STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

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		Translation Adjustment		Total
Balance at January 1, 2019	$	(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)
Amounts arising during the perioda,b	176		—		176
Amounts reclassifiedc	19		—		19
Balance at December 31, 2021	$	(398)	$	10	$	(388)

a.Includes net actuarial (losses) gains, net of noncontrolling interest, totaling $(111) million for 2019, $40 million for 2020 and $174 million for 2021.

b.Includes tax (benefit) provision totaling $(8) million for 2019, $7 million for 2020 and $2 million for 2021.

c.Includes amortization primarily related to actuarial losses, net of taxes of less than $1 million for 2019, 2020 and 2021.

Compensation costs charged against earnings

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

	2021		2020		2019
Selling, general and administrative expenses	$	64	$	70	$	48
Production and delivery	34		29		15
Total stock-based compensation	98		99		63
Tax benefit and noncontrolling interests’ sharea	(5)		(5)		(4)
Impact on net income (loss)	$	93	$	94	$	59

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, 2021, and activity during the year ended December 31, 2021, follows:

	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Balance at January 1	37,100,098	$	25.58
Granted	598,000	28.14
Exercised	(11,527,957)	19.48
Expired/Forfeited	(4,347,579)	51.15
Balance at December 31	21,822,562	23.78		4.3	$	411
Vested and exercisable at December 31	17,119,081	26.62		3.4	$	278

Weighted average assumptions used to value stock option awards

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

	2021			2020			2019
Weighted-average assumptions used to value stock option awards:
Expected volatility	58.1		%	47.7		%	47.8		%
Expected life of options (in years)	5.90			5.83			6.10
Expected dividend rate	2.5		%	1.7		%	1.8		%
Risk-free interest rate	0.6		%	1.5		%	2.5		%
Weighted-average grant-date fair value (per option)	$	11.92		$	4.72		$	4.87
Intrinsic value of options exercised	$	194		$	82		$	3
Fair value of options vested	$	16		$	28		$	26

Summary Of Outstanding Stock-settled RSUs and PSUs

A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:

	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1	7,523,022	$	16.79
Granted	2,121,755	29.15
Vested	(1,814,976)	15.72
Forfeited	(28,916)	20.29
Balance at December 31	7,800,885	20.38		$	326

Summary of Outstanding Cash-Settled RSUs and PSUs

A summary of outstanding cash-settled RSUs as of December 31, 2021, and activity during the year ended December 31, 2021, follows:

	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1	1,521,097	$	12.92
Granted	308,600	28.00
Vested	(753,574)	13.94
Forfeited	(22,199)	15.37
Balance at December 31	1,053,924	16.56		$	44

Cash Proceeds Received and Tax Benefit from Share-based Payment Awards

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

	2021		2020		2019
FCX shares tendered to pay the exercise price
and/or the minimum required withholding taxesa	1,358,101		1,193,183		670,508
Cash received from stock option exercises	$	210	$	51	$	2
Actual tax benefit realized for tax deductions	$	9	$	2	$	1
Amounts FCX paid for employee taxes	$	29	$	17	$	8

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 withholding taxes.