$FCX
FREEPORT-MCMORAN INC

2019 Q4 Form 10-K Financial Statement

#000083125920000004 Filed on February 14, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $3.911B $3.153B $3.546B
YoY Change 6.16% -35.76% -31.39%
Cost Of Revenue $3.398B $3.033B $3.359B
YoY Change 2.94% -14.01% 0.06%
Gross Profit $513.0M $120.0M $187.0M
YoY Change 33.94% -91.31% -89.67%
Gross Profit Margin 13.12% 3.81% 5.27%
Selling, General & Admin $99.00M $101.0M $92.00M
YoY Change -2.94% 0.0% -15.6%
% of Gross Profit 19.3% 84.17% 49.2%
Research & Development $21.00M $25.00M $31.00M
YoY Change -36.36% -7.41% 29.17%
% of Gross Profit 4.09% 20.83% 16.58%
Depreciation & Amortization $391.0M $322.0M $352.0M
YoY Change -2.98% -29.69% -20.36%
% of Gross Profit 76.22% 268.33% 188.24%
Operating Expenses $140.0M $101.0M $92.00M
YoY Change -5.41% 0.0% -15.6%
Operating Profit $775.0M -$38.00M $33.00M
YoY Change 145.25% -102.89% -98.02%
Interest Expense -$221.0M -$115.0M -$129.0M
YoY Change -56.67% -24.34% -12.84%
% of Operating Profit -28.52% -390.91%
Other Income/Expense, Net -$190.0M $33.00M $5.000M
YoY Change -1561.54% 135.71% -75.0%
Pretax Income $366.0M -$149.0M -$94.00M
YoY Change -302.21% -112.56% -106.06%
Income Tax $329.0M $91.00M -$15.00M
% Of Pretax Income 89.89%
Net Earnings $43.00M -$234.0M -$74.00M
YoY Change -88.62% -135.24% -107.15%
Net Earnings / Revenue 1.1% -7.42% -2.09%
Basic Earnings Per Share $0.00 -$0.15 -$0.05
Diluted Earnings Per Share $0.00 -$0.15 -$0.05
COMMON SHARES
Basic Shares Outstanding 1.452B shares 1.452B shares 1.451B shares
Diluted Shares Outstanding 1.457B shares 1.452B shares 1.451B shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.020B $2.247B $2.623B
YoY Change -52.1% -50.68% -32.03%
Cash & Equivalents $2.020B $2.247B $2.623B
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $655.0M $672.0M $760.0M
YoY Change 55.21% 67.16% 99.48%
Inventory $4.073B $4.434B $4.377B
Prepaid Expenses
Receivables $741.0M $731.0M $725.0M
Other Receivables $426.0M $263.0M $245.0M
Total Short-Term Assets $7.915B $8.347B $8.730B
YoY Change -24.36% -23.57% -15.6%
LONG-TERM ASSETS
Property, Plant & Equipment $29.58B $29.33B $28.84B
YoY Change 5.62% 27.45% 25.82%
Goodwill
YoY Change
Intangibles $402.0M
YoY Change 1.01%
Long-Term Investments
YoY Change
Other Assets $1.885B $1.966B $2.168B
YoY Change -13.21% -20.08% -9.33%
Total Long-Term Assets $32.89B $32.60B $32.36B
YoY Change 3.6% 21.5% 21.25%
TOTAL ASSETS
Total Short-Term Assets $7.915B $8.347B $8.730B
Total Long-Term Assets $32.89B $32.60B $32.36B
Total Assets $40.81B $40.94B $41.09B
YoY Change -3.33% 8.46% 10.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.654B $2.686B $2.645B
YoY Change -0.42% 12.72% 9.3%
Accrued Expenses $44.00M $45.00M $47.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $4.000M $4.000M
YoY Change -70.59% 0.0% 0.0%
Total Short-Term Liabilities $3.209B $3.381B $3.286B
YoY Change -3.6% -12.2% -13.5%
LONG-TERM LIABILITIES
Long-Term Debt $9.821B $9.915B $9.912B
YoY Change -11.71% -10.86% -10.89%
Other Long-Term Liabilities $2.491B $2.302B $2.399B
YoY Change 11.7% 20.02% 24.24%
Total Long-Term Liabilities $12.31B $12.22B $12.31B
YoY Change -7.8% -6.32% -5.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.209B $3.381B $3.286B
Total Long-Term Liabilities $12.31B $12.22B $12.31B
Total Liabilities $23.36B $23.40B $23.27B
YoY Change -3.96% -3.68% -3.79%
SHAREHOLDERS EQUITY
Retained Earnings -$12.28B -$12.29B -$12.08B
YoY Change 1.98% -1.89% -8.2%
Common Stock $158.0M $158.0M $158.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.734B $3.735B $3.734B
YoY Change 0.19% 0.24% 0.21%
Treasury Stock Shares 131.0M shares
Shareholders Equity $9.298B $9.444B $9.709B
YoY Change
Total Liabilities & Shareholders Equity $40.81B $40.94B $41.09B
YoY Change -3.33% 8.46% 10.96%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $43.00M -$234.0M -$74.00M
YoY Change -88.62% -135.24% -107.15%
Depreciation, Depletion And Amortization $391.0M $322.0M $352.0M
YoY Change -2.98% -29.69% -20.36%
Cash From Operating Activities $170.0M $224.0M $554.0M
YoY Change -374.19% -82.04% -57.68%
INVESTING ACTIVITIES
Capital Expenditures -$735.0M -$666.0M -$629.0M
YoY Change 26.72% 31.36% 30.5%
Acquisitions
YoY Change
Other Investing Activities $457.0M $8.000M $8.000M
YoY Change -115.41% 60.0% 100.0%
Cash From Investing Activities -$278.0M -$658.0M -$621.0M
YoY Change -92.16% 31.08% 29.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.0M -60.00M -39.00M
YoY Change -103.89% -4.76% -94.34%
NET CHANGE
Cash From Operating Activities 170.0M 224.0M 554.0M
Cash From Investing Activities -278.0M -658.0M -621.0M
Cash From Financing Activities -126.0M -60.00M -39.00M
Net Change In Cash -234.0M -494.0M -106.0M
YoY Change -36.41% -172.43% -174.65%
FREE CASH FLOW
Cash From Operating Activities $170.0M $224.0M $554.0M
Capital Expenditures -$735.0M -$666.0M -$629.0M
Free Cash Flow $905.0M $890.0M $1.183B
YoY Change 74.71% -49.26% -33.95%

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us-gaap Proceeds From Dividends Received
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CY2019 fcx Tax Cutsand Jobs Actof2017 Provisional Income Tax Expense Benefit
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CY2018 fcx Tax Cutsand Jobs Actof2017 Provisional Income Tax Expense Benefit
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CY2017 fcx Tax Cutsand Jobs Actof2017 Provisional Income Tax Expense Benefit
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CY2019 us-gaap Other Operating Activities Cash Flow Statement
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CY2018 us-gaap Other Operating Activities Cash Flow Statement
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CY2018 us-gaap Increase Decrease In Inventories
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CY2017 us-gaap Increase Decrease In Other Current Assets
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CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017 us-gaap Increase Decrease In Accrued Taxes Payable
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CY2018 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2019 us-gaap Payments Of Dividends Common Stock
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CY2017 us-gaap Payments Of Dividends Minority Interest
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CY2018 us-gaap Proceeds From Payments For Other Financing Activities
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CY2017 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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4710000000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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4420000000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Assets
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CY2018Q4 us-gaap Deferred Tax Liabilities Noncurrent
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CY2019Q4 us-gaap Liabilities
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CY2018Q4 us-gaap Liabilities
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q4 us-gaap Treasury Stock Value
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CY2018Q4 us-gaap Treasury Stock Value
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CY2018Q4 us-gaap Stockholders Equity
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8150000000 USD
CY2018Q4 us-gaap Minority Interest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
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42000000 USD
CY2017 us-gaap Dividends Common Stock Cash
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173000000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
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1817000000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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278000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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11296000000 USD
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CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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66000000 USD
CY2018 us-gaap Dividends Common Stock Cash
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CY2018 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
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2602000000 USD
CY2018 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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292000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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44000000 USD
CY2019 us-gaap Dividends Common Stock Cash
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CY2019 us-gaap Minority Interest Period Increase Decrease
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CY2019Q4 us-gaap Other Ownership Interests Value
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166000000 USD
CY2019 us-gaap Adjustments To Additional Paid In Capital Other
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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50000000 USD
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019 us-gaap Use Of Estimates
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<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Use of Estimates.</span><span style="font-family:Arial;font-size:10pt;">  The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include minerals reserve estimation; asset lives for depreciation, depletion and amortization; environmental obligations; asset retirement obligations; estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset acquisitions and impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of derivative instruments. Actual results could differ from those estimates.</span></div>
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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24000000 USD
CY2018 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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14000000 USD
CY2017 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-5000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2018 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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2909000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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2029000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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50000000 USD
CY2018 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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292000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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274000000 USD
CY2019 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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3000000 USD
CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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4000000 USD
CY2017 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2019 us-gaap Income Loss From Continuing Operations
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CY2018 us-gaap Income Loss From Continuing Operations
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2613000000 USD
CY2017 us-gaap Income Loss From Continuing Operations
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1751000000 USD
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CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax
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66000000 USD
CY2019 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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0 USD
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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0 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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4000000 USD
CY2019 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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3000000 USD
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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62000000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2018 us-gaap Net Income Loss Available To Common Stockholders Diluted
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2598000000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
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1813000000 USD
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1451000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1449000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1447000000 shares
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0 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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7000000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1451000000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1458000000 shares
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1.80
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1.21
CY2019 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0
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0.04
CY2019 us-gaap Earnings Per Share Basic
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1.79
CY2017 us-gaap Earnings Per Share Basic
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1.25
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-0.17
CY2018 us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.79
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1.21
CY2019 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0
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-0.01
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0.04
CY2019 us-gaap Earnings Per Share Diluted
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-0.17
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.78
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.25
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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11000000 shares
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000 shares
CY2019 fcx Dilutive Securities Excludedfrom Computationof Eps Amount
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42000000 shares
CY2018 fcx Dilutive Securities Excludedfrom Computationof Eps Amount
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37000000 shares
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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CY2017 fcx Dilutive Securities Excludedfrom Computationof Eps Amount
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41000000 shares
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2018Q4 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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350000000 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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1649000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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28010000000 USD
CY2019Q4 fcx Inventory Ore Stockpilesin Mills Current
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220000000 USD
CY2018Q4 fcx Inventory Ore Stockpilesin Mills Current
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282000000 USD
CY2019Q4 us-gaap Inventory Ore Stockpiles On Leach Pads
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923000000 USD
CY2018Q4 us-gaap Inventory Ore Stockpiles On Leach Pads
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915000000 USD
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1143000000 USD
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1197000000 USD
CY2019Q4 us-gaap Inventory Raw Materials
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318000000 USD
CY2018Q4 us-gaap Inventory Raw Materials
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260000000 USD
CY2019Q4 us-gaap Inventory Work In Process
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124000000 USD
CY2018Q4 us-gaap Inventory Work In Process
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192000000 USD
CY2019Q4 us-gaap Inventory Finished Goods
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839000000 USD
CY2018Q4 us-gaap Inventory Finished Goods
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1326000000 USD
CY2019Q4 fcx Product
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CY2018Q4 fcx Product
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181000000 USD
CY2018Q4 fcx Inventory Mill Stockpiles Noncurrent
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265000000 USD
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1244000000 USD
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1305000000 USD
CY2019Q4 us-gaap Inventory Noncurrent
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CY2018Q4 us-gaap Inventory Noncurrent
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1570000000 USD
CY2019Q4 us-gaap Inventory Valuation Reserves
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CY2018Q4 us-gaap Inventory Adjustments
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256000000 USD
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CY2018 us-gaap Inventory Write Down
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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43095000000 USD
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CY2019Q4 us-gaap Income Taxes Receivable Noncurrent
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290000000 USD
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CY2019Q4 fcx Assurance Bond Smelter Development
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126000000 USD
CY2019Q4 us-gaap Available For Sale Securities Noncurrent
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66000000 USD
CY2018Q4 us-gaap Available For Sale Securities Noncurrent
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65000000 USD
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196000000 USD
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181000000 USD
CY2019Q4 us-gaap Business Combination Contingent Consideration Arrangements Range Of Outcomes Value High
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115000000 USD
CY2018Q4 us-gaap Business Combination Contingent Consideration Arrangements Range Of Outcomes Value High
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189000000 USD
CY2019Q4 us-gaap Materials Supplies And Other
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22000000 USD
CY2018Q4 us-gaap Materials Supplies And Other
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20000000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Noncurrent
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134000000 USD
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132000000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
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1885000000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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2172000000 USD
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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215000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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54000000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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51000000 USD
CY2019Q4 us-gaap Accounts Payable Current
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1654000000 USD
CY2018Q4 us-gaap Accounts Payable Current
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1661000000 USD
CY2019Q4 us-gaap Accrued Salaries Current
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249000000 USD
CY2018Q4 us-gaap Accrued Salaries Current
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273000000 USD
CY2019Q4 us-gaap Interest Payable Current
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178000000 USD
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183000000 USD
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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115000000 USD
CY2018Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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162000000 USD
CY2019Q4 fcx Legal Payments Accrual Current
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88000000 USD
CY2018Q4 fcx Legal Payments Accrual Current
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16000000 USD
CY2019Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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79000000 USD
CY2018Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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109000000 USD
CY2019Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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69000000 USD
CY2018Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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78000000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
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44000000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
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0 USD
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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100000000 USD
CY2018Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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143000000 USD
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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2576000000 USD
CY2018Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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2625000000 USD
CY2019 us-gaap Interest Paid Net
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591000000 USD
CY2018 us-gaap Interest Paid Net
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500000000 USD
CY2017 us-gaap Interest Paid Net
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565000000 USD
CY2019 us-gaap Liabilities Fair Value Adjustment
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11000000 USD
CY2018 us-gaap Liabilities Fair Value Adjustment
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58000000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
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66000000 USD
CY2018Q4 us-gaap Deferred Finance Costs Net
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69000000 USD
CY2019Q4 us-gaap Long Term Debt
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CY2018Q4 us-gaap Long Term Debt
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CY2019Q4 us-gaap Long Term Debt Current
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5000000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
17000000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
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9821000000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
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11124000000 USD
fcx Debt Instrument Covenant Compliance Leverage Ratio
DebtInstrumentCovenantComplianceLeverageRatio
3.75
CY2019Q4 fcx Debt Instrument Covenant Compliance Leverage Ratio
DebtInstrumentCovenantComplianceLeverageRatio
5.25
fcx Debt Instrument Covenant Compliance Leverage Ratio Unrestricted Cash
DebtInstrumentCovenantComplianceLeverageRatioUnrestrictedCash
2500000000 USD
CY2019Q4 fcx Debt Instrument Covenant Compliance Leverage Ratio Unrestricted Cash
DebtInstrumentCovenantComplianceLeverageRatioUnrestrictedCash
1250000000 USD
CY2019Q3 us-gaap Proceeds From Repayments Of Debt
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1187000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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12000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
507000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2400000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1900000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
850000000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4200000000 USD
CY2019Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
1318000000 USD
CY2018Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
1174000000 USD
CY2019Q4 us-gaap Litigation Reserve
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502000000 USD
CY2018Q4 us-gaap Litigation Reserve
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631000000 USD
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
255000000 USD
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
230000000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
204000000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q4 us-gaap Other Sundry Liabilities Noncurrent
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212000000 USD
CY2018Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
195000000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2491000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2230000000 USD
CY2019Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
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2522000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
2177000000 USD
CY2019Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
2361000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
2048000000 USD
CY2019Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1615000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1373000000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
85000000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
75000000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
65000000 USD
CY2019Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
3050000000.00 shares
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
3000000000.0 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2019Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
72000000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
46900000 shares
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
63000000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
74000000 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
71000000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
59000000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
70000000 USD
CY2017 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
67000000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
46806364 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.40
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6425500 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.88
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
391075 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.72
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
4528736 shares
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
20.55
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
48312053 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
26.16
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y4M24D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
60000000 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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39981705 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
28.86
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
51000000 USD
CY2019 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
670508 shares
CY2018 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
195322 shares
CY2017 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
1041937 shares
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000000 USD
CY2018 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1000000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
3000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1000000 USD
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid
8000000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
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390000000 USD
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CY2017 us-gaap Income Tax Reconciliation Tax Settlements Foreign
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CY2018 fcx Effective Income Tax Rate Reconciliation Foreign Tax Credit Limitation Amount
EffectiveIncomeTaxRateReconciliationForeignTaxCreditLimitationAmount
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 fcx Income Tax Reconciliation Royalty
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CY2018 fcx Income Tax Reconciliation Royalty
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CY2017 fcx Income Tax Reconciliation Royalty
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CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Disposition Of Business
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CY2018 us-gaap Income Tax Reconciliation Disposition Of Business
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CY2017 us-gaap Income Tax Reconciliation Disposition Of Business
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CY2019 us-gaap Income Tax Reconciliation Other Adjustments
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CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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CY2019 us-gaap Income Tax Expense Benefit
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CY2018 us-gaap Income Tax Expense Benefit
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CY2017 us-gaap Income Tax Expense Benefit
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CY2018 fcx Tax Cutsand Jobs Actof2017 Changein Tax Rate Provisional Income Tax Expense Benefit
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CY2019 us-gaap Income Taxes Paid
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CY2018 us-gaap Income Taxes Paid
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CY2017 us-gaap Income Taxes Paid
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CY2019Q4 us-gaap Deferred Tax Assets Other
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CY2018Q4 us-gaap Deferred Tax Assets Other
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CY2018Q4 us-gaap Deferred Tax Liabilities Other
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CY2018Q4 us-gaap Deferred Income Tax Liabilities
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CY2019Q4 us-gaap Deferred Tax Liabilities
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CY2018Q4 us-gaap Deferred Tax Liabilities
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CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2019 fcx Tax Cutsand Jobs Actof2017 Changein Deferred Tax Asset Valuation Allowance
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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CY2017Q4 us-gaap Unrecognized Tax Benefits
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390000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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73000000 USD
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100000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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302000000 USD
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75000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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86000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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37000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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9000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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404000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
390000000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
231000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
186000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
22000000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
376000000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
282000000 USD
CY2019Q4 fcx Unrecognized Tax Benefits That Would Impact Effective Tax Rate Net Of Tax Benefits
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRateNetOfTaxBenefits
150000000 USD
CY2019 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
CONTINGENCIES<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Environmental. </span><span style="font-family:Arial;font-size:10pt;">FCX subsidiaries are subject to various national, state and local environmental laws and regulations that govern emissions of air pollutants; discharges of water pollutants; generation, handling, storage and disposal of hazardous substances, hazardous wastes and other toxic materials; and remediation, restoration and reclamation of environmental contamination. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation, if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC in 2007, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is also subject to claims where the release of hazardous substances is alleged to have damaged natural resources (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had more than </span><span style="font-family:Arial;font-size:10pt;"><span>100</span></span><span style="font-family:Arial;font-size:10pt;"> active remediation projects, including NRD claims, in </span><span style="font-family:Arial;font-size:10pt;"><span>24</span></span><span style="font-family:Arial;font-size:10pt;"> U.S. states. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">A summary of changes in estimated environmental obligations for the years ended </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31</span><span style="font-family:Arial;font-size:10pt;"> follows:</span></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.1219512195122%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"/></tr><tr><td style="width:56%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2019</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2018</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2017</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Balance at beginning of year</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,511</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,439</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,221</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Accretion expense</span><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">a</sup></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>102</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>100</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>84</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Additions</span><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">b</sup></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>23</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>56</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>241</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Reductions</span><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">b</sup></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(1</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(43</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Spending</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(74</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(84</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(64</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Balance at end of year</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,561</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,511</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,439</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Less current portion</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(106</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(132</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(134</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Long-term portion</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,455</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,379</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,305</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">a.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">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.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">b.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Adjustments to environmental obligations that do not provide future economic benefits are charged to operating income. Reductions primarily reflect revisions for changes in the anticipated scope and timing of projects and other noncash adjustments.</span></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Estimated future environmental cash payments (on an undiscounted and unescalated basis) total </span><span style="font-family:Arial;font-size:10pt;"><span>$106 million</span></span><span style="font-family:Arial;font-size:10pt;"> in </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2020</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$119 million</span></span><span style="font-family:Arial;font-size:10pt;"> in </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2021</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$95 million</span></span><span style="font-family:Arial;font-size:10pt;"> in </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2022</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$100 million</span></span><span style="font-family:Arial;font-size:10pt;"> in </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2023</span><span style="font-family:Arial;font-size:10pt;">, </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$100 million</span></span><span style="font-family:Arial;font-size:10pt;"> in </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2024</span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$2.7 billion</span></span><span style="font-family:Arial;font-size:10pt;"> thereafter. The amount and timing of these estimated payments will change as a result of changes in regulatory requirements, changes in scope and timing of remediation activities, the settlement of environmental matters and as actual spending occurs.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX’s environmental obligations totaled </span><span style="font-family:Arial;font-size:10pt;"><span>$1.6 billion</span></span><span style="font-family:Arial;font-size:10pt;">, including </span><span style="font-family:Arial;font-size:10pt;"><span>$1.4 billion</span></span><span style="font-family:Arial;font-size:10pt;"> recorded on a discounted basis for those obligations assumed in the FMC acquisition at fair value. On an undiscounted and unescalated basis, these obligations totaled </span><span style="font-family:Arial;font-size:10pt;"><span>$3.2 billion</span></span><span style="font-family:Arial;font-size:10pt;">. FCX estimates it is reasonably possible that these obligations could range between </span><span style="font-family:Arial;font-size:10pt;"><span>$2.7 billion</span></span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;"><span>$3.7 billion</span></span><span style="font-family:Arial;font-size:10pt;"> on an undiscounted and unescalated basis.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, the most significant environmental obligations were associated with the Pinal Creek site in Arizona; the Newtown Creek site in New York City; historical smelter sites principally located in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania; and uranium mining sites in the western U.S. The recorded environmental obligations for these sites totaled </span><span style="font-family:Arial;font-size:10pt;"><span>$1.4 billion</span></span><span style="font-family:Arial;font-size:10pt;"> at </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">. FCX may also be subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Pinal Creek.</span><span style="font-family:Arial;font-size:10pt;"> The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping are expected to continue for many years in the future.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Newtown Creek.</span><span style="font-family:Arial;font-size:10pt;"> From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, EPA notified PDRC, four other companies and the City of New York that EPA considers them to be PRPs under CERCLA. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and five other parties (the Newtown Creek Group, </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">NCG) entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify potential remedial options. The parties</span><span style="font-family:inherit;font-size:10pt;">’</span><span style="font-family:Arial;font-size:10pt;"> RI/FS work under the AOC and their efforts to identify other PRPs are ongoing. EPA recently identified eight additional parties as PRPs for the creek. The draft RI was submitted to EPA in November 2016, and the draft FS is expected to be submitted to EPA in 2022. EPA is not expected to propose a final creek-wide remedy until after the RI/FS is completed, with remedial design possibly beginning in 2022, and the actual remediation construction starting several years later. In July 2019, NCG entered into an AOC to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an interim remedy for that section of the creek (Early Action). The FFS was submitted to EPA in December 2019, and a decision on this Early Action is expected in late 2020. The actual costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the Early Action, the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. The overall cost and the portion ultimately allocated to PDRC could be material to FCX. As a result of revised cost estimates, FCX recorded charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$138 million</span></span><span style="font-family:Arial;font-size:10pt;"> during 2017 for the Newtown Creek environmental obligation.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Historical Smelter Sites</span><span style="font-family:Arial;font-size:10pt;">. FCX subsidiaries and their predecessors at various times owned or operated copper, zinc and lead smelters or refineries in states including Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. For some of these former processing sites, certain FCX subsidiaries have been advised by EPA or state agencies that they may be liable for costs of investigating and, if appropriate, remediating environmental conditions associated with these former processing facilities. At other sites, certain FCX subsidiaries have entered into state voluntary remediation programs to investigate and, if appropriate, remediate on-site and off-site conditions associated with the facilities. The historical processing sites are in various stages of assessment and remediation. At some of these sites, disputes with local residents and elected officials regarding alleged health effects or the effectiveness of remediation efforts have resulted in litigation of various types, and similar litigation at other sites is possible. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">From 1920 until 1986, United States Metals Refining Company (USMR), an indirect wholly owned subsidiary of FCX, owned and operated a copper smelter and refinery in the Borough of Carteret, New Jersey. Since the early 1980s, the site has been the subject of environmental investigation and remediation, under the direction and supervision of the New Jersey Department of Environmental Protection (NJDEP). On-site contamination is in the later stages of remediation. In 2012, after receiving a request from NJDEP, USMR also began investigating and remediating off-site properties, which is ongoing. On January 30, 2017, a class action titled </span><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Juan Duarte, Betsy Duarte and N.D., Infant, by Parents and Natural Guardians Juan Duarte and Betsy Duarte, Leroy Nobles and Betty Nobles, on behalf of themselves and all others similarly situated v. United States Metals Refining Company, Freeport-McMoRan Copper &amp; Gold Inc. and Amax Realty Development, Inc.</span><span style="font-family:Arial;font-size:10pt;">, Docket No. 734-17, was filed in the Superior Court of New Jersey against USMR, FCX, and Amax Realty Development, Inc. The defendants removed this litigation to the U.S. District Court for the District of New Jersey, where it remains pending. In December 2017, the plaintiffs amended their complaint and FCX was dismissed as a defendant and FMC was added as a defendant to the lawsuit. In 2019, the court allowed the plaintiffs to add FCX back into the case as a defendant. The suit alleges that USMR generated and disposed of smelter waste at the site and allegedly released contaminants on-site and off-site through discharges to surface water and air emissions over a period of decades and seeks unspecified compensatory and punitive damages for economic losses, including diminished property values, additional soil investigation and remediation and other damages. In January 2020, the parties completed briefing on the plaintiffs’ motion to certify a class, which is expected to take at least several months for the court to decide. FCX continues to vigorously defend this matter. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As a result of off-site soil sampling in public and private areas near the former Carteret smelter, FCX increased its associated environmental obligation for known and potential off-site environmental remediation by recording a </span><span style="font-family:Arial;font-size:10pt;"><span>$59 million</span></span><span style="font-family:Arial;font-size:10pt;"> charge to operating income in 2017. Additional sampling and analysis continued through 2019 and is ongoing and could result in additional adjustments to the related environmental remediation obligation in future periods. In 2019, FCX established a new project for off-site sediment contamination. The extent of contamination and potential remedial actions are uncertain and may take several years to evaluate.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Uranium Mining Sites.</span><span style="font-family:Arial;font-size:10pt;"> During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation. In early 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. Government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><span>94</span></span><span style="font-family:Arial;font-size:10pt;"> former uranium mining sites on tribal lands. The settlement terms are contained in a Consent Decree executed on May 22, 2017, and approved by the U.S. District Court for the District of Arizona. Under the Consent Decree, the U.S. contributed </span><span style="font-family:Arial;font-size:10pt;"><span>$335 million</span></span><span style="font-family:Arial;font-size:10pt;"> into a trust fund to cover the government’s initial share of the costs, and FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the </span><span style="font-family:Arial;font-size:10pt;"><span>94</span></span><span style="font-family:Arial;font-size:10pt;"> sites. The program is expected to take more than </span><span style="font-family:Arial;font-size:10pt;"><span>20</span></span><span style="font-family:Arial;font-size:10pt;"> years to complete. Based on updated cash flow and timing estimates, FCX reduced its associated obligation by recording a </span><span style="font-family:Arial;font-size:10pt;"><span>$41 million</span></span><span style="font-family:Arial;font-size:10pt;"> credit to operating income in 2017 after receiving court approval of the Consent Decree. In addition to uranium activities on tribal lands, FCX is conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on over </span><span style="font-family:Arial;font-size:10pt;"><span>10,000</span></span><span style="font-family:Arial;font-size:10pt;"> mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. BLM may request additional assessment or reclamation activities for other claims with mining features.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">AROs.</span><span style="font-family:Arial;font-size:10pt;"> FCX’s ARO estimates are reflected on a third-party cost basis and are based on FCX’s legal obligation to retire tangible, long-lived assets. A summary of changes in FCX’s AROs for the years ended </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31</span><span style="font-family:Arial;font-size:10pt;"> follows:</span></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="13"/></tr><tr><td style="width:44%;"/><td style="width:1%;"/><td style="width:15%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:15%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:15%;"/><td style="width:1%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2019</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2018</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2017</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Balance at beginning of year</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,547</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,583</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,638</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Liabilities incurred</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>20</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>14</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Settlements and revisions to cash flow estimates, net</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(5</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>50</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(112</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Accretion expense</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>118</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>110</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>124</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Dispositions</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(5</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><br/></span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(37</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(10</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Spending</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(170</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(160</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(71</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Balance at end of year</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,505</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,547</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,583</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Less current portion</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(330</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(317</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(286</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Long-term portion</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,175</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,230</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>2,297</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if determined to be economically beneficial. The methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Financial Assurance.</span><span style="font-family:Arial;font-size:10pt;"> New Mexico, Arizona, Colorado and other states, as well as federal regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. FCX has satisfied financial assurance requirements by using a variety of mechanisms, primarily involving parent company performance guarantees and financial capability demonstrations, but also including trust funds, surety bonds, letters of credit and other collateral. The applicable regulations specify financial strength tests that are designed to confirm a company’s or guarantor’s financial capability to fund estimated reclamation and closure costs. The amount of financial assurance FCX subsidiaries are required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled </span><span style="font-family:Arial;font-size:10pt;"><span>$1.3 billion</span></span><span style="font-family:Arial;font-size:10pt;">, of which </span><span style="font-family:Arial;font-size:10pt;"><span>$822 million</span></span><span style="font-family:Arial;font-size:10pt;"> was in the form of guarantees issued by FCX and FMC. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had trust assets totaling </span><span style="font-family:Arial;font-size:10pt;"><span>$196 million</span></span><span style="font-family:Arial;font-size:10pt;"> (included in other assets), which are legally restricted to be used to satisfy its financial assurance obligations for its mining properties in New Mexico. In addition, FCX subsidiaries have financial assurance obligations for its oil and gas properties associated with plugging and abandoning wells and facilities totaling </span><span style="font-family:Arial;font-size:10pt;"><span>$481 million</span></span><span style="font-family:Arial;font-size:10pt;">. Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">New Mexico Environmental and Reclamation Programs.</span><span style="font-family:Arial;font-size:10pt;"> FCX’s New Mexico operations are regulated under the New Mexico Water Quality Act and regulations adopted by the Water Quality Control Commission. In connection with discharge permits, the New Mexico Environment Department (NMED) has required each of these operations to submit closure plans for NMED’s approval. The closure plans must include measures to assure meeting applicable groundwater quality standards following the closure of discharging facilities and to abate groundwater or surface water contamination to meet applicable standards. FCX’s New Mexico operations also are subject to regulation </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">under the 1993 New Mexico Mining Act (the Mining Act) and the related rules that are administered by the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. Under the Mining Act, mines are required to obtain approval of reclamation plans. A finalized closure plan for Chino that met the requirements of these rules was submitted in 2019 for approval. The agencies accepted the closure and post-closure scopes of work cost estimates, and FCX expects to reach an agreement with the agencies on financial assurance calculations and remaining issues in early 2020. Following agency approval of Chino’s closure plan and costs, updated closure plans for Tyrone and Cobre will also be submitted for approval, which FCX expects will result in increases in closure costs for its New Mexico operations. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$454 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its New Mexico operations. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Arizona Environmental and Reclamation Programs.</span><span style="font-family:Arial;font-size:10pt;"> FCX’s Arizona properties are subject to regulatory oversight in several areas. ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards at an applicable point of compliance well or location during both operations and closure. The APP program also may require mitigation and discharge reduction or elimination of some discharges.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the cost to implement the closure strategy. An APP application specifies closure obligations, including post-closure monitoring and maintenance. A more detailed closure plan must be submitted within 90 days after a permitted entity notifies ADEQ of its intent to cease operations. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. In 2014, the state enacted legislation requiring closure costs for facilities covered by APPs to be updated no more frequently than every six years and financial assurance mechanisms to be updated no more frequently than every two years. In 2016, ADEQ approved a closure plan update for Sierrita, which resulted in increased closure costs. In 2019, ADEQ approved a closure plan update for Morenci (specific to the tailing dams), which resulted in increased closure costs. Morenci’s APP requires it to also update stockpile reclamation plans by 2022, which will result in increased closure costs. FCX will continue updating its closure strategy and closure cost estimates at other Arizona sites and intends to submit an updated tailings dam system closure cost for Bagdad by 2024.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Portions of Arizona mining facilities that operated after January 1, 1986, also are subject to the Arizona Mined Land Reclamation Act (AMLRA). AMLRA requires reclamation to achieve stability and safety consistent with post-mining land use objectives specified in a reclamation plan. Reclamation plans must be approved by the State Mine Inspector and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. FCX will continue to evaluate options for future reclamation and closure activities at its operating and non-operating sites, which are likely to result in adjustments to FCX’s AROs, and those adjustments could be material. At </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$345 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its Arizona operations.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Colorado Reclamation Programs.</span><span style="font-family:Arial;font-size:10pt;"> FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder. Under the Reclamation Act, mines are required to obtain approval of plans for reclamation of lands affected by mining operations to be performed during mining or upon cessation of mining operations. During 2016, at the request of the Colorado Division of Reclamation Mining &amp; Safety, the Climax mine submitted a revised cost estimate for its current reclamation plan, which did not materially change the closure plan cost. In 2017, Henderson began considering alternatives for the closure of the tailings facility and, in 2018, began evaluating potential options for long-term water treatment. In December 2019, Henderson submitted an updated closure plan, which resulted in increased closure costs. As of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$130 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its Colorado operations. In 2019, Colorado enacted legislation that requires proof of an end date for water treatment as a condition of permit authorizations for new mining operations and expansions beyond current permit authorizations. While this requirement does not apply to existing operations, it may lead to changes in long-term water management requirements at Climax and Henderson operations and AROs. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Chile Reclamation and Closure Programs. </span><span style="font-family:Arial;font-size:10pt;">In July 2011, the Chile senate passed legislation regulating mine closure, which established new requirements for closure plans. In compliance with the requirement for five-year updates, in November 2018, FCX’s El Abra operation submitted an updated plan with closure cost estimates based on the existing approved closure plan. Approval is expected in 2020. This update will not result in a material increase to closure costs. At </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$62 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its El Abra operation. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Peru Reclamation and Closure Programs</span><span style="font-family:Arial;font-size:10pt;">. Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines. Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the five-year closure plan and cost update required by the Mine Closure Law, the latest closure plan and cost estimate for the Cerro Verde mine expansion were submitted to the Peru regulatory authorities in 2017 and approved in February 2018. This update did not result in a material increase to closure costs. At </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$125 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its Cerro Verde operation.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Indonesia Reclamation and Closure Programs.</span><span style="font-family:Arial;font-size:10pt;"> The ultimate amount of reclamation and closure costs to be incurred at PT-FI’s operations will be determined based on applicable laws and regulations and PT-FI’s assessment of appropriate remedial activities in the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred at the end of mining activities, which are currently estimated to continue through 2041. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$936 million</span></span><span style="font-family:Arial;font-size:10pt;"> for its PT-FI operations. During </span><span style="font-family:Arial;font-size:10pt;">fourth-quarter</span><span style="font-family:Arial;font-size:10pt;"> </span><span style="font-family:Arial;font-size:10pt;">2019</span><span style="font-family:Arial;font-size:10pt;">, PT-FI mined the final phase of the Grasberg open pit. As a result, any adjustments to the estimated costs to reclaim PT-FI’s overburden stockpile will impact earnings.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In December 2009, PT-FI submitted its revised mine closure plan to the Department of Energy and Mineral Resources for review and addressed comments received during the course of this review process. In December 2010, the Indonesia government issued a regulation regarding mine reclamation and closure, which requires a company to provide a mine closure guarantee in the form of a time deposit placed in a state-owned bank in Indonesia. In December 2018, PT-FI, in conjunction with the issuance of the IUPK, submitted a revised mine closure plan to reflect the extension of operations to 2041. At </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, PT-FI had </span><span style="font-family:Arial;font-size:10pt;"><span>$92 million</span></span><span style="font-family:Arial;font-size:10pt;"> in a restricted time deposit account for mine closure guarantees and </span><span style="font-family:Arial;font-size:10pt;"><span>$8 million</span></span><span style="font-family:Arial;font-size:10pt;"> for reclamation guarantees.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In October 2017, Indonesia’s Ministry of Environment and Forestry (the MOEF) notified PT-FI of administrative sanctions related to certain activities the MOEF indicated are not reflected in PT-FI’s environmental permit. The MOEF also notified PT-FI that certain operational activities were inconsistent with factors set forth in its environmental permitting studies and that additional monitoring and improvements need to be undertaken related to air quality, water drainage, treatment and handling of certain wastes, and tailings management. In December 2018, the MOEF issued a revised environmental permit to PT-FI to address many of the operational activities that it alleged were inconsistent with earlier studies. The remaining administrative sanctions are being resolved through adoption of revised practices and, in a few situations, PT-FI has agreed with the MOEF on an appropriate multi-year work plan, including the closure of an overburden stockpile. In addition, PT-FI continues to work with MOEF to finalize environmental permitting related to the rail facilities and certain of the underground mining production operations as well as permitting for the extension of levees to contain the lateral flow of tailings in the lowlands.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In December 2018, PT-FI and the MOEF also established a new framework for continuous improvement in environmental practices in PT-FI’s operations, including initiatives that PT-FI will pursue to increase tailings retention and to evaluate large-scale beneficial uses of tailings within Indonesia. The MOEF issued a new decree that incorporates various initiatives and studies to be completed by PT-FI that would target continuous improvement in a manner that would not impose new technical risks or significant long-term costs to PT-FI’s operations. The new framework enables PT-FI to maintain compliance with site-specific standards and provides for ongoing monitoring by the MOEF. In 2018, PT-FI recorded a </span><span style="font-family:Arial;font-size:10pt;"><span>$32 million</span></span><span style="font-family:Arial;font-size:10pt;"> charge for MOEF assessments of prior period permit fees. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Oil and Gas Properties. </span><span style="font-family:Arial;font-size:10pt;">Substantially all of FM O&amp;G’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove equipment and facilities from leased acreage, and restore land in accordance with applicable local, state and federal laws. Following several sales transactions, FM O&amp;G’s remaining operating areas primarily include offshore California and the Gulf of Mexico (GOM) as of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">. FM O&amp;G AROs cover approximately </span><span style="font-family:Arial;font-size:10pt;"><span>210</span></span><span style="font-family:Arial;font-size:10pt;"> wells and </span><span style="font-family:Arial;font-size:10pt;"><span>120</span></span><span style="font-family:Arial;font-size:10pt;"> platforms and other structures. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FM O&amp;G had accrued reclamation and closure costs of </span><span style="font-family:Arial;font-size:10pt;"><span>$420 million</span></span><span style="font-family:Arial;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Litigation. </span><span style="font-family:Arial;font-size:10pt;">FCX is involved in numerous legal proceedings that arise in the ordinary course of business or are associated with environmental issues as discussed in this note under “Environmental.” FCX is also involved periodically in reviews, inquiries, investigations and other proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. Management does not believe, based on currently available information, that the outcome of any legal proceeding will have a material adverse effect on FCX’s financial condition, although individual or cumulative outcomes could be material to FCX’s operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Louisiana Parishes Coastal Erosion Cases.</span><span style="font-family:Arial;font-size:10pt;"> Certain FCX affiliates were named as defendants, along with numerous co-defendants, in </span><span style="font-family:Arial;font-size:10pt;"><span>13</span></span><span style="font-family:Arial;font-size:10pt;"> cases out of a total of </span><span style="font-family:Arial;font-size:10pt;"><span>42</span></span><span style="font-family:Arial;font-size:10pt;"> cases filed in Louisiana state courts by six south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulphur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The state of Louisiana, through the Attorney General and separately through the Louisiana Department of Natural Resources, intervened in the litigation in support of the parishes’ claims. Specifically, the cases alleged the defendants failed to obtain and/or comply with required coastal use permits in violation of the Louisiana State and Local Coastal Resources Management Act of 1978, and sought unspecified damages for the alleged statutory violations, and restoration of the properties at issue to their original condition. Certain FCX affiliates were named as defendants in two of the five cases that had been set for trial, both originally filed on November 8, 2013: </span><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Parish of Plaquemines v. ConocoPhillips Company et al</span><span style="font-family:Arial;font-size:10pt;">, 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-982, Div. B and </span><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Parish of Plaquemines v. Hilcorp Energy Company et al</span><span style="font-family:Arial;font-size:10pt;">, 25th Judicial District Court, Plaquemines Parish, Louisiana; No. 60-999, Div. B. In September 2019, affiliates of FCX reached an agreement in principle to settle all </span><span style="font-family:Arial;font-size:10pt;"><span>13</span></span><span style="font-family:Arial;font-size:10pt;"> cases. The maximum out-of-pocket settlement payment will be </span><span style="font-family:Arial;font-size:10pt;"><span>$23.5 million</span></span><span style="font-family:Arial;font-size:10pt;"> with the initial payment of </span><span style="font-family:Arial;font-size:10pt;"><span>$15 million</span></span><span style="font-family:Arial;font-size:10pt;"> to be paid upon execution of the settlement agreement. The initial payment will be held in trust and later deposited into a newly formed Coastal Zone Recovery Fund (the Fund) once the state of Louisiana passes enabling legislation to establish the Fund. The settlement agreement will also require the FCX affiliates to pay into the Fund twenty annual installments of </span><span style="font-family:Arial;font-size:10pt;"><span>$4.25 million</span></span><span style="font-family:Arial;font-size:10pt;"> beginning in 2023 provided the state of Louisiana passes the enabling legislation. The first two of those annual installments are conditioned only on the enactment of the enabling legislation within three years of execution of the settlement agreement, but all subsequent installments are also conditioned on the FCX affiliates receiving simultaneous reimbursement on a dollar-for-dollar basis from the proceeds of environmental credit sales generated by the Fund, resulting in the </span><span style="font-family:Arial;font-size:10pt;"><span>$23.5 million</span></span><span style="font-family:Arial;font-size:10pt;"> maximum total payment obligation. The settlement agreement will need to be executed by all parties, including authorized representatives of the six south Louisiana parishes originally plaintiffs in the suit and certain other non-plaintiff Louisiana parishes and the state of Louisiana. Upon execution of the settlement agreement, the FCX affiliates will be fully released and dismissed from all </span><span style="font-family:Arial;font-size:10pt;"><span>13</span></span><span style="font-family:Arial;font-size:10pt;"> pending cases. The agreement in principle does not include any admission of liability by FCX or its affiliates. FCX recorded a charge in third-quarter 2019 for the initial payment of </span><span style="font-family:Arial;font-size:10pt;"><span>$15 million</span></span><span style="font-family:Arial;font-size:10pt;">, which will be paid upon execution of the settlement agreement. FCX currently expects the settlement agreement to be executed during the first half of 2020. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Asbestos and Talc Claims</span><span style="font-family:Arial;font-size:10pt;">. Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes there is a reasonable possibility that losses may have been incurred related to these matters; however, FCX also believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">There has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining from 1964 until 1992 when it exited its talc business by conveying it to a third party in two related transactions. Those transactions involved (i) a transfer by Cyprus Mines of the assets of its talc business to a newly formed subsidiary that assumed all pre-sale and post-sale talc liabilities, subject to limited reservations, and (ii) a sale of the stock of that subsidiary to the third party. In 2011, the third party sold that subsidiary to Imerys Talc America (Imerys), an affiliate of Imerys S.A.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which has historically acknowledged those indemnification obligations, and has taken responsibility for all cases tendered to it. However, on February 13, 2019, Imerys filed for Chapter 11 bankruptcy protection, which triggered an immediate automatic stay under the federal bankruptcy code prohibiting any party from continuing or initiating litigation or asserting new claims against Imerys. As a result, Imerys is no longer defending the talc lawsuits against Cyprus Mines and CAMC. In addition, Imerys has taken the position that it alone owns, and has the sole right to access, the proceeds of the legacy insurance coverage of Cyprus Mines and CAMC for talc liabilities. In late March 2019, Cyprus Mines and CAMC challenged this position and obtained emergency relief from the bankruptcy court to gain access to the insurance until the question of ownership and contractual access can be decided in an adversary proceeding before the bankruptcy court, which is currently scheduled for March 2020.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">During first-quarter 2019, in a case pending at the time Imerys filed bankruptcy, a California jury entered a </span><span style="font-family:Arial;font-size:10pt;"><span>$29 million</span></span><span style="font-family:Arial;font-size:10pt;"> verdict against Johnson &amp; Johnson and Cyprus Mines, of which approximately </span><span style="font-family:Arial;font-size:10pt;"><span>$2 million</span></span><span style="font-family:Arial;font-size:10pt;"> was attributed to Cyprus Mines. Taking advantage of the temporary access to the insurance authorized by the bankruptcy court, Cyprus Mines used the insurance to fully resolve the case. Cyprus Mines and the insurers also settled several other cases that were set for trial through the end of 2019 and in the first half 2020, and secured delays or dismissals in other cases. Multiple trials have been scheduled over the first half of 2020, and others may be scheduled prior to the adversary proceeding regarding the legacy insurance. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">FCX believes that Cyprus Mines and CAMC each has strong defenses to legal liability and that both should have access to the legacy insurance to cover defense costs, settlement and judgments, at least until the bankruptcy court decides otherwise or the insurance is exhausted. At this time, FCX cannot estimate the range of possible loss associated with these proceedings, but it does not currently believe the amount of any such losses are material to its consolidated financial statements. However, there can be no assurance that future developments will not alter this conclusion. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Tax and Other Matters. </span><span style="font-family:Arial;font-size:10pt;">FCX’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. FCX and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The final taxes paid may be dependent upon many factors, including negotiations with taxing authorities. In certain jurisdictions, FCX pays a portion of the disputed amount before formally appealing an assessment. Such payment is recorded as a receivable if FCX believes the amount is collectible. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Cerro Verde Royalty Dispute.</span><span style="font-family:Arial;font-size:10pt;"> SUNAT has assessed mining royalties on ore processed by the Cerro Verde concentrator, which commenced operations in late 2006, for the period December 2006 to December 2013. Cerro Verde has contested each of these assessments because it believes that its 1998 stability agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. </span><span style="font-family:Arial;font-size:10pt;">No</span><span style="font-family:Arial;font-size:10pt;"> assessments can be issued for years after 2013, as Cerro Verde began paying royalties on all of its production in January 2014 under its new </span><span style="font-family:Arial;font-size:10pt;"><span>15</span></span><span style="font-family:Arial;font-size:10pt;">-year stability agreement. Since 2014, Cerro Verde has been paying the disputed assessments for the period from December 2006 through December 2013 under installment payment programs provided under Peru law. Through December 31, 2019, Cerro Verde has paid </span><span style="font-family:Arial;font-size:10pt;"><span>$354 million</span></span><span style="font-family:Arial;font-size:10pt;"> under these installment payment programs. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In October 2017, the Peru Supreme Court issued a ruling in favor of SUNAT that the assessments of royalties for the year 2008 on ore processed by the Cerro Verde concentrator were proper under Peru law. As a result of the unfavorable Peru Supreme Court ruling, Cerro Verde recorded net charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$186 million</span></span><span style="font-family:Arial;font-size:10pt;"> in 2017 (consisting of pre-tax charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$348 million</span></span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;"><span>$7 million</span></span><span style="font-family:Arial;font-size:10pt;"> of net tax charges, net of </span><span style="font-family:Arial;font-size:10pt;"><span>$169 million</span></span><span style="font-family:Arial;font-size:10pt;"> of noncontrolling interests) primarily for royalty assessments for the period December 2006 through the year 2013, penalties and interest related to assessments for the period December 2006 through the year 2008, and other related items that Cerro Verde would have incurred under the view that its concentrator was not stabilized.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In September 2018, the Peru Tax Tribunal denied Cerro Verde’s request to waive penalties and interest for the period January 2009 through September 2011. In December 2018, Cerro Verde elected not to appeal the Peru Tax Tribunal’s decisions. As a result, Cerro Verde recorded net charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$211 million</span></span><span style="font-family:Arial;font-size:10pt;"> in 2018 (consisting of pre-tax charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$420 million</span></span><span style="font-family:Arial;font-size:10pt;">, net of </span><span style="font-family:Arial;font-size:10pt;"><span>$18 million</span></span><span style="font-family:Arial;font-size:10pt;"> of tax benefits and </span><span style="font-family:Arial;font-size:10pt;"><span>$191 million</span></span><span style="font-family:Arial;font-size:10pt;"> of noncontrolling interests) primarily for penalties and interest related to assessments for the years 2009 through 2013 and other related items. In November 2019, Cerro Verde filed a notice of intent to initiate international arbitration, which triggered a period for mandatory good faith settlement discussions.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Cerro Verde also recognized a net gain of </span><span style="font-family:Arial;font-size:10pt;"><span>$16 million</span></span><span style="font-family:Arial;font-size:10pt;"> (consisting of pre-tax gains of </span><span style="font-family:Arial;font-size:10pt;"><span>$14 million</span></span><span style="font-family:Arial;font-size:10pt;"> and net tax benefits of </span><span style="font-family:Arial;font-size:10pt;"><span>$17 million</span></span><span style="font-family:Arial;font-size:10pt;">, net of </span><span style="font-family:Arial;font-size:10pt;"><span>$15 million</span></span><span style="font-family:Arial;font-size:10pt;"> in noncontrolling interests) in 2018 for refunds received for the overpayment of special (voluntary) levies (GEM) for the period October 2012 through the year 2013. Cerro Verde has also submitted a refund request for the remainder of the GEM assessments for the period October 2011 through September 2012 totaling </span><span style="font-family:Arial;font-size:10pt;"><span>$57 million</span></span><span style="font-family:Arial;font-size:10pt;">, but will not record a receivable for this amount until the request is granted by SUNAT.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">During 2019, Cerro Verde recorded net charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$7 million</span></span><span style="font-family:Arial;font-size:10pt;"> (consisting of pre-tax charges of </span><span style="font-family:Arial;font-size:10pt;"><span>$16 million</span></span><span style="font-family:Arial;font-size:10pt;">, net of </span><span style="font-family:Arial;font-size:10pt;"><span>$2 million</span></span><span style="font-family:Arial;font-size:10pt;"> of tax benefits and </span><span style="font-family:Arial;font-size:10pt;"><span>$7 million</span></span><span style="font-family:Arial;font-size:10pt;"> of noncontrolling interests) associated with disputed royalties for prior years. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">A summary of the charges recorded for the years ended December 31 related to the Cerro Verde royalty dispute follows:</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:644px;border-collapse:collapse;text-align:left;"><tr><td colspan="19"/></tr><tr><td style="width:10px;"/><td style="width:393px;"/><td style="width:8px;"/><td style="width:6px;"/><td style="width:37px;"/><td style="width:4px;"/><td style="width:9px;"/><td style="width:6px;"/><td style="width:38px;"/><td style="width:4px;"/><td style="width:10px;"/><td style="width:6px;"/><td style="width:37px;"/><td style="width:4px;"/><td style="width:9px;"/><td style="width:6px;"/><td style="width:37px;"/><td style="width:4px;"/><td style="width:9px;"/></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Royalty and related assessment charges:</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2019</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2018</span><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">a</sup></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2017</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Total</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Production and delivery</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>6</span></span></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>14</span></span></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>203</span></span></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">b</sup> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>223</span></span></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Interest expense, net</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>10</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">c</sup> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>370</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>145</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>525</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Other expense</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>22</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>22</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">(Benefit from) provision for income taxes</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(2</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(35</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>7</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">d</sup> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(30</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Net loss attributable to noncontrolling interests</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(7</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(176</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(169</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>(352</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>7</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>195</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>186</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>388</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">a.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Amounts are net of gains from the refund of GEM for the period October 2012 through the year 2013.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">b.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Includes </span><span style="font-family:Arial;font-size:9pt;"><span>$175 million</span></span><span style="font-family:Arial;font-size:9pt;"> related to disputed royalty assessments for the period from December 2006 to September 2011 (when royalties were determined based on revenues).</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">c.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Excludes </span><span style="font-family:Arial;font-size:9pt;"><span>$58 million</span></span><span style="font-family:Arial;font-size:9pt;"> of interest costs associated with the installment payment programs.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Arial;font-size:9pt;">d.</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Includes tax charges of </span><span style="font-family:Arial;font-size:9pt;"><span>$136 million</span></span><span style="font-family:Arial;font-size:9pt;"> for disputed royalties (</span><span style="font-family:Arial;font-size:9pt;"><span>$69 million</span></span><span style="font-family:Arial;font-size:9pt;">) and other related mining taxes (</span><span style="font-family:Arial;font-size:9pt;"><span>$67 million</span></span><span style="font-family:Arial;font-size:9pt;">) for the period October 2011 through the year 2013 when royalties were determined based on operating income, mostly offset by a tax benefit of </span><span style="font-family:Arial;font-size:9pt;"><span>$129 million</span></span><span style="font-family:Arial;font-size:9pt;"> associated with disputed royalties and other related mining taxes for the period December 2006 through December 2013. </span></div></td></tr></table><div style="line-height:120%;padding-top:4px;padding-left:18px;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As of December 31, 2019, Cerro Verde has recorded all of its exposure associated with its royalty dispute with the Peru tax authorities and will continue to record interest charges until all obligations are settled. Any future recoveries would be recorded when collected.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Other Peru Tax Matters. </span><span style="font-family:Arial;font-size:10pt;">Cerro Verde has also received assessments from SUNAT for additional taxes, penalties and interest related to various audit exceptions for income and other taxes. Cerro Verde has filed or will file objections to the assessments because it believes it has properly determined and paid its taxes. A summary of these assessments follows:</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="14"/></tr><tr><td style="width:23%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:21%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:21%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:21%;"/><td style="width:1%;"/><td style="width:2%;"/></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Tax Year</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Tax Assessment</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Penalty and Interest Assessment</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Total</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2003 to 2008</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>53</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>122</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>175</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2009</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>56</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>52</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>108</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2010</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>63</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>107</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>170</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2011</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>49</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>65</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>114</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2012</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>52</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>11</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>63</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2014 to 2019</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>39</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>39</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>312</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>357</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>669</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, Cerro Verde had paid </span><span style="font-family:Arial;font-size:10pt;"><span>$397 million</span></span><span style="font-family:Arial;font-size:10pt;"> on these disputed tax assessments. A reserve has been applied against these payments totaling </span><span style="font-family:Arial;font-size:10pt;"><span>$210 million</span></span><span style="font-family:Arial;font-size:10pt;">, resulting in a net receivable of </span><span style="font-family:Arial;font-size:10pt;"><span>$187 million</span></span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:Arial;font-size:10pt;">(included in other assets), which Cerro Verde believes is collectible. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Indonesia Tax Matters.</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span><span style="font-family:Arial;font-size:10pt;">PT-FI has received assessments from the Indonesia tax authorities for additional taxes and interest related to various audit exceptions for income and other taxes. PT-FI has filed objections to the assessments because it believes it has properly determined and paid its taxes. Excluding surface water and withholding tax assessments discussed below and the Indonesia government’s previous imposition of a </span><span style="font-family:Arial;font-size:10pt;"><span>7.5 percent</span></span><span style="font-family:Arial;font-size:10pt;"> 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 follows: </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.70731707317073%;border-collapse:collapse;text-align:left;"><tr><td colspan="13"/></tr><tr><td style="width:22%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:22%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:22%;"/><td style="width:1%;"/><td style="width:2%;"/><td style="width:1%;"/><td style="width:22%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Tax Year</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Tax Assessment</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Interest Assessment</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">Total</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2005</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>73</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>35</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>108</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2007</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>48</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>23</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>71</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2008, 2010 to 2011</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>55</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>31</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>86</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2012</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>124</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>124</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2013</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>154</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>74</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>228</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2014</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>139</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>6</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>145</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2015</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>159</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>159</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">2016</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>257</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>113</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>370</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,009</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>282</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Arial;font-size:9pt;"><span>1,291</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, PT-FI had paid </span><span style="font-family:Arial;font-size:10pt;"><span>$178 million</span></span><span style="font-family:Arial;font-size:10pt;"> (included in other assets) on disputed tax assessments, which it believes is collectible. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Surface Water Taxes</span><span style="font-family:Arial;font-size:10pt;">. PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to surface water taxes for the period from January 2011 through December 2018. As a result, PT-FI offered to pay </span><span style="font-family:Arial;font-size:10pt;"><span>one trillion</span></span><span style="font-family:Arial;font-size:10pt;"> rupiah to settle these historical surface water tax disputes and charged </span><span style="font-family:Arial;font-size:10pt;"><span>$69 million</span></span><span style="font-family:Arial;font-size:10pt;"> to production and delivery costs in December 2018. In May 2019, PT-FI agreed to a final settlement of </span><span style="font-family:Arial;font-size:10pt;"><span>1.394 trillion</span></span><span style="font-family:Arial;font-size:10pt;"> rupiah (approximately </span><span style="font-family:Arial;font-size:10pt;"><span>$99 million</span></span><span style="font-family:Arial;font-size:10pt;">) and recorded an incremental charge of </span><span style="font-family:Arial;font-size:10pt;"><span>$28 million</span></span><span style="font-family:Arial;font-size:10pt;">. PT-FI paid </span><span style="font-family:Arial;font-size:10pt;"><span>708.5 billion</span></span><span style="font-family:Arial;font-size:10pt;"> rupiah (</span><span style="font-family:Arial;font-size:10pt;"><span>$50 million</span></span><span style="font-family:Arial;font-size:10pt;">) in October 2019, and will pay the balance of </span><span style="font-family:Arial;font-size:10pt;"><span>685.5 billion</span></span><span style="font-family:Arial;font-size:10pt;"> rupiah (</span><span style="font-family:Arial;font-size:10pt;"><span>$50 million</span></span><span style="font-family:Arial;font-size:10pt;"> based on the exchange rate at December 31, 2019, and included in other liabilities in the consolidated balance sheet at December 31, 2019) in February 2021. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Export Duty Matter</span><span style="font-family:Arial;font-size:10pt;">. In April 2017, PT-FI entered into a memorandum of understanding with the Indonesia government (the 2017 MOU) confirming that the former COW would continue to be valid and honored until replaced by a mutually agreed IUPK and investment stability agreement. In the 2017 MOU, PT-FI agreed to continue to pay export duties of </span><span style="font-family:Arial;font-size:10pt;"><span>5 percent</span></span><span style="font-family:Arial;font-size:10pt;"> on the value of copper concentrate export sales until completion of the divestment and new IUPK. Subsequently, the Customs Office of the Minister of Finance refused to recognize the </span><span style="font-family:Arial;font-size:10pt;"><span>5 percent</span></span><span style="font-family:Arial;font-size:10pt;"> export duty agreed to under the 2017 MOU and imposed a </span><span style="font-family:Arial;font-size:10pt;"><span>7.5 percent</span></span><span style="font-family:Arial;font-size:10pt;"> export duty under the Ministry of Finance regulations, which PT-FI paid under protest during the period April 2017 to December 21, 2018. PT-FI paid </span><span style="font-family:Arial;font-size:10pt;"><span>$155 million</span></span><span style="font-family:Arial;font-size:10pt;"> for this period, and appealed the disputed amounts to the Indonesia Tax Court. The Indonesia Tax Court subsequently announced rulings in favor of PT-FI related to the individual cases involving </span><span style="font-family:Arial;font-size:10pt;"><span>$29 million</span></span><span style="font-family:Arial;font-size:10pt;"> of the disputed amounts, which were refunded by the Indonesia Customs Office to PT-FI.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The Indonesia Customs Office appealed the Indonesia Tax Court decisions on these cases to the Indonesia Supreme Court. On October 29, 2019, the Indonesia Supreme Court posted on its website rulings unfavorable to PT-FI for certain of the appealed cases involving approximately half of the </span><span style="font-family:Arial;font-size:10pt;"><span>$29 million</span></span><span style="font-family:Arial;font-size:10pt;"> that had been refunded to PT-FI.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As a result of the October 2019 ruling, FCX recorded a charge of </span><span style="font-family:Arial;font-size:10pt;"><span>$155 million</span></span><span style="font-family:Arial;font-size:10pt;"> during third-quarter 2019 to fully reserve for this matter. PT-FI continues to believe that a </span><span style="font-family:Arial;font-size:10pt;"><span>five percent</span></span><span style="font-family:Arial;font-size:10pt;"> export duty was applicable during this period and is evaluating options to recover these overpayments. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Withholding Tax Assessments</span><span style="font-family:Arial;font-size:10pt;">. In January 2019, the Indonesia Supreme Court posted on its website an unfavorable decision related to a PT-FI 2005 withholding tax matter. PT-FI had also received an unfavorable Indonesia Supreme Court decision in November 2017 and has other pending cases at the Indonesia Supreme Court related to withholding taxes for employees and other service providers for the year 2005 and the year 2007, which total approximately </span><span style="font-family:Arial;font-size:10pt;"><span>$46 million</span></span><span style="font-family:Arial;font-size:10pt;"> (based on the exchange rate as of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, and included in accounts payable and accrued liabilities in the consolidated balance sheet at December 31, 2019), including penalties and interest. As a result of the January 2019 ruling, PT-FI concluded a loss on all outstanding withholding tax matters is probable under applicable accounting guidance, and it recorded a charge of </span><span style="font-family:Arial;font-size:10pt;"><span>$61 million</span></span><span style="font-family:Arial;font-size:10pt;"> in 2018. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">For information regarding PT-FI mine development cost tax matters, refer to Note </span><span style="font-family:Arial;font-size:10pt;">11</span><span style="font-family:Arial;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Letters of Credit, Bank Guarantees and Surety Bonds.</span><span style="font-family:Arial;font-size:10pt;">  Letters of credit and bank guarantees totaled</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:Arial;font-size:10pt;"><span>$665 million</span></span><span style="font-family:Arial;font-size:10pt;"> at </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, primarily for environmental and asset retirement obligations, the Cerro Verde royalty dispute (refer to discussion above), workers’ compensation insurance programs, tax and customs obligations, and other commercial obligations. In addition, FCX had surety bonds totaling </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$344 million</span></span><span style="font-family:Arial;font-size:10pt;"> at </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, primarily associated with environmental and asset retirement obligations.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Insurance.</span><span style="font-family:Arial;font-size:10pt;">  FCX purchases a variety of insurance products to mitigate potential losses, which typically have specified deductible amounts or self-insured retentions and policy limits. FCX generally is self-insured for U.S. workers’ compensation, but purchases excess insurance up to statutory limits. An actuarial analysis is performed twice a year on the various casualty insurance programs covering FCX’s U.S.-based mining operations, including workers’ compensation, to estimate expected losses. At </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, FCX’s liability for expected losses under these insurance programs totaled </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$52 million</span></span><span style="font-family:Arial;font-size:10pt;">, which consisted of a current portion of </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$11 million</span></span><span style="font-family:Arial;font-size:10pt;"> (included in accounts payable and accrued liabilities) and a long-term portion of </span><span style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;"><span>$41 million</span></span><span style="font-family:Arial;font-size:10pt;"> (included in other liabilities). In addition, FCX has receivables of </span><span style="font-family:Arial;font-size:10pt;"><span>$11 million</span></span><span style="font-family:Arial;font-size:10pt;"> (a current portion of </span><span style="font-family:Arial;font-size:10pt;"><span>$2 million</span></span><span style="font-family:Arial;font-size:10pt;"> included in other accounts receivable and a long-term portion of </span><span style="font-family:Arial;font-size:10pt;"><span>$9 million</span></span><span style="font-family:Arial;font-size:10pt;"> included in other assets) for expected claims associated with these losses to be filed with insurance carriers. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div>FCX’s oil and gas operations are subject to all of the risks normally incident to the production of oil and gas, including well blowouts, cratering, explosions, oil spills, releases of gas or well fluids, fires, pollution and releases of toxic gas, each of which could result in damage to or destruction of oil and gas wells, production facilities or other property, or injury to persons. While FCX is not fully insured against all risks related to its oil and gas operations, its insurance policies provide limited coverage for losses or liabilities relating to pollution, with broader coverage for sudden and accidental occurrences. FCX is self-insured for named windstorms in the GOM.
CY2019Q4 fcx Environmental Loss Contingency Numberof Remediation Projects
EnvironmentalLossContingencyNumberofRemediationProjects
100 project
CY2019Q4 fcx Environmental Loss Contingency Numberof Us Stateswith Remediation Projects
EnvironmentalLossContingencyNumberofUSStateswithRemediationProjects
24 state
CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1511000000 USD
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1439000000 USD
CY2016Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1221000000 USD
CY2019 fcx Accrualfor Environmental Loss Contingencies Accretion Expense
AccrualforEnvironmentalLossContingenciesAccretionExpense
102000000 USD
CY2018 fcx Accrualfor Environmental Loss Contingencies Accretion Expense
AccrualforEnvironmentalLossContingenciesAccretionExpense
100000000 USD
CY2017 fcx Accrualfor Environmental Loss Contingencies Accretion Expense
AccrualforEnvironmentalLossContingenciesAccretionExpense
84000000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
23000000 USD
CY2018 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
56000000 USD
CY2017 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
241000000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
-1000000 USD
CY2018 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
0 USD
CY2017 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
-43000000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
74000000 USD
CY2018 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
84000000 USD
CY2017 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
64000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1561000000 USD
CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1511000000 USD
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1439000000 USD
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
106000000 USD
CY2018Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
132000000 USD
CY2017Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
134000000 USD
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
1455000000 USD
CY2018Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
1379000000 USD
CY2017Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
1305000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due Within One Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueWithinOneYear
106000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due In Second Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueInSecondYear
119000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due In Third Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueInThirdYear
95000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due In Fourth Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueInFourthYear
100000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due In Fifth Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueInFifthYear
100000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Undiscounted Due After Fifth Year
AccrualForEnvironmentalLossContingenciesUndiscountedDueAfterFifthYear
2700000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1600000000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Acquisitions And Divestitures
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForAcquisitionsAndDivestitures
1400000000 USD
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
3200000000 USD
CY2017Q1 fcx Environmental Loss Contingency Numberof Uranium Siteson Tribal Lands
EnvironmentalLossContingencyNumberofUraniumSitesonTribalLands
94 divisions
CY2017Q1 fcx Remediationworkrelatedto Uraniumminesamounttobecontributedbythe U.S.Government
RemediationworkrelatedtoUraniumminesamounttobecontributedbytheU.S.Government
335000000 USD
CY2017Q1 fcx Environmental Loss Contingency Numberof Uranium Siteson Tribal Lands
EnvironmentalLossContingencyNumberofUraniumSitesonTribalLands
94 divisions
CY2017Q1 fcx Uraniummineremediationworkprogramterminyears
Uraniummineremediationworkprogramterminyears
P20Y
CY2017Q1 fcx Environmental Remediation Numberof Sites Under Evaluation
EnvironmentalRemediationNumberofSitesUnderEvaluation
10000 site
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2547000000 USD
CY2017Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2583000000 USD
CY2016Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2638000000 USD
CY2019 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
20000000 USD
CY2018 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1000000 USD
CY2017 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
14000000 USD
CY2019 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-5000000 USD
CY2018 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
50000000 USD
CY2017 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-112000000 USD
CY2019 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
118000000 USD
CY2018 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
110000000 USD
CY2017 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
124000000 USD
CY2019 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
5000000 USD
CY2018 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
37000000 USD
CY2017 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
10000000 USD
CY2019 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
170000000 USD
CY2018 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
160000000 USD
CY2017 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
71000000 USD
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2505000000 USD
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2547000000 USD
CY2017Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2583000000 USD
CY2019Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
330000000 USD
CY2018Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
317000000 USD
CY2017Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
286000000 USD
CY2019Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2175000000 USD
CY2018Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2230000000 USD
CY2017Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2297000000 USD
CY2019Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
52000000 USD
CY2019Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
11000000 USD
CY2019Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
41000000 USD
CY2019Q4 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
11000000 USD
CY2019Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
2000000 USD
CY2019Q4 us-gaap Insurance Settlements Receivable Noncurrent
InsuranceSettlementsReceivableNoncurrent
9000000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
232000000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44000000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
204000000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
248000000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
55000000 USD
CY2019 fcx Variableand Shortterm Lease Cost
VariableandShorttermLeaseCost
79000000 USD
CY2019 us-gaap Lease Cost
LeaseCost
134000000 USD
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
80000000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
59000000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
43000000 USD
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
57000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
43000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
36000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
31000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
29000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
121000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
317000000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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69000000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
248000000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
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44000000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
204000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
53000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
42000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
38000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
32000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
29000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
171000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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3600000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
1600000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
731000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
300000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
274000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
270000000 USD
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
387000000 USD
CY2019 fcx Smelter Development Progress Higher Threshold Percent
SmelterDevelopmentProgressHigherThresholdPercent
0.50
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
74000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
23000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
21000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
48000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
74000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
23000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
21000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
48000000 USD
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
7000000 USD
CY2019Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
7000000 USD
CY2019Q4 us-gaap Derivative Assets
DerivativeAssets
74000000 USD
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
16000000 USD
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
21000000 USD
CY2018Q4 us-gaap Derivative Liabilities
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