1,884 |  |  | 2,553 |  |  | 215 |  |  | 237 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 2,071 |  |  | 1,946 |  |  | 240 |  |  | 251 |
Actual return on plan assets | (509) |  |  | 150 |  |  | 10 |  |  | 8 |
Employer contributions a | 52 |  |  | 105 |  |  | 2 |  |  | 4 |
Foreign exchange losses | (2) |  |  | (1) |  |  | (21) |  |  | (3) |
Benefits and administrative expenses paid | (129) |  |  | (129) |  |  | (26) |  |  | (20) |
Fair value of plan assets at end of year | 1,483 |  |  | 2,071 |  |  | 205 |  |  | 240 |
Funded status | $ | (401) |  |  | $ | (482) |  |  | $ | (10) |  |  | $ | 3 |
Accumulated benefit obligation | $ | 1,882 |  |  | $ | 2,551 |  |  | $ | 176 |  |  | $ | 194 |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |  |  |  |
Discount rate | 5.41 | % |  | 2.85 | % |  | 7.00 | % |  | 6.50 | %
Rate of compensation increase | N/A |  | N/A |  | 4.00 | % |  | 4.00 | %
Balance sheet classification of funded status: |  |  |  |  |  |  |
Other assets | $ | 8 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 3 |
Accounts payable and accrued liabilities | (4) |  |  | (4) |  |  | — |  |  | — |
Other liabilities | (405) |  |  | (484) |  |  | (10) |  |  | — |
Total | $ | (401) |  |  | $ | (482) |  |  | $ | (10) |  |  | $ | 3 |
a.Employer contributions for 2023 are currently expected to approximate $60 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2022, exchange rate of 15,652 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:
| 2022 |  | 2021 |  | 2020
Weighted-average assumptions:a |  |  |  |  |
Discount rate | 2.85 | % |  | 2.50 | % |  | 2.98 | %
Expected return on plan assets | 3.00 | % |  | 5.25 | % |  | 6.25 | %
Rate of compensation increase | N/A |  | N/A |  | 3.25 | %
Service cost | $ | 15 |  |  | $ | 12 |  |  | $ | 37 |
Interest cost | 71 |  |  | 66 |  |  | 77 |
Expected return on plan assets | (62) |  |  | (98) |  |  | (105) |
Amortization of net actuarial losses | 15 |  |  | 25 |  |  | 45 |
Curtailment loss | — |  |  | — |  |  | 4 |
Net periodic benefit cost | $ | 39 |  |  | $ | 5 |  |  | $ | 58 |
a.The assumptions shown relate only to the FMC Retirement Plan. 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:
| 2022 |  | 2021 |  | 2020
Weighted-average assumptions: |  |  |  |  |
Discount rate | 6.50 | % |  | 6.25 | % |  | 7.25 | %
Expected return on plan assets | 7.00 | % |  | 7.75 | % |  | 7.75 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Service cost | $ | 12 |  |  | $ | 13 |  |  | $ | 11 |
Interest cost | 14 |  |  | 14 |  |  | 14 |
Expected return on plan assets | (15) |  |  | (19) |  |  | (19) |
Amortization of prior service cost | 1 |  |  | 1 |  |  | 2 |
Amortization of net actuarial gains | (1) |  |  | (1) |  |  | (3) |
Special termination benefit | 2 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 13 |  |  | $ | 8 |  |  | $ | 5 |
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:
| 2022 |  | 2021
| Before Taxes |  | After Taxes and Noncontrolling Interests |  | Before Taxes |  | After Taxes and Noncontrolling Interests
Net actuarial losses | $ | 426 |  |  | $ | 305 |  |  | $ | 488 |  |  | $ | 369 |
Prior service costs | — |  |  | (2) |  |  | 2 |  |  | — |
| $ | 426 |  |  | $ | 303 |  |  | $ | 490 |  |  | $ | 369 |
Schedule of Allocation of Plan Assets | 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, 2022
| Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Commingled/collective funds: |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 335 |  |  | $ | 335 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Short-term investments | 30 |  |  | 30 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |
Corporate bonds | 712 |  |  | — |  |  | — |  |  | 712 |  |  | — |
Government bonds | 282 |  |  | — |  |  | — |  |  | 282 |  |  | — |
Private equity investments | 25 |  |  | 25 |  |  | — |  |  | — |  |  | — |
Other investments | 55 |  |  | — |  |  | 1 |  |  | 54 |  |  | — |
Total investments | 1,439 |  |  | $ | 390 |  |  | $ | 1 |  |  | $ | 1,048 |  |  | $ | — |
Cash and receivables | 49 |  |  |  |  |  |  |  |  |
Payables | (5) |  |  |  |  |  |  |  |  |
Total pension plan net assets | $ | 1,483 |  |  |  |  |  |  |  |  |
| Fair Value at December 31, 2021
| Total |  | NAV |  | Level 1 |  | Level 2 |  | Level 3
Commingled/collective funds: |  |  |  |  |  |  |  |  |
Fixed income securities | $ | 522 |  |  | $ | 522 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate property | 72 |  |  | 72 |  |  | — |  |  | — |  |  | — |
Short-term investments | 38 |  |  | 38 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |
Corporate bonds | 911 |  |  | — |  |  | — |  |  | 911 |  |  | — |
Government bonds | 437 |  |  | — |  |  | — |  |  | 437 |  |  | — |
Private equity investments | 11 |  |  | 11 |  |  | — |  |  | — |  |  | — |
Other investments | 74 |  |  | — |  |  | 1 |  |  | 73 |  |  | — |
Total investments | 2,065 |  |  | $ | 643 |  |  | $ | 1 |  |  | $ | 1,421 |  |  | $ | — |
Cash and receivables | 18 |  |  |  |  |  |  |  |  |
Payables | (12) |  |  |  |  |  |  |  |  |
Total pension plan net assets | $ | 2,071 |  |  |  |  |  |  |  |  |
A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:
| Fair Value at December 31, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
Government bonds | $ | 95 |  | ` | $ | 95 |  |  | $ | — |  |  | $ | — |
Common stocks | 72 |  |  | 72 |  |  | — |  |  | — |
Mutual funds | 12 |  |  | 12 |  |  | — |  |  | — |
Total investments | 179 |  |  | $ | 179 |  |  | $ | — |  |  | $ | — |
Cash and receivables a | 27 |  |  |  |  |  |  |
Payables | (1) |  |  |  |  |  |  |
Total pension plan net assets | $ | 205 |  |  |  |  |  |  |
| Fair Value at December 31, 2021
| Total |  | Level 1 |  | Level 2 |  | Level 3
Government bonds | $ | 114 |  |  | $ | 114 |  |  | $ | — |  |  | $ | — |
Common stocks | 80 |  |  | 80 |  |  | — |  |  | — |
Mutual funds | 18 |  |  | 18 |  |  | — |  |  | — |
Total investments | 212 |  |  | $ | 212 |  |  | $ | — |  |  | $ | — |
Cash and receivables a | 29 |  |  |  |  |  |  |
Payables | (1) |  |  |  |  |  |  |
Total pension plan net assets | $ | 240 |  |  |  |  |  |  |
a.Cash consists primarily of short-term time deposits.
Schedule of Expected Benefit Payments | The expected benefit payments for FCX’s and PT-FI’s pension plans follow:
| FCX |  | PT-FI a
2023 | $ | 127 |  |  | $ | 29 |
2024 | 183 |  |  | 26 |
2025 | 131 |  |  | 26 |
2026 | 132 |  |  | 28 |
2027 | 132 |  |  | 29 |
2028 through 2032 | 648 |  |  | 127 |
a.Based on a December 31, 2022, exchange rate of 15,652 Indonesia rupiah to one U.S. dollar.

X
- Definition -- None. No documentation exists for this element. -- + References No definition available. + Details
Name: | fcx_OtherLiabilitiesIncludingEmployeeBenefitsAbstract
Namespace Prefix: | fcx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of other noncurrent liabilities. + References No definition available. + Details
Name: | us-gaap_OtherNoncurrentLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration