XML 50 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Guarantor Financial Statements (Unaudited) (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2014
Guarantor Financial Statements [Abstract] |
Guarantor Financial Statements [Text Block] | GUARANTOR FINANCIAL STATEMENTS As further discussed in Note 6, in March 2013, FCX completed the sale of $6.5 billion of senior notes. These notes, along with FCX's senior notes sold in February 2012, are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100 percent owned subsidiary of FM O&G and FCX. 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 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. In the future, FM O&G LLC's guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G Senior Notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolver, the term loan or any other senior debt. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at March 31, 2014, and December 31, 2013, and the related condensed consolidating statements of comprehensive income and cash flows for the three months ended March 31, 2014, which should be read in conjunction with FCX's notes to the consolidated financial statements (in millions): CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2014
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 2 |  |  | $ | 1,340 |  |  | $ | — |  |  | $ | 1,342 |
Accounts receivable | 22 |  |  | 324 |  |  | 2,088 |  |  | (57 | ) |  | 2,377 |
Other current assets | 102 |  |  | 107 |  |  | 5,502 |  |  | — |  |  | 5,711 |
Total current assets | 124 |  |  | 433 |  |  | 8,930 |  |  | (57 | ) |  | 9,430 |
Property, plant, equipment and mining development costs, net | 26 |  |  | 45 |  |  | 24,658 |  |  | — |  |  | 24,729 |
Oil and gas properties, net - full cost method: |  |  |  |  |  |  |  |  |
Subject to amortization, less accumulated amortization | — |  |  | 6,331 |  |  | 6,223 |  |  | 8 |  |  | 12,562 |
Not subject to amortization | — |  |  | 2,524 |  |  | 8,251 |  |  | — |  |  | 10,775 |
Investments in consolidated subsidiaries | 31,628 |  |  | 9,939 |  |  | 12,680 |  |  | (54,247 | ) |  | — |
Goodwill | — |  |  | 437 |  |  | 1,479 |  |  | — |  |  | 1,916 |
Other assets | 7,478 |  |  | 4,687 |  |  | 4,293 |  |  | (12,027 | ) |  | 4,431 |
Total assets | $ | 39,256 |  |  | $ | 24,396 |  |  | $ | 66,514 |  |  | $ | (66,323 | ) |  | $ | 63,843 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,244 |  |  | $ | 879 |  |  | $ | 3,317 |  |  | $ | (57 | ) |  | $ | 5,383 |
Long-term debt, less current portion | 12,585 |  |  | 6,967 |  |  | 8,809 |  |  | (8,602 | ) |  | 19,759 |
Deferred income taxes | 4,246 |  | a | — |  |  | 3,258 |  |  | — |  |  | 7,504 |
Environmental and asset retirement obligations, less current portion | — |  |  | 305 |  |  | 2,971 |  |  | — |  |  | 3,276 |
Other liabilities | 31 |  |  | 3,409 |  |  | 1,680 |  |  | (3,425 | ) |  | 1,695 |
Total liabilities | 18,106 |  |  | 11,560 |  |  | 20,035 |  |  | (12,084 | ) |  | 37,617 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 743 |  |  | — |  |  | 743 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 21,150 |  |  | 12,836 |  |  | 41,864 |  |  | (54,700 | ) |  | 21,150 |
Noncontrolling interests | — |  |  | — |  |  | 3,872 |  |  | 461 |  |  | 4,333 |
Total equity | 21,150 |  |  | 12,836 |  |  | 45,736 |  |  | (54,239 | ) |  | 25,483 |
Total liabilities and equity | $ | 39,256 |  |  | $ | 24,396 |  |  | $ | 66,514 |  |  | $ | (66,323 | ) |  | $ | 63,843 |
a. | All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2013
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | 1,985 |  |  | $ | — |  |  | $ | 1,985 |
Accounts receivable | 855 |  |  | 659 |  |  | 2,258 |  |  | (1,210 | ) |  | 2,562 |
Other current assets | 114 |  |  | 38 |  |  | 5,273 |  |  | — |  |  | 5,425 |
Total current assets | 969 |  |  | 697 |  |  | 9,516 |  |  | (1,210 | ) |  | 9,972 |
Property, plant, equipment and mining development costs, net | 27 |  |  | 43 |  |  | 23,972 |  |  | — |  |  | 24,042 |
Oil and gas properties, net - full cost method: |  |  |  |  |  |  |  |  |
Subject to amortization, less accumulated amortization | — |  |  | 6,207 |  |  | 6,265 |  |  | — |  |  | 12,472 |
Not subject to amortization | — |  |  | 2,649 |  |  | 8,238 |  |  | — |  |  | 10,887 |
Investment in consolidated subsidiaries | 31,162 |  |  | 9,712 |  |  | 12,468 |  |  | (53,342 | ) |  | — |
Goodwill | — |  |  | 437 |  |  | 1,479 |  |  | — |  |  | 1,916 |
Other assets | 7,126 |  |  | 4,640 |  |  | 4,128 |  |  | (11,710 | ) |  | 4,184 |
Total assets | $ | 39,284 |  |  | $ | 24,385 |  |  | $ | 66,066 |  |  | $ | (66,262 | ) |  | $ | 63,473 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,003 |  |  | $ | 758 |  |  | $ | 4,222 |  |  | $ | (1,210 | ) |  | $ | 4,773 |
Long-term debt, less current portion | 13,184 |  |  | 7,199 |  |  | 8,056 |  |  | (8,045 | ) |  | 20,394 |
Deferred income taxes | 4,137 |  | a | — |  |  | 3,273 |  |  | — |  |  | 7,410 |
Environmental and asset retirement obligations, less current portion | — |  |  | 301 |  |  | 2,958 |  |  | — |  |  | 3,259 |
Other liabilities | 26 |  |  | 3,436 |  |  | 1,893 |  |  | (3,665 | ) |  | 1,690 |
Total liabilities | 18,350 |  |  | 11,694 |  |  | 20,402 |  |  | (12,920 | ) |  | 37,526 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 716 |  |  | — |  |  | 716 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 20,934 |  |  | 12,691 |  |  | 41,100 |  |  | (53,791 | ) |  | 20,934 |
Noncontrolling interests | — |  |  | — |  |  | 3,848 |  |  | 449 |  |  | 4,297 |
Total equity | 20,934 |  |  | 12,691 |  |  | 44,948 |  |  | (53,342 | ) |  | 25,231 |
Total liabilities and equity | $ | 39,284 |  |  | $ | 24,385 |  |  | $ | 66,066 |  |  | $ | (66,262 | ) |  | $ | 63,473 |
a. | All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME Three Months Ended March 31, 2014
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 644 |  |  | $ | 4,341 |  |  | $ | — |  |  | $ | 4,985 |
Total costs and expenses | 11 |  |  | 526 |  |  | 3,339 |  |  | (2 | ) |  | 3,874 |
Operating (loss) income | (11 | ) |  | 118 |  |  | 1,002 |  |  | 2 |  |  | 1,111 |
Interest expense, net | (82 | ) |  | (41 | ) |  | (58 | ) |  | 20 |  |  | (161 | )
Other income (expense), net | 20 |  |  | — |  |  | 33 |  |  | (20 | ) |  | 33 |
Provision for income taxes | (21 | ) |  | (43 | ) |  | (292 | ) |  | (1 | ) |  | (357 | )
Equity in affiliated companies' net earnings (losses) | 604 |  |  | 130 |  |  | 185 |  |  | (919 | ) |  | — |
Net income (loss) | 510 |  |  | 164 |  |  | 870 |  |  | (918 | ) |  | 626 |
Net income and preferred dividends attributable to noncontrolling interests | — |  |  | — |  |  | (111 | ) |  | (5 | ) |  | (116 | )
Net income (loss) attributable to FCX common stockholders | $ | 510 |  |  | $ | 164 |  |  | $ | 759 |  |  | $ | (923 | ) |  | $ | 510 |
Other comprehensive income | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total comprehensive income (loss) | $ | 510 |  |  | $ | 164 |  |  | $ | 762 |  |  | $ | (923 | ) |  | $ | 513 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2014
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 510 |  |  | $ | 164 |  |  | $ | 870 |  |  | $ | (918 | ) |  | $ | 626 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 1 |  |  | 285 |  |  | 682 |  |  | (2 | ) |  | 966 |
Net losses on crude oil and natural gas derivative contracts | — |  |  | 50 |  |  | — |  |  | — |  |  | 50 |
Equity in (earnings) losses of consolidated subsidiaries | (604 | ) |  | (130 | ) |  | (185 | ) |  | 919 |  |  | — |
Other, net | 134 |  |  | (9 | ) |  | (140 | ) |  | (13 | ) |  | (28 | )
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisition | (234 | ) |  | 339 |  |  | (518 | ) |  | — |  |  | (413 | )
Net cash (used in) provided by operating activities | (193 | ) |  | 699 |  |  | 709 |  |  | (14 | ) |  | 1,201 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (335 | ) |  | (1,277 | ) |  | — |  |  | (1,612 | )
Intercompany loans | 190 |  |  | (43 | ) |  | — |  |  | (147 | ) |  | — |
Investment in consolidated subsidiary | 212 |  |  | (96 | ) |  | (430 | ) |  | 314 |  |  | — |
Other, net | — |  |  | 4 |  |  | 3 |  |  | — |  |  | 7 |
Net cash provided by (used in) investing activities | 402 |  |  | (470 | ) |  | (1,704 | ) |  | 167 |  |  | (1,605 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 895 |  |  | — |  |  | 254 |  |  | — |  |  | 1,149 |
Repayments of debt | (780 | ) |  | — |  |  | (207 | ) |  | — |  |  | (987 | )
Intercompany loans | — |  |  | (213 | ) |  | 66 |  |  | 147 |  |  | — |
Cash dividends and distributions paid | (326 | ) |  | (14 | ) |  | 237 |  |  | (300 | ) |  | (403 | )
Other, net | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net cash (used in) provided by financing activities | (209 | ) |  | (227 | ) |  | 350 |  |  | (153 | ) |  | (239 | )
Net increase (decrease) in cash and cash equivalents | — |  |  | 2 |  |  | (645 | ) |  | — |  |  | (643 | )
Cash and cash equivalents at beginning of period | — |  |  | — |  |  | 1,985 |  |  | — |  |  | 1,985 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 2 |  |  | $ | 1,340 |  |  | $ | — |  |  | $ | 1,342 |

X
- Details
Name: | fcx_GuarantorFinancialStatementsAbstract
Namespace Prefix: | fcx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | fcx_GuarantorFinancialStatementsTextBlock
Namespace Prefix: | fcx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration