STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows:

	Defined Benefit Plans		Unrealized Losses on Securities		Translation Adjustment		Total
Balance at January 1, 2018	$	(494)	$	(3)	$	10	$	(487)
Adoption of accounting standard for reclassification of income taxes	(79)		—		—		(79)
Amounts arising during the perioda,b	(84)		—		—		(84)
Amounts reclassifiedc	48		3		—		51
Sale of interest in PT-FI (refer to Note 2)	(6)		—		—		(6)
Balance at December 31, 2018	(615)		—		10		(605)
Amounts arising during the perioda,b	(118)		—		—		(118)
Amounts reclassifiedc	47		—		—		47
Balance at December 31, 2019	(686)		—		10		(676)
Amounts arising during the perioda,b	47		—		—		47
Amounts reclassifiedc	46		—		—		46
Balance at December 31, 2020	$	(593)	$	—	$	10	$	(583)

a.Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(87) million for 2018, $(111) million for 2019 and $40 million for 2020.

b.Includes tax provision (benefit) totaling $4 million for 2018, $(8) million for 2019 and $7 million for 2020.

c.Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2018, 2019 and 2020.

Compensation costs charged against earnings

Compensation cost charged against earnings for stock-based awards for the years ended December 31 follows:

	2020		2019		2018
Selling, general and administrative expenses	$	70	$	48	$	62
Production and delivery	29		15		12
Total stock-based compensation	99		63		74
Tax benefit and noncontrolling interests’ sharea	(5)		(4)		(4)
Impact on net income (loss)	$	94	$	59	$	70

a. Charges in the U.S. are not expected to generate a future tax benefit.

Summary of stock options and SARs outstanding and changes during the period

A summary of stock options outstanding as of December 31, 2020, and activity during the year ended December 31, 2020, follows:

	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Balance at January 1	48,312,053	$	26.16
Granted	3,803,000	12.04
Exercised	(6,240,340)	9.09
Expired/Forfeited	(8,774,615)	34.62
Balance at December 31	37,100,098	25.58		4.6	$	259
Vested and exercisable at December 31	30,045,828	28.71		3.7	$	162

Weighted average assumptions used to value stock option awards

Information related to stock options during the years ended December 31 follows:

	2020			2019			2018
Weighted-average assumptions used to value stock option awards:
Expected volatility	47.7		%	47.8		%	46.1		%
Expected life of options (in years)	5.83			6.10			5.92
Expected dividend rate	1.7		%	1.8		%	1.2		%
Risk-free interest rate	1.5		%	2.5		%	2.6		%
Weighted-average grant-date fair value (per option)	$	4.72		$	4.87		$	7.84
Intrinsic value of options exercised	$	82		$	3		$	7
Fair value of options vested	$	28		$	26		$	24

Summary Of Outstanding Stock-settled RSUs and PSUs

A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows:

	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1	5,590,685	$	18.61
Granted	3,548,497	13.15
Vested	(1,475,892)	14.95
Forfeited	(140,268)	14.85
Balance at December 31	7,523,022	16.79		$	196

Summary of Outstanding Cash-Settled RSUs and PSUs

A summary of outstanding cash-settled RSUs as of December 31, 2020, and activity during the year ended December 31, 2020, follows:

	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1	1,582,887	$	14.54
Granted	879,500	11.96
Vested	(911,459)	14.79
Forfeited	(29,831)	13.44
Balance at December 31	1,521,097	12.92		$	40

Schedule of amounts related to exercises of stock options and stock appreciation rights and the vesting of restricted stock units and restricted stock awards

The following table includes amounts related to exercises of stock options and vesting of RSUs and PSUs during the years ended December 31:

	2020		2019		2018
FCX shares tendered to pay the exercise price
and/or the minimum required taxesa	1,193,183		670,508		195,322
Cash received from stock option exercises	$	51	$	2	$	8
Actual tax benefit realized for tax deductions	$	2	$	1	$	3
Amounts FCX paid for employee taxes	$	17	$	8	$	4

a.Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender FCX shares to pay the exercise price and/or the minimum required taxes.