CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Environmental Obligations

A summary of changes in estimated environmental obligations for the years ended December 31 follows:

	2021		2020		2019
Balance at beginning of year	$	1,584	$	1,561	$	1,511
Accretion expensea	104		102		102
Additionsb	60		38		23
Reductionsb	(20)		(58)		(1)
Spending	(64)		(59)		(74)
Balance at end of year	1,664		1,584		1,561
Less current portion	(64)		(83)		(106)
Long-term portion	$	1,600	$	1,501	$	1,455

a.Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis.

b.Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Adjustments primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.

Schedule of Asset Retirement Obligations

A summary of changes in FCX’s AROs for the years ended December 31 follows:

	2021			2020		2019
Balance at beginning of year	$	2,472		$	2,505	$	2,547
Liabilities incurred	2			7		20
Settlements and revisions to cash flow estimates, net	331		a	(13)		(5)
Accretion expense	112			131		118
Dispositions	—			(2)		(5)
Spending	(201)			(156)		(170)
Balance at end of year	2,716			2,472		2,505
Less current portion	(200)			(268)		(330)
Long-term portion	$	2,516		$	2,204	$	2,175

a.Includes an adjustment at PT-FI totaling $397 million, see further discussion below.

Summary of income tax examinations

The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:

Jurisdiction	Years Subject to Examination	Additional Open Years
U.S. Federal	2017-2018	2014-2016, 2019-2021
Indonesia	2011-2018	2020-2021
Peru	2016	2017-2021
Chile	2020	2018-2019, 2021

A summary of these assessments follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2003 to 2008	$	48	$	130	$	178
2009	56		52		108
2010	54		122		176
2011 and 2012	41		72		113
2013	48		65		113
2014 to 2016	5		28		33
	$	252	$	469	$	721

Excluding surface water tax assessments discussed below and the Indonesia government’s previous imposition of a 7.5 percent export duty that PT-FI paid under protest during the period April 2017 to December 21, 2018 (refer to Note 13), a summary of these assessments, including potential penalties follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2005	$	62	$	30	$	92
2007	48		23		71
2008 and 2011	28		36		64
2012 and 2013	41		43		84
2014 and 2015	121		—		121
2016	257		483		740
2017 and 2019	48		47		95
	$	605	$	662	$	1,267