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GUARANTOR FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
Guarantor Financial Statements [Abstract] |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
ASSETS |  |  |  |  |  |  |  |  |
Current assets | $ | 309 |  |  | $ | 620 |  |  | $ | 10,376 |  |  | $ | (585 | ) |  | $ | 10,720 |
Property, plant, equipment and mine development costs, net | 19 |  |  | 7 |  |  | 27,984 |  |  | — |  |  | 28,010 |
Investments in consolidated subsidiaries | 19,064 |  |  | — |  |  | — |  |  | (19,064 | ) |  | — |
Other assets | 880 |  |  | 23 |  |  | 3,218 |  |  | (635 | ) |  | 3,486 |
Total assets | $ | 20,272 |  |  | $ | 650 |  |  | $ | 41,578 |  |  | $ | (20,284 | ) |  | $ | 42,216 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 245 |  |  | $ | 34 |  |  | $ | 3,667 |  |  | $ | (617 | ) |  | $ | 3,329 |
Long-term debt, less current portion | 9,594 |  |  | 6,984 |  |  | 5,649 |  |  | (11,103 | ) |  | 11,124 |
Deferred income taxes | 524 |  | a | — |  |  | 3,508 |  |  | — |  |  | 4,032 |
Environmental and asset retirement obligations, less current portion | — |  |  | 227 |  |  | 3,382 |  |  | — |  |  | 3,609 |
Investments in consolidated subsidiary | — |  |  | 578 |  |  | 10,513 |  |  | (11,091 | ) |  | — |
Other liabilities | 111 |  |  | 3,340 |  |  | 2,265 |  |  | (3,486 | ) |  | 2,230 |
Total liabilities | 10,474 |  |  | 11,163 |  |  | 28,984 |  |  | (26,297 | ) |  | 24,324 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders’ equity | 9,798 |  |  | (10,513 | ) |  | 9,912 |  |  | 601 |  |  | 9,798 |
Noncontrolling interests | — |  |  | — |  |  | 2,682 |  |  | 5,412 |  |  | 8,094 |
Total equity | 9,798 |  |  | (10,513 | ) |  | 12,594 |  |  | 6,013 |  |  | 17,892 |
Total liabilities and equity | $ | 20,272 |  |  | $ | 650 |  |  | $ | 41,578 |  |  | $ | (20,284 | ) |  | $ | 42,216 |
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 |  |  | $ | 10,670 |  |  | $ | (790 | ) |  | $ | 10,626 |
Property, plant, equipment and mine development costs, net | 14 |  |  | 11 |  |  | 22,979 |  |  | (10 | ) |  | 22,994 |
Investments in consolidated subsidiaries | 19,570 |  |  | — |  |  | — |  |  | (19,570 | ) |  | — |
Other assets | 943 |  |  | 48 |  |  | 3,182 |  |  | (491 | ) |  | 3,682 |
Total assets | $ | 20,602 |  |  | $ | 730 |  |  | $ | 36,831 |  |  | $ | (20,861 | ) |  | $ | 37,302 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities | $ | 1,683 |  |  | $ | 220 |  |  | $ | 3,949 |  |  | $ | (938 | ) |  | $ | 4,914 |
Long-term debt, less current portion | 10,021 |  |  | 6,512 |  |  | 5,552 |  |  | (10,270 | ) |  | 11,815 |
Deferred income taxes | 748 |  | a | — |  |  | 2,915 |  |  | — |  |  | 3,663 |
Environmental and asset retirement obligations, less current portion | — |  |  | 201 |  |  | 3,401 |  |  | — |  |  | 3,602 |
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 Income Statement | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Revenues | $ | — |  |  | $ | 59 |  |  | $ | 18,569 |  |  | $ | — |  |  | $ | 18,628 |
Total costs and expenses | 28 |  |  | 58 |  |  | 13,798 |  |  | (10 | ) |  | 13,874 |
Operating (loss) income | (28 | ) |  | 1 |  |  | 4,771 |  |  | 10 |  |  | 4,754 |
Interest expense, net | (388 | ) |  | (301 | ) |  | (734 | ) |  | 478 |  |  | (945 | )
Net gain (loss) on early extinguishment of debt | 7 |  |  | 2 |  |  | (2 | ) |  | — |  |  | 7 |
Other income (expense), net | 477 |  |  | — |  |  | 77 |  |  | (478 | ) |  | 76 |
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses) | 68 |  |  | (298 | ) |  | 4,112 |  |  | 10 |  |  | 3,892 |
(Provision for) benefit from income taxes | (176 | ) |  | 61 |  |  | (874 | ) |  | (2 | ) |  | (991 | )
Equity in affiliated companies’ net earnings (losses) | 2,710 |  |  | 10 |  |  | (219 | ) |  | (2,493 | ) |  | 8 |
Net income (loss) from continuing operations | 2,602 |  |  | (227 | ) |  | 3,019 |  |  | (2,485 | ) |  | 2,909 |
Net loss from discontinued operations | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Net income (loss) | 2,602 |  |  | (227 | ) |  | 3,004 |  |  | (2,485 | ) |  | 2,894 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (68 | ) |  | (224 | ) |  | (292 | )
Net income (loss) attributable to common stockholders | $ | 2,602 |  |  | $ | (227 | ) |  | $ | 2,936 |  |  | $ | (2,709 | ) |  | $ | 2,602 |
Other comprehensive (loss) income | (33 | ) |  | — |  |  | (33 | ) |  | 33 |  |  | (33 | )
Total comprehensive income (loss) | $ | 2,569 |  |  | $ | (227 | ) |  | $ | 2,903 |  |  | $ | (2,676 | ) |  | $ | 2,569 |
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 | 39 |  |  | 78 |  |  | 12,586 |  |  | 10 |  |  | 12,713 |
Operating (loss) income | (39 | ) |  | (26 | ) |  | 3,765 |  |  | (10 | ) |  | 3,690 |
Interest expense, net | (467 | ) |  | (227 | ) |  | (455 | ) |  | 348 |  |  | (801 | )
Net gain (loss) on early extinguishment of debt | 22 |  |  | 5 |  |  | (6 | ) |  | — |  |  | 21 |
Other income (expense), net | 336 |  |  | — |  |  | 4 |  |  | (348 | ) |  | (8 | )
(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 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
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 | 72 |  |  | 3,074 |  | a | 14,403 |  | a | 10 |  |  | 17,559 |
Operating (loss) income | (72 | ) |  | (2,695 | ) |  | 48 |  |  | (10 | ) |  | (2,729 | )
Interest expense, net | (534 | ) |  | (56 | ) |  | (498 | ) |  | 333 |  |  | (755 | )
Net gain on early extinguishment of debt | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Other income (expense), net | 268 |  |  | — |  |  | 10 |  |  | (292 | ) |  | (14 | )
(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 income 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 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, 2018 |  |  |  |  |  |  |  |  |
| FCX |  | FM O&G LLC |  | Non-guarantor |  |  |  | Consolidated
| Issuer |  | Guarantor |  | Subsidiaries |  | Eliminations |  | FCX
Net cash (used in) provided by operating activities | $ | (40 | ) |  | $ | (487 | ) |  | $ | 4,390 |  |  | $ | — |  |  | $ | 3,863 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (2 | ) |  | — |  |  | (1,969 | ) |  | — |  |  | (1,971 | )
Acquisition of PT Rio Tinto Indonesia | — |  |  | — |  |  | (3,500 | ) |  | — |  |  | (3,500 | )
Intercompany loans | (832 | ) |  | — |  |  | — |  |  | 832 |  |  | — |
Dividends from (investments in) consolidated subsidiaries | 2,475 |  |  | — |  |  | 84 |  |  | (2,559 | ) |  | — |
Asset sales and other, net | 460 |  |  | 6 |  |  | (13 | ) |  | — |  |  | 453 |
Net cash provided by (used in) investing activities | 2,101 |  |  | 6 |  |  | (5,398 | ) |  | (1,727 | ) |  | (5,018 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt | — |  |  | — |  |  | 632 |  |  | — |  |  | 632 |
Repayments of debt | (1,826 | ) |  | (53 | ) |  | (838 | ) |  | — |  |  | (2,717 | )
Intercompany loans | — |  |  | 526 |  |  | 306 |  |  | (832 | ) |  | — |
Proceeds from sale of PT Freeport Indonesia shares | — |  |  | — |  |  | 3,710 |  |  | (210 | ) |  | 3,500 |
Cash dividends paid and distributions received, net | (217 | ) |  | — |  |  | (3,032 | ) |  | 2,753 |  |  | (496 | )
Other, net | (18 | ) |  | — |  |  | (17 | ) |  | 16 |  |  | (19 | )
Net cash (used in) provided by financing activities | (2,061 | ) |  | 473 |  |  | 761 |  |  | 1,727 |  |  | 900 |
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | — |  |  | (8 | ) |  | (247 | ) |  | — |  |  | (255 | )
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | — |  |  | 8 |  |  | 4,702 |  |  | — |  |  | 4,710 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | $ | — |  |  | $ | — |  |  | $ | 4,455 |  |  | $ | — |  |  | $ | 4,455 |
CONDENSED CONSOLIDATING STATEMENTS 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 | ) |  | $ | 5,289 |  |  | $ | — |  |  | $ | 4,666 |
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 |  |  | 32 |  |  | — |  |  | 89 |
Net cash provided by (used in) investing activities | 2,449 |  |  | 17 |  |  | (1,233 | ) |  | (2,554 | ) |  | (1,321 | )
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 and distributions paid, including redemption | (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, cash equivalents, restricted cash and restricted cash equivalents | — |  |  | (2 | ) |  | 292 |  |  | — |  |  | 290 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | — |  |  | 10 |  |  | 4,410 |  |  | — |  |  | 4,420 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | $ | — |  |  | $ | 8 |  |  | $ | 4,702 |  |  | $ | — |  |  | $ | 4,710 |
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 | ) |  | $ | (263 | ) |  | $ | 4,135 |  |  | $ | 2 |  |  | $ | 3,737 |
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 |  |  | 4,695 |  |  | (4 | ) |  | 6,366 |
Net cash provided by (used in) investing activities | 1,952 |  |  | 715 |  |  | 2,623 |  |  | (1,737 | ) |  | 3,553 |
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 | (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, cash equivalents, restricted cash and restricted cash equivalents | — |  |  | 10 |  |  | 4,114 |  |  | — |  |  | 4,124 |
Increase in cash and cash equivalents in assets held for sale | — |  |  | — |  |  | (45 | ) |  | — |  |  | (45 | )
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | — |  |  | — |  |  | 341 |  |  | — |  |  | 341 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | $ | — |  |  | $ | 10 |  |  | $ | 4,410 |  |  | $ | — |  |  | $ | 4,420 |

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