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GUARANTOR FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Guarantor Financial Statements [Abstract]  
Condensed Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2019

 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
154

 
$
657

 
$
7,778

 
$
(674
)
 
$
7,915

Property, plant, equipment and mine development costs, net
16

 
1

 
29,555

 
12

 
29,584

Investments in consolidated subsidiaries
17,027

 
—

 
—

 
(17,027
)
 
—

Other assets
1,604

 
21

 
3,137

 
(1,452
)
 
3,310

Total assets
$
18,801

 
$
679

 
$
40,470

 
$
(19,141
)
 
$
40,809

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
323

 
$
42

 
$
3,550

 
$
(706
)
 
$
3,209

Long-term debt, less current portion
8,602

 
7,328

 
6,292

 
(12,401
)
 
9,821

Deferred income taxes
468

a 
—

 
3,742

 
—

 
4,210

Environmental and asset retirement obligations, less current portion
—

 
224

 
3,406

 
—

 
3,630

Investments in consolidated subsidiary
—

 
652

 
10,906

 
(11,558
)
 
—

Other liabilities
110

 
3,340

 
2,535

 
(3,494
)
 
2,491

Total liabilities
9,503

 
11,586

 
30,431

 
(28,159
)
 
23,361

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
9,298

 
(10,907
)
 
7,343

 
3,564

 
9,298

Noncontrolling interests
—

 
—

 
2,696

 
5,454

 
8,150

Total equity
9,298

 
(10,907
)
 
10,039

 
9,018

 
17,448

Total liabilities and equity
$
18,801

 
$
679

 
$
40,470

 
$
(19,141
)
 
$
40,809

a.
All U.S.-related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2018

 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
309

 
$
620

 
$
10,120

 
$
(585
)
 
$
10,464

Property, plant, equipment and mine development costs, net
19

 
7

 
27,984

 
—

 
28,010

Investments in consolidated subsidiaries
19,064

 
—

 
—

 
(19,064
)
 
—

Other assets
880

 
23

 
3,474

 
(635
)
 
3,742

Total assets
$
20,272

 
$
650

 
$
41,578

 
$
(20,284
)
 
$
42,216

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
245

 
$
34

 
$
3,667

 
$
(617
)
 
$
3,329

Long-term debt, less current portion
9,594

 
6,984

 
5,649

 
(11,103
)
 
11,124

Deferred income taxes
524

a 
—

 
3,508

 
—

 
4,032

Environmental and asset retirement obligations, less current portion
—

 
227

 
3,382

 
—

 
3,609

Investments in consolidated subsidiary
—

 
578

 
10,513

 
(11,091
)
 
—

Other liabilities
111

 
3,340

 
2,265

 
(3,486
)
 
2,230

Total liabilities
10,474

 
11,163

 
28,984

 
(26,297
)
 
24,324

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
9,798

 
(10,513
)
 
9,912

 
601

 
9,798

Noncontrolling interests
—

 
—

 
2,682

 
5,412

 
8,094

Total equity
9,798

 
(10,513
)
 
12,594

 
6,013

 
17,892

Total liabilities and equity
$
20,272

 
$
650

 
$
41,578

 
$
(20,284
)
 
$
42,216

a.
All U.S.-related deferred income taxes are recorded at the parent company.
Condensed Income Statement
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
40

 
$
14,362

 
$
—

 
$
14,402

Total costs and expenses
25

 
54


13,244


(12
)
 
13,311

Operating (loss) income
(25
)
 
(14
)
 
1,118

 
12

 
1,091

Interest expense, net
(337
)
 
(322
)
 
(494
)
 
533

 
(620
)
Net loss on early extinguishment of debt
(26
)
 
—

 
(1
)
 
—

 
(27
)
Other expense, net
(22
)
 
—

 
(95
)
 
(21
)
 
(138
)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(410
)
 
(336
)
 
528

 
524

 
306

Benefit from (provision for) income taxes
58

 
76

 
(642
)
 
(2
)
 
(510
)
Equity in affiliated companies’ net earnings (losses)
113

 
(73
)
 
(321
)
 
293

 
12

Net (loss) income from continuing operations
(239
)
 
(333
)
 
(435
)
 
815

 
(192
)
Net income from discontinued operations
—

 
—

 
3

 
—

 
3

Net (loss) income
(239
)
 
(333
)
 
(432
)
 
815

 
(189
)
Net (income) loss attributable to noncontrolling interests
—

 
—

 
(86
)
 
36

 
(50
)
Net (loss) income attributable to common stockholders
$
(239
)
 
$
(333
)
 
$
(518
)
 
$
851

 
$
(239
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income
(71
)
 
—

 
(71
)
 
71

 
(71
)
Total comprehensive (loss) income
$
(310
)
 
$
(333
)
 
$
(589
)
 
$
922

 
$
(310
)


Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
59

 
$
18,569

 
$
—

 
$
18,628

Total costs and expenses
28

 
58


13,798


(10
)
 
13,874

Operating (loss) income
(28
)
 
1

 
4,771

 
10

 
4,754

Interest expense, net
(388
)
 
(301
)
 
(734
)
 
478

 
(945
)
Net gain (loss) on early extinguishment of debt
7

 
2

 
(2
)
 
—

 
7

Other income (expense), net
477

 
—

 
77

 
(478
)
 
76

Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)
68

 
(298
)
 
4,112

 
10

 
3,892

(Provision for) benefit from income taxes
(176
)
 
61

 
(874
)
 
(2
)
 
(991
)
Equity in affiliated companies’ net earnings (losses)
2,710

 
10

 
(219
)
 
(2,493
)
 
8

Net income (loss) from continuing operations
2,602

 
(227
)
 
3,019

 
(2,485
)
 
2,909

Net loss from discontinued operations
—

 
—

 
(15
)
 
—

 
(15
)
Net income (loss)
2,602

 
(227
)
 
3,004

 
(2,485
)
 
2,894

Net income attributable to noncontrolling interests:
—

 
—

 
(68
)
 
(224
)
 
(292
)
Net income (loss) attributable to common stockholders
$
2,602

 
$
(227
)
 
$
2,936

 
$
(2,709
)
 
$
2,602

 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income
(33
)
 
—

 
(33
)
 
33

 
(33
)
Total comprehensive income (loss)
$
2,569

 
$
(227
)
 
$
2,903

 
$
(2,676
)
 
$
2,569





CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
52

 
$
16,351

 
$
—

 
$
16,403

Total costs and expenses
39

 
78


12,586


10

 
12,713

Operating (loss) income
(39
)
 
(26
)
 
3,765

 
(10
)
 
3,690

Interest expense, net
(467
)
 
(227
)
 
(455
)
 
348

 
(801
)
Net gain (loss) on early extinguishment of debt
22

 
5

 
(6
)
 
—

 
21

Other income (expense), net
336

 
—

 
4

 
(348
)
 
(8
)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(148
)
 
(248
)
 
3,308

 
(10
)
 
2,902

Benefit from (provision for) income taxes
220

 
(108
)
 
(998
)
 
3

 
(883
)
Equity in affiliated companies’ net earnings (losses)
1,745

 
10

 
(337
)
 
(1,408
)
 
10

Net income (loss) from continuing operations
1,817

 
(346
)
 
1,973

 
(1,415
)
 
2,029

Net income from discontinued operations
—

 
—

 
66

 
—

 
66

Net income (loss)
1,817

 
(346
)
 
2,039

 
(1,415
)
 
2,095

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(150
)
 
(124
)
 
(274
)
Discontinued operations
—

 
—

 
(4
)
 
—

 
(4
)
Net income (loss) attributable to common stockholders
$
1,817

 
$
(346
)
 
$
1,885

 
$
(1,539
)
 
$
1,817

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
61

 
—

 
61

 
(61
)
 
61

Total comprehensive income (loss)
$
1,878

 
$
(346
)
 
$
1,946

 
$
(1,600
)
 
$
1,878
Condensed Cash Flow Statement
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash provided by (used in) operating activities
$
443

 
$
(444
)
 
$
1,483

 
$
—

 
$
1,482

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(4
)
 
(2,648
)
 
—

 
(2,652
)
Intercompany loans
(1,299
)
 
—

 
—

 
1,299

 
—

Dividends from (investments in) consolidated subsidiaries
2,177

 
—

 
96

 
(2,275
)
 
(2
)
Asset sales and other, net
(1
)
 
104

 
448

 
—

 
551

Net cash provided by (used in) investing activities
877

 
100

 
(2,104
)
 
(976
)
 
(2,103
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
1,200

 
—

 
679

 
—

 
1,879

Repayments of debt
(2,202
)
 
—

 
(995
)
 
—

 
(3,197
)
Intercompany loans
—

 
344

 
955

 
(1,299
)
 
—

Cash dividends paid and distributions received, net
(291
)
 
—

 
(2,172
)
 
2,255

 
(208
)
Other, net
(27
)
 
—

 
(23
)
 
20

 
(30
)
Net cash (used in) provided by financing activities
(1,320
)
 
344

 
(1,556
)
 
976

 
(1,556
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
—

 
(2,177
)
 
—

 
(2,177
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
—

 
4,455

 
—

 
4,455

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year
$
—

 
$
—

 
$
2,278

 
$
—

 
$
2,278


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash (used in) provided by operating activities
$
(40
)
 
$
(487
)
 
$
4,390

 
$
—

 
$
3,863

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
(2
)
 
—

 
(1,969
)
 
—

 
(1,971
)
Acquisition of PT Rio Tinto Indonesia
—

 
—

 
(3,500
)
 
—

 
(3,500
)
Intercompany loans
(832
)
 
—

 
—

 
832

 
—

Dividends from (investments in) consolidated subsidiaries
2,475

 
—

 
84

 
(2,559
)
 
—

Asset sales and other, net
460

 
6

 
(13
)
 
—

 
453

Net cash provided by (used in) investing activities
2,101

 
6

 
(5,398
)
 
(1,727
)
 
(5,018
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
632

 
—

 
632

Repayments of debt
(1,826
)
 
(53
)
 
(838
)
 
—

 
(2,717
)
Intercompany loans
—

 
526

 
306

 
(832
)
 
—

Proceeds from sale of PT Freeport Indonesia shares
—

 
—

 
3,710

 
(210
)
 
3,500

Cash dividends paid and distributions received, net
(217
)
 
—

 
(3,032
)
 
2,753

 
(496
)
Other, net
(18
)
 
—

 
(17
)
 
16

 
(19
)
Net cash (used in) provided by financing activities
(2,061
)
 
473

 
761

 
1,727

 
900

 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(8
)
 
(247
)
 
—

 
(255
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
8

 
4,702

 
—

 
4,710

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year
$
—

 
$
—

 
$
4,455

 
$
—

 
$
4,455


Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash (used in) provided by operating activities
$
(156
)
 
$
(467
)
 
$
5,289

 
$
—

 
$
4,666

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(25
)
 
(1,385
)
 
—

 
(1,410
)
Intercompany loans
(777
)
 
—

 
—

 
777

 
—

Dividends from (investments in) consolidated subsidiaries
3,226

 
(15
)
 
120

 
(3,331
)
 
—

Asset sales and other, net
—

 
57

 
32

 
—

 
89

Net cash provided by (used in) investing activities
2,449

 
17

 
(1,233
)
 
(2,554
)
 
(1,321
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
955

 
—

 
955

Repayments of debt
(2,281
)
 
(205
)
 
(1,326
)
 
—

 
(3,812
)
Intercompany loans
—

 
663

 
114

 
(777
)
 
—

Cash dividends paid and distributions received, net
(2
)
 
—

 
(3,440
)
 
3,266

 
(176
)
Other, net
(10
)
 
(10
)
 
(67
)
 
65

 
(22
)
Net cash (used in) provided by financing activities
(2,293
)
 
448

 
(3,764
)
 
2,554

 
(3,055
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(2
)
 
292

 
—

 
290

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
10

 
4,410

 
—

 
4,420

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year
$
—

 
$
8

 
$
4,702

 
$
—

 
$
4,710