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DISPOSITIONS AND ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2018
Dispositions And Acquisitions [Abstract] |
Allocation of Purchase Price | The following table summarizes the allocation of the purchase price:
Current assets |  | $ | 25 |  |
Property, plant, equipment and mine development costs: |  |  |
Mineral reserves |  | 3,056 |  |
Mine development, infrastructure and other |  | 1,559 |  |
Liabilities other than taxes |  | (77 | ) |
Deferred income taxes, net |  | (1,063 | ) | a
Total purchase price |  | $ | 3,500 |  |
a. | Deferred income taxes have been recognized on the fair value adjustments to net assets using an Indonesia corporate income tax rate of 25 percent.
Consolidated Impact of Transaction | The following table summarizes the consolidated impact of the transaction discussed above on FCX’s consolidated balance sheet as of December 21, 2018:
Cash |  | $ | 458 |  |
Other current assets |  | 23 |  |
Property, plant, equipment and mine development costs: |  |  |
Mineral reserves |  | 3,056 |  |
Mine development, infrastructure and other |  | 1,559 |  |
Liabilities other than taxes |  | (77 | ) |
Deferred income taxes, net |  | (788 | ) |
Noncontrolling interests |  | (4,762 | ) | a
Capital in excess of par value |  | 531 |  |
Carrying Amounts of Freeport Cobalt's Major Classes of Assets and Liabilities | The carrying amounts of Freeport Cobalt’s major classes of assets and liabilities, which were reclassified from held for sale in the consolidated balance sheet at December 31, 2017, follow:
Assets |  |
Cash and cash equivalents |  | $ | 79 |
Trade receivables |  | 76 |
Inventories |  | 256 |
Other receivables and current assets |  | 20 |
Property, plant, equipment and mine development costs, net |  | 60 |
Other assets |  | 3 |
Total previously included in current assets held for sale |  | $ | 494 |
Liabilities |  |
Accounts payable and accrued liabilities |  | $ | 176 |
Accrued income taxes |  | 18 |
Long-term debt |  | 112 |
Deferred income taxes and asset retirement obligations |  | 17 |
Total previously included in current liabilities held for sale |  | $ | 323 |
Schedule of Disposal | Net (loss) income from discontinued operations in the consolidated statements of operations consists of the following:
| Years Ended December 31, |
| 2018 |  | 2017 |  | 2016 |
Revenues a | $ | — |  |  | $ | 13 |  |  | $ | 959 |  |
Costs and expenses: |  |  |  |  |  |
Production and delivery costs | — |  |  | — |  |  | 833 |  |
Depreciation, depletion and amortization | — |  |  | — |  |  | 80 |  | b
Interest expense allocated from parent | — |  |  | — |  |  | 39 |  | c
Other costs and expenses, net | — |  |  | — |  |  | 10 |  |
Income (loss) before income taxes and net (loss) gain on disposal | — |  |  | 13 |  |  | (3 | ) |
Net (loss) gain on disposal | (15 | ) | d | 57 |  | d | (198 | ) | e
Net (loss) income before income taxes | (15 | ) |  | 70 |  |  | (201 | ) |
(Provision for) benefit from income taxes | — |  |  | (4 | ) |  | 8 |  |
Net (loss) income from discontinued operations | $ | (15 | ) |  | $ | 66 |  |  | $ | (193 | ) |
a. | In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $13 million in 2017 and $(157) million in 2016.
b. | In accordance with accounting guidance, depreciation, depletion and amortization was suspended subsequent to classification as assets held for sale, which occurred in May 2016.
c. | In accordance with accounting guidance, interest associated with FCX’s unsecured bank term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations.
d. | Includes a (loss) gain of $(17) million in 2018 and $61 million in 2017 associated with the change in the fair value of contingent consideration.
e. | Includes a charge of $33 million associated with the settlement agreement entered into with Gécamines, partly offset by a gain of $13 million for the fair value of contingent consideration.
Cash flows from discontinued operations included in the consolidated statements of cash flows for the year ended December 31, 2016, follow:
Net cash provided by operating activities |  |  | $ | 241 |
Net cash used in investing activities |  |  | (73 | )
Net cash used in financing activities |  |  | (123 | )
Increase in cash and cash equivalents |  |  | $ | 45 |

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