XML 26 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Segments (Unaudited) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Revenues:          
Unaffiliated customers $ 3,681 $ 5,696 $ 12,082 $ 16,203  
Intersegment 0 0 0 0  
Production and delivery 2,893 3,152 8,653 8,971  
Depreciation, depletion and amortization 888 945 2,717 2,924  
Impairment of oil and gas properties 3,652 308 9,442 308  
Selling, general and administrative expenses 124 158 429 457  
Mining exploration and research expenses 32 29 101 93  
Environmental obligations and shutdown costs 37 18 61 100  
Net gain on sales of assets 0 (46) (39) (46)  
Operating income (loss) (3,945) 1,132 (9,282) 3,396  
Interest expense, net 163 158 458 483  
Provision for (benefit from) income taxes (360) 349 (1,742) 1,034  
Total Assets 50,383 63,875 50,383 63,875 $ 58,674
Capital expenditures 1,527 1,853 $ 5,055 5,415  
Document Period End Date     Sep. 30, 2015    
Lower of cost or market inventory adjustments (91)   $ (154) 0  
Mining Operations [Member]          
Revenues:          
Unaffiliated customers 3,155 4,706 10,487 12,716  
Intersegment 0 0 0 0  
Production and delivery 2,598 2,880 7,789 8,060  
Depreciation, depletion and amortization 434 438 1,241 1,178  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 37 43 118 123  
Mining exploration and research expenses 32 29 101 93  
Environmental obligations and shutdown costs 36 18 60 100  
Net gain on sales of assets   (46) (39) (46)  
Operating income (loss) 18 1,344 1,217 3,208  
Interest expense, net 23 24 69 69  
Provision for (benefit from) income taxes 29 359 236 668  
Total Assets 38,200 38,049 38,200 38,049  
Capital expenditures 846 937 2,540 3,010  
North America Copper Mines [Member]          
Revenues:          
Unaffiliated customers 223 219 716 410  
Intersegment 946 1,271 3,193 3,835  
Production and delivery 1,028 [1] 902 2,933 [2] 2,558  
Depreciation, depletion and amortization 136 133 408 368  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 1 1 4 3  
Mining exploration and research expenses 1 2 6 6  
Environmental obligations and shutdown costs 3 (5) 3 (5)  
Net gain on sales of assets   (14) (39) (14)  
Operating income (loss) 0 471 594 1,329  
Interest expense, net 1 1 3 3  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 8,879 9,431 8,879 9,431  
Capital expenditures 94 188 308 815  
Charges to Cost of Sales for Inventory Adjustments, Asset Impairments and Restructuring (133)   (144)    
Morenci [Member]          
Revenues:          
Unaffiliated customers 165 140 451 215  
Intersegment 332 428 1,209 1,346  
Production and delivery 357 341 1,117 936  
Depreciation, depletion and amortization 51 51 157 128  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 1 0 2 1  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 88 176 384 496  
Interest expense, net 1 1 2 2  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 3,720 3,689 3,720 3,689  
Capital expenditures 61 158 224 691  
Other North America Copper Mines [Member]          
Revenues:          
Unaffiliated customers 58 79 265 195  
Intersegment 614 843 1,984 2,489  
Production and delivery 671 561 1,816 1,622  
Depreciation, depletion and amortization 85 82 251 240  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 0 1 2 2  
Mining exploration and research expenses 1 2 6 6  
Environmental obligations and shutdown costs 3 (5) 3 (5)  
Net gain on sales of assets   (14) (39) (14)  
Operating income (loss) (88) 295 210 833  
Interest expense, net 0 0 1 1  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 5,159 5,742 5,159 5,742  
Capital expenditures 33 30 84 124  
South America Mines [Member]          
Revenues:          
Unaffiliated customers 425 736 1,320 2,383  
Intersegment 13 111 57 393  
Production and delivery 344 471 1,004 1,477  
Depreciation, depletion and amortization 89 102 236 284  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 1 1 3 5  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 4 273 134 1,010  
Interest expense, net 0 1 1 1  
Provision for (benefit from) income taxes 2 142 32 409  
Total Assets 10,979 10,727 10,979 10,727  
Capital expenditures 437 439 1,339 1,278  
Cerro Verde [Member]          
Revenues:          
Unaffiliated customers 238 295 681 996  
Intersegment 13 63 64 150  
Production and delivery 177 178 540 538  
Depreciation, depletion and amortization 57 41 134 120  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 1 0 2 2  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 16 139 69 486  
Interest expense, net 0 1 1 1  
Provision for (benefit from) income taxes 0 47 0 177  
Total Assets 9,136 7,006 9,136 7,006  
Capital expenditures 421 416 1,296 1,207  
Other South America Mines [Member]          
Revenues:          
Unaffiliated customers 187 [3] 441 [3] 639 [4] 1,387 [4]  
Intersegment 0 [3] 48 [3] (7) [4],[5] 243 [4]  
Production and delivery 167 [1],[3] 293 [3] 464 [2],[4] 939 [4]  
Depreciation, depletion and amortization 32 [3] 61 [3] 102 [4] 164 [4]  
Impairment of oil and gas properties 0 [3] 0 [3] 0 [4] 0 [4]  
Selling, general and administrative expenses 0 [3] 1 [3] 1 [4] 3 [4]  
Mining exploration and research expenses 0 [3] 0 [3] 0 [4] 0 [4]  
Environmental obligations and shutdown costs 0 [3] 0 [3] 0 [4] 0 [4]  
Net gain on sales of assets   0 [3] 0 [4] 0 [4]  
Operating income (loss) (12) [3] 134 [3] 65 [4] 524 [4]  
Interest expense, net 0 [3] 0 [3] 0 [4] 0 [4]  
Provision for (benefit from) income taxes 2 [3] 95 [3] 32 [4] 232 [4]  
Total Assets [3] 1,843 3,721 1,843 3,721  
Capital expenditures 16 [3] 23 [3] 43 [4] 71 [4]  
Charges to Cost of Sales for Inventory Adjustments, Asset Impairments and Restructuring (11)   (11)    
Indonesia - Grasberg [Member]          
Revenues:          
Unaffiliated customers 557 [6] 1,086 [6] 1,969 [7] 2,071 [7]  
Intersegment 52 167 37 175  
Production and delivery 417 700 1,311 1,594  
Depreciation, depletion and amortization 90 92 238 194  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 24 27 74 73  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 78 434 383 385  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 21 181 145 166  
Total Assets 8,965 8,537 8,965 8,537  
Capital expenditures 222 243 660 722  
Africa - Tenke [Member]          
Revenues:          
Unaffiliated customers 299 379 991 1,071  
Intersegment 29 49 98 102  
Production and delivery 209 206 634 556  
Depreciation, depletion and amortization 65 58 195 172  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 2 3 8 9  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 52 161 252 436  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 6 36 59 93  
Total Assets 5,100 5,010 5,100 5,010  
Capital expenditures 69 40 166 100  
Molybdenum mines [Member]          
Revenues:          
Unaffiliated customers 0 0 0 0  
Intersegment 83 173 298 469  
Production and delivery 86 [1] 86 253 [2] 243  
Depreciation, depletion and amortization 26 25 77 71  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 0 0 0 0  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) (29) 62 (32) 155  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 2,017 2,089 2,017 2,089  
Capital expenditures 3 12 10 45  
Charges to Cost of Sales for Inventory Adjustments, Asset Impairments and Restructuring (5)   (8)    
Rod & Refining [Member]          
Revenues:          
Unaffiliated customers 946 1,219 3,097 3,599  
Intersegment 5 8 20 24  
Production and delivery 946 1,220 3,097 3,601  
Depreciation, depletion and amortization 2 2 7 7  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 0 0 0 0  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 3 5 13 15  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 235 282 235 282  
Capital expenditures 1 1 2 3  
Atlantic Copper Smelting & Refining [Member]          
Revenues:          
Unaffiliated customers 438 597 1,473 1,808  
Intersegment 1 4 12 15  
Production and delivery 410 578 1,397 1,784  
Depreciation, depletion and amortization 10 11 29 31  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 4 4 13 13  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) 15 8 46 (5)  
Interest expense, net 3 3 8 10  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 699 948 699 948  
Capital expenditures 10 3 18 9  
Other Mining & Eliminations [Member]          
Revenues:          
Unaffiliated customers [8] 267 470 921 1,374  
Intersegment (1,129) (1,783) (3,715) (5,013)  
Production and delivery (842) [1] (1,283) (2,840) [2] (3,753)  
Depreciation, depletion and amortization 16 15 51 51  
Impairment of oil and gas properties 0 0 0 0  
Selling, general and administrative expenses 5 7 16 20  
Mining exploration and research expenses 31 27 95 87  
Environmental obligations and shutdown costs 33 23 57 105  
Net gain on sales of assets   (32) 0 (32)  
Operating income (loss) (105) (70) (173) (117)  
Interest expense, net 19 19 57 55  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 1,326 1,025 1,326 1,025  
Capital expenditures 10 11 37 38  
Charges to Cost of Sales for Inventory Adjustments, Asset Impairments and Restructuring (35)   (84)    
U.S. Oil & Gas Operations [Member]          
Revenues:          
Unaffiliated customers 525 [9] 990 [9] 1,594 [10],[11] 3,487 [10],[11]  
Intersegment 0 0 0 [11] 0 [11]  
Production and delivery 293 273 857 [11] 913 [11]  
Depreciation, depletion and amortization 450 504 1,465 [11] 1,736 [11]  
Impairment of oil and gas properties 3,480 308 9,270 [11] 308 [11]  
Selling, general and administrative expenses 37 55 140 [11] 171 [11]  
Mining exploration and research expenses 0 0 0 [11] 0 [11]  
Environmental obligations and shutdown costs 0 0 0 [11] 0 [11]  
Net gain on sales of assets   0 0 [11] 0 [11]  
Operating income (loss) (3,735) (150) (10,138) [11] 359 [11]  
Interest expense, net 51 51 129 [11] 201 [11]  
Provision for (benefit from) income taxes 0 0 0 [11] 0 [11]  
Total Assets 11,911 25,328 11,911 25,328  
Capital expenditures 635 [12] 908 [12] 2,430 [11],[13] 2,392 [11],[13]  
Corporate, Other & Eliminations [Member]          
Revenues:          
Unaffiliated customers 1 0 1 0  
Intersegment 0 0 0 0  
Production and delivery 2 [1] (1) 7 [2] (2)  
Depreciation, depletion and amortization 4 3 11 10  
Impairment of oil and gas properties 172 [14] 0 172 [14] 0  
Selling, general and administrative expenses 50 60 171 163  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 1 0 1 0  
Net gain on sales of assets   0 0 0  
Operating income (loss) (228) (62) (361) (171)  
Interest expense, net 89 83 260 213  
Provision for (benefit from) income taxes (389) (10) (1,978) 366  
Total Assets 272 498 272 498  
Capital expenditures 46 8 85 13  
Charges to Cost of Sales for Inventory Adjustments, Asset Impairments and Restructuring (2)   (2)    
Crude oil and natural gas swaps [Member]          
Revenues:          
Net mark-to-market gains (losses) on derivative contracts 29 64 $ 87 (56)  
Pt Smelting [Member]          
Segment Reporting Information [Line Items]          
Deferred Intercompany Profit, Percentage     25.00%    
Revenues:          
Revenues $ 61 628 $ 704 1,500  
Equity Method Investment, Ownership Percentage 25.00%   25.00%    
Morocco | Corporate, Other & Eliminations [Member]          
Revenues:          
Capital expenditures $ 37 [12] $ 7 [12] $ 81 [13] $ 7 [13]  
[1] Includes charges totaling $133 million at North America copper mines for inventory adjustments, impairments and restructuring, $11 million at other South America mines for restructuring, $5 million at Molybdenum mines and $35 million at other mining & eliminations for inventory adjustments and restructuring, and $2 million for restructuring at corporate, other & eliminations.
[2] Includes charges totaling $144 million at North America copper mines for inventory adjustments, impairments and restructuring, $11 million at other South America mines for restructuring, $8 million at Molybdenum mines and $84 million at other mining & eliminations for inventory adjustments and restructuring, and $2 million for restructuring at corporate, other & eliminations.
[3] Third-quarter 2014 includes the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[4] For the first nine months of 2014 Other South America Mines include the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[5] Includes net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra for the first nine months of 2015.
[6] Includes PT-FI’s sales to PT Smelting totaling $61 million in third-quarter 2015 and $628 million in third-quarter 2014.
[7] Includes PT-FI’s sales to PT Smelting totaling $704 million for the first nine months of 2015 and $1.5 billion for the first nine months of 2014.
[8] Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
[9] Includes net mark-to-market gains associated with crude oil and natural gas derivative contracts totaling $29 million in third-quarter 2015 and $64 million in third-quarter 2014.
[10] Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $87 million for the first nine months 2015 and $(56) million for the first nine months of 2014.
[11] The first nine months of 2014 include the results from Eagle Ford, which was sold in June 2014.
[12] Excludes capital expenditures totaling $37 million in third-quarter 2015 and $7 million in third-quarter 2014 primarily related to the Morocco oil and gas properties, which are included in corporate, other & eliminations.
[13] Excludes capital expenditures totaling $81 million for the first nine months of 2015 and $7 million for the first nine months of 2014 primarily related to the Morocco oil and gas properties, which are included in corporate, other & eliminations.
[14] Primarily includes impairment charges for Morocco oil and gas properties.