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BUSINESS SEGMENTS INFORMATION | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Business Segment Information | BUSINESS SEGMENT INFORMATION Product Revenues. FCX revenues attributable to the products it produced for the years ended December 31 follow:
| 2016 |  | 2015 |  | 2014
Refined copper products | $ | 5,888 |  |  | $ | 6,699 |  |  | $ | 8,187 |
Copper in concentratea | 4,502 |  |  | 2,869 |  |  | 3,366 |
Gold | 1,512 |  |  | 1,538 |  |  | 1,584 |
Molybdenum | 651 |  |  | 783 |  |  | 1,207 |
Oil | 1,304 |  |  | 1,694 |  |  | 4,233 |
Other | 973 |  |  | 1,024 |  |  | 1,424 |
Total | $ | 14,830 |  |  | $ | 14,607 |  |  | $ | 20,001 |
a. | Amounts are net of treatment and refining charges totaling $652 million in 2016, $485 million in 2015 and $374 million in 2014.
Geographic Area. Information concerning financial data by geographic area follows:
| December 31, |
| 2016 |  | 2015 |  | 2014 |
Long-lived assets: a |  |  |  |  |  |
U.S. | $ | 8,282 |  | b | $ | 16,569 |  | b | $ | 29,468 |  |
Indonesia | 8,794 |  |  | 7,701 |  |  | 6,961 |  |
Peru | 7,981 |  |  | 8,432 |  |  | 6,848 |  |
Chile | 1,269 |  |  | 1,387 |  |  | 1,542 |  |
Otherc | 248 |  |  | 4,706 |  |  | 4,593 |  |
Total | $ | 26,574 |  |  | $ | 38,795 |  |  | $ | 49,412 |  |
a. | Long-lived assets exclude deferred tax assets and intangible assets.
b. | Decrease in 2016 is primarily because of impairment charges related to oil and gas properties and asset dispositions, and decrease in 2015 is primarily because of impairment charges related to oil and gas properties (refer to Notes 1 and 2 for further discussion).
c. | Includes long-lived assets held for sale totaling $4.4 billion at December 31, 2015, and $4.3 billion at December 31, 2014, primarily associated with discontinued operations. Refer to Note 2 for further discussion.
| Years Ended December 31,
| 2016 |  | 2015 |  | 2014
Revenues: a |  |  |  |  |
U.S. | $ | 5,896 |  |  | $ | 6,842 |  |  | $ | 10,307 |
Indonesia | 1,402 |  |  | 1,054 |  |  | 1,792 |
Japan | 1,350 |  |  | 1,246 |  |  | 1,573 |
Switzerland | 1,147 |  |  | 618 |  |  | 658 |
China | 1,125 |  |  | 688 |  |  | 790 |
Spain | 878 |  |  | 960 |  |  | 1,020 |
India | 553 |  |  | 532 |  |  | 286 |
Bermuda | 273 |  |  | 159 |  |  | 76 |
Philippines | 261 |  |  | 169 |  |  | — |
Chile | 250 |  |  | 397 |  |  | 687 |
Korea | 219 |  |  | 177 |  |  | 203 |
United Kingdom | 204 |  |  | 83 |  |  | 142 |
Other | 1,272 |  |  | 1,682 |  |  | 2,467 |
Total | $ | 14,830 |  |  | $ | 14,607 |  |  | $ | 20,001 |
a. | Revenues are attributed to countries based on the location of the customer.
Major Customers and Affiliated Companies. No customer accounted for 10 percent or more of FCX's consolidated revenues during the years ended December 31, 2016 and 2015. Oil and gas sales to Phillips 66 Company totaled $2.5 billion (12 percent of FCX's consolidated revenues) during the year ended December 31, 2014. Consolidated revenues include sales to the noncontrolling interest owners of FCX's South America mining operations totaling $1.0 billion in both 2016 and 2015 and $1.6 billion in 2014, and PT-FI's sales to PT Smelting totaling $1.4 billion in 2016, $1.1 billion in 2015 and $1.8 billion in 2014. Labor Matters. As of December 31, 2016, approximately half of FCX's global labor force was covered by collective bargaining agreements, and approximately one-third of FCX's global labor force is covered by agreements that expired and are currently being negotiated or will expire within one year. Business Segments. FCX has organized its continuing mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Separately disclosed in the following tables are FCX's reportable segments, which include the Morenci, Cerro Verde and Grasberg copper mines, the Rod & Refining operations and the U.S. Oil & Gas operations. Intersegment sales between FCX’s mining operations are based on similar arm's-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. In addition, intersegment sales from Tenke to FCX's other consolidated subsidiaries have been eliminated in discontinued operations (refer to Note 2). FCX defers recognizing profits on sales from its mines to other divisions, including Atlantic Copper (FCX's wholly owned smelter and refinery in Spain) and on 25 percent of PT-FI's sales to PT Smelting (PT-FI's 25-percent-owned smelter and refinery in Indonesia), 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. 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 (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, 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. In addition to copper, certain of FCX's North America copper mines also produce molybdenum concentrate and silver. The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. The Morenci mine produced 46 percent of FCX’s North America copper during 2016. South America Mining. South America mining includes two operating copper mines – Cerro Verde in Peru and El Abra in Chile. These operations include open-pit mining, sulfide ore concentrating, leaching and SX/EW operations. On November 3, 2014, FCX completed the sale of its 80 percent ownership interests in the Candelaria mine and the Ojos del Salado mine, both reported as components of other South America mines. South America mining includes the results of the Candelaria and Ojos del Salado mines through the sale date. Refer to Note 2 for further discussion. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. The Cerro Verde mine produced 83 percent of FCX’s South America copper during 2016. Indonesia Mining. Indonesia mining includes PT-FI’s Grasberg minerals district that produces copper concentrate, which contains significant quantities of gold and silver. 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 concentrate, which is 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, which are combined in accordance with segment reporting aggregation guidance. 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 concentrate and markets refined copper and precious metals in slimes. During 2016, Atlantic Copper purchased approximately 13 percent of its concentrate requirements from the North America copper mines, approximately 7 percent from the South America mining operations and approximately 3 percent from the Indonesia mining operations at market prices, with the remainder purchased from third parties. Other Mining & Eliminations. Other Mining & Eliminations include the Miami smelter (a smelter at FCX's Miami, Arizona, mining operation), Freeport Cobalt (a cobalt chemical refinery in Kokkola, Finland), molybdenum conversion facilities in the U.S. and Europe, four non-operating copper mines in North America (Ajo, Bisbee and Tohono in Arizona, and Cobre in New Mexico) and other mining support entities. U.S. Oil & Gas Operations. As of December 31, 2016, FCX's U.S. Oil & Gas operations include oil and natural gas production onshore in South Louisiana and on the GOM shelf, oil production offshore California and natural gas production from the Madden area in central Wyoming. In January 2017, FCX entered into an agreement to sell its property interests in the Madden area. All of the U.S. operations are considered one operating and reportable segment. Financial Information by Business Segment
| Mining Operations |  |  |  |  |  |
| North America Copper Mines |  | South America |  | Indonesia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Other |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Molyb- |  |  |  | Copper |  | Mining |  |  |  | U.S. |  | Other |  |
|  |  |  |  |  |  | Cerro |  |  |  |  |  |  |  | denum |  | Rod & |  | Smelting |  | & Elimi- |  | Total |  | Oil & Gas |  | & Elimi- |  | FCX
| Morenci |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Grasberg |  | Mines |  | Refining |  | & Refining |  | nations |  | Mining |  | Operationsa |  | nations |  | Total
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 444 |  |  | $ | 240 |  |  | $ | 684 |  |  | $ | 2,241 |  |  | $ | 510 |  |  | $ | 2,751 |  |  | $ | 3,233 |  |  | $ | — |  |  | $ | 3,833 |  |  | $ | 1,825 |  |  | $ | 991 |  | b | $ | 13,317 |  |  | $ | 1,513 |  | c | $ | — |  |  | $ | 14,830 |
Intersegment | 1,511 |  |  | 2,179 |  |  | 3,690 |  |  | 187 |  |  | — |  |  | 187 |  |  | 62 |  |  | 186 |  |  | 29 |  |  | 5 |  |  | (4,159 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and delivery | 1,169 |  |  | 1,763 |  |  | 2,932 |  |  | 1,351 |  | d | 407 |  |  | 1,758 |  |  | 1,794 |  | d | 199 |  |  | 3,836 |  |  | 1,712 |  |  | (3,388 | ) |  | 8,843 |  |  | 1,801 |  | e | 53 |  |  | 10,697 |
Depreciation, depletion and amortization | 217 |  |  | 313 |  |  | 530 |  |  | 443 |  |  | 110 |  |  | 553 |  |  | 384 |  |  | 68 |  |  | 10 |  |  | 29 |  |  | 73 |  |  | 1,647 |  |  | 869 |  |  | 14 |  |  | 2,530 |
Impairment of oil and gas properties | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,299 |  |  | 18 |  | f | 4,317 |
Metals inventory adjustments | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 20 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |
Selling, general and administrative expenses | 2 |  |  | 3 |  |  | 5 |  |  | 8 |  |  | 1 |  |  | 9 |  |  | 90 |  |  | — |  |  | — |  |  | 17 |  |  | 15 |  |  | 136 |  |  | 254 |  | g | 217 |  |  | 607 |
Mining exploration and research expenses | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 61 |  |  | 64 |  |  | — |  |  | — |  |  | 64 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |  |  | — |  |  | 1 |  |  | 20 |
Net (gain) loss on sales of assets | (576 | ) |  | — |  |  | (576 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (67 | ) |  | (643 | ) |  | 1 |  |  | (7 | ) |  | (649 | )
Operating income (loss) | 1,143 |  |  | 336 |  |  | 1,479 |  |  | 626 |  |  | (8 | ) |  | 618 |  |  | 1,027 |  |  | (96 | ) |  | 16 |  |  | 72 |  |  | 99 |  |  | 3,215 |  |  | (5,711 | ) |  | (296 | ) |  | (2,792 | )
Interest expense, net | 3 |  |  | 1 |  |  | 4 |  |  | 82 |  |  | — |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 80 |  |  | 181 |  |  | 369 |  |  | 205 |  |  | 755 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | 222 |  |  | (6 | ) |  | 216 |  |  | 442 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 658 |  |  | — |  |  | (287 | ) |  | 371 |
Total assets at December 31, 2016 | 2,863 |  |  | 4,448 |  |  | 7,311 |  |  | 9,076 |  |  | 1,533 |  |  | 10,609 |  |  | 10,954 |  |  | 1,934 |  |  | 220 |  |  | 658 |  |  | 1,444 |  |  | 33,130 |  |  | 467 |  |  | 3,720 |  |  | 37,317 |
Capital expenditures | 77 |  |  | 25 |  |  | 102 |  |  | 380 |  |  | 2 |  |  | 382 |  |  | 1,025 |  |  | 2 |  |  | 1 |  |  | 17 |  |  | 109 |  | h | 1,638 |  |  | 1,127 |  | i | 48 |  |  | 2,813 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 558 |  |  | $ | 351 |  |  | $ | 909 |  |  | $ | 1,065 |  |  | $ | 808 |  |  | $ | 1,873 |  |  | $ | 2,617 |  |  | $ | — |  |  | $ | 4,125 |  |  | $ | 1,955 |  |  | $ | 1,133 |  | b | $ | 12,612 |  |  | $ | 1,994 |  | c | $ | 1 |  |  | $ | 14,607 |
Intersegment | 1,646 |  |  | 2,571 |  |  | 4,217 |  |  | 68 |  |  | (7 | ) | j | 61 |  |  | 36 |  |  | 348 |  |  | 29 |  |  | 15 |  |  | (4,706 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and deliveryd | 1,523 |  |  | 2,276 |  |  | 3,799 |  |  | 815 |  |  | 623 |  |  | 1,438 |  |  | 1,808 |  |  | 312 |  |  | 4,129 |  |  | 1,848 |  |  | (3,851 | ) |  | 9,483 |  |  | 1,211 |  | e | (1 | ) |  | 10,693 |
Depreciation, depletion and amortization | 217 |  |  | 343 |  |  | 560 |  |  | 219 |  |  | 133 |  |  | 352 |  |  | 293 |  |  | 97 |  |  | 9 |  |  | 39 |  |  | 72 |  |  | 1,422 |  |  | 1,804 |  |  | 14 |  |  | 3,240 |
Impairment of oil and gas properties | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,980 |  |  | 164 |  | f | 13,144 |
Metals inventory adjustments | — |  |  | 142 |  |  | 142 |  |  | — |  |  | 73 |  |  | 73 |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 112 |  |  | 338 |  |  | — |  |  | — |  |  | 338 |
Selling, general and administrative expenses | 3 |  |  | 3 |  |  | 6 |  |  | 3 |  |  | 1 |  |  | 4 |  |  | 103 |  |  | — |  |  | — |  |  | 16 |  |  | 20 |  |  | 149 |  |  | 188 |  |  | 221 |  |  | 558 |
Mining exploration and research expenses | — |  |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100 |  |  | 107 |  |  | — |  |  | — |  |  | 107 |
Environmental obligations and shutdown costs | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | 77 |  |  | — |  |  | 1 |  |  | 78 |
Net gain on sales of assets | — |  |  | (39 | ) |  | (39 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39 | ) |  | — |  |  | — |  |  | (39 | )
Operating income (loss) | 461 |  |  | 187 |  |  | 648 |  |  | 96 |  |  | (29 | ) |  | 67 |  |  | 449 |  |  | (72 | ) |  | 16 |  |  | 67 |  |  | (100 | ) |  | 1,075 |  |  | (14,189 | ) |  | (398 | ) |  | (13,512 | )
Interest expense, net | 2 |  |  | 2 |  |  | 4 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 75 |  |  | 105 |  |  | 186 |  |  | 326 |  |  | 617 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | 13 |  |  | (9 | ) |  | 4 |  |  | 195 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 199 |  |  | — |  |  | (2,150 | ) |  | (1,951 | )
Total assets at December 31, 2015 | 3,567 |  |  | 4,878 |  |  | 8,445 |  |  | 9,445 |  |  | 1,661 |  |  | 11,106 |  |  | 9,357 |  |  | 1,999 |  |  | 219 |  |  | 612 |  |  | 6,417 |  | h | 38,155 |  |  | 8,141 |  |  | 281 |  |  | 46,577 |
Capital expenditures | 253 |  |  | 102 |  |  | 355 |  |  | 1,674 |  |  | 48 |  |  | 1,722 |  |  | 901 |  |  | 13 |  |  | 4 |  |  | 23 |  |  | 277 |  | h | 3,295 |  |  | 2,948 |  | i | 110 |  |  | 6,353 |
a. | Includes the results of the Deepwater GOM and onshore California oil and gas properties prior to their sale in December 2016.
b. | Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
c. | Includes net mark-to-market (losses) gains of $(35) million in 2016 and $87 million in 2015 associated with oil derivative contracts. The 2016 oil derivative contracts were entered into as part of the terms to sell the onshore California oil and gas properties.
d. | The year 2016 includes charges of $16 million at Cerro Verde for social commitments and $17 million at Indonesia for asset impairment. The year 2015 includes asset impairment and restructuring charges totaling $145 million, including $99 million at other North America copper mines, and restructuring charges totaling $13 million at South America mines, $7 million at Molybdenum mines, $3 million at Rod & Refining, $20 million at Other Mining & Eliminations and $3 million at Corporate, Other & Eliminations.
e. | Includes net charges for oil and gas operations totaling $1.0 billion in 2016 and $188 million in 2015, primarily for drillship settlements/idle rig and contract termination costs, inventory adjustments other asset impairments and net charges.
f. | Reflects impairment charges for international oil and gas properties primarily in Morocco.
g. | Includes $85 million for net restructuring charges at oil and gas operations.
h. | Includes (i) assets held for sale totaling $4.9 billion at December 31, 2015, and (ii) capital expenditures totaling $73 million in 2016 and $229 million in 2015 associated with discontinued operations. Refer to Note 2 for a summary of the results of discontinued operations.
i. | Excludes international oil and gas capital expenditures totaling $47 million in 2016 and $100 million in 2015, primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations.
j. | Reflects net reductions for provisional pricing adjustments to prior open sales.
| Mining Operations |  |  |  |  |  |
| North America Copper Mines |  | South America |  | Indonesia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Other |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Molyb- |  |  |  | Copper |  | Mining |  |  |  | U.S. |  | Other |  |
|  |  |  |  |  |  | Cerro |  |  |  |  |  |  |  | denum |  | Rod & |  | Smelting |  | & Elimi- |  | Total |  | Oil & Gas |  | & Elimi- |  | FCX
| Morenci |  | Other |  | Total |  | Verde |  | Othera |  | Total |  | Grasberg |  | Mines |  | Refining |  | & Refining |  | nations |  | Mining |  | Operationsb |  | nations |  | Total
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 364 |  |  | $ | 336 |  |  | $ | 700 |  |  | $ | 1,282 |  |  | $ | 1,740 |  |  | $ | 3,022 |  |  | $ | 2,848 |  |  | $ | — |  |  | $ | 4,626 |  |  | $ | 2,391 |  |  | $ | 1,704 |  | c | $ | 15,291 |  |  | $ | 4,710 |  | d | $ | — |  |  | $ | 20,001 |
Intersegment | 1,752 |  |  | 3,164 |  |  | 4,916 |  |  | 206 |  |  | 304 |  |  | 510 |  |  | 223 |  |  | 587 |  |  | 29 |  |  | 21 |  |  | (6,286 | ) |  | — |  |  | — |  |  | — |  |  | — |
Production and delivery | 1,287 |  |  | 2,153 |  |  | 3,440 |  |  | 741 |  |  | 1,198 |  |  | 1,939 |  |  | 1,988 |  |  | 328 |  |  | 4,633 |  |  | 2,356 |  |  | (4,807 | ) |  | 9,877 |  |  | 1,237 |  | e | 2 |  |  | 11,116 |
Depreciation, depletion and amortization | 168 |  |  | 316 |  |  | 484 |  |  | 159 |  |  | 208 |  |  | 367 |  |  | 266 |  |  | 92 |  |  | 10 |  |  | 41 |  |  | 70 |  |  | 1,330 |  |  | 2,291 |  |  | 14 |  |  | 3,635 |
Impairment of oil and gas properties | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,737 |  |  | — |  |  | 3,737 |
Metals inventory adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
Selling, general and administrative expenses | 2 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 3 |  |  | 6 |  |  | 98 |  |  | — |  |  | — |  |  | 17 |  |  | 25 |  |  | 151 |  |  | 207 |  |  | 222 |  |  | 580 |
Mining exploration and research expenses | — |  |  | 8 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | 106 |  |  | — |  |  | — |  |  | 106 |
Environmental obligations and shutdown costs | — |  |  | (5 | ) |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123 |  |  | 118 |  |  | — |  |  | 1 |  |  | 119 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,717 |  |  | — |  |  | 1,717 |
Net gain on sales of assets | — |  |  | (14 | ) |  | (14 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (703 | ) | f | (717 | ) |  | — |  |  | — |  |  | (717 | )
Operating income (loss) | 659 |  |  | 1,039 |  |  | 1,698 |  |  | 585 |  |  | 635 |  |  | 1,220 |  |  | 719 |  |  | 167 |  |  | 12 |  |  | (2 | ) |  | 606 |  |  | 4,420 |  |  | (4,479 | ) |  | (239 | ) |  | (298 | )
Interest expense, net | 3 |  |  | 1 |  |  | 4 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 84 |  |  | 102 |  |  | 241 |  |  | 263 |  |  | 606 |
Provision for income taxes | — |  |  | — |  |  | — |  |  | 265 |  |  | 266 |  |  | 531 |  |  | 293 |  |  | — |  |  | — |  |  | — |  |  | 221 |  | f | 1,045 |  |  | — |  |  | (820 | ) |  | 225 |
Total assets at December 31, 2014 | 3,780 |  |  | 5,611 |  |  | 9,391 |  |  | 7,490 |  |  | 1,993 |  |  | 9,483 |  |  | 8,592 |  |  | 2,095 |  |  | 235 |  |  | 898 |  |  | 6,426 |  | g | 37,120 |  |  | 20,834 |  |  | 720 |  |  | 58,674 |
Capital expenditures | 826 |  |  | 143 |  |  | 969 |  |  | 1,691 |  |  | 94 |  |  | 1,785 |  |  | 935 |  |  | 54 |  |  | 4 |  |  | 17 |  |  | 217 |  | g | 3,981 |  |  | 3,205 |  | h | 29 |  |  | 7,215 |
a. | Includes the results of the Candelaria and Ojos del Salado mines prior to their sale in November 2014.
b. | Includes the results of Eagle Ford shale assets prior to their sale in June 2014.
c. | Includes 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.
d. | Includes net mark-to-market gains associated with crude oil and natural gas derivative contracts totaling $505 million.
e. | Includes charges at U.S. Oil & Gas operations totaling $46 million primarily for idle/terminated rig costs and inventory adjustments.
f. | Includes the gain and related income tax provision associated with the sale of the Candelaria and Ojos del Salado mines.
g. | Includes (i) assets held for sale totaling $4.8 billion and (ii) capital expenditures totaling $159 million associated with discontinued operations. Refer to Note 2 for a summary of the results of discontinued operations.
h. | Excludes international oil and gas capital expenditures totaling $19 million, primarily related to Morocco oil and gas properties, which are included in Corporate, Other & Eliminations.

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