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BUSINESS SEGMENTS | 12 Months Ended
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Dec. 31, 2013
Business Segments [Abstract] |
Business Segments | BUSINESS SEGMENTS Subsequent to the acquisitions of PXP and MMR, FCX has organized its operations into six primary divisions – North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines and U.S. oil and gas operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis for its mining operations. Therefore, FCX concluded that its operating segments include individual mines or operations relative to its mining operations. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Operating segments that meet certain financial thresholds are reportable segments. Beginning in 2013, the Molybdenum operations division was revised to report only FCX's two molybdenum mines in North America - the Henderson underground mine and the Climax open-pit mine, both in Colorado - as a division (i.e. Molybdenum mines). The molybdenum sales company and related conversion facilities are included with Other Mining & Eliminations in the following segment tables. FCX revised its segment disclosures for the years ended December 31, 2012 and 2011, to conform with the current year presentation. Intersegment Sales. Intersegment sales between FCX’s mining operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mining operations to other divisions, including Atlantic Copper and on 25 percent of PT-FI's sales to PT Smelting until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX's net deferred profits and quarterly earnings. Allocations. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level, whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed at the corporate level, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. North America Copper Mines. FCX has seven operating copper mines in North America – Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Tyrone and Chino in New Mexico. The North America copper mines include open-pit mining, sulfide ore concentrating, leaching and SX/EW operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining operations. The North America copper mines include the Morenci copper mine as a reportable segment. In addition to copper, certain of FCX's North America copper mines also produce molybdenum concentrates. Morenci. The Morenci open-pit mine, located in southeastern Arizona, produces copper cathodes and copper concentrates. In addition to copper, the Morenci mine also produces molybdenum concentrates. The Morenci mine produced 39 percent of FCX’s North America copper during 2013. South America Mining. South America mining includes four operating copper mines – Cerro Verde in Peru, and El Abra, Candelaria and Ojos del Salado in Chile. These operations include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. South America mining includes the Cerro Verde and Candelaria copper mines as reportable segments. Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathodes and copper concentrates. In addition to copper, the Cerro Verde mine also produces molybdenum concentrates. The Cerro Verde mine produced 42 percent of FCX’s South America copper during 2013. Candelaria. The Candelaria open-pit copper mine, located near Copiapó, Chile, produces copper concentrates. In addition to copper, the Candelaria mine also produces gold and silver. The Candelaria mine produced 28 percent of FCX's South America copper during 2013. Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrates, which contain significant quantities of gold and silver. Africa Mining. Africa mining includes the Tenke minerals district. The Tenke operation includes surface mining, leaching and SX/EW operations and produces copper cathodes. In addition to copper, the Tenke operation produces cobalt hydroxide. Molybdenum Mines. Molybdenum mines include the wholly owned Henderson underground mine and Climax open-pit mine in Colorado. The Henderson and Climax mines produce high-purity, chemical-grade molybdenum concentrates, which are typically further processed into value-added molybdenum chemical products. Rod & Refining. The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery, three rod mills and a specialty copper products facility. These operations process copper produced at FCX’s North America copper mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. Atlantic Copper Smelting & Refining. Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes. During 2013, Atlantic Copper purchased approximately 32 percent of its concentrate requirements from the South America mining operations, approximately 16 percent from the Indonesia mining operations and approximately 13 percent from the North America copper mines at market prices, with the remainder purchased from third parties. U.S. Oil & Gas Operations. FCX's U.S. oil and gas operations include oil production facilities and growth potential in the Deepwater GOM, oil production from the onshore Eagle Ford shale play in Texas, oil production facilities onshore and offshore California, onshore natural gas resources in the Haynesville shale play in Louisiana, natural gas production from the Madden area in central Wyoming, and a position in the emerging shallow-water Inboard Lower Tertiary/Cretaceous natural gas trend on the Shelf of the GOM and onshore in South Louisiana. All of the U.S. operations are considered one operating segment. Product Revenue FCX revenues attributable to the products it produced for the years ended December 31 follow:
| 2013 |  | 2012 |  | 2011
Refined copper products | $ | 7,466 |  |  | $ | 9,699 |  |  | $ | 10,297 |
Copper in concentrates a | 7,040 |  |  | 4,589 |  |  | 5,938 |
Gold | 1,656 |  |  | 1,741 |  |  | 2,429 |
Molybdenum | 1,110 |  |  | 1,187 |  |  | 1,348 |
Oil | 2,310 |  |  | — |  |  | — |
Other | 1,339 |  |  | 794 |  |  | 868 |
Total | $ | 20,921 |  |  | $ | 18,010 |  |  | $ | 20,880 |
a. | Amounts are net of treatment and refining charges totaling $400 million for 2013, $311 million for 2012 and $362 million for 2011.
Geographic Area Information concerning financial data by geographic area follows:
| Years Ended December 31,
| 2013 |  | 2012 |  | 2011
Revenues:a |  |  |  |  |
United States | $ | 9,418 |  |  | $ | 6,285 |  |  | $ | 7,176 |
Japan | 2,141 |  |  | 2,181 |  |  | 2,501 |
Indonesia | 1,651 |  |  | 2,054 |  |  | 2,266 |
Spain | 1,223 |  |  | 1,581 |  |  | 1,643 |
Switzerland | 1,098 |  |  | 731 |  |  | 1,219 |
China | 1,078 |  |  | 579 |  |  | 942 |
Chile | 754 |  |  | 704 |  |  | 741 |
Korea | 297 |  |  | 525 |  |  | 561 |
Other | 3,261 |  |  | 3,370 |  |  | 3,831 |
Total | $ | 20,921 |  |  | $ | 18,010 |  |  | $ | 20,880 |
a. | Revenues are attributed to countries based on the location of the customer.
| December 31,
| 2013 |  | 2012 |  | 2011
Long-lived assets:a |  |  |  |  |
United States | $ | 32,969 |  | b | $ | 8,689 |  |  | $ | 7,899 |
Indonesia | 5,799 |  |  | 5,127 |  |  | 4,469 |
Democratic Republic of Congo | 3,994 |  |  | 3,926 |  |  | 3,497 |
Peru | 5,181 |  |  | 3,933 |  |  | 3,265 |
Chile | 2,699 |  |  | 2,587 |  |  | 2,242 |
Other | 562 |  |  | 327 |  |  | 325 |
Total | $ | 51,204 |  |  | $ | 24,589 |  |  | $ | 21,697 |
a. | Long-lived assets exclude deferred tax assets, intangible assets and goodwill.
b. | Increased primarily because of the PXP and MMR acquisitions.
Major Customers. Sales to PT Smelting totaled $1.7 billion (8 percent of FCX's consolidated revenues) in 2013, $2.1 billion (11 percent of FCX's consolidated revenues) in 2012 and $2.3 billion (11 percent of FCX's consolidated revenues) in 2011. No other customer accounted for 10 percent or more of FCX's consolidated revenues. Refer to Note 6 for further discussion of FCX’s investment in PT Smelting. Labor Matters. As of December 31, 2013, 49 percent of FCX's labor force was covered by collective bargaining agreements, and one percent of FCX's labor force is covered by agreements that will expire within one year. Business Segments Business segments data for the years ended December 31 are presented in the following tables. Business Segments
(In millions) | Mining Operations |  |  |  |  |  |
| North America Copper Mines |  | South America |  | Indonesia |  | Africa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Other |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Molyb- |  |  |  | Copper |  | Mining |  |  |  | U.S. |  | Other |  |
|  |  | Other |  |  |  | Cerro |  | Candel- |  | Other |  |  |  |  |  |  |  | denum |  | Rod & |  | Smelting |  | & Elimi- |  | Total |  | Oil & Gas |  | & Elimi- |  | FCX
| Morenci |  | Mines |  | Total |  | Verde |  | aria |  | Mines |  | Total |  | Grasberg |  | Tenke |  | Mines |  | Refining |  | & Refining |  | nations |  | Mining |  | Operations |  | nations |  | Total
Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 244 |  |  | $ | 326 |  |  | $ | 570 |  |  | $ | 1,473 |  |  | $ | 1,155 |  |  | $ | 1,224 |  |  | $ | 3,852 |  |  | $ | 3,751 |  | a | $ | 1,590 |  |  | $ | — |  |  | $ | 4,995 |  |  | $ | 2,027 |  |  | $ | 1,516 |  | b | $ | 18,301 |  |  | $ | 2,616 |  | c | $ | 4 |  |  | $ | 20,921 |
Intersegment | 1,673 |  |  | 2,940 |  |  | 4,613 |  |  | 360 |  |  | 273 |  |  | — |  |  | 633 |  |  | 336 |  |  | 47 |  |  | 522 |  |  | 27 |  |  | 14 |  |  | (6,192 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and delivery | 1,233 |  |  | 2,033 |  |  | 3,266 |  |  | 781 |  |  | 700 |  |  | 588 |  |  | 2,069 |  |  | 2,309 |  |  | 754 |  |  | 317 |  |  | 4,990 |  |  | 2,054 |  |  | (4,608 | ) |  | 11,151 |  |  | 682 |  |  | 7 |  |  | 11,840 |
Depreciation, depletion and amortization | 133 |  |  | 269 |  |  | 402 |  |  | 152 |  |  | 69 |  |  | 125 |  |  | 346 |  |  | 247 |  |  | 246 |  |  | 82 |  |  | 9 |  |  | 42 |  |  | 48 |  |  | 1,422 |  |  | 1,364 |  |  | 11 |  |  | 2,797 |
Selling, general and administrative expenses | 2 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 2 |  |  | 7 |  |  | 110 |  |  | 12 |  |  | — |  |  | — |  |  | 20 |  |  | 29 |  |  | 183 |  |  | 120 |  |  | 354 |  |  | 657 |
Mining exploration and research expenses | — |  |  | 5 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 193 |  |  | 199 |  |  | — |  |  | 11 |  |  | 210 |
Environmental obligations and shutdown costs | — |  |  | (1 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | 66 |  |  | — |  |  | — |  |  | 66 |
Operating income (loss) | 549 |  |  | 957 |  |  | 1,506 |  |  | 897 |  |  | 657 |  |  | 509 |  |  | 2,063 |  |  | 1,420 |  |  | 625 |  |  | 123 |  |  | 23 |  |  | (75 | ) | d | (405 | ) |  | 5,280 |  |  | 450 |  |  | (379 | ) |  | 5,351 |
Interest expense, net | 3 |  |  | 1 |  |  | 4 |  |  | 2 |  |  | — |  |  | 1 |  |  | 3 |  |  | 12 |  |  | 2 |  |  | — |  |  | — |  |  | 16 |  |  | 80 |  |  | 117 |  |  | 181 |  |  | 220 |  |  | 518 |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 316 |  |  | 236 |  |  | 168 |  |  | 720 |  |  | 603 |  |  | 131 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,454 |  |  | — |  |  | 21 |  | e | 1,475 |
Total assets at December 31, 2013 | 3,110 |  |  | 5,810 |  |  | 8,920 |  |  | 6,584 |  |  | 1,545 |  |  | 2,451 |  |  | 10,580 |  |  | 7,437 |  |  | 4,849 |  |  | 2,107 |  |  | 239 |  |  | 1,039 |  |  | 1,003 |  |  | 36,174 |  |  | 26,252 |  |  | 1,047 |  |  | 63,473 |
Capital expenditures | 737 |  |  | 329 |  |  | 1,066 |  |  | 960 |  |  | 110 |  |  | 75 |  |  | 1,145 |  |  | 1,030 |  |  | 205 |  |  | 164 |  |  | 4 |  |  | 67 |  |  | 113 |  |  | 3,794 |  |  | 1,436 |  |  | 56 |  |  | 5,286 |
Year Ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 156 |  |  | $ | 46 |  |  | $ | 202 |  |  | $ | 1,767 |  |  | $ | 797 |  |  | $ | 1,346 |  |  | $ | 3,910 |  |  | $ | 3,611 |  | a | $ | 1,349 |  |  | $ | — |  |  | $ | 4,989 |  |  | $ | 2,683 |  |  | $ | 1,259 |  | b | $ | 18,003 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 18,010 |
Intersegment | 1,846 |  |  | 3,438 |  |  | 5,284 |  |  | 388 |  |  | 430 |  |  | — |  |  | 818 |  |  | 310 |  |  | 10 |  |  | 529 |  |  | 27 |  |  | 26 |  |  | (7,004 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and delivery | 1,076 |  |  | 1,857 |  |  | 2,933 |  |  | 813 |  |  | 702 |  |  | 599 |  |  | 2,114 |  |  | 2,349 |  |  | 615 |  |  | 320 |  |  | 4,993 |  |  | 2,640 |  |  | (5,585 | ) |  | 10,379 |  |  | — |  |  | 3 |  |  | 10,382 |
Depreciation, depletion and amortization | 122 |  |  | 238 |  |  | 360 |  |  | 139 |  |  | 32 |  |  | 116 |  |  | 287 |  |  | 212 |  |  | 176 |  |  | 59 |  |  | 9 |  |  | 42 |  |  | 27 |  |  | 1,172 |  |  | — |  |  | 7 |  |  | 1,179 |
Selling, general and administrative expenses | 2 |  |  | 2 |  |  | 4 |  |  | 3 |  |  | 1 |  |  | 2 |  |  | 6 |  |  | 121 |  |  | 6 |  |  | — |  |  | — |  |  | 19 |  |  | 18 |  |  | 174 |  |  | — |  |  | 257 |  |  | 431 |
Mining exploration and research expenses | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  |  | 273 |  |  | — |  |  | 12 |  |  | 285 |
Environmental obligations and shutdown costs | (11 | ) |  | (5 | ) |  | (16 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3 | ) |  | (19 | ) |  | — |  |  | (3 | ) |  | (22 | )
Gain on insurance settlement | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (59 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (59 | ) |  | — |  |  | — |  |  | (59 | )
Operating income (loss) | 812 |  |  | 1,392 |  |  | 2,204 |  |  | 1,200 |  |  | 492 |  |  | 629 |  |  | 2,321 |  |  | 1,298 |  |  | 562 |  |  | 150 |  |  | 14 |  |  | 8 |  |  | (474 | ) |  | 6,083 |  |  | — |  |  | (269 | ) |  | 5,814 |
Interest expense, net | 1 |  |  | — |  |  | 1 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | 5 |  |  | 1 |  |  | — |  |  | — |  |  | 12 |  |  | 81 |  |  | 107 |  |  | — |  |  | 79 |  |  | 186 |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 228 |  | f | 141 |  |  | 188 |  |  | 557 |  |  | 497 |  |  | 112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,166 |  |  | — |  |  | 344 |  |  | 1,510 |
Total assets at December 31, 2012 | 2,445 |  |  | 5,703 |  |  | 8,148 |  |  | 5,821 |  |  | 1,853 |  |  | 2,489 |  |  | 10,163 |  |  | 6,591 |  |  | 4,622 |  |  | 2,018 |  |  | 242 |  |  | 992 |  |  | 614 |  |  | 33,390 |  |  | — |  |  | 2,050 |  |  | 35,440 |
Capital expenditures | 266 |  |  | 559 |  |  | 825 |  |  | 558 |  |  | 259 |  |  | 114 |  |  | 931 |  |  | 843 |  |  | 539 |  |  | 245 |  |  | 6 |  |  | 16 |  |  | 69 |  |  | 3,474 |  |  | — |  |  | 20 |  |  | 3,494 |
a. | Included PT-FI's sales to PT Smelting totaling $1.7 billion in 2013 and $2.1 billion in 2012.
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the molybdenum mines and by certain of the North and South America copper mines.
c. | Included net charges of $312 million for unrealized and noncash realized losses on crude oil and natural gas derivative contracts that were assumed in connection with FCX's acquisition of PXP.
d. | Included $50 million for shutdown costs associated with Atlantic Copper's scheduled 68-day maintenance turnaround, which was completed in fourth-quarter 2013.
e. | Included $199 million of net benefits resulting from oil and gas acquisitions.
f. | Included a credit of $234 million for the reversal of a net deferred tax liability.
(In millions) | Mining Operations |  |  |  |  |  |
| North America Copper Mines |  | South America |  | Indonesia |  | Africa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Other |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Molyb- |  |  |  | Copper |  | Mining |  |  |  | U.S. |  | Other |  |
|  |  | Other |  |  |  | Cerro |  | Candel- |  | Other |  |  |  |  |  |  |  | denum |  | Rod & |  | Smelting |  | & Elimi- |  | Total |  | Oil & Gas |  | & Elimi- |  | FCX
| Morenci |  | Mines |  | Total |  | Verde |  | aria |  | Mines |  | Total |  | Grasberg |  | Tenke |  | Mines |  | Refining |  | & Refining |  | nations |  | Mining |  | Operations |  | nations |  | Total
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 418 |  |  | $ | 176 |  |  | $ | 594 |  |  | $ | 2,115 |  |  | $ | 1,265 |  |  | $ | 1,192 |  |  | $ | 4,572 |  |  | $ | 4,504 |  | a | $ | 1,282 |  |  | $ | — |  |  | $ | 5,523 |  |  | $ | 2,969 |  |  | $ | 1,428 |  | b | $ | 20,872 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 20,880 |
Intersegment | 1,697 |  |  | 3,338 |  |  | 5,035 |  |  | 417 |  |  | 269 |  |  | — |  |  | 686 |  |  | 542 |  |  | 7 |  |  | 595 |  |  | 26 |  |  | 15 |  |  | (6,906 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and delivery | 984 |  |  | 1,581 |  |  | 2,565 |  |  | 827 |  |  | 644 |  |  | 434 |  |  | 1,905 |  |  | 1,791 |  |  | 591 |  |  | 259 |  |  | 5,527 |  |  | 2,991 |  |  | (5,728 | ) |  | 9,901 |  |  | — |  |  | (3 | ) |  | 9,898 |
Depreciation, depletion and amortization | 116 |  |  | 162 |  |  | 278 |  |  | 135 |  |  | 28 |  |  | 95 |  |  | 258 |  |  | 215 |  |  | 140 |  |  | 45 |  |  | 8 |  |  | 40 |  |  | 31 |  |  | 1,015 |  |  | — |  |  | 7 |  |  | 1,022 |
Selling, general and administrative expenses | 2 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 2 |  |  | 7 |  |  | 124 |  |  | 8 |  |  | — |  |  | — |  |  | 22 |  |  | 19 |  |  | 184 |  |  | — |  |  | 231 |  |  | 415 |
Mining exploration and research expenses | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 264 |  |  | 271 |  |  | — |  |  | — |  |  | 271 |
Environmental obligations and shutdown costs | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 129 |  |  | 134 |  |  | — |  |  | — |  |  | 134 |
Operating income (loss) | 1,002 |  |  | 1,769 |  |  | 2,771 |  |  | 1,566 |  |  | 861 |  |  | 661 |  |  | 3,088 |  |  | 2,916 |  |  | 550 |  |  | 291 |  |  | 13 |  |  | (69 | ) |  | (193 | ) |  | 9,367 |  |  | — |  |  | (227 | ) |  | 9,140 |
Interest expense, net | 2 |  |  | 2 |  |  | 4 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 8 |  |  | 6 |  |  | — |  |  | — |  |  | 15 |  |  | 87 |  |  | 121 |  |  | — |  |  | 191 |  |  | 312 |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 553 |  |  | 310 |  |  | 212 |  |  | 1,075 |  |  | 1,256 |  |  | 120 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,451 |  |  | — |  |  | 636 |  |  | 3,087 |
Total assets at December 31, 2011 | 2,006 |  |  | 4,968 |  |  | 6,974 |  |  | 5,110 |  |  | 1,384 |  |  | 2,220 |  |  | 8,714 |  |  | 5,349 |  |  | 3,890 |  |  | 1,819 |  |  | 259 |  |  | 1,109 |  |  | 892 |  |  | 29,006 |  |  | — |  |  | 3,064 |  |  | 32,070 |
Capital expenditures | 95 |  |  | 399 |  |  | 494 |  |  | 198 |  |  | 178 |  |  | 227 |  |  | 603 |  |  | 648 |  |  | 193 |  |  | 438 |  |  | 10 |  |  | 32 |  |  | 59 |  |  | 2,477 |  |  | — |  |  | 57 |  |  | 2,534 |
a. | Included PT-FI's sales to PT Smelting totaling $2.3 billion.
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the molybdenum mines and by certain of the North and South America copper mines.

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