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OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Including Employee Benefits [Abstract]  
Components of Other Liabilities
The components of other liabilities follow:
 December 31,
 20242023
Leasesa
$692 $347 
Pension, postretirement, postemployment and other employment benefitsb
689 704 
Litigation accruals163 163 
Provision for tax positions136 174 
Social investment programs111 79 
Indemnification of MIND IDa
— 75 
Other96 106 
Total other liabilities$1,887 $1,648 
a.Refer to Note 5 for current portion and Note 11 for further discussion.
b.Refer to Note 5 for current portion.
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,
 20242023
Projected and accumulated benefit obligation$1,734 $1,828 
Fair value of plan assets1,379 1,475 
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:
FCXPT-FI
 2024202320242023
Change in benefit obligation:    
Benefit obligation at beginning of year$1,880 $1,884 $221 $215 
Service cost16 15 12 11 
Interest cost93 98 14 14 
Actuarial (gains) losses(76)15 (3)3 
Foreign exchange losses (gains)— 1 (11)4 
Benefits and administrative expenses paid(133)(133)(23)(27)
Other— — 3 1 
Benefit obligation at end of year1,780 1,880 213 221 
Change in plan assets:    
Fair value of plan assets at beginning of year1,537 1,483 203 205 
Actual return on plan assets(31)121 1 11 
Employer contributionsa
63 65 14 9 
Foreign exchange gains (losses)— 1 (10)4 
Benefits and administrative expenses paid(133)(133)(23)(26)
Fair value of plan assets at end of year1,436 1,537 185 203 
Funded status$(344)$(343)$(28)$(18)
Accumulated benefit obligation$1,780 $1,878 $165 $182 
Weighted-average assumptions used to determine benefit obligations:    
Discount rate5.67 %5.15 %7.00 %6.75 %
Rate of compensation increaseN/AN/A4.00 %4.00 %
Balance sheet classification of funded status:    
Other assets$11 $9 $— $— 
Accounts payable and accrued liabilities(3)(3)— — 
Other liabilities(352)(349)(28)(18)
Total$(344)$(343)$(28)$(18)
a.Employer contributions for 2025 are currently expected to approximate $64 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2024, exchange rate of 16,081 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:
 202420232022
Weighted-average assumptions:a
   
Discount rate5.15 %5.41 %2.85 %
Expected return on plan assets5.75 %5.00 %3.00 %
Service cost$16 $15 $15 
Interest cost93 98 71 
Expected return on plan assets(86)(72)(62)
Amortization of net actuarial losses13 15 15 
Net periodic benefit cost$36 $56 $39 
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:
 202420232022
Weighted-average assumptions:   
Discount rate6.75 %7.00 %6.50 %
Expected return on plan assets7.00 %7.00 %7.00 %
Rate of compensation increase4.00 %4.00 %4.00 %
Service cost$12 $11 $12 
Interest cost14 14 14 
Expected return on plan assets(13)(14)(15)
Amortization of prior service cost— 2 1 
Amortization of net actuarial gains(1)(1)(1)
Special termination benefit— 1 2 
Net periodic benefit cost$12 $13 $13 
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:
20242023
 
Before Taxes
After Taxes and Noncontrolling Interests
Before Taxes
After Taxes and Noncontrolling Interests
Net actuarial losses$421 $289 $382 $257 
Prior service costs(4)(4)(1)(2)
$417 $285 $381 $255 
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, 2024
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:    
    Fixed income securities$395 $395 $— $— $— 
    Short-term investments37 37 — — — 
Fixed income:    
Corporate bonds624 — — 624 — 
Government bonds238 — — 238 — 
Private equity investments68 68 — — — 
Other investments57 — 1 56 — 
Total investments1,419 $500 $1 $918 $— 
Cash and receivables20 
Payables(3)
Total pension plan net assets$1,436 
 Fair Value at December 31, 2023
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:      
Fixed income securities$417 $417 $— $— $— 
Short-term investments24 24 — — — 
Fixed income:
Corporate bonds677 — — 677 — 
Government bonds276 — — 276 — 
Private equity investments67 67 — — — 
Other investments63 — 1 62 — 
Total investments1,524 $508 $1 $1,015 $— 
Cash and receivables17 
Payables(4)
Total pension plan net assets$1,537 
A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:
 
Fair Value at December 31, 2024
 TotalLevel 1Level 2Level 3
Government bonds$96 $96 $— $— 
Common stocks53 53 — — 
Mutual funds12 12 — — 
Total investments161 $161 $— $— 
Cash and receivablesa
24 
Total pension plan net assets$185 

 
Fair Value at December 31, 2023
 TotalLevel 1Level 2Level 3
Government bonds$102 $102 $— $— 
Common stocks67 67 — — 
Mutual funds12 12 — — 
Total investments181 $181 $— $— 
Cash and receivablesa
22 
Total pension plan net assets$203 
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-FIa
2025$126 $14 
2026190 27 
2027129 29 
2028129 31 
2029129 28 
2030 through 2034633 133 
a.Based on a December 31, 2024, exchange rate of 16,081 Indonesia rupiah to one U.S. dollar.