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Dispositions (Tables)
 6 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal
Net income (loss) from discontinued operations in the consolidated statements of operations consists of the following (in millions):
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2017
 
2016
 
2017
 
2016
 
Revenuesa
$
4

 
$
272

 
$
13

 
$
558

 
Costs and expenses:
 
 
 
 
 
 
 
 
Production and delivery costs
—

 
256

 
—

 
482

 
Depreciation, depletion and amortization
—


20

 
—

 
80

 
Interest expense allocated from parent
—

 
11

b 
—

 
21

b 
Other costs and expenses, net
—

 
5

 
—

 
6

 
Income (loss) before income taxes and net gain (loss) on disposal
4

 
(20
)
 
13

 
(31
)
 
Net gain (loss) on disposal
6

c 
(177
)
d 
38

c 
(177
)
d 
Net income (loss) before income taxes
10

 
(197
)
 
51

 
(208
)
 
(Provision for) benefit from income taxes
(1
)
 
16

 
(4
)
 
23

 
Net income (loss) from discontinued operations
$
9

 
$
(181
)
 
$
47

 
$
(185
)
 

a.
In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $4 million in second-quarter 2017, $(41) million in second-quarter 2016, $13 million for the first six months of 2017 and $(73) million for the first six months of 2016.
b.
In accordance with accounting guidance, interest associated with FCX’s term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations.
c.
Includes a gain of $6 million in second-quarter 2017 and $42 million for the first six months of 2017 associated with the change in the fair value of contingent consideration.
d.
In accordance with accounting guidance, an estimated loss on disposal was recorded in second-quarter 2016 and was adjusted through closing of the transaction in November 2016.

Cash flows from discontinued operations included in the consolidated statements of cash flows for the six months ended June 30, 2016, follow (in millions):
Net cash provided by operating activities
 
$
157

Net cash used in investing activities
 
(57
)
Net cash used in financing activities
 
(51
)
Increase in cash and cash equivalents in assets held for sale
 
$
49