Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Guarantor Financial Statements [Abstract]

Condensed Consolidating Balance Sheets [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2018

	FCX			FM O&G LLC			Non-guarantor					Consolidated
	Issuer			Guarantor			Subsidiaries		Eliminations			FCX
ASSETS
Current assets	$	619		$	783		$	10,220	$	(1,279	)	$	10,343
Property, plant, equipment and mine development costs, net	19			4			22,900		—			22,923
Investments in consolidated subsidiaries	19,003			—			—		(19,003		)	—
Other assets	547			53			3,239		(77		)	3,762
Total assets	$	20,188		$	840		$	36,359	$	(20,359	)	$	37,028
LIABILITIES AND EQUITY
Current liabilities	$	237		$	120		$	4,837	$	(1,395	)	$	3,799
Long-term debt, less current portion	9,594			6,686			5,054		(10,211		)	11,123
Deferred income taxes	727		a	—			2,975		—			3,702
Environmental and asset retirement obligations, less current portion	—			206			3,425		—			3,631
Investments in consolidated subsidiaries	—			857			10,368		(11,225		)	—
Other liabilities	156			3,339			1,922		(3,486		)	1,931
Total liabilities	10,714			11,208			28,581		(26,317		)	24,186
Equity:
Stockholders’ equity	9,474			(10,368		)	4,985		5,383			9,474
Noncontrolling interests	—			—			2,793		575			3,368
Total equity	9,474			(10,368		)	7,778		5,958			12,842
Total liabilities and equity	$	20,188		$	840		$	36,359	$	(20,359	)	$	37,028

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		$	10,733	$	(790	)	$	10,689
Property, plant, equipment and mine development costs, net	14			11			22,919		(10		)	22,934
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		$	4,046	$	(938	)	$	5,011
Long-term debt, less current portion	10,021			6,512			5,440		(10,270		)	11,703
Deferred income taxes	748		a	—			2,901		—			3,649
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 June 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	16		$	5,152		$	—		$	5,168
Total costs and expenses	4			(16		)	3,525			(9		)	3,504
Operating (loss) income	(4		)	32			1,627			9			1,664
Interest expense, net	(97		)	(76		)	(92		)	123			(142		)
Other income (expense), net	132			2			18			(123		)	29
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	31			(42		)	1,553			9			1,551
(Provision for) benefit from income taxes	(11		)	10			(512		)	(2		)	(515		)
Equity in affiliated companies’ net earnings (losses)	849			2			(45		)	(803		)	3
Net income (loss) from continuing operations	869			(30		)	996			(796		)	1,039
Net loss from discontinued operations	—			—			(4		)	—			(4		)
Net income (loss)	869			(30		)	992			(796		)	1,035
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(102		)	(64		)	(166		)
Net income (loss) attributable to common stockholders	$	869		$	(30	)	$	890		$	(860	)	$	869
Other comprehensive income (loss)	11			—			11			(11		)	11
Total comprehensive income (loss)	$	880		$	(30	)	$	901		$	(871	)	$	880

Three Months Ended June 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	12		$	3,699		$	—		$	3,711
Total costs and expenses	14			11			2,990			10			3,025
Operating (loss) income	(14		)	1			709			(10		)	686
Interest expense, net	(117		)	(55		)	(74		)	84			(162		)
Other income (expense), net	80			—			(7		)	(84		)	(11		)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(51		)	(54		)	628			(10		)	513
(Provision for) benefit from income taxes	(72		)	19			(136		)	3			(186		)
Equity in affiliated companies’ net earnings (losses)	391			(26		)	(62		)	(304		)	(1		)
Net income (loss) from continuing operations	268			(61		)	430			(311		)	326
Net income from discontinued operations	—			—			9			—			9
Net income (loss)	268			(61		)	439			(311		)	335
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(46		)	(20		)	(66		)
Discontinued operations	—			—			(1		)	—			(1		)
Net income (loss) attributable to common stockholders	$	268		$	(61	)	$	392		$	(331	)	$	268
Other comprehensive income (loss)	81			—			81			(81		)	81
Total comprehensive income (loss)	$	349		$	(61	)	$	473		$	(412	)	$	349

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Six Months Ended June 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	31		$	10,005		$	—		$	10,036
Total costs and expenses	13			(8		)	6,918			(10		)	6,913
Operating (loss) income	(13		)	39			3,087			10			3,123
Interest expense, net	(201		)	(140		)	(177		)	225			(293		)
Other income (expense), net	233			2			47			(225		)	57
Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)	19			(99		)	2,957			10			2,887
(Provision for) benefit from income taxes	(94		)	22			(947		)	(2		)	(1,021		)
Equity in affiliated companies’ net earnings (losses)	1,636			(4		)	(79		)	(1,552		)	1
Net income (loss) from continuing operations	1,561			(81		)	1,931			(1,544		)	1,867
Net loss from discontinued operations	—			—			(15		)	—			(15		)
Net income (loss)	1,561			(81		)	1,916			(1,544		)	1,852
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(173		)	(118		)	(291		)
Net income (loss) attributable to common stockholders	$	1,561		$	(81	)	$	1,743		$	(1,662	)	$	1,561
Other comprehensive income (loss)	23			—			23			(23		)	23
Total comprehensive income (loss)	$	1,584		$	(81	)	$	1,766		$	(1,685	)	$	1,584

Six Months Ended June 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	25		$	7,027		$	—		$	7,052
Total costs and expenses	22			61			5,674			12			5,769
Operating (loss) income	(22		)	(36		)	1,353			(12		)	1,283
Interest expense, net	(239		)	(108		)	(145		)	163			(329		)
Other income (expense), net	158			—			2			(163		)	(3		)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)	(103		)	(144		)	1,210			(12		)	951
(Provision for) benefit from income taxes	(132		)	50			(282		)	4			(360		)
Equity in affiliated companies’ net earnings (losses)	731			(6		)	(98		)	(624		)	3
Net income (loss) from continuing operations	496			(100		)	830			(632		)	594
Net income from discontinued operations	—			—			47			—			47
Net income (loss)	496			(100		)	877			(632		)	641
Net income attributable to noncontrolling interests:
Continuing operations	—			—			(111		)	(30		)	(141		)
Discontinued operations	—			—			(4		)	—			(4		)
Net income (loss) attributable to common stockholders	$	496		$	(100	)	$	762		$	(662	)	$	496
Other comprehensive income (loss)	92			—			92			(92		)	92
Total comprehensive income (loss)	$	588		$	(100	)	$	854		$	(754	)	$	588

Condensed Consolidating Statements of Cash Flows [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2018
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(163	)	$	(184	)	$	3,025		$	—		$	2,678
Cash flow from investing activities:
Capital expenditures	(2		)	—			(882		)	—			(884		)
Intercompany loans	(442		)	—			—			442			—
Dividends from (investments in) consolidated subsidiaries	2,519			—			45			(2,564		)	—
Asset sales and other, net	4			1			(91		)	—			(86		)
Net cash provided by (used in) investing activities	2,079			1			(928		)	(2,122		)	(970		)
Cash flow from financing activities:
Proceeds from debt	—			—			352			—			352
Repayments of debt	(1,826		)	(52		)	(419		)	—			(2,297		)
Intercompany loans	—			228			214			(442		)	—
Cash dividends paid and contributions received, net	(73		)	—			(2,789		)	2,548			(314		)
Other, net	(17		)	—			(17		)	16			(18		)
Net cash (used in) provided by financing activities	(1,916		)	176			(2,659		)	2,122			(2,277		)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	—			(7		)	(562		)	—			(569		)
Decrease in cash and cash equivalents in assets held for sale	—			—			44			—			44
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	—			7			4,624			—			4,631
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	—		$	—		$	4,106		$	—		$	4,106

Six Months Ended June 30, 2017
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Net cash (used in) provided by operating activities	$	(96	)	$	(284	)	$	2,209		$	—		$	1,829
Cash flow from investing activities:
Capital expenditures	—			(23		)	(683		)	—			(706		)
Intercompany loans	(427		)	—			—			427			—
Dividends from (investments in) consolidated subsidiaries	1,032			(16		)	62			(1,078		)	—
Asset sales and other, net	—			(5		)	8			—			3
Net cash provided by (used in) investing activities	605			(44		)	(613		)	(651		)	(703		)
Cash flow from financing activities:
Proceeds from debt	—			—			606			—			606
Repayments of debt	(499		)	—			(751		)	—			(1,250		)
Intercompany loans	—			337			90			(427		)	—
Cash dividends paid and contributions received, net	(2		)	—			(1,064		)	1,025			(41		)
Other, net	(8		)	(9		)	(55		)	53			(19		)
Net cash (used in) provided by financing activities	(509		)	328			(1,174		)	651			(704		)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			422			—			422
Decrease in cash and cash equivalents in assets held for sale	—			—			7			—			7
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	$	—		$	11		$	4,821		$	—		$	4,832