OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Schedule of Other Assets

The components of other assets follow:

	December 31,
	2020		2019
Disputed tax assessments:a
PT-FI	$	143	$	178
Cerro Verde	190		187
Long-term receivable for taxesb	106		290
Intangible assetsc	401		402
Investments:
Assurance bondd	148		157
PT Smeltinge	77		80
Fixed income, equity securities and other	70		66
Legally restricted fundsf	213		196
Contingent consideration associated with sales of assetsg	96		115
Long-term employee receivables	19		22
Timok transaction receivable (refer to Note 2)	12		58
Other	85		134
Total other assets	$	1,560	$	1,885

a.Refer to Note 12 for further discussion.

b.Includes tax overpayments and refunds not expected to be realized within the next 12 months (refer to Note 11).

c.Indefinite-lived intangible assets totaled $215 million at both December 31, 2020, and December 31, 2019. Accumulated amortization of definite-lived intangible assets totaled $32 million at December 31, 2020, and $54 million at December 31, 2019.

d.Relates to PT-FI’s commitment for the development of a new smelter in Indonesia (refer to Note 13 for further discussion).

e.PT-FI’s 25 percent ownership in PT Smelting (smelter and refinery in Gresik, Indonesia) is recorded using the equity method. Amounts were reduced by unrecognized profits on sales from PT-FI to PT Smelting totaling $39 million at December 31, 2020, and $29 million at December 31, 2019. Trade accounts receivable from PT Smelting totaled $265 million at December 31, 2020, and $261 million at December 31, 2019.

f.Includes $212 million at December 31, 2020, and $196 million at December 31, 2019, held in trusts for AROs related to properties in New Mexico (refer to Note 12 for further discussion).

g.Refer to Note 15 for further discussion.