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GUARANTOR FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Guarantor Financial Statements [Abstract] |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets | $ | 75 |  |  | $ | 671 |  |  | $ | 10,823 |  |  | $ | (790 | ) |  | $ | 10,779 |
Property, plant, equipment and mine development costs, net | 14 |  |  | 11 |  |  | 22,821 |  |  | (10 | ) |  | 22,836 |
Oil and gas properties subject to amortization, less accumulated amortization and impairments | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Investments in consolidated subsidiaries | 19,570 |  |  | — |  |  | — |  |  | (19,570 | ) |  | — |
Other assets | 943 |  |  | 48 |  |  | 3,179 |  |  | (491 | ) |  | 3,679 |
Total assets | $ | 20,602 |  |  | $ | 730 |  |  | $ | 36,831 |  |  | $ | (20,861 | ) |  | $ | 37,302 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,683 |  |  | $ | 220 |  |  | $ | 4,073 |  |  | $ | (938 | ) |  | $ | 5,038 |
Long-term debt, less current portion | 10,021 |  |  | 6,512 |  |  | 5,440 |  |  | (10,270 | ) |  | 11,703 |
Deferred income taxes | 748 |  | a | — |  |  | 2,874 |  |  | — |  |  | 3,622 |
Environmental and asset retirement obligations, less current portion | — |  |  | 201 |  |  | 3,430 |  |  | — |  |  | 3,631 |
Investments in consolidated subsidiary | — |  |  | 853 |  |  | 10,397 |  |  | (11,250 | ) |  | — |
Other liabilities | 173 |  |  | 3,340 |  |  | 1,987 |  |  | (3,488 | ) |  | 2,012 |
Total liabilities | 12,625 |  |  | 11,126 |  |  | 28,201 |  |  | (25,946 | ) |  | 26,006 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders’ equity | 7,977 |  |  | (10,396 | ) |  | 5,916 |  |  | 4,480 |  |  | 7,977 |
Noncontrolling interests | — |  |  | — |  |  | 2,714 |  |  | 605 |  |  | 3,319 |
Total equity | 7,977 |  |  | (10,396 | ) |  | 8,630 |  |  | 5,085 |  |  | 11,296 |
Total liabilities and equity | $ | 20,602 |  |  | $ | 730 |  |  | $ | 36,831 |  |  | $ | (20,861 | ) |  | $ | 37,302 |
a. | All U.S.-related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets | $ | 230 |  |  | $ | 1,790 |  |  | $ | 11,675 |  |  | $ | (3,260 | ) |  | $ | 10,435 |
Property, plant, equipment and mine development costs, net | 19 |  |  | 24 |  |  | 23,176 |  |  | — |  |  | 23,219 |
Oil and gas properties 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 | $ | 3,895 |  |  | $ | 308 |  |  | $ | 3,306 |  |  | $ | (3,244 | ) |  | $ | 4,265 |
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 Income Statement | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31, 2017 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 52 |  |  | $ | 16,351 |  |  | $ | — |  |  | $ | 16,403 |
Total costs and expenses | 42 |  |  | 78 |  |  | 12,640 |  |  | 10 |  |  | 12,770 |
Operating (loss) income | (42 | ) |  | (26 | ) |  | 3,711 |  |  | (10 | ) |  | 3,633 |
Interest expense, net | (467 | ) |  | (227 | ) |  | (455 | ) |  | 348 |  |  | (801 | )
Net gain (loss) on early extinguishment of debt | 22 |  |  | 5 |  |  | (6 | ) |  | — |  |  | 21 |
Other income (expense), net | 339 |  |  | — |  |  | 58 |  |  | (348 | ) |  | 49 |
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) | (148 | ) |  | (248 | ) |  | 3,308 |  |  | (10 | ) |  | 2,902 |
Benefit from (provision for) income taxes | 220 |  |  | (108 | ) |  | (998 | ) |  | 3 |  |  | (883 | )
Equity in affiliated companies’ net earnings (losses) | 1,745 |  |  | 10 |  |  | (337 | ) |  | (1,408 | ) |  | 10 |
Net income (loss) from continuing operations | 1,817 |  |  | (346 | ) |  | 1,973 |  |  | (1,415 | ) |  | 2,029 |
Net income from discontinued operations | — |  |  | — |  |  | 66 |  |  | — |  |  | 66 |
Net income (loss) | 1,817 |  |  | (346 | ) |  | 2,039 |  |  | (1,415 | ) |  | 2,095 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (150 | ) |  | (124 | ) |  | (274 | )
Discontinued operations | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Net income (loss) attributable to common stockholders | $ | 1,817 |  |  | $ | (346 | ) |  | $ | 1,885 |  |  | $ | (1,539 | ) |  | $ | 1,817 |
Other comprehensive income (loss) | 61 |  |  | — |  |  | 61 |  |  | (61 | ) |  | 61 |
Total comprehensive income (loss) | $ | 1,878 |  |  | $ | (346 | ) |  | $ | 1,946 |  |  | $ | (1,600 | ) |  | $ | 1,878 |
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 | )
Net gain on early extinguishment and exchanges of debt | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Other income (expense), net | 271 |  |  | — |  |  | 70 |  |  | (292 | ) |  | 49 |
(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 impairment charges totaling $1.5 billion at the FM O&G LLC Guarantor and $2.8 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 INCOME (LOSS)
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 ceiling test impairment charges for FCX’s oil and gas properties pursuant to full cost accounting rules and a goodwill impairment charge.
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2017 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Net cash (used in) provided by operating activities | $ | (156 | ) |  | $ | (467 | ) |  | $ | 5,305 |  |  | $ | — |  |  | $ | 4,682 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (25 | ) |  | (1,385 | ) |  | — |  |  | (1,410 | )
Intercompany loans | (777 | ) |  | — |  |  | — |  |  | 777 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 3,226 |  |  | (15 | ) |  | 120 |  |  | (3,331 | ) |  | — |
Asset sales and other, net | — |  |  | 57 |  |  | (10 | ) |  | — |  |  | 47 |
Net cash provided by (used in) investing activities | 2,449 |  |  | 17 |  |  | (1,275 | ) |  | (2,554 | ) |  | (1,363 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | — |  |  | — |  |  | 955 |  |  | — |  |  | 955 |
Repayments of debt | (2,281 | ) |  | (205 | ) |  | (1,326 | ) |  | — |  |  | (3,812 | )
Intercompany loans | — |  |  | 663 |  |  | 114 |  |  | (777 | ) |  | — |
Cash dividends paid and distributions received, net | (2 | ) |  | — |  |  | (3,440 | ) |  | 3,266 |  |  | (176 | )
Other, net | (10 | ) |  | (10 | ) |  | (67 | ) |  | 65 |  |  | (22 | )
Net cash (used in) provided by financing activities | (2,293 | ) |  | 448 |  |  | (3,764 | ) |  | 2,554 |  |  | (3,055 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | (2 | ) |  | 266 |  |  | — |  |  | 264 |
Increase in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | (62 | ) |  | — |  |  | (62 | )
Cash and cash equivalents at beginning of year | — |  |  | 2 |  |  | 4,243 |  |  | — |  |  | 4,245 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | — |  |  | $ | 4,447 |  |  | $ | — |  |  | $ | 4,447 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
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 | ) |  | — |
Asset sales and other, net | 2 |  |  | 1,673 |  |  | 4,692 |  |  | (4 | ) |  | 6,363 |
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 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
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 | )
Asset sales and 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 |

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