XML 72 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of diluted earnings per share | Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share for the years ended December 31 follow:
| 2018 |  | 2017 |  | 2016 |
Net income (loss) from continuing operations | $ | 2,909 |  |  | $ | 2,029 |  |  | $ | (3,832 | ) |
Net income from continuing operations attributable to noncontrolling interests | (292 | ) |  | (274 | ) |  | (227 | ) |
Gain on redemption and preferred dividends attributable to redeemable noncontrolling interest | — |  |  | — |  |  | 161 |  |
Accumulated dividends and undistributed earnings allocated to participating securities | (4 | ) |  | (4 | ) |  | (3 | ) |
Net income (loss) from continuing operations attributable to common stockholders | 2,613 |  |  | 1,751 |  |  | (3,901 | ) |
Net (loss) income from discontinued operations | (15 | ) |  | 66 |  |  | (193 | ) |
Net income from discontinued operations attributable to noncontrolling interests | — |  |  | (4 | ) |  | (63 | ) |
Net (loss) income from discontinued operations attributable to common stockholders | (15 | ) |  | 62 |  |  | (256 | ) |
Net income (loss) attributable to common stockholders | $ | 2,598 |  |  | $ | 1,813 |  |  | $ | (4,157 | ) |
Basic weighted-average shares of common stock outstanding (millions) | 1,449 |  |  | 1,447 |  |  | 1,318 |  |
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions) | 9 |  | a | 7 |  |  | — |  | a
Diluted weighted-average shares of common stock outstanding (millions) | 1,458 |  |  | 1,454 |  |  | 1,318 |  |
Basic net income (loss) per share attributable to common stockholders: |  |  |  |  |  |
Continuing operations | $ | 1.80 |  |  | $ | 1.21 |  |  | $ | (2.96 | ) |
Discontinued operations | (0.01 | ) |  | 0.04 |  |  | (0.20 | ) |
| $ | 1.79 |  |  | $ | 1.25 |  |  | $ | (3.16 | ) |
Diluted net income (loss) per share attributable to common stockholders: |  |  |  |  |  |
Continuing operations | $ | 1.79 |  |  | $ | 1.21 |  |  | $ | (2.96 | ) |
Discontinued operations | (0.01 | ) |  | 0.04 |  |  | (0.20 | ) |
| $ | 1.78 |  |  | $ | 1.25 |  |  | $ | (3.16 | ) |
a. | Excludes approximately 1 million in 2018 and 12 million in 2016 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The impact of adopting this ASU for the years ended December 31 follows:
|  | 2017
|  | Previously Reported |  | Impact of Adoption |  | After Adoption a
Accrued income taxes and changes in other tax payments included in cash flow from operating activities |  | $ | 473 |  |  | $ | (16 | ) |  | $ | 457 |
Net cash provided by operating activities |  | 4,682 |  |  | (16 | ) |  | 4,666 |
Other, net included in cash flow from investing activities |  | (25 | ) |  | 42 |  |  | 17 |
Net cash used in investing activities |  | (1,363 | ) |  | 42 |  |  | (1,321 | )
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents |  | 264 |  |  | 26 |  |  | 290 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year |  | 4,245 |  |  | 158 |  |  | 4,403 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period |  | 4,447 |  |  | 184 |  |  | 4,631 |
|  | 2016
|  | Previously Reported |  | Impact of Adoption |  | After Adoption a
Other, net included in cash flow from operating activities |  | $ | 48 |  |  | $ | 8 |  |  | $ | 56 |
Net cash provided by operating activities |  | 3,729 |  |  | 8 |  |  | 3,737 |
Other, net included in cash flow from investing activities |  | 8 |  |  | 3 |  |  | 11 |
Net cash provided by investing activities |  | 3,550 |  |  | 3 |  |  | 3,553 |
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents |  | 4,113 |  |  | 11 |  |  | 4,124 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year |  | 177 |  |  | 147 |  |  | 324 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period |  | 4,245 |  |  | 158 |  |  | 4,403 |
a. | Excludes the reclassification of assets held for sale and other adjustments to conform with the current year presentation.
The impact of adopting this ASU for the years ended December 31 follows:
|  | 2017
|  | Previously Reported |  | Impact of Adoption |  | Current Presentation
Production and delivery |  | $ | 10,308 |  | a | $ | (42 | ) |  | $ | 10,266 |
Total cost of sales |  | 12,022 |  |  | (42 | ) |  | 11,980 |
Selling, general and administrative expenses |  | 484 |  |  | (7 | ) |  | 477 |
Mining exploration and research expenses |  | 94 |  |  | (1 | ) |  | 93 |
Environmental obligations and shutdown costs |  | 251 |  |  | (7 | ) |  | 244 |
Total costs and expenses |  | 12,770 |  |  | (57 | ) |  | 12,713 |
Operating income |  | 3,633 |  |  | 57 |  |  | 3,690 |
Other income (expense), net |  | 49 |  |  | (57 | ) |  | (8 | )
|  | 2016
|  | Previously Reported |  | Impact of Adoption |  | Current Presentation
Production and delivery |  | $ | 10,733 |  | a | $ | (46 | ) |  | $ | 10,687 |
Total cost of sales |  | 17,580 |  |  | (46 | ) |  | 17,534 |
Selling, general and administrative expenses |  | 607 |  |  | (10 | ) |  | 597 |
Mining exploration and research expenses |  | 64 |  |  | (1 | ) |  | 63 |
Environmental obligations and shutdown costs |  | 20 |  |  | (6 | ) |  | 14 |
Total costs and expenses |  | 17,622 |  |  | (63 | ) |  | 17,559 |
Operating loss |  | (2,792 | ) |  | 63 |  |  | (2,729 | )
Other income (expense), net |  | 49 |  |  | (63 | ) |  | (14 | )
a. | Includes $8 million for metals inventory adjustments in 2017 and $36 million in 2016.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration