Schedule of financial information by business segment |
Financial Information by Business Segments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Atlantic | | Corporate, | | | | | North America Copper Mines | | South America | | | | | | | | Copper | | Other | | | | | | | | | | | Cerro | | | | | | Indonesia | | Molybdenum | | Rod & | | Smelting | | & Elimi- | | FCX | | | Morenci | | Other | | Total | | Verde | | Other | | Total | | Mining | | Mines | | Refining | | & Refining | | nationsa | | Total | | Three Months Ended September 30, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | Unaffiliated customers | $ | 57 |
| | $ | 40 |
| | $ | 97 |
| | $ | 850 |
| | $ | 109 |
| | $ | 959 |
| | $ | 1,121 |
| b | $ | — |
| | $ | 1,137 |
| | $ | 554 |
| | $ | 442 |
| c | $ | 4,310 |
| | Intersegment | 460 |
| | 548 |
| | 1,008 |
| | 64 |
| | — |
| | 64 |
| | — |
| | 65 |
| | 8 |
| | 1 |
| | (1,146 | ) | | — |
| | Production and delivery | 244 |
| | 414 |
| | 658 |
| | 683 |
| d | 76 |
| | 759 |
| | 406 |
| | 58 |
| | 1,141 |
| | 533 |
| | (753 | ) | | 2,802 |
| | Depreciation, depletion and amortization | 42 |
| | 54 |
| | 96 |
| | 116 |
| | 18 |
| | 134 |
| | 136 |
| | 20 |
| | 2 |
| | 7 |
| | 23 |
| | 418 |
| | Selling, general and administrative expenses | 1 |
| | 1 |
| | 2 |
| | 2 |
| | — |
| | 2 |
| | 32 |
| | — |
| | — |
| | 4 |
| | 66 |
| | 106 |
| | Mining exploration and research expenses | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 27 |
| | 27 |
| | Environmental obligations and shutdown costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 73 |
| | 73 |
| | Net gain on sales of assets | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (33 | ) | | (33 | ) | | Operating income (loss) | 230 |
| | 119 |
| | 349 |
| | 113 |
| | 15 |
| | 128 |
| | 547 |
| | (13 | ) | | 2 |
| | 11 |
| | (107 | ) | | 917 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 1 |
| | — |
| | 1 |
| | 156 |
| d | — |
| | 156 |
| | 1 |
| | — |
| | — |
| | 5 |
| | 141 |
| | 304 |
| | Provision for income taxes | — |
| | — |
| | — |
| | 134 |
| d | 5 |
| | 139 |
| | 233 |
| | — |
| | — |
| | 1 |
| | 14 |
| | 387 |
| | Total assets at September 30, 2017 | 2,844 |
| | 4,223 |
| | 7,067 |
| | 8,851 |
| | 1,595 |
| | 10,446 |
| | 11,100 |
| | 1,885 |
| | 264 |
| | 751 |
| | 5,814 |
| e | 37,327 |
| | Capital expenditures | 26 |
| | 13 |
| | 39 |
| | 17 |
| | 3 |
| | 20 |
| | 206 |
| | 2 |
| | 1 |
| | 5 |
| | 41 |
| | 314 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | Unaffiliated customers | $ | 115 |
| | $ | 112 |
| | $ | 227 |
| | $ | 505 |
| | $ | 112 |
| | $ | 617 |
| | $ | 984 |
| b | $ | — |
| | $ | 930 |
| | $ | 445 |
| | $ | 674 |
| c | $ | 3,877 |
| | Intersegment | 358 |
| | 499 |
| | 857 |
| | 54 |
| | — |
| | 54 |
| | 2 |
| | 46 |
| | 7 |
| | — |
| | (966 | ) | | — |
| | Production and delivery | 275 |
| | 464 |
| | 739 |
| | 333 |
| | 91 |
| | 424 |
| | 478 |
| | 57 |
| | 931 |
| | 416 |
| | (516 | ) | f | 2,529 |
| | Depreciation, depletion and amortization | 51 |
| | 78 |
| | 129 |
| | 109 |
| | 25 |
| | 134 |
| | 110 |
| | 15 |
| | 2 |
| | 7 |
| | 246 |
| | 643 |
| | Impairment of oil and gas properties | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 239 |
| | 239 |
| | Selling, general and administrative expenses | 1 |
| | — |
| | 1 |
| | 1 |
| | 1 |
| | 2 |
| | 24 |
| | — |
| | — |
| | 5 |
| | 78 |
| | 110 |
| | Mining exploration and research expenses | — |
| | 1 |
| | 1 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 12 |
| | 13 |
| | Environmental obligations and shutdown costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | | (3 | ) | | Net loss (gain) on sales of assets | 1 |
| | — |
| | 1 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (14 | ) | | (13 | ) | | Operating income (loss) | 145 |
| | 68 |
| | 213 |
| | 116 |
| | (5 | ) | | 111 |
| | 374 |
| | (26 | ) | | 4 |
| | 17 |
| | (334 | ) | | 359 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 1 |
| | — |
| | 1 |
| | 21 |
| | — |
| | 21 |
| | — |
| | — |
| | — |
| | 3 |
| | 162 |
| | 187 |
| | Provision for (benefit from) income taxes | — |
| | — |
| | — |
| | 36 |
| | (4 | ) | | 32 |
| | 158 |
| | — |
| | — |
| | 4 |
| | (308 | ) | | (114 | ) | | Total assets at September 30, 2016 | 2,881 |
| | 4,540 |
| | 7,421 |
| | 9,139 |
| | 1,551 |
| | 10,690 |
| | 9,718 |
| | 1,953 |
| | 238 |
| | 565 |
| | 10,815 |
| e | 41,400 |
| | Capital expenditures | 6 |
| | 5 |
| | 11 |
| | 38 |
| | 1 |
| | 39 |
| | 253 |
| | 1 |
| | — |
| | 5 |
| | 185 |
| g | 494 |
| |
| | a. | Includes U.S. oil and gas operations, which were previously a reportable segment. |
| | b. | Includes PT-FI's sales to PT Smelting totaling $652 million in third-quarter 2017 and $348 million in third-quarter 2016. |
| | c. | 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. |
| | d. | Includes net charges of $216 million in production and delivery costs, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years. |
| | e. | Includes assets held for sale totaling $549 million at September 30, 2017, primarily associated with Freeport Cobalt and the Kisanfu exploration project, and $5.1 billion at September 30, 2016, which also included discontinued operations. Also includes assets associated with oil and gas operations of $272 million at September 30, 2017, and $3.5 billion at September 30, 2016. |
| | f. | Includes net charges for oil and gas operations totaling $49 million, primarily for idle rig costs, inventory adjustments and the termination of the Morocco well commitment. |
| | g. | Includes $160 million associated with oil and gas operations and $15 million associated with discontinued operations. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Atlantic | | Corporate, | | | | | North America Copper Mines | | South America Mining | | | | | | | | Copper | | Other | | | | | | | | | | | Cerro | | | | | | Indonesia | | Molybdenum | | Rod & | | Smelting | | & Elimi- | | FCX | | | Morenci | | Other | | Total | | Verde | | Other | | Total | | Mining | | Mines | | Refining | | & Refining | | nationsa | | Total | | Nine Months Ended September 30, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | Unaffiliated customers | $ | 168 |
| | $ | 122 |
| | $ | 290 |
| | $ | 2,057 |
| | $ | 332 |
| | $ | 2,389 |
| | $ | 2,720 |
| b | $ | — |
| | $ | 3,290 |
| | $ | 1,412 |
| | $ | 1,261 |
| c | $ | 11,362 |
| | Intersegment | 1,354 |
| | 1,704 |
| | 3,058 |
| | 237 |
| | — |
| | 237 |
| | — |
| | 199 |
| | 22 |
| | 1 |
| | (3,517 | ) | | — |
| | Production and delivery | 772 |
| | 1,284 |
| | 2,056 |
| | 1,450 |
| d | 245 |
| | 1,695 |
| | 1,233 |
| e | 169 |
| | 3,299 |
| | 1,369 |
| | (2,324 | ) | | 7,497 |
| | Depreciation, depletion and amortization | 138 |
| | 192 |
| | 330 |
| | 332 |
| | 60 |
| | 392 |
| | 372 |
| | 58 |
| | 7 |
| | 21 |
| | 77 |
| | 1,257 |
| | Selling, general and administrative expenses | 2 |
| | 2 |
| | 4 |
| | 7 |
| | — |
| | 7 |
| | 92 |
| e | — |
| | — |
| | 13 |
| | 250 |
| | 366 |
| | Mining exploration and research expenses | — |
| | 2 |
| | 2 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 59 |
| | 61 |
| | Environmental obligations and shutdown costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 81 |
| | 81 |
| | Net gain on sales of assets | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (66 | ) | | (66 | ) | | Operating income (loss) | 610 |
| | 346 |
| | 956 |
| | 505 |
| | 27 |
| | 532 |
| | 1,023 |
| | (28 | ) | | 6 |
| | 10 |
| | (333 | ) | | 2,166 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 2 |
| | 1 |
| | 3 |
| | 187 |
| d | — |
| | 187 |
| | 1 |
| | — |
| | — |
| | 13 |
| | 429 |
| | 633 |
| | Provision for income taxes | — |
| | — |
| | — |
| | 288 |
| d | 10 |
| | 298 |
| | 435 |
| | — |
| | — |
| | 4 |
| | 10 |
| | 747 |
| | Capital expenditures | 78 |
| | 28 |
| | 106 |
| | 60 |
| | 5 |
| | 65 |
| | 663 |
| | 4 |
| | 3 |
| | 30 |
| | 149 |
| | 1,020 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | Unaffiliated customers | $ | 356 |
| | $ | 211 |
| | $ | 567 |
| | $ | 1,485 |
| | $ | 379 |
| | $ | 1,864 |
| | $ | 2,014 |
| b | $ | — |
| | $ | 2,820 |
| | $ | 1,360 |
|
| $ | 1,828 |
| c | $ | 10,453 |
| | Intersegment | 1,119 |
| | 1,594 |
| | 2,713 |
| | 155 |
| | — |
| | 155 |
| | 59 |
| | 136 |
| | 22 |
| | 3 |
| | (3,088 | ) | | — |
| | Production and delivery | 913 |
| | 1,340 |
| | 2,253 |
| | 927 |
| | 313 |
| | 1,240 |
| | 1,228 |
| | 159 |
| | 2,820 |
| | 1,275 |
| | (991 | ) | f | 7,984 |
| | Depreciation, depletion and amortization | 170 |
| | 237 |
| | 407 |
| | 319 |
| | 83 |
| | 402 |
| | 284 |
| | 51 |
| | 7 |
| | 22 |
| | 764 |
| | 1,937 |
| | Impairment of oil and gas properties
| — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,317 |
|
| 4,317 |
| | Selling, general and administrative expenses | 2 |
| | 2 |
| | 4 |
| | 5 |
| | 1 |
| | 6 |
| | 60 |
| | — |
| | — |
| | 13 |
| | 325 |
| f | 408 |
| | Mining exploration and research expenses | — |
| | 2 |
| | 2 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 44 |
| | 46 |
| | Environmental obligations and shutdown costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 18 |
| | 18 |
| | Net gain on sales of assets
| (576 | ) | | — |
| | (576 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (186 | ) | | (762 | ) | | Operating income (loss) | 966 |
| | 224 |
| | 1,190 |
| | 389 |
| | (18 | ) | | 371 |
| | 501 |
| | (74 | ) | | 15 |
| | 53 |
| | (5,551 | ) | | (3,495 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 2 |
| | 1 |
| | 3 |
| | 63 |
| | — |
| | 63 |
| | — |
| | — |
| | — |
| | 11 |
| | 497 |
| | 574 |
| | Provision for (benefit from) income taxes | — |
| | — |
| | — |
| | 126 |
| | (12 | ) | | 114 |
| | 212 |
| | — |
| | — |
| | 5 |
| | (252 | ) | | 79 |
| | Capital expenditures | 71 |
| | 16 |
| | 87 |
| | 329 |
| | 3 |
| | 332 |
| | 706 |
| | 2 |
| | 1 |
| | 12 |
| | 1,169 |
| g | 2,309 |
| |
| | a. | Includes U.S. oil and gas operations, which were previously a reportable segment. |
| | b. | Includes PT-FI’s sales to PT Smelting totaling $1.4 billion for the first nine months of 2017 and $912 million for the first nine months of 2016. |
| | c. | 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. |
| | d. | Includes net charges of $216 million in production and delivery costs, $141 million in interest expense and $2 million in provision for income taxes associated with disputed royalties for prior years. |
| | e. | Includes net charges of $112 million in production and delivery costs and $5 million in selling, general and administrative expenses for PT-FI workforce reductions. |
| | f. | Includes net charges for oil and gas operations of $942 million in production and delivery costs, primarily for drillship settlements/idle rig costs and inventory adjustments and $38 million for net restructuring charges. |
| | g. | Includes $1.1 billion associated with oil and gas operations and $70 million associated with discontinued operations. |
|