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Guarantor Financial Statements (Unaudited) (Notes) | 6 Months Ended
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Jun. 30, 2013
Guarantor Financial Statements [Abstract] |
Guarantor Financial Statements [Text Block] | GUARANTOR FINANCIAL STATEMENTS In March 2013, FCX completed the sale of $6.5 billion of 2.375%, 3.100%, 3.875% and 5.450% Senior Notes. These notes, along with FCX's 1.40%, 2.15% and 3.55% Senior Notes sold in February 2012, are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G's parent, which is a subsidiary of FCX. Refer to Note 7 for further discussion of FCX's senior notes. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FCX, including indebtedness under the revolving credit facility. The guarantee also ranks senior in right of payment with all future subordinated obligations and is effectively subordinated in right of payment to any debt of FCX's subsidiaries that are not subsidiary guarantors. The following condensed consolidating financial information includes information regarding FCX, as parent, FM O&G's parent, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheet at June 30, 2013, and the related condensed consolidating statements of income for the three and six months ended June 30, 2013, and the condensed consolidating statement of cash flow for the six months ended June 30, 2013, which should be read in conjunction with FCX's notes to the consolidated financial statements: FREEPORT-McMoRan COPPER & GOLD INC. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2013 (In millions)
| FCX |  | FM O&G |  | Non-guarantor |  |  |  | Consolidated
| Parent |  | Parent |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 59 |  |  | $ | 3,235 |  |  | $ | — |  |  | $ | 3,294 |
Accounts receivable | 4,453 |  |  | 1,312 |  |  | 1,487 |  |  | (5,373 | ) |  | 1,879 |
Inventories | — |  |  | 20 |  |  | 4,926 |  |  | — |  |  | 4,946 |
Other current assets | 101 |  |  | 80 |  |  | 278 |  |  | — |  |  | 459 |
Total current assets | 4,554 |  |  | 1,471 |  |  | 9,926 |  |  | (5,373 | ) |  | 10,578 |
Property, plant, equipment and |  |  |  |  |  |  |  |  |
development costs, net | 29 |  |  | 8,730 |  |  | 37,455 |  |  | — |  |  | 46,214 |
Investment in consolidated subsidiaries | 30,372 |  |  | 7,442 |  |  | 84 |  |  | (37,898 | ) |  | — |
Goodwill | — |  |  | 454 |  |  | 1,450 |  |  | — |  |  | 1,904 |
Other assets | 4,020 |  |  | 4,027 |  |  | 4,337 |  |  | (7,923 | ) |  | 4,461 |
Total assets | $ | 38,975 |  |  | $ | 22,124 |  |  | $ | 53,252 |  |  | $ | (51,194 | ) |  | $ | 63,157 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,898 |  |  | $ | 2,102 |  |  | $ | 6,983 |  |  | $ | (5,373 | ) |  | $ | 5,610 |
Long-term debt, less current portion | 13,484 |  |  | 10,282 |  |  | 6,489 |  |  | (9,113 | ) |  | 21,142 |
Deferred income taxes a | 3,709 |  |  | — |  |  | 3,131 |  |  | — |  |  | 6,840 |
Reclamation and environmental obligations, |  |  |  |  |  |  |  |  |
less current portion | — |  |  | 275 |  |  | 2,831 |  |  | — |  |  | 3,106 |
Other liabilities | 6 |  |  | 65 |  |  | 1,739 |  |  | — |  |  | 1,810 |
Total liabilities | 19,097 |  |  | 12,724 |  |  | 21,173 |  |  | (14,486 | ) |  | 38,508 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 782 |  |  | — |  |  | 782 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 19,878 |  |  | 9,400 |  |  | 27,464 |  |  | (36,864 | ) |  | 19,878 |
Noncontrolling interests | — |  |  | — |  |  | 3,833 |  |  | 156 |  |  | 3,989 |
Total equity | 19,878 |  |  | 9,400 |  |  | 31,297 |  |  | (36,708 | ) |  | 23,867 |
Total liabilities and equity | $ | 38,975 |  |  | $ | 22,124 |  |  | $ | 53,252 |  |  | $ | (51,194 | ) |  | $ | 63,157 |
a. | All U.S. related deferred income taxes are recorded at the parent company.
FREEPORT-McMoRan COPPER & GOLD INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME Three and Six Months Ended June 30, 2013 (In millions)
Three Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G |  | Non-guarantor |  |  |  | Consolidated
| Parent |  | Parent |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 162 |  |  | $ | 4,126 |  |  | $ | — |  |  | $ | 4,288 |
Cost of sales | 1 |  |  | 126 |  |  | 3,256 |  |  | — |  |  | 3,383 |
Other operating costs and expenses | 75 |  |  | 9 |  |  | 182 |  |  | — |  |  | 266 |
Total costs and expenses | 76 |  |  | 135 |  |  | 3,438 |  |  | — |  |  | 3,649 |
Operating (loss) income | (76 | ) |  | 27 |  |  | 688 |  |  | — |  |  | 639 |
Interest expense, net | (92 | ) |  | (12 | ) |  | (39 | ) |  | 11 |  |  | (132 | )
Gain on investment in MMR | 128 |  |  | — |  |  | — |  |  | — |  |  | 128 |
Other income (expense), net | 11 |  |  | — |  |  | 13 |  |  | (11 | ) |  | 13 |
(Loss) income before income taxes and equity |  |  |  |  |  |  |  |  |
in affiliated companies' net earnings (losses) | (29 | ) |  | 15 |  |  | 662 |  |  | — |  |  | 648 |
Benefit from (provision for) income taxes | 35 |  |  | (5 | ) |  | (70 | ) |  | — |  |  | (40 | )
Equity in affiliated companies' net earnings (losses) | 476 |  |  | 20 |  |  | (3 | ) |  | (491 | ) |  | 2 |
Net income (loss) | 482 |  |  | 30 |  |  | 589 |  |  | (491 | ) |  | 610 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (133 | ) |  | 5 |  |  | (128 | )
Net income (loss) attributable to FCX |  |  |  |  |  |  |  |  |
common stockholders | $ | 482 |  |  | $ | 30 |  |  | $ | 456 |  |  | $ | (486 | ) |  | $ | 482 |
Six Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G |  | Non-guarantor |  |  |  | Consolidated
| Parent |  | Parent |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 162 |  |  | $ | 8,709 |  |  | $ | — |  |  | $ | 8,871 |
Cost of sales | 3 |  |  | 126 |  |  | 6,304 |  |  | (2 | ) |  | 6,431 |
Other operating costs and expenses | 92 |  |  | 9 |  |  | 343 |  |  | 2 |  |  | 446 |
Total costs and expenses | 95 |  |  | 135 |  |  | 6,647 |  |  | — |  |  | 6,877 |
Operating (loss) income | (95 | ) |  | 27 |  |  | 2,062 |  |  | — |  |  | 1,994 |
Interest expense, net | (128 | ) |  | (12 | ) |  | (64 | ) |  | 15 |  |  | (189 | )
Losses on early extinguishment of debt | (45 | ) |  | — |  |  | — |  |  | — |  |  | (45 | )
Gain on investment in MMR | 128 |  |  | — |  |  | — |  |  | — |  |  | 128 |
Other income (expense), net | 15 |  |  | — |  |  | 10 |  |  | (15 | ) |  | 10 |
(Loss) income before income taxes and equity |  |  |  |  |  |  |  |  |
in affiliated companies' net earnings (losses) | (125 | ) |  | 15 |  |  | 2,008 |  |  | — |  |  | 1,898 |
Benefit from (provision for) income taxes | 26 |  |  | (5 | ) |  | (489 | ) |  | — |  |  | (468 | )
Equity in affiliated companies' net earnings (losses) | 1,229 |  |  | 20 |  |  | (46 | ) |  | (1,199 | ) |  | 4 |
Net income (loss) | 1,130 |  |  | 30 |  |  | 1,473 |  |  | (1,199 | ) |  | 1,434 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (292 | ) |  | (12 | ) |  | (304 | )
Net income (loss) attributable to FCX |  |  |  |  |  |  |  |  |
common stockholders | $ | 1,130 |  |  | $ | 30 |  |  | $ | 1,181 |  |  | $ | (1,211 | ) |  | $ | 1,130 |
FREEPORT-McMoRan COPPER & GOLD INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2013 (In millions)
| FCX |  | FM O&G |  | Non-guarantor |  |  |  | Consolidated
| Parent |  | Parent |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1,130 |  |  | $ | 30 |  |  | $ | 1,473 |  |  | $ | (1,199 | ) |  | $ | 1,434 |
Adjustments to reconcile net income (loss) to net |  |  |  |  |  |  |  |  |
cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 2 |  |  | 79 |  |  | 772 |  |  | 6 |  |  | 859 |
Losses on early extinguishment of debt | 45 |  |  | — |  |  | — |  |  | — |  |  | 45 |
Gain on investments in MMR | (128 | ) |  | — |  |  | — |  |  | — |  |  | (128 | )
Equity in earnings of consolidated subsidiaries | (1,140 | ) |  | (20 | ) |  | 5 |  |  | 1,155 |  |  | — |
Other, net | 43 |  |  | 29 |  |  | (260 | ) |  | 38 |  |  | (150 | )
(Increases) decreases in working capital and other tax |  |  |  |  |  |  |  |  |
payments, excluding amounts from the acquisitions: |  |  |  |  |  |  |  |  |
Accounts receivable, inventories and other current assets | (2 | ) |  | 32 |  |  | 22 |  |  | 196 |  |  | 248 |
Accounts payable, accrued liabilities and accrued |  |  |  |  |  |  |  |  |
income taxes and other tax payments | 144 |  |  | (1 | ) |  | (295 | ) |  | (291 | ) |  | (443 | )
Net cash provided by (used in) operating activities | 94 |  |  | 149 |  |  | 1,717 |  |  | (95 | ) |  | 1,865 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (151 | ) |  | (1,817 | ) |  | (10 | ) |  | (1,978 | )
Acquisitions, net of cash acquired | (5,437 | ) |  | — |  |  | (321 | ) |  | 344 |  |  | (5,414 | )
Other, net | (5 | ) |  | — |  |  | (259 | ) |  | — |  |  | (264 | )
Net cash (used in) provided by investing activities | (5,442 | ) |  | (151 | ) |  | (2,397 | ) |  | 334 |  |  | (7,656 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 10,885 |  |  | — |  |  | 136 |  |  | — |  |  | 11,021 |
Repayments of debt | (4,050 | ) |  | (415 | ) |  | (76 | ) |  | — |  |  | (4,541 | )
Intercompany loans | (476 | ) |  | 476 |  |  | 344 |  |  | (344 | ) |  | — |
Cash dividends paid: |  |  |  |  |  |  |  |  |
Common stock | (595 | ) |  | — |  |  | (104 | ) |  | 104 |  |  | (595 | )
Noncontrolling interests | — |  |  | — |  |  | (90 | ) |  | — |  |  | (90 | )
Other, net | (416 | ) |  | — |  |  | — |  |  | 1 |  |  | (415 | )
Net cash provided by (used in) financing activities | 5,348 |  |  | 61 |  |  | 210 |  |  | (239 | ) |  | 5,380 |
Net increase (decrease) in cash and cash equivalents | — |  |  | 59 |  |  | (470 | ) |  | — |  |  | (411 | )
Cash and cash equivalents at beginning of period | — |  |  | — |  |  | 3,705 |  |  | — |  |  | 3,705 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 59 |  |  | $ | 3,235 |  |  | $ | — |  |  | $ | 3,294 |

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- Definition Tabular disclosure of the condensed financial statements (balance sheet, income statement, cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (guarantor subsidiaries, non-guarantor subsidiaries or consolidation eliminations) will be included in order that the respective monetary amounts for each domain will aggregate to the respective amounts on the consolidated financial statements. + References No definition available. + Details
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