CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Environmental Obligations

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

	2022		2021		2020
Balance at beginning of year	$	1,664	$	1,584	$	1,561
Accretion expensea	110		104		102
Additionsb	57		60		38
Reductionsb	(14)		(20)		(58)
Spending	(77)		(64)		(59)
Balance at end of year	1,740		1,664		1,584
Less current portion	(125)		(64)		(83)
Long-term portion	$	1,615	$	1,600	$	1,501

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.Adjustments to environmental obligations 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:

	2022			2021			2020
Balance at beginning of year	$	2,716		$	2,472		$	2,505
Liabilities incurred	9			2			7
Settlements and revisions to cash flow estimates, net	381		a	331		a	(13)
Accretion expense	134			112			131
Dispositions	—			—			(2)
Spending	(197)			(201)			(156)
Balance at end of year	3,043			2,716			2,472
Less current portion	(195)			(200)			(268)
Long-term portion	$	2,848		$	2,516		$	2,204

a.Includes adjustments at PT-FI, Morenci and Bagdad totaling $314 million for the year 2022 and adjustments at PT-FI totaling $397 million for the year 2021, 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, 2019-2022
Indonesia	2012-2017	2020-2022
Peru	-	2017-2022
Chile	2020-2021	2019,2022

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		125		179
2011 and 2012	42		73		115
2013	48		66		114
2014 to 2017	73		30		103
	$	321	$	476	$	797

Excluding surface water tax assessments discussed below and the Indonesia government’s previous imposition of a 7.5% 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	$	29	$	91
2007	45		22		67
2012 and 2013	41		41		82
2014 and 2015	108		—		108
2016	257		336		593
2017	7		2		9
	$	520	$	430	$	950