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Guarantor Financial Statements (Unaudited) | 6 Months Ended
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Jun. 30, 2018
Guarantor Financial Statements [Abstract] |
Guarantor Financial Statements | GUARANTOR FINANCIAL STATEMENTS All of the senior notes issued by FCX 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 FCX’s 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. The indentures 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 June 30, 2018, and December 31, 2017, and the related condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017, and the condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2018
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets | $ | 619 |  |  | $ | 783 |  |  | $ | 10,220 |  |  | $ | (1,279 | ) |  | $ | 10,343 |
Property, plant, equipment and mine development costs, net | 19 |  |  | 4 |  |  | 22,900 |  |  | — |  |  | 22,923 |
Investments in consolidated subsidiaries | 19,003 |  |  | — |  |  | — |  |  | (19,003 | ) |  | — |
Other assets | 547 |  |  | 53 |  |  | 3,239 |  |  | (77 | ) |  | 3,762 |
Total assets | $ | 20,188 |  |  | $ | 840 |  |  | $ | 36,359 |  |  | $ | (20,359 | ) |  | $ | 37,028 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 237 |  |  | $ | 120 |  |  | $ | 4,837 |  |  | $ | (1,395 | ) |  | $ | 3,799 |
Long-term debt, less current portion | 9,594 |  |  | 6,686 |  |  | 5,054 |  |  | (10,211 | ) |  | 11,123 |
Deferred income taxes | 727 |  | a | — |  |  | 2,975 |  |  | — |  |  | 3,702 |
Environmental and asset retirement obligations, less current portion | — |  |  | 206 |  |  | 3,425 |  |  | — |  |  | 3,631 |
Investments in consolidated subsidiaries | — |  |  | 857 |  |  | 10,368 |  |  | (11,225 | ) |  | — |
Other liabilities | 156 |  |  | 3,339 |  |  | 1,922 |  |  | (3,486 | ) |  | 1,931 |
Total liabilities | 10,714 |  |  | 11,208 |  |  | 28,581 |  |  | (26,317 | ) |  | 24,186 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders’ equity | 9,474 |  |  | (10,368 | ) |  | 4,985 |  |  | 5,383 |  |  | 9,474 |
Noncontrolling interests | — |  |  | — |  |  | 2,793 |  |  | 575 |  |  | 3,368 |
Total equity | 9,474 |  |  | (10,368 | ) |  | 7,778 |  |  | 5,958 |  |  | 12,842 |
Total liabilities and equity | $ | 20,188 |  |  | $ | 840 |  |  | $ | 36,359 |  |  | $ | (20,359 | ) |  | $ | 37,028 |
a. | All U.S.-related deferred income taxes are recorded at the parent company.
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 |  |  | $ | 10,733 |  |  | $ | (790 | ) |  | $ | 10,689 |
Property, plant, equipment and mine development costs, net | 14 |  |  | 11 |  |  | 22,919 |  |  | (10 | ) |  | 22,934 |
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 |  |  | $ | 4,046 |  |  | $ | (938 | ) |  | $ | 5,011 |
Long-term debt, less current portion | 10,021 |  |  | 6,512 |  |  | 5,440 |  |  | (10,270 | ) |  | 11,703 |
Deferred income taxes | 748 |  | a | — |  |  | 2,901 |  |  | — |  |  | 3,649 |
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 STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 16 |  |  | $ | 5,152 |  |  | $ | — |  |  | $ | 5,168 |
Total costs and expenses | 4 |  |  | (16 | ) |  | 3,525 |  |  | (9 | ) |  | 3,504 |
Operating (loss) income | (4 | ) |  | 32 |  |  | 1,627 |  |  | 9 |  |  | 1,664 |
Interest expense, net | (97 | ) |  | (76 | ) |  | (92 | ) |  | 123 |  |  | (142 | )
Other income (expense), net | 132 |  |  | 2 |  |  | 18 |  |  | (123 | ) |  | 29 |
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) | 31 |  |  | (42 | ) |  | 1,553 |  |  | 9 |  |  | 1,551 |
(Provision for) benefit from income taxes | (11 | ) |  | 10 |  |  | (512 | ) |  | (2 | ) |  | (515 | )
Equity in affiliated companies’ net earnings (losses) | 849 |  |  | 2 |  |  | (45 | ) |  | (803 | ) |  | 3 |
Net income (loss) from continuing operations | 869 |  |  | (30 | ) |  | 996 |  |  | (796 | ) |  | 1,039 |
Net loss from discontinued operations | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Net income (loss) | 869 |  |  | (30 | ) |  | 992 |  |  | (796 | ) |  | 1,035 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (102 | ) |  | (64 | ) |  | (166 | )
Net income (loss) attributable to common stockholders | $ | 869 |  |  | $ | (30 | ) |  | $ | 890 |  |  | $ | (860 | ) |  | $ | 869 |
Other comprehensive income (loss) | 11 |  |  | — |  |  | 11 |  |  | (11 | ) |  | 11 |
Total comprehensive income (loss) | $ | 880 |  |  | $ | (30 | ) |  | $ | 901 |  |  | $ | (871 | ) |  | $ | 880 |
Three Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 12 |  |  | $ | 3,699 |  |  | $ | — |  |  | $ | 3,711 |
Total costs and expenses | 14 |  |  | 11 |  |  | 2,990 |  |  | 10 |  |  | 3,025 |
Operating (loss) income | (14 | ) |  | 1 |  |  | 709 |  |  | (10 | ) |  | 686 |
Interest expense, net | (117 | ) |  | (55 | ) |  | (74 | ) |  | 84 |  |  | (162 | )
Other income (expense), net | 80 |  |  | — |  |  | (7 | ) |  | (84 | ) |  | (11 | )
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) | (51 | ) |  | (54 | ) |  | 628 |  |  | (10 | ) |  | 513 |
(Provision for) benefit from income taxes | (72 | ) |  | 19 |  |  | (136 | ) |  | 3 |  |  | (186 | )
Equity in affiliated companies’ net earnings (losses) | 391 |  |  | (26 | ) |  | (62 | ) |  | (304 | ) |  | (1 | )
Net income (loss) from continuing operations | 268 |  |  | (61 | ) |  | 430 |  |  | (311 | ) |  | 326 |
Net income from discontinued operations | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Net income (loss) | 268 |  |  | (61 | ) |  | 439 |  |  | (311 | ) |  | 335 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (46 | ) |  | (20 | ) |  | (66 | )
Discontinued operations | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Net income (loss) attributable to common stockholders | $ | 268 |  |  | $ | (61 | ) |  | $ | 392 |  |  | $ | (331 | ) |  | $ | 268 |
Other comprehensive income (loss) | 81 |  |  | — |  |  | 81 |  |  | (81 | ) |  | 81 |
Total comprehensive income (loss) | $ | 349 |  |  | $ | (61 | ) |  | $ | 473 |  |  | $ | (412 | ) |  | $ | 349 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 31 |  |  | $ | 10,005 |  |  | $ | — |  |  | $ | 10,036 |
Total costs and expenses | 13 |  |  | (8 | ) |  | 6,918 |  |  | (10 | ) |  | 6,913 |
Operating (loss) income | (13 | ) |  | 39 |  |  | 3,087 |  |  | 10 |  |  | 3,123 |
Interest expense, net | (201 | ) |  | (140 | ) |  | (177 | ) |  | 225 |  |  | (293 | )
Other income (expense), net | 233 |  |  | 2 |  |  | 47 |  |  | (225 | ) |  | 57 |
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) | 19 |  |  | (99 | ) |  | 2,957 |  |  | 10 |  |  | 2,887 |
(Provision for) benefit from income taxes | (94 | ) |  | 22 |  |  | (947 | ) |  | (2 | ) |  | (1,021 | )
Equity in affiliated companies’ net earnings (losses) | 1,636 |  |  | (4 | ) |  | (79 | ) |  | (1,552 | ) |  | 1 |
Net income (loss) from continuing operations | 1,561 |  |  | (81 | ) |  | 1,931 |  |  | (1,544 | ) |  | 1,867 |
Net loss from discontinued operations | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Net income (loss) | 1,561 |  |  | (81 | ) |  | 1,916 |  |  | (1,544 | ) |  | 1,852 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (173 | ) |  | (118 | ) |  | (291 | )
Net income (loss) attributable to common stockholders | $ | 1,561 |  |  | $ | (81 | ) |  | $ | 1,743 |  |  | $ | (1,662 | ) |  | $ | 1,561 |
Other comprehensive income (loss) | 23 |  |  | — |  |  | 23 |  |  | (23 | ) |  | 23 |
Total comprehensive income (loss) | $ | 1,584 |  |  | $ | (81 | ) |  | $ | 1,766 |  |  | $ | (1,685 | ) |  | $ | 1,584 |
Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 25 |  |  | $ | 7,027 |  |  | $ | — |  |  | $ | 7,052 |
Total costs and expenses | 22 |  |  | 61 |  |  | 5,674 |  |  | 12 |  |  | 5,769 |
Operating (loss) income | (22 | ) |  | (36 | ) |  | 1,353 |  |  | (12 | ) |  | 1,283 |
Interest expense, net | (239 | ) |  | (108 | ) |  | (145 | ) |  | 163 |  |  | (329 | )
Other income (expense), net | 158 |  |  | — |  |  | 2 |  |  | (163 | ) |  | (3 | )
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) | (103 | ) |  | (144 | ) |  | 1,210 |  |  | (12 | ) |  | 951 |
(Provision for) benefit from income taxes | (132 | ) |  | 50 |  |  | (282 | ) |  | 4 |  |  | (360 | )
Equity in affiliated companies’ net earnings (losses) | 731 |  |  | (6 | ) |  | (98 | ) |  | (624 | ) |  | 3 |
Net income (loss) from continuing operations | 496 |  |  | (100 | ) |  | 830 |  |  | (632 | ) |  | 594 |
Net income from discontinued operations | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
Net income (loss) | 496 |  |  | (100 | ) |  | 877 |  |  | (632 | ) |  | 641 |
Net income attributable to noncontrolling interests: |  |  |  |  |  |  |  |  |
Continuing operations | — |  |  | — |  |  | (111 | ) |  | (30 | ) |  | (141 | )
Discontinued operations | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Net income (loss) attributable to common stockholders | $ | 496 |  |  | $ | (100 | ) |  | $ | 762 |  |  | $ | (662 | ) |  | $ | 496 |
Other comprehensive income (loss) | 92 |  |  | — |  |  | 92 |  |  | (92 | ) |  | 92 |
Total comprehensive income (loss) | $ | 588 |  |  | $ | (100 | ) |  | $ | 854 |  |  | $ | (754 | ) |  | $ | 588 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Net cash (used in) provided by operating activities | $ | (163 | ) |  | $ | (184 | ) |  | $ | 3,025 |  |  | $ | — |  |  | $ | 2,678 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (2 | ) |  | — |  |  | (882 | ) |  | — |  |  | (884 | )
Intercompany loans | (442 | ) |  | — |  |  | — |  |  | 442 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 2,519 |  |  | — |  |  | 45 |  |  | (2,564 | ) |  | — |
Asset sales and other, net | 4 |  |  | 1 |  |  | (91 | ) |  | — |  |  | (86 | )
Net cash provided by (used in) investing activities | 2,079 |  |  | 1 |  |  | (928 | ) |  | (2,122 | ) |  | (970 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | — |  |  | — |  |  | 352 |  |  | — |  |  | 352 |
Repayments of debt | (1,826 | ) |  | (52 | ) |  | (419 | ) |  | — |  |  | (2,297 | )
Intercompany loans | — |  |  | 228 |  |  | 214 |  |  | (442 | ) |  | — |
Cash dividends paid and contributions received, net | (73 | ) |  | — |  |  | (2,789 | ) |  | 2,548 |  |  | (314 | )
Other, net | (17 | ) |  | — |  |  | (17 | ) |  | 16 |  |  | (18 | )
Net cash (used in) provided by financing activities | (1,916 | ) |  | 176 |  |  | (2,659 | ) |  | 2,122 |  |  | (2,277 | )
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | — |  |  | (7 | ) |  | (562 | ) |  | — |  |  | (569 | )
Decrease in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | 44 |  |  | — |  |  | 44 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | — |  |  | 7 |  |  | 4,624 |  |  | — |  |  | 4,631 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | — |  |  | $ | — |  |  | $ | 4,106 |  |  | $ | — |  |  | $ | 4,106 |
Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Net cash (used in) provided by operating activities | $ | (96 | ) |  | $ | (284 | ) |  | $ | 2,209 |  |  | $ | — |  |  | $ | 1,829 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (23 | ) |  | (683 | ) |  | — |  |  | (706 | )
Intercompany loans | (427 | ) |  | — |  |  | — |  |  | 427 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 1,032 |  |  | (16 | ) |  | 62 |  |  | (1,078 | ) |  | — |
Asset sales and other, net | — |  |  | (5 | ) |  | 8 |  |  | — |  |  | 3 |
Net cash provided by (used in) investing activities | 605 |  |  | (44 | ) |  | (613 | ) |  | (651 | ) |  | (703 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | — |  |  | — |  |  | 606 |  |  | — |  |  | 606 |
Repayments of debt | (499 | ) |  | — |  |  | (751 | ) |  | — |  |  | (1,250 | )
Intercompany loans | — |  |  | 337 |  |  | 90 |  |  | (427 | ) |  | — |
Cash dividends paid and contributions received, net | (2 | ) |  | — |  |  | (1,064 | ) |  | 1,025 |  |  | (41 | )
Other, net | (8 | ) |  | (9 | ) |  | (55 | ) |  | 53 |  |  | (19 | )
Net cash (used in) provided by financing activities | (509 | ) |  | 328 |  |  | (1,174 | ) |  | 651 |  |  | (704 | )
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | — |  |  | — |  |  | 422 |  |  | — |  |  | 422 |
Decrease in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | — |  |  | 11 |  |  | 4,392 |  |  | — |  |  | 4,403 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | — |  |  | $ | 11 |  |  | $ | 4,821 |  |  | $ | — |  |  | $ | 4,832 |

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- Definition Guarantor Financial Statements [Abstract] + References No definition available. + Details
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