XML 86 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
GUARANTOR FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Guarantor Financial Statements [Abstract]  
Condensed Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2018

 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
309

 
$
620

 
$
10,376

 
$
(585
)
 
$
10,720

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

 
7

 
27,984

 
—

 
28,010

Investments in consolidated subsidiaries
19,064

 
—

 
—

 
(19,064
)
 
—

Other assets
880

 
23

 
3,218

 
(635
)
 
3,486

Total assets
$
20,272

 
$
650

 
$
41,578

 
$
(20,284
)
 
$
42,216

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
245

 
$
34

 
$
3,667

 
$
(617
)
 
$
3,329

Long-term debt, less current portion
9,594

 
6,984

 
5,649

 
(11,103
)
 
11,124

Deferred income taxes
524

a 
—

 
3,508

 
—

 
4,032

Environmental and asset retirement obligations, less current portion
—

 
227

 
3,382

 
—

 
3,609

Investments in consolidated subsidiary
—

 
578

 
10,513

 
(11,091
)
 
—

Other liabilities
111

 
3,340

 
2,265

 
(3,486
)
 
2,230

Total liabilities
10,474

 
11,163

 
28,984

 
(26,297
)
 
24,324

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
9,798

 
(10,513
)
 
9,912

 
601

 
9,798

Noncontrolling interests
—

 
—

 
2,682

 
5,412

 
8,094

Total equity
9,798

 
(10,513
)
 
12,594

 
6,013

 
17,892

Total liabilities and equity
$
20,272

 
$
650

 
$
41,578

 
$
(20,284
)
 
$
42,216

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

 
$
10,670

 
$
(790
)
 
$
10,626

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

 
11

 
22,979

 
(10
)
 
22,994

Investments in consolidated subsidiaries
19,570

 
—

 
—

 
(19,570
)
 
—

Other assets
943

 
48

 
3,182

 
(491
)
 
3,682

Total assets
$
20,602

 
$
730

 
$
36,831

 
$
(20,861
)
 
$
37,302

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
1,683

 
$
220

 
$
3,949

 
$
(938
)
 
$
4,914

Long-term debt, less current portion
10,021

 
6,512

 
5,552

 
(10,270
)
 
11,815

Deferred income taxes
748

a 
—

 
2,915

 
—

 
3,663

Environmental and asset retirement obligations, less current portion
—

 
201

 
3,401

 
—

 
3,602

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 Income Statement
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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

 
$
59

 
$
18,569

 
$
—

 
$
18,628

Total costs and expenses
28

 
58


13,798


(10
)
 
13,874

Operating (loss) income
(28
)
 
1

 
4,771

 
10

 
4,754

Interest expense, net
(388
)
 
(301
)
 
(734
)
 
478

 
(945
)
Net gain (loss) on early extinguishment of debt
7

 
2

 
(2
)
 
—

 
7

Other income (expense), net
477

 
—

 
77

 
(478
)
 
76

Income (loss) before income taxes and equity in affiliated companies’ net earnings (losses)
68

 
(298
)
 
4,112

 
10

 
3,892

(Provision for) benefit from income taxes
(176
)
 
61

 
(874
)
 
(2
)
 
(991
)
Equity in affiliated companies’ net earnings (losses)
2,710

 
10

 
(219
)
 
(2,493
)
 
8

Net income (loss) from continuing operations
2,602

 
(227
)
 
3,019

 
(2,485
)
 
2,909

Net loss from discontinued operations
—

 
—

 
(15
)
 
—

 
(15
)
Net income (loss)
2,602

 
(227
)
 
3,004

 
(2,485
)
 
2,894

Net income attributable to noncontrolling interests
—

 
—

 
(68
)
 
(224
)
 
(292
)
Net income (loss) attributable to common stockholders
$
2,602

 
$
(227
)
 
$
2,936

 
$
(2,709
)
 
$
2,602

 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income
(33
)
 
—

 
(33
)
 
33

 
(33
)
Total comprehensive income (loss)
$
2,569

 
$
(227
)
 
$
2,903

 
$
(2,676
)
 
$
2,569



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

 
$
52

 
$
16,351

 
$
—

 
$
16,403

Total costs and expenses
39

 
78


12,586


10

 
12,713

Operating (loss) income
(39
)
 
(26
)
 
3,765

 
(10
)
 
3,690

Interest expense, net
(467
)
 
(227
)
 
(455
)
 
348

 
(801
)
Net gain (loss) on early extinguishment of debt
22

 
5

 
(6
)
 
—

 
21

Other income (expense), net
336

 
—

 
4

 
(348
)
 
(8
)
(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(148
)
 
(248
)
 
3,308

 
(10
)
 
2,902

Benefit from (Provision for) income taxes
220

 
(108
)
 
(998
)
 
3

 
(883
)
Equity in affiliated companies’ net earnings (losses)
1,745

 
10

 
(337
)
 
(1,408
)
 
10

Net income (loss) from continuing operations
1,817

 
(346
)
 
1,973

 
(1,415
)
 
2,029

Net income from discontinued operations
—

 
—

 
66

 
—

 
66

Net income (loss)
1,817

 
(346
)
 
2,039

 
(1,415
)
 
2,095

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(150
)
 
(124
)
 
(274
)
Discontinued operations
—

 
—

 
(4
)
 
—

 
(4
)
Net income (loss) attributable to common stockholders
$
1,817

 
$
(346
)
 
$
1,885

 
$
(1,539
)
 
$
1,817

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
61

 
—

 
61

 
(61
)
 
61

Total comprehensive income (loss)
$
1,878

 
$
(346
)
 
$
1,946

 
$
(1,600
)
 
$
1,878





CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
379

 
$
14,451

 
$
—

 
$
14,830

Total costs and expenses
72

 
3,074

a 
14,403

a 
10

 
17,559

Operating (loss) income
(72
)
 
(2,695
)
 
48

 
(10
)
 
(2,729
)
Interest expense, net
(534
)
 
(56
)
 
(498
)
 
333

 
(755
)
Net gain on early extinguishment of debt
26

 
—

 
—

 
—

 
26

Other income (expense), net
268

 
—

 
10

 
(292
)
 
(14
)
(Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings
(312
)
 
(2,751
)
 
(440
)
 
31

 
(3,472
)
(Provision for) benefit from income taxes
(2,233
)
 
1,053

 
821

 
(12
)
 
(371
)
Equity in affiliated companies’ net (losses) earnings
(1,609
)
 
(3,101
)
 
(4,790
)
 
9,511

 
11

Net (loss) income from continuing operations
(4,154
)
 
(4,799
)
 
(4,409
)
 
9,530

 
(3,832
)
Net income from discontinued operations
—

 
—

 
(154
)
 
(39
)
 
(193
)
Net (loss) income
(4,154
)
 
(4,799
)
 
(4,563
)
 
9,491

 
(4,025
)
Net income and gain on redemption and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
—

 
(66
)
 
(66
)
Discontinued operations
—

 
—

 
(63
)
 
—

 
(63
)
Net (loss) income attributable to common stockholders
$
(4,154
)
 
$
(4,799
)
 
$
(4,626
)
 
$
9,425

 
$
(4,154
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income
(45
)
 
—

 
(45
)
 
45

 
(45
)
Total comprehensive (loss) income
$
(4,199
)
 
$
(4,799
)
 
$
(4,671
)
 
$
9,470

 
$
(4,199
)

a.
Includes impairment charges totaling $1.5 billion at the FM O&G LLC Guarantor and $2.8 billion at the non-guarantor subsidiaries related to ceiling test impairment charges for FCX’s oil and gas properties pursuant to full cost accounting rules and a goodwill impairment charge.
Condensed Cash Flow Statement
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash (used in) provided by operating activities
$
(40
)
 
$
(487
)
 
$
4,390

 
$
—

 
$
3,863

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
(2
)
 
—

 
(1,969
)
 
—

 
(1,971
)
Acquisition of PT Rio Tinto Indonesia
—

 
—

 
(3,500
)
 
—

 
(3,500
)
Intercompany loans
(832
)
 
—

 
—

 
832

 
—

Dividends from (investments in) consolidated subsidiaries
2,475

 
—

 
84

 
(2,559
)
 
—

Asset sales and other, net
460

 
6

 
(13
)
 
—

 
453

Net cash provided by (used in) investing activities
2,101

 
6

 
(5,398
)
 
(1,727
)
 
(5,018
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
632

 
—

 
632

Repayments of debt
(1,826
)
 
(53
)
 
(838
)
 
—

 
(2,717
)
Intercompany loans
—

 
526

 
306

 
(832
)
 
—

Proceeds from sale of PT Freeport Indonesia shares
—

 
—

 
3,710

 
(210
)
 
3,500

Cash dividends paid and distributions received, net
(217
)
 
—

 
(3,032
)
 
2,753

 
(496
)
Other, net
(18
)
 
—

 
(17
)
 
16

 
(19
)
Net cash (used in) provided by financing activities
(2,061
)
 
473

 
761

 
1,727

 
900

 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(8
)
 
(247
)
 
—

 
(255
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
8

 
4,702

 
—

 
4,710

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

 
$
—

 
$
4,455

 
$
—

 
$
4,455


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash (used in) provided by operating activities
$
(156
)
 
$
(467
)
 
$
5,289

 
$
—

 
$
4,666

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(25
)
 
(1,385
)
 
—

 
(1,410
)
Intercompany loans
(777
)
 
—

 
—

 
777

 
—

Dividends from (investments in) consolidated subsidiaries
3,226

 
(15
)
 
120

 
(3,331
)
 
—

Asset sales and other, net
—

 
57

 
32

 
—

 
89

Net cash provided by (used in) investing activities
2,449

 
17

 
(1,233
)
 
(2,554
)
 
(1,321
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
955

 
—

 
955

Repayments of debt
(2,281
)
 
(205
)
 
(1,326
)
 
—

 
(3,812
)
Intercompany loans
—

 
663

 
114

 
(777
)
 
—

Cash dividends and distributions paid, including redemption
(2
)
 
—

 
(3,440
)
 
3,266

 
(176
)
Other, net
(10
)
 
(10
)
 
(67
)
 
65

 
(22
)
Net cash (used in) provided by financing activities
(2,293
)
 
448

 
(3,764
)
 
2,554

 
(3,055
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
(2
)
 
292

 
—

 
290

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

 
10

 
4,410

 
—

 
4,420

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

 
$
8

 
$
4,702

 
$
—

 
$
4,710


Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Net cash (used in) provided by operating activities
$
(137
)
 
$
(263
)
 
$
4,135

 
$
2

 
$
3,737

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(567
)
 
(2,248
)
 
2

 
(2,813
)
Intercompany loans
481

 
(346
)
 
—

 
(135
)
 
—

Dividends from (investments in) consolidated subsidiaries
1,469

 
(45
)
 
176

 
(1,600
)
 
—

Asset sales and other, net
2

 
1,673

 
4,695

 
(4
)
 
6,366

Net cash provided by (used in) investing activities
1,952

 
715

 
2,623

 
(1,737
)
 
3,553

 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
1,721

 
—

 
1,960

 
—

 
3,681

Repayments of debt
(5,011
)
 
—

 
(2,614
)
 
—

 
(7,625
)
Intercompany loans
—

 
(332
)
 
197

 
135

 
—

Net proceeds from sale of common stock

1,515

 
—

 
3,388

 
(3,388
)
 
1,515

Cash dividends and distributions paid
(6
)
 
(107
)
 
(5,555
)
 
4,969

 
(699
)
Other, net
(34
)
 
(3
)
 
(20
)
 
19

 
(38
)
Net cash (used in) provided by financing activities
(1,815
)
 
(442
)
 
(2,644
)
 
1,735

 
(3,166
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
10

 
4,114

 
—

 
4,124

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

 
—

 
(45
)
 
—

 
(45
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
—

 
341

 
—

 
341

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

 
$
10

 
$
4,410

 
$
—

 
$
4,420