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Guarantor Financial Statements (Unaudited) (Tables)
 9 Months Ended
Sep. 30, 2016
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2016
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets, other than assets held for sale
$
320

 
$
2,463

 
$
7,914

 
$
(3,855
)
 
$
6,842

Current assets held for sale
—

 
—

 
4,663

 
—

 
4,663

Property, plant, equipment and mining development costs, net
22

 
52

 
23,339

 
2

 
23,415

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization and impairments
—

 
266

 
712

 
1

 
979

Not subject to amortization
—

 
406

 
1,237

 
1

 
1,644

Investments in consolidated subsidiaries
20,511

 
—

 
—

 
(20,511
)
 
—

Other assets
891

 
41

 
3,776

 
(851
)
 
3,857

Total assets
$
21,744

 
$
3,228

 
$
41,641

 
$
(25,213
)
 
$
41,400

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities, other than liabilities held for sale
$
2,697

 
$
340

 
$
4,483

 
$
(3,853
)
 
$
3,667

Current liabilities held for sale
—

 
—

 
821

 
—

 
821

Long-term debt, less current portion
13,426

 
7,624

 
11,642

 
(14,512
)
 
18,180

Deferred income taxes
845

a 
—

 
2,704

 
—

 
3,549

Environmental and asset retirement obligations, less current portion
—

 
352

 
3,373

 
—

 
3,725

Investments in consolidated subsidiaries
—

 
828

 
9,267

 
(10,095
)
 
—

Other liabilities
44

 
3,351

 
1,710

 
(3,487
)
 
1,618

Total liabilities
17,012

 
12,495

 
34,000

 
(31,947
)
 
31,560

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
774

 
—

 
774

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
4,732

 
(9,267
)
 
3,108

 
6,159

 
4,732

Noncontrolling interests
—

 
—

 
3,759

 
575

 
4,334

Total equity
4,732

 
(9,267
)
 
6,867

 
6,734

 
9,066

Total liabilities and equity
$
21,744

 
$
3,228

 
$
41,641

 
$
(25,213
)
 
$
41,400

a.
All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets, other than assets held for sale
$
181

 
$
3,831

 
$
10,238

 
$
(7,532
)
 
$
6,718

Current assets held for sale
—

 
—

 
744

 
—

 
744

Property, plant, equipment and mining development costs, net
26

 
57

 
24,163

 
—

 
24,246

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization and impairments
—

 
710

 
1,552

 
—

 
2,262

Not subject to amortization
—

 
1,393

 
3,432

 
6

 
4,831

Investments in consolidated subsidiaries
24,311

 
—

 
—

 
(24,311
)
 
—

Other assets
5,038

 
1,826

 
3,586

 
(6,798
)
 
3,652

Assets held for sale
—

 
—

 
4,124

 
—

 
4,124

Total assets
$
29,556

 
$
7,817

 
$
47,839

 
$
(38,635
)
 
$
46,577

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities, other than liabilities held for sale
$
6,012

 
$
666

 
$
5,047

 
$
(7,526
)
 
$
4,199

Current liabilities held for sale
—

 
—

 
108

 
—

 
108

Long-term debt, less current portion
14,735

 
5,883

 
11,594

 
(12,433
)
 
19,779

Deferred income taxes
941

a 
—

 
2,666

 
—

 
3,607

Environmental and asset retirement obligations, less current portion
—

 
305

 
3,412

 
—

 
3,717

Investment in consolidated subsidiary
—

 
—

 
2,397

 
(2,397
)
 
—

Other liabilities
40

 
3,360

 
1,732

 
(3,491
)
 
1,641

Liabilities held for sale
—

 
—

 
718

 
—

 
718

Total liabilities
21,728

 
10,214

 
27,674

 
(25,847
)
 
33,769

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
764

 
—

 
764

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
7,828

 
(2,397
)
 
15,725

 
(13,328
)
 
7,828

Noncontrolling interests
—

 
—

 
3,676

 
540

 
4,216

Total equity
7,828

 
(2,397
)
 
19,401

 
(12,788
)
 
12,044

Total liabilities and equity
$
29,556

 
$
7,817

 
$
47,839

 
$
(38,635
)
 
$
46,577

a.
All U.S. related deferred income taxes are recorded at the parent company.
Condensed Consolidating Statements of Income [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
110

 
$
3,767

 
$
—

 
$
3,877

Total costs and expenses
12

 
266

a 
3,239

a 
1

 
3,518

Operating (loss) income
(12
)
 
(156
)
 
528

 
(1
)
 
359

Interest expense, net
(126
)
 
(18
)
 
(132
)
 
89

 
(187
)
Net gain on early extinguishment of debt
15

 
—

 
—

 
—

 
15

Other income (expense), net
76

 
—

 
(10
)
 
(76
)
 
(10
)
(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(47
)
 
(174
)
 
386

 
12

 
177

Benefit from (provision for) income taxes
343

 
(197
)
 
(40
)
 
8

 
114

Equity in affiliated companies' net (losses) earnings
(75
)
 
(218
)
 
(589
)
 
883

 
1

Net income (loss) from continuing operations
221

 
(589
)
 
(243
)
 
903

 
292

Net (loss) income from discontinued operations
(4
)
 
—

 
10

 
(12
)
 
(6
)
Net income (loss)
217

 
(589
)
 
(233
)
 
891

 
286

Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(24
)
 
(23
)
 
(47
)
Discontinued operations
—

 
—

 
(22
)
 
—

 
(22
)
Net income (loss) attributable to common stockholders
$
217

 
$
(589
)
 
$
(279
)
 
$
868

 
$
217

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
12

 
—

 
12

 
(12
)
 
12

Total comprehensive income (loss)
$
229

 
$
(589
)
 
$
(267
)
 
$
856

 
$
229

a.
Includes charges totaling $95 million at the FM O&G LLC guarantor and $0.2 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
294

 
$
10,159

 
$
—

 
$
10,453

Total costs and expenses
56

 
2,859

a 
11,026

a 
7

 
13,948

Operating loss
(56
)
 
(2,565
)
 
(867
)
 
(7
)
 
(3,495
)
Interest expense, net
(404
)
 
(37
)
 
(370
)
 
237

 
(574
)
Net gain on early extinguishment of debt
51

 
—

 
—

 
—

 
51

Other income (expense), net
197

 
—

 
59

 
(202
)
 
54

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(212
)
 
(2,602
)
 
(1,178
)
 
28

 
(3,964
)
(Provision for) benefit from income taxes
(1,785
)
 
725

 
979

 
2

 
(79
)
Equity in affiliated companies' net (losses) earnings
(2,450
)
 
(3,202
)
 
(5,072
)
 
10,733

 
9

Net (loss) income from continuing operations
(4,447
)
 
(5,079
)
 
(5,271
)
 
10,763

 
(4,034
)
Net income (loss) from discontinued operations
1

 
—

 
(159
)
 
(33
)
 
(191
)
Net (loss) income
(4,446
)
 
(5,079
)
 
(5,430
)
 
10,730

 
(4,225
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(141
)
 
(36
)
 
(177
)
Discontinued operations
—

 
—

 
(44
)
 
—

 
(44
)
Net (loss) income attributable to common stockholders
$
(4,446
)
 
$
(5,079
)
 
$
(5,615
)
 
$
10,694

 
$
(4,446
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
27

 
—

 
27

 
(27
)
 
27

Total comprehensive (loss) income
$
(4,419
)
 
$
(5,079
)
 
$
(5,588
)
 
$
10,667

 
$
(4,419
)
 
 
 
 
 
 
 
 
 
 

a.
Includes charges totaling $1.5 billion at the FM O&G LLC guarantor and $2.8 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
158

 
$
3,224

 
$
—

 
$
3,382

Total costs and expenses
12

 
1,874

a 
5,462

a 
(2
)

7,346

Operating (loss) income
(12
)
 
(1,716
)
 
(2,238
)
 
2

 
(3,964
)
Interest expense, net
(123
)
 
(1
)
 
(72
)
 
39

 
(157
)
Other income (expense), net
31

 
—

 
(36
)
 
(36
)
 
(41
)
(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(104
)
 
(1,717
)
 
(2,346
)
 
5

 
(4,162
)
(Provision for) benefit from income taxes
(1,287
)
 
714

 
924

 
(2
)
 
349

Equity in affiliated companies' net (losses) earnings
(2,443
)
 
(2,237
)
 
(2,445
)
 
7,123

 
(2
)
Net (loss) income from continuing operations
(3,834
)
 
(3,240
)
 
(3,867
)
 
7,126

 
(3,815
)
Net income from discontinued operations
4

 
—

 
21

 
—

 
25

Net (loss) income
(3,830
)
 
(3,240
)
 
(3,846
)
 
7,126

 
(3,790
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(23
)
 
(1
)
 
(24
)
Discontinued operations
—

 
—

 
(16
)
 
—

 
(16
)
Net (loss) income attributable to common stockholders
$
(3,830
)
 
$
(3,240
)
 
$
(3,885
)
 
$
7,125

 
$
(3,830
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
14

 
—

 
14

 
(14
)
 
14

Total comprehensive (loss) income
$
(3,816
)
 
$
(3,240
)
 
$
(3,871
)
 
$
7,111

 
$
(3,816
)
a.
Includes charges totaling $1.7 billion at the FM O&G LLC guarantor and $2.0 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
508

 
$
10,583

 
$
—

 
$
11,091

Total costs and expenses
47

 
4,409

a 
16,065

a 
(15
)

20,506

Operating (loss) income
(47
)
 
(3,901
)
 
(5,482
)
 
15

 
(9,415
)
Interest expense, net
(359
)
 
(7
)
 
(182
)
 
110

 
(438
)
Other income (expense), net
187

 
—

 
(85
)
 
(100
)
 
2

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(219
)
 
(3,908
)
 
(5,749
)
 
25

 
(9,851
)
(Provision for) benefit from income taxes
(1,978
)
 
1,504

 
2,246

 
(10
)
 
1,762

Equity in affiliated companies' net (losses) earnings
(5,967
)
 
(6,516
)
 
(8,947
)
 
21,429

 
(1
)
Net (loss) income from continuing operations
(8,164
)
 
(8,920
)
 
(12,450
)
 
21,444

 
(8,090
)
Net income from discontinued operations
9

 
—

 
86

 
—

 
95

Net (loss) income
(8,155
)
 
(8,920
)
 
(12,364
)
 
21,444

 
(7,995
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(65
)
 
(27
)
 
(92
)
Discontinued operations
—

 
—

 
(68
)
 
—

 
(68
)
Net (loss) income attributable to common stockholders
$
(8,155
)
 
$
(8,920
)
 
$
(12,497
)
 
$
21,417

 
$
(8,155
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
35

 
—

 
35

 
(35
)
 
35

Total comprehensive (loss) income
$
(8,120
)
 
$
(8,920
)
 
$
(12,462
)
 
$
21,382

 
$
(8,120
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2016
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(4,446
)
 
$
(5,079
)
 
$
(5,430
)
 
$
10,730

 
$
(4,225
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
4

 
146

 
1,882

 
(15
)
 
2,017

Impairment of oil and gas properties
—

 
1,531

 
2,765

 
21

 
4,317

Equity in losses (earnings) of affiliated companies
2,450

 
3,202

 
5,072

 
(10,733
)
 
(9
)
Other, net
(116
)
 
575

 
(424
)
 
(4
)
 
31

Changes in working capital and other tax payments, excluding amounts from dispositions
1,844

 
(669
)
 
(714
)
 
2

 
463

Net cash (used in) provided by operating activities
(264
)
 
(294
)
 
3,151

 
1

 
2,594

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(497
)
 
(1,814
)
 
2

 
(2,309
)
Intercompany loans
(1,021
)
 
(518
)
 
—

 
1,539

 
—

Dividends from (investments in) consolidated subsidiaries
1,643

 
(41
)
 
124

 
(1,726
)
 
—

Asset sales and other, net
—

 
208

 
1,210

 
(3
)
 
1,415

Net cash provided by (used in) investing activities
622

 
(848
)
 
(480
)
 
(188
)
 
(894
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
1,721

 
—

 
1,742

 
—

 
3,463

Repayments of debt
(2,498
)
 
—

 
(2,041
)
 
—

 
(4,539
)
Intercompany loans
—

 
1,223

 
316

 
(1,539
)
 
—

Net proceeds from sale of common stock
442

 
—

 
374

 
(374
)
 
442

Cash dividends and distributions paid, and contributions received, net
(5
)
 
(78
)
 
(2,096
)
 
2,087

 
(92
)
Other, net
(18
)
 
(2
)
 
(15
)
 
13

 
(22
)
Net cash (used in) provided by financing activities
(358
)
 
1,143

 
(1,720
)
 
187

 
(748
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
—

 
1

 
951

 
—

 
952

Increase in cash and cash equivalents in assets held for sale
—

 
—

 
(39
)
 
—

 
(39
)
Cash and cash equivalents at beginning of period
—

 
—

 
195

 
—

 
195

Cash and cash equivalents at end of period
$
—

 
$
1

 
$
1,107

 
$
—

 
$
1,108


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(8,155
)
 
$
(8,920
)
 
$
(12,364
)
 
$
21,444

 
$
(7,995
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
3

 
303

 
2,474

 
(63
)
 
2,717

Impairment of oil and gas properties
—

 
3,710

 
5,684

 
48

 
9,442

Net gains on crude oil derivative contracts
—

 
(87
)
 
—

 
—

 
(87
)
Equity in losses (earnings) of affiliated companies
5,967

 
6,516

 
8,947

 
(21,429
)
 
1

Other, net
(1,953
)
 
2

 
139

 
—

 
(1,812
)
Changes in working capital and other tax payments
4,001

 
(1,213
)
 
(2,457
)
 
11

 
342

Net cash (used in) provided by operating activities
(137
)
 
311

 
2,423

 
11

 
2,608

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
(7
)
 
(959
)
 
(4,079
)
 
(10
)
 
(5,055
)
Intercompany loans
(1,310
)
 
(955
)
 
—


2,265

 
—

Dividends from (investments in) consolidated subsidiaries
693

 
(49
)
 
102

 
(748
)
 
(2
)
Other, net
(21
)
 
(2
)
 
118

 
21

 
116

Net cash (used in) provided by investing activities
(645
)
 
(1,965
)
 
(3,859
)
 
1,528

 
(4,941
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
3,893

 
—

 
2,659

 
—

 
6,552

Repayments of debt
(3,550
)
 
—

 
(1,143
)
 
—

 
(4,693
)
Intercompany loans
—

 
1,708

 
557

 
(2,265
)
 
—

Net proceeds from sale of common stock
999

 
—

 
—

 
—

 
999

Cash dividends and distributions paid, and contributions received, net
(547
)
 
(17
)
 
(749
)
 
677

 
(636
)
Other, net
(13
)
 
(37
)
 
(14
)
 
49

 
(15
)
Net cash provided by (used in) financing activities
782

 
1,654

 
1,310

 
(1,539
)
 
2,207

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
—

 
—

 
(126
)
 
—

 
(126
)
Decrease in cash and cash equivalents in assets held for sale
—

 
—

 
42

 
—

 
42

Cash and cash equivalents at beginning of period
—

 
1

 
316

 
—

 
317

Cash and cash equivalents at end of period
$
—

 
$
1

 
$
232

 
$
—

 
$
233