CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Environmental Obligations

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

	2024		2023		2022
Balance at beginning of year	$	1,939	$	1,740	$	1,664
Accretion expensea	131		119		110
Net additionsb	82		195		43
Spending	(112)		(115)		(77)
Balance at end of year	2,040		1,939		1,740
Less current portion	(131)		(131)		(125)
Long-term portion	$	1,909	$	1,808	$	1,615

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

b.Primarily reflects revisions for changes in the anticipated scope and timing of projects. See further discussion below.

Schedule of Asset Retirement Obligations

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

	2024			2023			2022
Balance at beginning of year	$	3,001		$	3,043		$	2,716
Liabilities incurred	16			18			9
Revisions to cash flow estimates and settlements, net	635		a	54			381		a
Accretion expense	154			20		b	134
Spending	(122)			(134)			(197)
Balance at end of year	3,684			3,001			3,043
Less current portion	(189)			(185)			(195)
Long-term portion	$	3,495		$	2,816		$	2,848

a.Primarily reflects adjustments for oil and gas properties, Sierrita, PT-FI, Climax and Henderson for the year 2024, and PT-FI, Morenci and Bagdad for the year 2022. See further discussion below.

b.Includes a $112 million adjustment at PT-FI to correct certain inputs in the historical PT-FI ARO model.

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	—	2021-2024
Indonesia	2017, 2020	2022-2024
Peru	2020-2021	2017-2019, 2022-2024
Chile	2023	2021-2022, 2024

A summary of these assessments follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2003 to 2008	$	32	$	112	$	144
2009	9		30		39
2010	8		69		77
2011 and 2012	5		36		41
2013	8		26		34
2014 to 2022	88		40		128
	$	150	$	313	$	463

summary of these assessments follows:

Tax Year	Tax Assessment		Penalties and Interest		Total
2005	$	61	$	29	$	90
2007	45		21		66
2013 and 2017	7		4		11
	$	113	$	54	$	167