Guarantor Financial Statements (Tables)

9 Months Ended

Sep. 30, 2018

Guarantor Financial Statements [Abstract]

Condensed Consolidating Balance Sheets [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2018

	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	549		$	577		$	10,817	$	(1,022	)	$	10,921
Property, plant, equipment and mine development costs, net	19			3			22,991		—			23,013
Investments in consolidated subsidiaries	19,681			—			—		(19,681		)	—
Other assets	546			67			3,279		(77		)	3,815
Total assets	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749
LIABILITIES AND EQUITY
Current liabilities	$	246		$	137		$	4,614	$	(1,146	)	$	3,851
Long-term debt, less current portion	9,594			6,784			5,095		(10,350		)	11,123
Deferred income taxes	820		a	—			3,019		—			3,839
Environmental and asset retirement obligations, less current portion	—			209			3,355		—			3,564
Investments in consolidated subsidiaries	—			601			10,424		(11,025		)	—
Other liabilities	158			3,340			1,907		(3,487		)	1,918
Total liabilities	10,818			11,071			28,414		(26,008		)	24,295
Equity:
Stockholders’ equity	9,977			(10,424		)	5,832		4,592			9,977
Noncontrolling interests	—			—			2,841		636			3,477
Total equity	9,977			(10,424		)	8,673		5,228			13,454
Total liabilities and equity	$	20,795		$	647		$	37,087	$	(20,780	)	$	37,749

a. All U.S.-related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017

	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	75		$	671		$	10,733	$	(790	)	$	10,689
Property, plant, equipment and mine development costs, net	14			11			22,919		(10		)	22,934
Investments in consolidated subsidiaries	19,570			—			—		(19,570		)	—
Other assets	943			48			3,179		(491		)	3,679
Total assets	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302
LIABILITIES AND EQUITY
Current liabilities	$	1,683		$	220		$	4,046	$	(938	)	$	5,011
Long-term debt, less current portion	10,021			6,512			5,440		(10,270		)	11,703
Deferred income taxes	748		a	—			2,901		—			3,649
Environmental and asset retirement obligations, less current portion	—			201			3,430		—			3,631
Investments in consolidated subsidiary	—			853			10,397		(11,250		)	—
Other liabilities	173			3,340			1,987		(3,488		)	2,012
Total liabilities	12,625			11,126			28,201		(25,946		)	26,006
Equity:
Stockholders’ equity	7,977			(10,396		)	5,916		4,480			7,977
Noncontrolling interests	—			—			2,714		605			3,319
Total equity	7,977			(10,396		)	8,630		5,085			11,296
Total liabilities and equity	$	20,602		$	730		$	36,831	$	(20,861	)	$	37,302

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, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	15		$	4,893		$	—		$	4,908
Total costs and expenses	7			(2		)	3,588			—			3,593
Operating (loss) income	(7		)	17			1,305			—			1,315
Interest expense, net	(93		)	(79		)	(96		)	125			(143		)
Other income (expense), net	124			—			15			(125		)	14
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	24			(62		)	1,224			—			1,186
(Provision for) benefit from income taxes	(188		)	11			(345		)	—			(522		)
Equity in affiliated companies’ net earnings (losses)	720			(6		)	(54		)	(656		)	4
Net income (loss) from continuing operations	556			(57		)	825			(656		)	668
Net loss from discontinued operations	—			—			(4		)	—			(4		)
Net income (loss)	556			(57		)	821			(656		)	664
Net income attributable to noncontrolling interests	—			—			(47		)	(61		)	(108		)
Net income (loss) attributable to common stockholders	$	556		$	(57	)	$	774		$	(717	)	$	556
Other comprehensive income (loss)	11			—			11			(11		)	11
Total comprehensive income (loss)	$	567		$	(57	)	$	785		$	(728	)	$	567

Three Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	13		$	4,297		$	—		$	4,310
Total costs and expenses	8			25			3,350			(1		)	3,382
Operating (loss) income	(8		)	(12		)	947			1			928
Interest expense, net	(116		)	(59		)	(218		)	89			(304		)
Other income (expense), net	97			3			(9		)	(89		)	2
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(27		)	(68		)	720			1			626
Benefit from (provision for) income taxes	21			24			(432		)	—			(387		)
Equity in affiliated companies’ net earnings (losses)	286			20			(20		)	(283		)	3
Net income (loss) from continuing operations	280			(24		)	268			(282		)	242
Net income from discontinued operations	—			—			3			—			3
Net income (loss)	280			(24		)	271			(282		)	245
Net loss (income) attributable to noncontrolling interests	—			—			69			(34		)	35
Net income (loss) attributable to common stockholders	$	280		$	(24	)	$	340		$	(316	)	$	280
Other comprehensive income (loss)	13			—			13			(13		)	13
Total comprehensive income (loss)	$	293		$	(24	)	$	353		$	(329	)	$	293

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	46		$	14,898		$	—		$	14,944
Total costs and expenses	20			(10		)	10,506			(10		)	10,506
Operating (loss) income	(20		)	56			4,392			10			4,438
Interest expense, net	(294		)	(219		)	(273		)	350			(436		)
Other income (expense), net	357			2			62			(350		)	71
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	43			(161		)	4,181			10			4,073
(Provision for) benefit from income taxes	(282		)	33			(1,292		)	(2		)	(1,543		)
Equity in affiliated companies’ net earnings (losses)	2,356			(10		)	(133		)	(2,208		)	5
Net income (loss) from continuing operations	2,117			(138		)	2,756			(2,200		)	2,535
Net loss from discontinued operations	—			—			(19		)	—			(19		)
Net income (loss)	2,117			(138		)	2,737			(2,200		)	2,516
Net income attributable to noncontrolling interests	—			—			(220		)	(179		)	(399		)
Net income (loss) attributable to common stockholders	$	2,117		$	(138	)	$	2,517		$	(2,379	)	$	2,117
Other comprehensive income (loss)	34			—			34			(34		)	34
Total comprehensive income (loss)	$	2,151		$	(138	)	$	2,551		$	(2,413	)	$	2,151

Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	38		$	11,324		$	—		$	11,362
Total costs and expenses	30			86			9,024			11			9,151
Operating (loss) income	(30		)	(48		)	2,300			(11		)	2,211
Interest expense, net	(355		)	(167		)	(363		)	252			(633		)
Other income (expense), net	255			3			(7		)	(252		)	(1		)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(130		)	(212		)	1,930			(11		)	1,577
(Provision for) benefit from income taxes	(111		)	74			(714		)	4			(747		)
Equity in affiliated companies’ net earnings (losses)	1,017			14			(118		)	(907		)	6
Net income (loss) from continuing operations	776			(124		)	1,098			(914		)	836
Net income from discontinued operations	—			—			50			—			50
Net income (loss)	776			(124		)	1,148			(914		)	886
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(42		)	(64		)	(106		)
Discontinued operations	—			—			(4		)	—			(4		)
Net income (loss) attributable to common stockholders	$	776		$	(124	)	$	1,102		$	(978	)	$	776
Other comprehensive income (loss)	105			—			105			(105		)	105
Total comprehensive income (loss)	$	881		$	(124	)	$	1,207		$	(1,083	)	$	881

Condensed Consolidating Statements of Cash Flows [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(181	)	$	(285	)	$	4,391		$	—		$	3,925
Cash flow from investing activities:
Capital expenditures	(2		)	—			(1,389		)	—			(1,391		)
Intercompany loans	(558		)	—			—			558			—
Dividends from (investments in) consolidated subsidiaries	2,726			—			65			(2,791		)	—
Asset sales and other, net	4			3			(88		)	—			(81		)
Net cash provided by (used in) investing activities	2,170			3			(1,412		)	(2,233		)	(1,472		)
Cash flow from financing activities:
Proceeds from debt	—			—			475			—			475
Repayments of debt	(1,826		)	(52		)	(532		)	—			(2,410		)
Intercompany loans	—			327			231			(558		)	—
Cash dividends paid and contributions received, net	(145		)	—			(3,016		)	2,775			(386		)
Other, net	(18		)	—			(17		)	16			(19		)
Net cash (used in) provided by financing activities	(1,989		)	275			(2,859		)	2,233			(2,340		)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(7		)	120			—			113
Decrease in cash and cash equivalents in assets held for sale	—			—			55			—			55
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			7			4,624			—			4,631
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	—		$	4,799		$	—		$	4,799

Nine Months Ended September 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(222	)	$	(383	)	$	3,617		$	—		$	3,012
Cash flow from investing activities:
Capital expenditures	—			(24		)	(996		)	—			(1,020		)
Intercompany loans	(609		)	—			—			609			—
Dividends from (investments in) consolidated subsidiaries	1,757			(16		)	93			(1,834		)	—
Asset sales and other, net	—			58			8			—			66
Net cash provided by (used in) investing activities	1,148			18			(895		)	(1,225		)	(954		)
Cash flow from financing activities:
Proceeds from debt	—			—			795			—			795
Repayments of debt	(915		)	(139		)	(937		)	—			(1,991		)
Intercompany loans	—			512			97			(609		)	—
Cash dividends paid and contributions received, net	(2		)	—			(1,839		)	1,772			(69		)
Other, net	(9		)	(11		)	(64		)	62			(22		)
Net cash (used in) provided by financing activities	(926		)	362			(1,948		)	1,225			(1,287		)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(3		)	774			—			771
Increase in cash and cash equivalents in assets held for sale	—			—			(45		)	—			(45		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			11			4,392			—			4,403
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	8		$	5,121		$	—		$	5,129