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GUARANTOR FINANCIAL STATEMENTS (Notes) | 12 Months Ended
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Dec. 31, 2014
Guarantor Financial Statements [Abstract] |
Guarantor Financial Statements [Text Block] | GUARANTOR FINANCIAL STATEMENTS All of the senior notes issued by FCX and discussed in Note 8 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 FM O&G LLC, including indebtedness under the revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC's future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC's subsidiaries. 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 December 31, 2014 and 2013, and the related condensed consolidating statements of comprehensive (loss) income for the years ended December 31, 2014 and 2013, and the condensed consolidating statements of cash flows for the years ended December 31, 2014 and 2013, which should be read in conjunction with FCX's notes to the consolidated financial statements: CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 1 |  |  | $ | 463 |  |  | $ | — |  |  | $ | 464 |
Accounts receivable | 234 |  |  | 2,230 |  |  | 2,671 |  |  | (2,572 | ) |  | 2,563 |
Other current assets | 89 |  |  | 404 |  |  | 5,525 |  |  | — |  |  | 6,018 |
Total current assets | 323 |  |  | 2,635 |  |  | 8,659 |  |  | (2,572 | ) |  | 9,045 |
Property, plant, equipment and mining development costs, net | 22 |  |  | 46 |  |  | 26,152 |  |  | — |  |  | 26,220 |
Oil and gas properties, net - full cost method: |  |  |  |  |  |  |  |  |
Subject to amortization, less accumulated amortization | — |  |  | 3,296 |  |  | 5,907 |  |  | (16 | ) |  | 9,187 |
Not subject to amortization | — |  |  | 2,447 |  |  | 7,640 |  |  | — |  |  | 10,087 |
Investments in consolidated subsidiaries | 28,765 |  |  | 6,460 |  |  | 10,246 |  |  | (45,471 | ) |  | — |
Other assets | 9,012 |  |  | 3,947 |  |  | 4,084 |  |  | (12,787 | ) |  | 4,256 |
Total assets | $ | 38,122 |  |  | $ | 18,831 |  |  | $ | 62,688 |  |  | $ | (60,846 | ) |  | $ | 58,795 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,592 |  |  | $ | 560 |  |  | $ | 5,592 |  |  | $ | (2,572 | ) |  | $ | 5,172 |
Long-term debt, less current portion | 15,028 |  |  | 3,874 |  |  | 8,902 |  |  | (9,312 | ) |  | 18,492 |
Deferred income taxes | 3,161 |  | a | — |  |  | 3,237 |  |  | — |  |  | 6,398 |
Environmental and asset retirement obligations, less current portion | — |  |  | 302 |  |  | 3,345 |  |  | — |  |  | 3,647 |
Other liabilities | 54 |  |  | 3,372 |  |  | 1,910 |  |  | (3,475 | ) |  | 1,861 |
Total liabilities | 19,835 |  |  | 8,108 |  |  | 22,986 |  |  | (15,359 | ) |  | 35,570 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 751 |  |  | — |  |  | 751 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 18,287 |  |  | 10,723 |  |  | 35,268 |  |  | (45,991 | ) |  | 18,287 |
Noncontrolling interests | — |  |  | — |  |  | 3,683 |  |  | 504 |  |  | 4,187 |
Total equity | 18,287 |  |  | 10,723 |  |  | 38,951 |  |  | (45,487 | ) |  | 22,474 |
Total liabilities and equity | $ | 38,122 |  |  | $ | 18,831 |  |  | $ | 62,688 |  |  | $ | (60,846 | ) |  | $ | 58,795 |
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 STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 2,356 |  |  | $ | 19,082 |  |  | $ | — |  |  | 21,438 |
Total costs and expenses | 59 |  |  | 3,498 |  | a | 17,762 |  | a | 22 |  |  | 21,341 |
Operating (loss) income | (59 | ) |  | (1,142 | ) |  | 1,320 |  |  | (22 | ) |  | 97 |
Interest expense, net | (382 | ) |  | (139 | ) |  | (189 | ) |  | 80 |  |  | (630 | )
Net (loss) gain on early extinguishment of debt | (5 | ) |  | 78 |  |  | — |  |  | — |  |  | 73 |
Other income (expense), net | 72 |  |  | 3 |  |  | 41 |  |  | (80 | ) |  | 36 |
(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings | (374 | ) |  | (1,200 | ) |  | 1,172 |  |  | (22 | ) |  | (424 | )
Benefit from (provision for) income taxes | 73 |  |  | 281 |  |  | (686 | ) |  | 8 |  |  | (324 | )
Equity in affiliated companies' net (losses) earnings | (1,007 | ) |  | (3,429 | ) |  | (4,633 | ) |  | 9,072 |  |  | 3 |
Net (loss) income | (1,308 | ) |  | (4,348 | ) |  | (4,147 | ) |  | 9,058 |  |  | (745 | )
Net income and preferred dividends attributable to noncontrolling interests | — |  |  | — |  |  | (519 | ) |  | (44 | ) |  | (563 | )
Net (loss) income attributable to FCX common stockholders | $ | (1,308 | ) |  | $ | (4,348 | ) |  | $ | (4,666 | ) |  | $ | 9,014 |  |  | $ | (1,308 | )
Other comprehensive loss | — |  |  | — |  |  | (139 | ) |  | — |  |  | (139 | )
Total comprehensive (loss) income | $ | (1,308 | ) |  | $ | (4,348 | ) |  | $ | (4,805 | ) |  | $ | 9,014 |  |  | $ | (1,447 | )
a. | Includes impairment charges totaling $1.9 billion at the FM O&G LLC Guarantor and $3.5 billion at the non-guarantor subsidiaries related to ceiling test impairment charges for FCX's oil and gas properties pursuant to full cost accounting rules and a goodwill impairment charge.
Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 1,177 |  |  | $ | 19,744 |  |  | $ | — |  |  | $ | 20,921 |
Total costs and expenses | 134 |  |  | 1,065 |  |  | 14,371 |  |  | — |  |  | 15,570 |
Operating (loss) income | (134 | ) |  | 112 |  |  | 5,373 |  |  | — |  |  | 5,351 |
Interest expense, net | (319 | ) |  | (129 | ) |  | (129 | ) |  | 59 |  |  | (518 | )
Net (loss) gain on early extinguishment of debt | (45 | ) |  | — |  |  | 10 |  |  | — |  |  | (35 | )
Gain on investment in MMR | 128 |  |  | — |  |  | — |  |  | — |  |  | 128 |
Other income (expense), net | 61 |  |  | — |  |  | (15 | ) |  | (59 | ) |  | (13 | )
(Loss) income before income taxes and equity in affiliated companies' net earnings (losses) | (309 | ) |  | (17 | ) |  | 5,239 |  |  | — |  |  | 4,913 |
Benefit from (provision for) income taxes | 81 |  |  | 17 |  |  | (1,573 | ) |  | — |  |  | (1,475 | )
Equity in affiliated companies' net earnings (losses) | 2,886 |  |  | 281 |  |  | 268 |  |  | (3,432 | ) |  | 3 |
Net income (loss) | 2,658 |  |  | 281 |  |  | 3,934 |  |  | (3,432 | ) |  | 3,441 |
Net income and preferred dividends attributable to noncontrolling interests | — |  |  | — |  |  | (706 | ) |  | (77 | ) |  | (783 | )
Net income (loss) attributable to FCX common stockholders | $ | 2,658 |  |  | $ | 281 |  |  | $ | 3,228 |  |  | $ | (3,509 | ) |  | $ | 2,658 |
Other comprehensive income | — |  |  | — |  |  | 101 |  |  | — |  |  | 101 |
Total comprehensive income (loss) | $ | 2,658 |  |  | $ | 281 |  |  | $ | 3,329 |  |  | $ | (3,509 | ) |  | $ | 2,759 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2014
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net (loss) income | $ | (1,308 | ) |  | $ | (4,348 | ) |  | $ | (4,147 | ) |  | $ | 9,058 |  |  | $ | (745 | )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 4 |  |  | 806 |  |  | 3,077 |  |  | (24 | ) |  | 3,863 |
Impairment of oil and gas properties and goodwill | — |  |  | 1,922 |  |  | 3,486 |  |  | 46 |  |  | 5,454 |
Net gains on crude oil and natural gas derivative contracts | — |  |  | (504 | ) |  | — |  |  | — |  |  | (504 | )
Equity in (earnings) losses of consolidated subsidiaries | 1,007 |  |  | 3,429 |  |  | 4,633 |  |  | (9,072 | ) |  | (3 | )
Other, net | (882 | ) |  | (113 | ) |  | (807 | ) |  | — |  |  | (1,802 | )
Decreases (increases) in working capital and changes in other tax payments, excluding amounts from dispositions | 723 |  |  | (1,750 | ) |  | 395 |  |  | — |  |  | (632 | )
Net cash (used in) provided by operating activities | (456 | ) |  | (558 | ) |  | 6,637 |  |  | 8 |  |  | 5,631 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (2,143 | ) |  | (5,072 | ) |  | — |  |  | (7,215 | )
Acquisition of Deepwater GOM interests | — |  |  | — |  |  | (1,426 | ) |  | — |  |  | (1,426 | )
Intercompany loans | (1,328 | ) |  | 704 |  |  | — |  |  | 624 |  |  | — |
Dividend from (investment in) consolidated subsidiary | 1,221 |  |  | (130 | ) |  | (2,408 | ) |  | 1,317 |  |  | — |
Net proceeds from sale of Candelaria and Ojos del Salado | — |  |  | — |  |  | 1,709 |  |  | — |  |  | 1,709 |
Net proceeds from sale of Eagle Ford shale assets | — |  |  | 2,910 |  |  | — |  |  | — |  |  | 2,910 |
Other, net | — |  |  | 41 |  |  | 180 |  |  | — |  |  | 221 |
Net cash (used in) provided by investing activities | (107 | ) |  | 1,382 |  |  | (7,017 | ) |  | 1,941 |  |  | (3,801 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 7,464 |  |  | — |  |  | 1,246 |  |  | — |  |  | 8,710 |
Repayments of debt | (5,575 | ) |  | (3,994 | ) |  | (737 | ) |  | — |  |  | (10,306 | )
Intercompany loans | — |  |  | 810 |  |  | (186 | ) |  | (624 | ) |  | — |
Cash dividends and distributions paid, and contributions received | (1,305 | ) |  | 2,364 |  |  | (1,463 | ) |  | (1,325 | ) |  | (1,729 | )
Other, net | (21 | ) |  | (3 | ) |  | (2 | ) |  | — |  |  | (26 | )
Net cash provided by (used in) financing activities | 563 |  |  | (823 | ) |  | (1,142 | ) |  | (1,949 | ) |  | (3,351 | )
Net increase (decrease) in cash and cash equivalents | — |  |  | 1 |  |  | (1,522 | ) |  | — |  |  | (1,521 | )
Cash and cash equivalents at beginning of year | — |  |  | — |  |  | 1,985 |  |  | — |  |  | 1,985 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 1 |  |  | $ | 463 |  |  | $ | — |  |  | $ | 464 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2013
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 2,658 |  |  | $ | 281 |  |  | $ | 3,934 |  |  | $ | (3,432 | ) |  | $ | 3,441 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 4 |  |  | 616 |  |  | 2,177 |  |  | — |  |  | 2,797 |
Net losses on crude oil and natural gas derivative contracts | — |  |  | 334 |  |  | — |  |  | — |  |  | 334 |
Gain on investment in MMR | (128 | ) |  | — |  |  | — |  |  | — |  |  | (128 | )
Equity in (earnings) losses of consolidated subsidiaries | (2,886 | ) |  | (281 | ) |  | (265 | ) |  | 3,432 |  |  | — |
Other, net | 8 |  |  | (14 | ) |  | 78 |  |  | — |  |  | 72 |
Decreases (increases) in working capital and changes in other tax payments, excluding amounts from acquisitions and dispositions | 272 |  |  | 735 |  |  | (1,384 | ) |  | — |  |  | (377 | )
Net cash (used in) provided by operating activities | (72 | ) |  | 1,671 |  |  | 4,540 |  |  | — |  |  | 6,139 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (894 | ) |  | (4,392 | ) |  | — |  |  | (5,286 | )
Acquisitions, net of cash acquired | (5,437 | ) |  | — |  |  | (4 | ) |  | — |  |  | (5,441 | )
Intercompany loans | 834 |  |  | — |  |  | (162 | ) |  | (672 | ) |  | — |
Dividend from (investment in) consolidated subsidiary | 629 |  |  | — |  |  | — |  |  | (629 | ) |  | — |
Other, net | 15 |  |  | 30 |  |  | (226 | ) |  | — |  |  | (181 | )
Net cash used in investing activities | (3,959 | ) |  | (864 | ) |  | (4,784 | ) |  | (1,301 | ) |  | (10,908 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 11,260 |  |  | — |  |  | 241 |  |  | — |  |  | 11,501 |
Repayments of debt and redemption of MMR preferred stock | (4,737 | ) |  | (416 | ) |  | (551 | ) |  | — |  |  | (5,704 | )
Intercompany loans | — |  |  | (391 | ) |  | (281 | ) |  | 672 |  |  | — |
Cash dividends and distributions paid | (2,281 | ) |  | — |  |  | (885 | ) |  | 629 |  |  | (2,537 | )
Other, net | (211 | ) |  | — |  |  | — |  |  | — |  |  | (211 | )
Net cash provided by (used in) financing activities | 4,031 |  |  | (807 | ) |  | (1,476 | ) |  | 1,301 |  |  | 3,049 |
Net decrease in cash and cash equivalents | — |  |  | — |  |  | (1,720 | ) |  | — |  |  | (1,720 | )
Cash and cash equivalents at beginning of year | — |  |  | — |  |  | 3,705 |  |  | — |  |  | 3,705 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | — |  |  | $ | 1,985 |  |  | $ | — |  |  | $ | 1,985 |

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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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