XML 44 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2018
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2018
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
544

 
$
714

 
$
10,012

 
$
(1,164
)
 
$
10,106

Property, plant, equipment and mine development costs, net
14

 
7

 
22,780

 
(9
)
 
22,792

Investments in consolidated subsidiaries
18,668

 
—

 
—

 
(18,668
)
 
—

Other assets
561

 
34

 
3,255

 
(111
)
 
3,739

Total assets
$
19,787

 
$
755

 
$
36,047

 
$
(19,952
)
 
$
36,637

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
621

 
$
117

 
$
4,831

 
$
(1,225
)
 
$
4,344

Long-term debt, less current portion
9,594

 
6,574

 
5,013

 
(10,058
)
 
11,123

Deferred income taxes
745

a 
—

 
2,897

 
—

 
3,642

Environmental and asset retirement obligations, less current portion
—

 
203

 
3,427

 
—

 
3,630

Investments in consolidated subsidiaries
—

 
860

 
10,338

 
(11,198
)
 
—

Other liabilities
171

 
3,339

 
1,948

 
(3,486
)
 
1,972

Total liabilities
11,131

 
11,093

 
28,454

 
(25,967
)
 
24,711

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
8,656

 
(10,338
)
 
4,901

 
5,437

 
8,656

Noncontrolling interests
—

 
—

 
2,692

 
578

 
3,270

Total equity
8,656

 
(10,338
)
 
7,593

 
6,015

 
11,926

Total liabilities and equity
$
19,787

 
$
755

 
$
36,047

 
$
(19,952
)
 
$
36,637

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

 
$
10,823

 
$
(790
)
 
$
10,779

Property, plant, equipment and mine development costs, net
14

 
11

 
22,829

 
(10
)
 
22,844

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

 
$
4,073

 
$
(938
)
 
$
5,038

Long-term debt, less current portion
10,021

 
6,512

 
5,440

 
(10,270
)
 
11,703

Deferred income taxes
748

a 
—

 
2,874

 
—

 
3,622

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

 
$
15

 
$
4,853

 
$
—

 
$
4,868

Total costs and expenses
9

 
8

 
3,393

 
(1
)
 
3,409

Operating (loss) income
(9
)
 
7

 
1,460

 
1

 
1,459

Interest expense, net
(104
)
 
(64
)
 
(85
)
 
102

 
(151
)
Other income (expense), net
101

 
—

 
29

 
(102
)
 
28

(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(12
)
 
(57
)
 
1,404

 
1

 
1,336

(Provision for) benefit from income taxes
(83
)
 
12

 
(435
)
 
—

 
(506
)
Equity in affiliated companies’ net earnings (losses)
787

 
(6
)
 
(34
)
 
(749
)
 
(2
)
Net income (loss) from continuing operations
692

 
(51
)
 
935

 
(748
)
 
828

Net loss from discontinued operations
—

 
—

 
(11
)
 
—

 
(11
)
Net income (loss)
692

 
(51
)
 
924

 
(748
)
 
817

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(71
)
 
(54
)
 
(125
)
Net income (loss) attributable to common stockholders
$
692

 
$
(51
)
 
$
853

 
$
(802
)
 
$
692

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
12

 
—

 
12

 
(12
)
 
12

Total comprehensive income (loss)
$
704

 
$
(51
)
 
$
865

 
$
(814
)
 
$
704

 
 
 
 
 
 
 
 
 
 

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

 
$
13

 
$
3,328

 
$
—

 
$
3,341

Total costs and expenses
8

 
50

 
2,684

 
2

 
2,744

Operating (loss) income
(8
)
 
(37
)
 
644

 
(2
)
 
597

Interest expense, net
(122
)
 
(53
)
 
(71
)
 
79

 
(167
)
Other income (expense), net
78

 
—

 
9

 
(79
)
 
8

(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(52
)
 
(90
)
 
582

 
(2
)
 
438

(Provision for) benefit from income taxes
(60
)
 
31

 
(146
)
 
1

 
(174
)
Equity in affiliated companies’ net earnings (losses)
340

 
20

 
(36
)
 
(320
)
 
4

Net income (loss) from continuing operations
228

 
(39
)
 
400

 
(321
)
 
268

Net income from discontinued operations
—

 
—

 
38

 
—

 
38

Net income (loss)
228

 
(39
)
 
438

 
(321
)
 
306

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(65
)
 
(10
)
 
(75
)
Discontinued operations
—

 
—

 
(3
)
 
—

 
(3
)
Net income (loss) attributable to common stockholders
$
228

 
$
(39
)
 
$
370

 
$
(331
)
 
$
228

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
11

 
—

 
11

 
(11
)
 
11

Total comprehensive income (loss)
$
239

 
$
(39
)
 
$
381

 
$
(342
)
 
$
239

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
 Net cash (used in) provided by operating activities
$
(156
)
 
$
(70
)
 
$
1,595

 
$
—

 
$
1,369

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(402
)
 
—

 
(402
)
Intercompany loans
(184
)
 
—

 
—

 
184

 
—

Dividends from (investments in) consolidated subsidiaries
1,746

 
—

 
23

 
(1,769
)
 
—

Asset sales and other, net
—

 
—

 
(90
)
 
—

 
(90
)
Net cash provided by (used in) investing activities
1,562

 
—

 
(469
)
 
(1,585
)
 
(492
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
122

 
—

 
122

Repayments of debt
(1,409
)
 
—

 
(224
)
 
—

 
(1,633
)
Intercompany loans
—

 
62

 
122

 
(184
)
 
—

Cash dividends paid and contributions received, net
—

 
—

 
(1,835
)
 
1,755

 
(80
)
Other, net
3

 
—

 
(14
)
 
14

 
3

Net cash (used in) provided by financing activities
(1,406
)
 
62

 
(1,829
)
 
1,585

 
(1,588
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(8
)
 
(703
)
 
—

 
(711
)
Decrease in cash and cash equivalents in assets held for sale
—

 
—

 
32

 
—

 
32

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

 
8

 
4,623

 
—

 
4,631

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

 
$
—

 
$
3,952

 
$
—

 
$
3,952

Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
 Net cash (used in) provided by operating activities
$
(112
)
 
$
(200
)
 
$
1,104

 
$
—

 
$
792

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(10
)
 
(334
)
 
—

 
(344
)
Intercompany loans
(277
)
 
—

 
—

 
277

 
—

Dividends from (investments in) consolidated subsidiaries
894

 
—

 
26

 
(920
)
 
—

Asset sales and other, net
—

 
(23
)
 
6

 
—

 
(17
)
Net cash provided by (used in) investing activities
617

 
(33
)
 
(302
)
 
(643
)
 
(361
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
157

 
—

 
157

Repayments of debt
(499
)
 
—

 
(316
)
 
—

 
(815
)
Intercompany loans
—

 
236

 
41

 
(277
)
 
—

Cash dividends paid and contributions received, net
(1
)
 
—

 
(895
)
 
880

 
(16
)
Other, net
(5
)
 
(6
)
 
(34
)
 
40

 
(5
)
Net cash (used in) provided by financing activities
(505
)
 
230

 
(1,047
)
 
643

 
(679
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(3
)
 
(245
)
 
—

 
(248
)
Decrease in cash and cash equivalents in assets held for sale
—

 
—

 
8

 
—

 
8

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

 
$
4,155

 
$
—

 
$
4,163