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OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Other Liabilities, Including Employee Benefits [Abstract]  
Components of Other Liabilities
The components of other liabilities follow:
 December 31,
 20222021
Pension, postretirement, postemployment and other employment benefitsa
$775 $845 
Leasesb
294 281 
Provision for tax positions161 232 
Litigation accruals109 131 
Indemnification of MIND IDb
74 78 
Other149 116 
Total other liabilities$1,562 $1,683 
a.Refer to Note 7 for current portion.
b.Refer to Note 13 for further discussion.
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,
 20222021
Projected and accumulated benefit obligation$1,831 $2,476 
Fair value of plan assets1,422 1,988 
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
 2022202120222021
Change in benefit obligation:    
Benefit obligation at beginning of year$2,553 $2,722 $237 $238 
Service cost15 12 12 13 
Interest cost71 66 14 14 
Actuarial gains(623)(117)(2)(3)
Special termination benefits and plan amendments— — 2 (2)
Foreign exchange gains(3)(1)(22)(3)
Benefits and administrative expenses paid(129)(129)(26)(20)
Benefit obligation at end of year1,884 2,553 215 237 
Change in plan assets:    
Fair value of plan assets at beginning of year2,071 1,946 240 251 
Actual return on plan assets(509)150 10 8 
Employer contributionsa
52 105 2 4 
Foreign exchange losses(2)(1)(21)(3)
Benefits and administrative expenses paid(129)(129)(26)(20)
Fair value of plan assets at end of year1,483 2,071 205 240 
Funded status$(401)$(482)$(10)$3 
Accumulated benefit obligation$1,882 $2,551 $176 $194 
Weighted-average assumptions used to determine benefit obligations:    
Discount rate5.41 %2.85 %7.00 %6.50 %
Rate of compensation increaseN/AN/A4.00 %4.00 %
Balance sheet classification of funded status:    
Other assets$8 $6 $— $3 
Accounts payable and accrued liabilities(4)(4)— — 
Other liabilities(405)(484)(10)— 
Total$(401)$(482)$(10)$3 
a.Employer contributions for 2023 are currently expected to approximate $60 million for the FCX plans and $11 million for the PT-FI plan (based on a December 31, 2022, exchange rate of 15,652 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:
 202220212020
Weighted-average assumptions:a
   
Discount rate2.85 %2.50 %2.98 %
Expected return on plan assets3.00 %5.25 %6.25 %
Rate of compensation increaseN/AN/A3.25 %
Service cost$15 $12 $37 
Interest cost71 66 77 
Expected return on plan assets(62)(98)(105)
Amortization of net actuarial losses15 25 45 
Curtailment loss— — 4 
Net periodic benefit cost$39 $5 $58 
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:
 202220212020
Weighted-average assumptions:   
Discount rate6.50 %6.25 %7.25 %
Expected return on plan assets7.00 %7.75 %7.75 %
Rate of compensation increase4.00 %4.00 %4.00 %
Service cost$12 $13 $11 
Interest cost14 14 14 
Expected return on plan assets(15)(19)(19)
Amortization of prior service cost1 1 2 
Amortization of net actuarial gains(1)(1)(3)
Special termination benefit2 — — 
Net periodic benefit cost$13 $8 $5 
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:
20222021
 
Before Taxes
After Taxes and Noncontrolling Interests
Before Taxes
After Taxes and Noncontrolling Interests
Net actuarial losses$426 $305 $488 $369 
Prior service costs— (2)2 — 
$426 $303 $490 $369 
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, 2022
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:    
    Fixed income securities$335 $335 $— $— $— 
    Short-term investments30 30 — — — 
Fixed income:    
Corporate bonds712 — — 712 — 
Government bonds282 — — 282 — 
Private equity investments25 25 — — — 
Other investments55 — 1 54 — 
Total investments1,439 $390 $1 $1,048 $— 
Cash and receivables49 
Payables(5)
Total pension plan net assets$1,483 

 Fair Value at December 31, 2021
 TotalNAVLevel 1Level 2Level 3
Commingled/collective funds:      
Fixed income securities$522 $522 $— $— $— 
Real estate property72 72 — — — 
Short-term investments38 38 — — — 
Fixed income:
Corporate bonds911 — — 911 — 
Government bonds437 — — 437 — 
Private equity investments11 11 — — — 
Other investments74 — 1 73 — 
Total investments2,065 $643 $1 $1,421 $— 
Cash and receivables18 
Payables(12)
Total pension plan net assets$2,071 
A summary of the fair value hierarchy for pension plan assets associated with the PT-FI plan follows:
 Fair Value at December 31, 2022
 TotalLevel 1Level 2Level 3
Government bonds$95 `$95 $— $— 
Common stocks72 72 — — 
Mutual funds12 12 — — 
Total investments179 $179 $— $— 
Cash and receivablesa
27 
Payables(1)
Total pension plan net assets$205 

 Fair Value at December 31, 2021
 TotalLevel 1Level 2Level 3
Government bonds$114 $114 $— $— 
Common stocks80 80 — — 
Mutual funds18 18 — — 
Total investments212 $212 $— $— 
Cash and receivablesa
29 
Payables(1)
Total pension plan net assets$240 
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
2023$127 $29 
2024183 26 
2025131 26 
2026132 28 
2027132 29 
2028 through 2032648 127 
a.Based on a December 31, 2022, exchange rate of 15,652 Indonesia rupiah to one U.S. dollar.