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v3.20.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | FCX’s revenues attributable to the products it sold for the first quarters of 2020 and 2019 follow (in millions):
| Three Months Ended
| March 31,
| 2020 |  | 2019
Copper: |  |  |
Concentrate | $ | 849 |  |  | $ | 1,165 |
Cathode | 837 |  |  | 859 |
Rod and other refined copper products | 542 |  |  | 507 |
Purchased coppera | 235 |  |  | 337 |
Gold | 270 |  |  | 391 |
Molybdenum | 243 |  |  | 288 |
Otherb | 157 |  |  | 277 |
Adjustments to revenues: |  |  |
Treatment charges | (80 | ) |  | (105 | )
Royalty expensec | (20 | ) |  | (30 | )
Export dutiesd | (4 | ) |  | (17 | )
Revenues from contracts with customers | 3,029 |  |  | 3,672 |
Embedded derivativese | (231 | ) |  | 120 |
Total consolidated revenues | $ | 2,798 |  |  | $ | 3,792 |
a. | FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b. | Primarily includes revenues associated with cobalt and silver.
c. | Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d. | Reflects PT-FI export duties.
e. Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment | Financial Information by Business Segment
(In millions) |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Corporate, |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  | Copper |  | Other |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  | Molybdenum |  | Rod & |  | Smelting |  | & Elimi- |  | FCX
| Morenci |  | Bagdad |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  | Mines |  | Refining |  | & Refining |  | nations |  | Total
Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 2 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 376 |  |  | $ | 98 |  |  | $ | 474 |  |  | $ | 445 |  | a | $ | — |  |  | $ | 1,115 |  |  | $ | 429 |  |  | $ | 326 |  | b | $ | 2,798 |
Intersegment | 442 |  |  | 159 |  |  | 375 |  |  | 976 |  |  | 38 |  |  | — |  |  | 38 |  |  | — |  |  | 71 |  |  | 8 |  |  | 11 |  |  | (1,104 | ) |  | — |
Production and delivery | 349 |  |  | 126 |  |  | 385 |  |  | 860 |  |  | 424 |  |  | 110 |  |  | 534 |  |  | 343 |  |  | 66 |  |  | 1,119 |  |  | 411 |  |  | (788 | ) |  | 2,545 |
Depreciation, depletion and amortization | 44 |  |  | 14 |  |  | 34 |  |  | 92 |  |  | 93 |  |  | 15 |  |  | 108 |  |  | 101 |  |  | 16 |  |  | 2 |  |  | 7 |  |  | 15 |  |  | 341 |
Metals inventory adjustments | 4 |  |  | — |  |  | 141 |  |  | 145 |  |  | — |  |  | 60 |  |  | 60 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 13 |  |  | 222 |
Selling, general and administrative expenses | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 28 |  |  | — |  |  | — |  |  | 5 |  |  | 74 |  |  | 110 |
Mining exploration and research expenses | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 16 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 25 |  |  | 26 |
Net loss on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) | 46 |  |  | 19 |  |  | (179 | ) |  | (114 | ) |  | (105 | ) |  | (87 | ) |  | (192 | ) |  | (27 | ) |  | (15 | ) |  | 1 |  |  | 17 |  |  | (143 | ) |  | (473 | )
Interest expense, net | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 28 |  |  | — |  |  | 28 |  |  | 1 |  |  | — |  |  | — |  |  | 3 |  |  | 94 |  |  | 127 |
(Benefit from) provision for income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (52 | ) |  | (26 | ) |  | (78 | ) |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | (60 | )
Total assets at March 31, 2020 | 2,814 |  |  | 800 |  |  | 4,293 |  |  | 7,907 |  |  | 8,471 |  |  | 1,655 |  |  | 10,126 |  |  | 16,711 |  |  | 1,788 |  |  | 231 |  |  | 635 |  |  | 2,821 |  |  | 40,219 |
Capital expenditures | 44 |  |  | 25 |  |  | 115 |  |  | 184 |  |  | 59 |  |  | 15 |  |  | 74 |  |  | 326 |  |  | 7 |  |  | 2 |  |  | 6 |  |  | 11 |  |  | 610 |
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 12 |  |  | $ | — |  |  | $ | 95 |  |  | $ | 107 |  |  | $ | 727 |  |  | $ | 98 |  |  | $ | 825 |  |  | $ | 705 |  | a | $ | — |  |  | $ | 1,128 |  |  | $ | 571 |  |  | $ | 456 |  | b | $ | 3,792 |
Intersegment | 458 |  |  | 178 |  |  | 291 |  |  | 927 |  |  | 126 |  |  | — |  |  | 126 |  |  | 58 |  |  | 91 |  |  | 6 |  |  | 5 |  |  | (1,213 | ) |  | — |
Production and delivery | 295 |  |  | 120 |  |  | 328 |  |  | 743 |  |  | 439 |  |  | 100 |  |  | 539 |  |  | 556 |  |  | 71 |  |  | 1,133 |  |  | 552 |  |  | (675 | ) |  | 2,919 |
Depreciation, depletion and amortization | 40 |  |  | 10 |  |  | 33 |  |  | 83 |  |  | 100 |  |  | 14 |  |  | 114 |  |  | 105 |  |  | 16 |  |  | 2 |  |  | 7 |  |  | 20 |  |  | 347 |
Metals inventory adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Selling, general and administrative expenses | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  | — |  |  | — |  |  | 5 |  |  | 73 |  |  | 112 |
Mining exploration and research expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Environmental obligations and shutdown costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | 42 |
Net gain on sales of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (33 | ) |  | (33 | )
Operating income (loss) | 134 |  |  | 48 |  |  | 24 |  |  | 206 |  |  | 312 |  |  | (16 | ) |  | 296 |  |  | 72 |  |  | 4 |  |  | (1 | ) |  | 12 |  |  | (268 | ) |  | 321 |
Interest expense, net | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 29 |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 110 |  |  | 146 |
Provision for (benefit from) income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 110 |  |  | (5 | ) |  | 105 |  |  | 26 |  |  | — |  |  | — |  |  | 1 |  |  | (27 | ) |  | 105 |
Total assets at March 31, 2019 | 2,904 |  |  | 709 |  |  | 4,051 |  |  | 7,664 |  |  | 8,674 |  |  | 1,720 |  |  | 10,394 |  |  | 15,792 |  |  | 1,785 |  |  | 232 |  |  | 771 |  |  | 4,421 |  |  | 41,059 |
Capital expenditures | 62 |  |  | 25 |  |  | 123 |  |  | 210 |  |  | 56 |  |  | 5 |  |  | 61 |  |  | 319 |  |  | 4 |  |  | 1 |  |  | 4 |  |  | 23 |  |  | 622 |
a. | Includes PT-FI's sales to PT Smelting totaling $380 million in first-quarter 2020 and $409 million in first-quarter 2019.
b. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

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