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GUARANTOR FINANCIAL STATEMENTS GUARANTOR FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2016
Guarantor Financial Statements [Abstract] |
Guarantor Financial Statements | 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 to all of FM O&G LLC's existing and future subordinated indebtedness and is effectively subordinated in right of payment to (i) FM O&G LLC's future secured indebtedness to the extent of the value of the assets securing the indebtedness and (ii) any debt of FM O&G LLC's subsidiaries. The indentures governing the senior notes provide that 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 revolving credit facility or any other senior debt or, in each case, any refinancing thereof. 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, 2016 and 2015, and the related condensed consolidating statements of comprehensive (loss) income and the condensed consolidating statements of cash flows for the years ended December 31, 2016, 2015 and 2014, which should be read in conjunction with FCX's notes to the consolidated financial statements: CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets, other than assets held for sale | $ | 230 |  |  | $ | 1,790 |  |  | $ | 11,331 |  |  | $ | (3,260 | ) |  | $ | 10,091 |
Current assets held for sale | — |  |  | — |  |  | 344 |  |  | — |  |  | 344 |
Property, plant, equipment and mine development costs, net | 19 |  |  | 24 |  |  | 23,176 |  |  | — |  |  | 23,219 |
Oil and gas properties, net - full cost method: |  |  |  |  |  |  |  |  |
Subject to amortization, less accumulated amortization and impairments | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |
Investments in consolidated subsidiaries | 21,110 |  |  | — |  |  | — |  |  | (21,110 | ) |  | — |
Other assets | 1,985 |  |  | 47 |  |  | 3,522 |  |  | (1,965 | ) |  | 3,589 |
Total assets | $ | 23,344 |  |  | $ | 1,861 |  |  | $ | 38,447 |  |  | $ | (26,335 | ) |  | $ | 37,317 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities, other than liabilities held for sale | $ | 3,895 |  |  | $ | 308 |  |  | $ | 3,101 |  |  | $ | (3,244 | ) |  | $ | 4,060 |
Current liabilities held for sale | — |  |  | — |  |  | 205 |  |  | — |  |  | 205 |
Long-term debt, less current portion | 12,517 |  |  | 6,062 |  |  | 11,297 |  |  | (15,081 | ) |  | 14,795 |
Deferred income taxes | 826 |  | a | — |  |  | 2,942 |  |  | — |  |  | 3,768 |
Environmental and asset retirement obligations, less current portion | — |  |  | 200 |  |  | 3,287 |  |  | — |  |  | 3,487 |
Investments in consolidated subsidiary | — |  |  | 893 |  |  | 8,995 |  |  | (9,888 | ) |  | — |
Other liabilities | 55 |  |  | 3,393 |  |  | 1,784 |  |  | (3,487 | ) |  | 1,745 |
Total liabilities | 17,293 |  |  | 10,856 |  |  | 31,611 |  |  | (31,700 | ) |  | 28,060 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 6,051 |  |  | (8,995 | ) |  | 4,237 |  |  | 4,758 |  |  | 6,051 |
Noncontrolling interests | — |  |  | — |  |  | 2,599 |  |  | 607 |  |  | 3,206 |
Total equity | 6,051 |  |  | (8,995 | ) |  | 6,836 |  |  | 5,365 |  |  | 9,257 |
Total liabilities and equity | $ | 23,344 |  |  | $ | 1,861 |  |  | $ | 38,447 |  |  | $ | (26,335 | ) |  | $ | 37,317 |
a. | All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets, other than assets held for sale | $ | 181 |  |  | $ | 3,831 |  |  | $ | 10,062 |  |  | $ | (7,532 | ) |  | $ | 6,542 |
Current assets held for sale | — |  |  | — |  |  | 920 |  |  | — |  |  | 920 |
Property, plant, equipment and mine development costs, net | 26 |  |  | 57 |  |  | 23,903 |  |  | — |  |  | 23,986 |
Oil and gas properties, net - full cost method: |  |  |  |  |  |  |  |  |
Subject to amortization, less accumulated amortization and impairments | — |  |  | 710 |  |  | 1,552 |  |  | — |  |  | 2,262 |
Not subject to amortization | — |  |  | 1,393 |  |  | 3,432 |  |  | 6 |  |  | 4,831 |
Investments in consolidated subsidiaries | 24,311 |  |  | — |  |  | — |  |  | (24,311 | ) |  | — |
Other assets | 5,038 |  |  | 1,826 |  |  | 3,584 |  |  | (6,798 | ) |  | 3,650 |
Assets held for sale | — |  |  | — |  |  | 4,386 |  |  | — |  |  | 4,386 |
Total assets | $ | 29,556 |  |  | $ | 7,817 |  |  | $ | 47,839 |  |  | $ | (38,635 | ) |  | $ | 46,577 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities, other than liabilities held for sale | $ | 6,012 |  |  | $ | 666 |  |  | $ | 5,024 |  |  | $ | (7,526 | ) |  | $ | 4,176 |
Current liabilities held for sale | — |  |  | — |  |  | 131 |  |  | — |  |  | 131 |
Long-term debt, less current portion | 14,735 |  |  | 5,883 |  |  | 11,490 |  |  | (12,433 | ) |  | 19,675 |
Deferred income taxes | 941 |  | a | — |  |  | 2,626 |  |  | — |  |  | 3,567 |
Environmental and asset retirement obligations, less current portion | — |  |  | 305 |  |  | 3,409 |  |  | — |  |  | 3,714 |
Investment in consolidated subsidiary | — |  |  | — |  |  | 2,397 |  |  | (2,397 | ) |  | — |
Other liabilities | 40 |  |  | 3,360 |  |  | 1,732 |  |  | (3,491 | ) |  | 1,641 |
Liabilities held for sale | — |  |  | — |  |  | 865 |  |  | — |  |  | 865 |
Total liabilities | 21,728 |  |  | 10,214 |  |  | 27,674 |  |  | (25,847 | ) |  | 33,769 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 764 |  |  | — |  |  | 764 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders' equity | 7,828 |  |  | (2,397 | ) |  | 15,725 |  |  | (13,328 | ) |  | 7,828 |
Noncontrolling interests | — |  |  | — |  |  | 3,676 |  |  | 540 |  |  | 4,216 |
Total equity | 7,828 |  |  | (2,397 | ) |  | 19,401 |  |  | (12,788 | ) |  | 12,044 |
Total liabilities and equity | $ | 29,556 |  |  | $ | 7,817 |  |  | $ | 47,839 |  |  | $ | (38,635 | ) |  | $ | 46,577 |
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, 2016 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 379 |  |  | $ | 14,451 |  |  | $ | — |  |  | $ | 14,830 |
Total costs and expenses | 75 |  |  | 3,074 |  | a | 14,463 |  | a | 10 |  |  | 17,622 |
Operating loss | (75 | ) |  | (2,695 | ) |  | (12 | ) |  | (10 | ) |  | (2,792 | )
Interest expense, net | (534 | ) |  | (56 | ) |  | (498 | ) |  | 333 |  |  | (755 | )
Other income (expense), net | 271 |  |  | — |  |  | 70 |  |  | (292 | ) |  | 49 |
Net gain on exchanges and early extinguishment of debt | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings | (312 | ) |  | (2,751 | ) |  | (440 | ) |  | 31 |  |  | (3,472 | )
(Provision for) benefit from income taxes | (2,233 | ) |  | 1,053 |  |  | 821 |  |  | (12 | ) |  | (371 | )
Equity in affiliated companies' net (losses) earnings | (1,609 | ) |  | (3,101 | ) |  | (4,790 | ) |  | 9,511 |  |  | 11 |
Net (loss) income from continuing operations | (4,154 | ) |  | (4,799 | ) |  | (4,409 | ) |  | 9,530 |  |  | (3,832 | )
Net loss from discontinued operations | — |  |  | — |  |  | (154 | ) |  | (39 | ) |  | (193 | )
Net (loss) income | (4,154 | ) |  | (4,799 | ) |  | (4,563 | ) |  | 9,491 |  |  | (4,025 | )
Net income, and gain on redemption and preferred dividends attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | — |  |  | (66 | ) |  | (66 | )
Discontinued operations | — |  |  | — |  |  | (63 | ) |  | — |  |  | (63 | )
Net (loss) income attributable to common stockholders | $ | (4,154 | ) |  | $ | (4,799 | ) |  | $ | (4,626 | ) |  | $ | 9,425 |  |  | $ | (4,154 | )
Other comprehensive (loss) income | (45 | ) |  | — |  |  | (45 | ) |  | 45 |  |  | (45 | )
Total comprehensive (loss) income | $ | (4,199 | ) |  | $ | (4,799 | ) |  | $ | (4,671 | ) |  | $ | 9,470 |  |  | $ | (4,199 | )
a. | Includes charges totaling $1.5 billion at the FM O&G LLC Guarantor and $2.8 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 613 |  |  | $ | 13,994 |  |  | $ | — |  |  | $ | 14,607 |
Total costs and expenses | 60 |  |  | 5,150 |  | a | 22,920 |  | a | (11 | ) |  | 28,119 |
Operating (loss) income | (60 | ) |  | (4,537 | ) |  | (8,926 | ) |  | 11 |  |  | (13,512 | )
Interest expense, net | (489 | ) |  | (8 | ) |  | (272 | ) |  | 152 |  |  | (617 | )
Other income (expense), net | 225 |  |  | 1 |  |  | (86 | ) |  | (139 | ) |  | 1 |
(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings | (324 | ) |  | (4,544 | ) |  | (9,284 | ) |  | 24 |  |  | (14,128 | )
(Provision for) benefit from income taxes | (3,227 | ) |  | 1,718 |  |  | 3,469 |  |  | (9 | ) |  | 1,951 |
Equity in affiliated companies' net (losses) earnings | (8,685 | ) |  | (9,976 | ) |  | (12,838 | ) |  | 31,496 |  |  | (3 | )
Net (loss) income from continuing operations | (12,236 | ) |  | (12,802 | ) |  | (18,653 | ) |  | 31,511 |  |  | (12,180 | )
Net income from discontinued operations | — |  |  | — |  |  | 91 |  |  | — |  |  | 91 |
Net (loss) income | (12,236 | ) |  | (12,802 | ) |  | (18,562 | ) |  | 31,511 |  |  | (12,089 | )
Net income and preferred dividends attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (35 | ) |  | (33 | ) |  | (68 | )
Discontinued operations | — |  |  | — |  |  | (79 | ) |  | — |  |  | (79 | )
Net (loss) income attributable to common stockholders | $ | (12,236 | ) |  | $ | (12,802 | ) |  | $ | (18,676 | ) |  | $ | 31,478 |  |  | $ | (12,236 | )
Other comprehensive income (loss) | 41 |  |  | — |  |  | 41 |  |  | (41 | ) |  | 41 |
Total comprehensive (loss) income | $ | (12,195 | ) |  | $ | (12,802 | ) |  | $ | (18,635 | ) |  | $ | 31,437 |  |  | $ | (12,195 | )
a. | Includes impairment charges totaling $4.2 billion at the FM O&G LLC Guarantor and $8.9 billion at the non-guarantor subsidiaries related to FCX's oil and gas properties pursuant to full cost accounting rules.
CONDENSED CONSOLIDATING STATEMENT 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 |  |  | $ | 17,645 |  |  | $ | — |  |  | $ | 20,001 |
Total costs and expenses | 59 |  |  | 3,498 |  | a | 16,720 |  | a | 22 |  |  | 20,299 |
Operating (loss) income | (59 | ) |  | (1,142 | ) |  | 925 |  |  | (22 | ) |  | (298 | )
Interest expense, net | (382 | ) |  | (139 | ) |  | (165 | ) |  | 80 |  |  | (606 | )
Net (loss) gain on early extinguishment of debt | (5 | ) |  | 78 |  |  | — |  |  | — |  |  | 73 |
Other income (expense), net | 72 |  |  | 3 |  |  | 36 |  |  | (80 | ) |  | 31 |
(Loss) income before income taxes and equity in affiliated companies' net earnings (losses) | (374 | ) |  | (1,200 | ) |  | 796 |  |  | (22 | ) |  | (800 | )
Benefit from (provision for) income taxes | 96 |  |  | 281 |  |  | (610 | ) |  | 8 |  |  | (225 | )
Equity in affiliated companies' net (losses) earnings | (1,007 | ) |  | (3,429 | ) |  | (4,633 | ) |  | 9,072 |  |  | 3 |
Net (loss) income from continuing operations | (1,285 | ) |  | (4,348 | ) |  | (4,447 | ) |  | 9,058 |  |  | (1,022 | )
Net (loss) income from discontinued operations | (23 | ) |  | — |  |  | 300 |  |  | — |  |  | 277 |
Net (loss) income | (1,308 | ) |  | (4,348 | ) |  | (4,147 | ) |  | 9,058 |  |  | (745 | )
Net income and preferred dividends attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (354 | ) |  | (44 | ) |  | (398 | )
Discontinued operations | — |  |  | — |  |  | (165 | ) |  | — |  |  | (165 | )
Net (loss) income attributable to common stockholders | $ | (1,308 | ) |  | $ | (4,348 | ) |  | $ | (4,666 | ) |  | $ | 9,014 |  |  | $ | (1,308 | )
Other comprehensive (loss) income | (139 | ) |  | — |  |  | (139 | ) |  | 139 |  |  | (139 | )
Total comprehensive (loss) income | $ | (1,447 | ) |  | $ | (4,348 | ) |  | $ | (4,805 | ) |  | $ | 9,153 |  |  | $ | (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.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net (loss) income | $ | (4,154 | ) |  | $ | (4,799 | ) |  | $ | (4,563 | ) |  | $ | 9,491 |  |  | $ | (4,025 | )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 5 |  |  | 192 |  |  | 2,430 |  |  | (17 | ) |  | 2,610 |
Impairment of oil and gas properties | — |  |  | 1,531 |  |  | 2,765 |  |  | 21 |  |  | 4,317 |
Non-cash oil and gas drillship settlements | — |  |  | 689 |  |  | — |  |  | — |  |  | 689 |
Net gain on sales of assets | — |  |  | (86 | ) |  | (567 | ) |  | 4 |  |  | (649 | )
Equity in losses (earnings) of consolidated subsidiaries | 1,609 |  |  | 3,101 |  |  | 4,790 |  |  | (9,511 | ) |  | (11 | )
Other, net | (95 | ) |  | 30 |  |  | 807 |  |  | (1 | ) |  | 741 |
Changes in working capital and other tax payments, excluding amounts from dispositions | 2,498 |  |  | (929 | ) |  | (1,527 | ) |  | 15 |  |  | 57 |
Net cash (used in) provided by operating activities | (137 | ) |  | (271 | ) |  | 4,135 |  |  | 2 |  |  | 3,729 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (567 | ) |  | (2,248 | ) |  | 2 |  |  | (2,813 | )
Intercompany loans | 481 |  |  | (346 | ) |  | — |  |  | (135 | ) |  | — |
Dividends from (investments in) consolidated subsidiaries | 1,469 |  |  | (45 | ) |  | 176 |  |  | (1,600 | ) |  | — |
Proceeds from sales of assets | 2 |  |  | 1,670 |  |  | 4,687 |  |  | (4 | ) |  | 6,355 |
Other, net | — |  |  | 3 |  |  | 5 |  |  | — |  |  | 8 |
Net cash provided by (used in) investing activities | 1,952 |  |  | 715 |  |  | 2,620 |  |  | (1,737 | ) |  | 3,550 |
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 1,721 |  |  | — |  |  | 1,960 |  |  | — |  |  | 3,681 |
Repayments of debt | (5,011 | ) |  | — |  |  | (2,614 | ) |  | — |  |  | (7,625 | )
Intercompany loans | — |  |  | (332 | ) |  | 197 |  |  | 135 |  |  | — |
Net proceeds from sale of common stock | 1,515 |  |  | — |  |  | 3,388 |  |  | (3,388 | ) |  | 1,515 |
Cash dividends and distributions paid, including redemption | (6 | ) |  | (107 | ) |  | (5,555 | ) |  | 4,969 |  |  | (699 | )
Other, net | (34 | ) |  | (3 | ) |  | (20 | ) |  | 19 |  |  | (38 | )
Net cash (used in) provided by financing activities | (1,815 | ) |  | (442 | ) |  | (2,644 | ) |  | 1,735 |  |  | (3,166 | )
Net increase in cash and cash equivalents | — |  |  | 2 |  |  | 4,111 |  |  | — |  |  | 4,113 |
Increase in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | (45 | ) |  | — |  |  | (45 | )
Cash and cash equivalents at beginning of year | — |  |  | — |  |  | 177 |  |  | — |  |  | 177 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 2 |  |  | $ | 4,243 |  |  | $ | — |  |  | $ | 4,245 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Cash flow from operating activities: |  |  |  |  |  |  |  |  |
Net (loss) income | $ | (12,236 | ) |  | $ | (12,802 | ) |  | $ | (18,562 | ) |  | $ | 31,511 |  |  | $ | (12,089 | )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 5 |  |  | 370 |  |  | 3,195 |  |  | (73 | ) |  | 3,497 |
Impairment of oil and gas properties | — |  |  | 4,220 |  |  | 8,862 |  |  | 62 |  |  | 13,144 |
Metals inventory adjustments | — |  |  | — |  |  | 338 |  |  | — |  |  | 338 |
Other asset impairments, oil and gas inventory adjustments, and restructuring | — |  |  | 11 |  |  | 245 |  |  | — |  |  | 256 |
Net gains on crude oil and natural gas derivative contracts | — |  |  | (87 | ) |  | — |  |  | — |  |  | (87 | )
Equity in losses (earnings) of consolidated subsidiaries | 8,685 |  |  | 9,976 |  |  | 12,838 |  |  | (31,496 | ) |  | 3 |
Other, net | (2,127 | ) |  | 2 |  |  | (90 | ) |  | — |  |  | (2,215 | )
Changes in working capital and other tax payments | 5,506 |  |  | (1,428 | ) |  | (3,714 | ) |  | 9 |  |  | 373 |
Net cash (used in) provided by operating activities | (167 | ) |  | 262 |  |  | 3,112 |  |  | 13 |  |  | 3,220 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (7 | ) |  | (847 | ) |  | (5,486 | ) |  | (13 | ) |  | (6,353 | )
Intercompany loans | (1,812 | ) |  | (1,310 | ) |  | — |  |  | 3,122 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 852 |  |  | (71 | ) |  | 130 |  |  | (913 | ) |  | (2 | )
Other, net | (21 | ) |  | (2 | ) |  | 111 |  |  | 21 |  |  | 109 |
Net cash (used in) provided by investing activities | (988 | ) |  | (2,230 | ) |  | (5,245 | ) |  | 2,217 |  |  | (6,246 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | 4,503 |  |  | — |  |  | 3,769 |  |  | — |  |  | 8,272 |
Repayments of debt | (4,660 | ) |  | — |  |  | (2,017 | ) |  | — |  |  | (6,677 | )
Intercompany loans | — |  |  | 2,038 |  |  | 1,084 |  |  | (3,122 | ) |  | — |
Net proceeds from sale of common stock | 1,936 |  |  | — |  |  | — |  |  | — |  |  | 1,936 |
Cash dividends and distributions paid | (605 | ) |  | — |  |  | (924 | ) |  | 804 |  |  | (725 | )
Other, net | (19 | ) |  | (71 | ) |  | (18 | ) |  | 88 |  |  | (20 | )
Net cash provided by (used in) financing activities | 1,155 |  |  | 1,967 |  |  | 1,894 |  |  | (2,230 | ) |  | 2,786 |
Net decrease in cash and cash equivalents | — |  |  | (1 | ) |  | (239 | ) |  | — |  |  | (240 | )
Decrease in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | 119 |  |  | — |  |  | 119 |
Cash and cash equivalents at beginning of year | — |  |  | 1 |  |  | 297 |  |  | — |  |  | 298 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | — |  |  | $ | 177 |  |  | $ | — |  |  | $ | 177 |
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 losses (earnings) of consolidated subsidiaries | 1,007 |  |  | 3,429 |  |  | 4,633 |  |  | (9,072 | ) |  | (3 | )
Other, net | (882 | ) |  | (113 | ) |  | (807 | ) |  | — |  |  | (1,802 | )
Changes in working capital and 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 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 1,221 |  |  | (130 | ) |  | (2,408 | ) |  | 1,317 |  |  | — |
Proceeds from sale of Eagle Ford shale assets | — |  |  | 2,910 |  |  | — |  |  | — |  |  | 2,910 |
Proceeds from sale of Candelaria and Ojos del Salado mines | — |  |  | — |  |  | 1,709 |  |  | — |  |  | 1,709 |
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 | (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 | )
Increase in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | (45 | ) |  | — |  |  | (45 | )
Cash and cash equivalents at beginning of year | — |  |  | — |  |  | 1,864 |  |  | — |  |  | 1,864 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 1 |  |  | $ | 297 |  |  | $ | — |  |  | $ | 298 |

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