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Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Tables)
 9 Months Ended
Sep. 30, 2017
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2017
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
197

 
$
716

 
$
10,948

 
$
(711
)
 
$
11,150

Property, plant, equipment and mine development costs, net
15

 
11

 
22,899

 
(11
)
 
22,914

Oil and gas properties, subject to amortization, less accumulated amortization and impairments
—

 
—

 
20

 
—

 
20

Investments in consolidated subsidiaries
20,178

 
—

 
—

 
(20,178
)
 
—

Other assets
479

 
36

 
3,193

 
(465
)
 
3,243

Total assets
$
20,869

 
$
763

 
$
37,060

 
$
(21,365
)
 
$
37,327

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
2,402

 
$
111

 
$
3,820

 
$
(816
)
 
$
5,517

Long-term debt, less current portion
10,600

 
6,428

 
5,621

 
(10,082
)
 
12,567

Deferred income taxes
832

a 
—

 
2,939

 
—

 
3,771

Environmental and asset retirement obligations, less current portion
—

 
208

 
3,290

 
—

 
3,498

Investments in consolidated subsidiaries
—

 
850

 
10,174

 
(11,024
)
 
—

Other liabilities
62

 
3,341

 
1,828

 
(3,487
)
 
1,744

Total liabilities
13,896

 
10,938

 
27,672

 
(25,409
)
 
27,097

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
6,973

 
(10,175
)
 
6,782

 
3,393

 
6,973

Noncontrolling interests
—

 
—

 
2,606

 
651

 
3,257

Total equity
6,973

 
(10,175
)
 
9,388

 
4,044

 
10,230

Total liabilities and equity
$
20,869

 
$
763

 
$
37,060

 
$
(21,365
)
 
$
37,327

a.
All U.S.-related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2016
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
230

 
$
1,790

 
$
11,675

 
$
(3,260
)
 
$
10,435

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

 
24

 
23,176

 
—

 
23,219

Oil and gas properties, subject to amortization, less accumulated amortization and impairments
—

 
—

 
74

 
—

 
74

Investments in consolidated subsidiaries
21,110

 
—

 
—

 
(21,110
)
 
—

Other assets
1,985

 
47

 
3,522

 
(1,965
)
 
3,589

Total assets
$
23,344

 
$
1,861

 
$
38,447

 
$
(26,335
)
 
$
37,317

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
3,895

 
$
308

 
$
3,306

 
$
(3,244
)
 
$
4,265

Long-term debt, less current portion
12,517

 
6,062

 
11,297

 
(15,081
)
 
14,795

Deferred income taxes
826

a 
—

 
2,942

 
—

 
3,768

Environmental and asset retirement obligations, less current portion
—

 
200

 
3,287

 
—

 
3,487

Investments in consolidated subsidiary
—

 
893

 
8,995

 
(9,888
)
 
—

Other liabilities
55

 
3,393

 
1,784

 
(3,487
)
 
1,745

Total liabilities
17,293

 
10,856

 
31,611

 
(31,700
)
 
28,060

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
6,051

 
(8,995
)
 
4,237

 
4,758

 
6,051

Noncontrolling interests
—

 
—

 
2,599

 
607

 
3,206

Total equity
6,051

 
(8,995
)
 
6,836

 
5,365

 
9,257

Total liabilities and equity
$
23,344

 
$
1,861

 
$
38,447

 
$
(26,335
)
 
$
37,317

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, 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

 
3,361

 
(1
)
 
3,393

Operating (loss) income
(8
)
 
(12
)
 
936

 
1

 
917

Interest expense, net
(116
)
 
(59
)
 
(218
)
 
89

 
(304
)
Other income (expense), net
97

 
3

 
2

 
(89
)
 
13

(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:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
69

 
(34
)
 
35

Discontinued operations
—

 
—

 
—

 
—

 
—

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


 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
110

 
$
3,767

 
$
—

 
$
3,877

Total costs and expenses
12

 
266

a 
3,239

a 
1

 
3,518

Operating (loss) income
(12
)
 
(156
)
 
528

 
(1
)
 
359

Interest expense, net
(126
)
 
(18
)
 
(132
)
 
89

 
(187
)
Other income (expense), net
91

 
—

 
(10
)
 
(76
)
 
5

(Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings
(47
)
 
(174
)
 
386

 
12

 
177

Benefit from (provision for) income taxes
343

 
(197
)
 
(40
)
 
8

 
114

Equity in affiliated companies’ net (losses) earnings
(75
)
 
(218
)
 
(589
)
 
883

 
1

Net income (loss) from continuing operations
221

 
(589
)
 
(243
)
 
903

 
292

Net (loss) income from discontinued operations
(4
)
 
—

 
10

 
(12
)
 
(6
)
Net income (loss)
217

 
(589
)
 
(233
)
 
891

 
286

Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(24
)
 
(23
)
 
(47
)
Discontinued operations
—

 
—

 
(22
)
 
—

 
(22
)
Net income (loss) attributable to common stockholders
$
217

 
$
(589
)
 
$
(279
)
 
$
868

 
$
217

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
12

 
—

 
12

 
(12
)
 
12

Total comprehensive income (loss)
$
229

 
$
(589
)
 
$
(267
)
 
$
856

 
$
229

a.
Includes charges totaling $95 million at the FM O&G LLC guarantor and $0.2 billion at the non-guarantor subsidiaries related to impairment of FCX’s oil and gas properties pursuant to full cost accounting rules.


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
31

 
86

 
9,068

 
11

 
9,196

Operating (loss) income
(31
)
 
(48
)
 
2,256

 
(11
)
 
2,166

Interest expense, net
(355
)
 
(167
)
 
(363
)
 
252

 
(633
)
Other income (expense), net
256

 
3

 
37

 
(252
)
 
44

(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


Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
294

 
$
10,159

 
$
—

 
$
10,453

Total costs and expenses
56

 
2,859

a 
11,026

a 
7

 
13,948

Operating loss
(56
)
 
(2,565
)
 
(867
)
 
(7
)
 
(3,495
)
Interest expense, net
(404
)
 
(37
)
 
(370
)
 
237

 
(574
)
Other income (expense), net
248

 
—

 
59

 
(202
)
 
105

(Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings
(212
)
 
(2,602
)
 
(1,178
)
 
28

 
(3,964
)
(Provision for) benefit from income taxes
(1,785
)
 
725

 
979

 
2

 
(79
)
Equity in affiliated companies’ net (losses) earnings
(2,450
)
 
(3,202
)
 
(5,072
)
 
10,733

 
9

Net (loss) income from continuing operations
(4,447
)
 
(5,079
)
 
(5,271
)
 
10,763

 
(4,034
)
Net income (loss) from discontinued operations
1

 
—

 
(159
)
 
(33
)
 
(191
)
Net (loss) income
(4,446
)
 
(5,079
)
 
(5,430
)
 
10,730

 
(4,225
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(141
)
 
(36
)
 
(177
)
Discontinued operations
—

 
—

 
(44
)
 
—

 
(44
)
Net (loss) income attributable to common stockholders
$
(4,446
)
 
$
(5,079
)
 
$
(5,615
)
 
$
10,694

 
$
(4,446
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
27

 
—

 
27

 
(27
)
 
27

Total comprehensive (loss) income
$
(4,419
)
 
$
(5,079
)
 
$
(5,588
)
 
$
10,667

 
$
(4,419
)

a.
Includes charges totaling $1.5 billion at the FM O&G LLC guarantor and $2.8 billion at the non-guarantor subsidiaries related to impairment of FCX’s oil and gas properties pursuant to full cost accounting rules.
Condensed Consolidating Statements of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

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
)
 
$
3,623

 
$
—

 
$
3,018

 
 
 
 
 
 
 
 
 
 
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

 
(12
)
 
—

 
46

Net cash provided by (used in) investing activities
1,148

 
18

 
(915
)
 
(1,225
)
 
(974
)
 
 
 
 
 
 
 
 
 
 
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 increase in cash and cash equivalents
—

 
(3
)
 
760

 
—

 
757

Increase in cash and cash equivalents in assets held for sale
—

 
—

 
(45
)
 
—

 
(45
)
Cash and cash equivalents at beginning of period
—

 
3

 
4,242

 
—

 
4,245

Cash and cash equivalents at end of period
$
—

 
$
—

 
$
4,957

 
$
—

 
$
4,957

 
Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
 Net cash (used in) provided by operating activities
$
(264
)
 
$
(294
)
 
$
3,151

 
$
1

 
$
2,594

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(497
)
 
(1,814
)
 
2

 
(2,309
)
Intercompany loans
(1,021
)
 
(518
)
 
—

 
1,539

 
—

Dividends from (investments in) consolidated subsidiaries
1,643

 
(41
)
 
124

 
(1,726
)
 
—

Asset sales and other, net
—

 
208

 
1,210

 
(3
)
 
1,415

Net cash provided by (used in) investing activities
622

 
(848
)
 
(480
)
 
(188
)
 
(894
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
1,721

 
—

 
1,742

 
—

 
3,463

Repayments of debt
(2,498
)
 
—

 
(2,041
)
 
—

 
(4,539
)
Intercompany loans
—

 
1,223

 
316

 
(1,539
)
 
—

Net proceeds from sale of common stock
442

 
—

 
374

 
(374
)
 
442

Cash dividends paid and contributions received, net
(5
)
 
(78
)
 
(2,096
)
 
2,087

 
(92
)
Other, net
(18
)
 
(2
)
 
(15
)
 
13

 
(22
)
Net cash (used in) provided by financing activities
(358
)
 
1,143

 
(1,720
)
 
187

 
(748
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
—

 
1

 
951

 
—

 
952

Increase in cash and cash equivalents in assets held for sale
—

 
—

 
(43
)
 
—

 
(43
)
Cash and cash equivalents at beginning of period
—

 
—

 
177

 
—

 
177

Cash and cash equivalents at end of period
$
—

 
$
1

 
$
1,085

 
$
—

 
$
1,086