Dispositions (Tables)

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Disposed of by Sale in Period of Disposition

The carrying amounts of TFHL's major classes of assets, liabilities and noncontrolling interests, which are presented as held for sale in the consolidated balance sheets, follow (in millions):

	June 30, 2016		December 31, 2015
Assets
Cash and cash equivalents	$	78	$	29
Inventories	1,152		584
Receivables and other current assets	154		131
Property, plant, equipment and mining development costs, net	3,056		—
Other assets	226		—
Total current assets held for sale	$	4,666	$	744
Property, plant, equipment and mining development costs, net	$	—	$	3,261
Inventories	—		608
Other assets	—		241
Total long-term assets held for sale	$	—	$	4,110
Liabilities
Accounts payable and accrued liabilities	$	99	$	108
Deferred income taxes	679		—
Asset retirement obligations and other liabilities	46		—
Total current liabilities held for sale	$	824	$	108
Deferred income taxes	$	—	$	681
Asset retirement obligations and other liabilities	—		37
Total long-term liabilities held for sale	$	—	$	718
Noncontrolling interests	$	1,185	$	1,178

Disposal Groups, Including Discontinued Operations

Net (loss) income 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,
	2016				2015			2016				2015
Revenuesa	$	272			$	310		$	558			$	692
Costs and expenses:
Production and delivery costs	256				197			482				430
Depreciation, depletion and amortization	20			b	57			80			b	130
Interest expense allocated from parentc	11				7			21				14
Other costs and expenses, net	5				8			6				17
(Loss) income before income taxes and estimated loss on disposal	(20		)		41			(31		)		101
Estimated loss on disposald	(177		)		—			(177		)		—
Net (loss) income before income taxes	(197		)		41			(208		)		101
Benefit from (provision for) income taxes	16				(12		)	23				(31		)
Net (loss) income from discontinued operations	$	(181	)		$	29		$	(185	)		$	70

a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $41 million in both second-quarter 2016 and 2015, $73 million for the first six months of 2016 and $69 million for the first six months of 2015.

b. In accordance with accounting guidance, depreciation, depletion and amortization is not recognized subsequent to classification as assets held for sale.

c. In accordance with accounting guidance, interest associated with FCX's Term Loan that will be required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations.

d. In accordance with accounting guidance, an estimated loss on disposal was recorded, which will be adjusted through closing of the transaction.

Cash Flows from Discontinued Operations

Cash flows from discontinued operations included in the consolidated statements of cash flows follow (in millions):

	Six Months Ended
	June 30,
	2016			2015
Net cash provided by operating activities	$	157		$	153
Net cash used in investing activities	(57		)	(105		)
Net cash used in financing activities	(51		)	(47		)
Increase in cash and cash equivalents in assets held for sale	$	49		$	1