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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly financial information
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Year
 
2018
 
 
 
 
 
 
 
 
 
 
Revenues
$
4,868

 
$
5,168

 
$
4,908

 
$
3,684

 
$
18,628

 
Operating income
1,459

 
1,664

 
1,315

 
316

 
4,754

 
Net income from continuing operations
828

 
1,039

 
668

 
374

 
2,909

 
Net (loss) income from discontinued operations
(11
)
 
(4
)
 
(4
)
 
4

 
(15
)
 
Net income
817

 
1,035

 
664

 
378

 
2,894

 
Net (income) loss attributable to noncontrolling interests from continuing operations
(125
)
 
(166
)
 
(108
)
 
107

 
(292
)
 
Net income attributable to common stockholders
692

 
869

 
556

 
485

 
2,602

 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.48

 
$
0.60


$
0.38


$
0.33


$
1.80

 
Discontinued operations
(0.01
)
 
—

 
—

 
—

 
(0.01
)
 
 
$
0.47

 
$
0.60

 
$
0.38

 
$
0.33

 
$
1.79

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
1,449

 
1,449

 
1,450

 
1,450

 
1,449

 
 

 

 

 

 

 
Diluted net income (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.48

 
$
0.59

 
$
0.38

 
$
0.33

 
$
1.79

 
Discontinued operations
(0.01
)
 
—

 
—

 
—

 
(0.01
)
 
 
$
0.47

 
$
0.59

 
$
0.38

 
$
0.33

 
$
1.78

 
 
 
 
 
 
 
 
 
 
 
 
Diluted weighted-average shares outstanding
1,458

 
1,458

 
1,458

 
1,457

 
1,458

 
 
 
 
 
 
 
 
 
 
 
 

Following summarizes significant charges (credits) included in FCX’s net income attributable to common stockholders for the 2018 quarters:
•
Net charges at Cerro Verde related to Peruvian government claims for disputed royalties (refer to Note 12 for further discussion) totaled $195 million to net income attributable to common stockholders or $0.13 per share for the year (consisting of $14 million to production and delivery costs, $370 million to interest expense, $22 million to other expense, net of income tax benefits of $35 million and noncontrolling interests of $176 million), most of which was recorded in the fourth quarter.
•
Net charges at PT-FI totaled $223 million ($110 million to net income attributable to common stockholders or $0.08 per share) consisting of charges to production and delivery of $69 million for surface water tax disputes with the local regional tax authority in Papua, Indonesia, $32 million for assessments of prior period permit fees with the MOEF, $72 million for disputed payroll withholding taxes for prior years and other tax settlements and $62 million to write-off certain previously capitalized project costs for the new smelter in Indonesia in fourth quarter, partly offset by inventory adjustments of $12 million recorded in second quarter. The fourth quarter also included $43 million of inventory adjustments at PT-FI related to prior 2018 quarterly periods.
•
Net charges at Cerro Verde related to Cerro Verde’s new three-year collective bargaining agreement totaled $69 million ($22 million to net income attributable to common stockholders or $0.02 per share) for the year, which was recorded in the third quarter.
•
Net adjustments to environmental obligations and related litigation reserves totaled $57 million to operating income and net income attributable to common stockholders ($0.04 per share) for the year, most of which was recorded in the second quarter.

•
Net gains on sales of assets for the year totaled $208 million to operating income and net income attributable to common stockholders ($0.14 per share), mostly associated with adjustments to assets no longer classified as held for sale, adjustments to the fair value of contingent consideration related to the 2016 sale of onshore California oil and gas properties (which will continue to be adjusted through December 31, 2020) and the sale of Port Carteret (assets held for sale), and included $11 million in the first quarter, $45 million in the second quarter, $70 million in the third quarter and $82 million in the fourth quarter. Refer to Note 2 for further discussion of asset dispositions.
•
Other net charges for the year totaled $50 million ($30 million to net income attributable to common stockholders or $0.02 per share), including prior period depreciation expense at Freeport Cobalt that was suspended while it was classified as held for sale ($48 million in fourth-quarter and $31 million for the year).
•
Net tax credits for the year totaled $632 million ($574 million net of noncontrolling interest or $0.39 per share), primarily associated with a reduction in PT-FI’s statutory rates in accordance with the IUPK ($504 million) and benefits associated with U.S. tax reform ($123 million), most of which was recorded in the fourth quarter. Refer to Note 11 for further discussion.
•
In November 2016, FCX completed the sale of its interest in TFHL (refer to Note 2 for further discussion), and, in accordance with accounting guidance, reported the results of operations of TFHL as discontinued operations for all periods presented. Net (loss) income from discontinued operations for the 2018 periods primarily reflects adjustments to the fair value of the potential contingent consideration related to the sale, which will continue to be adjusted through December 31, 2019.
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Year
 
2017
 
 
 
 
 
 
 
 
 
 
Revenues
$
3,341

 
$
3,711

 
$
4,310

 
$
5,041

 
$
16,403

 
Operating income
597

 
686

 
928

 
1,479

 
3,690

 
Net income from continuing operations
268

 
326

 
242

 
1,193

 
2,029

 
Net income from discontinued operations
38

 
9

 
3

 
16

 
66

 
Net income
306

 
335

 
245

 
1,209

 
2,095

 
Net (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
Continuing operations
(75
)
 
(66
)
 
35

 
(168
)
 
(274
)
 
Discontinued operations
(3
)
 
(1
)
 
—

 
—

 
(4
)
 
Net income attributable to common stockholders
228

 
268

 
280

 
1,041

 
1,817

 
 
 
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.13

 
$
0.18

 
$
0.19

 
$
0.71

 
$
1.21

 
Discontinued operations
0.03

 
—

 
—

 
0.01

 
0.04

 
 
$
0.16

 
$
0.18

 
$
0.19

 
$
0.72

 
$
1.25

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted-average shares outstanding
1,446

 
1,447

 
1,448

 
1,448

 
1,447

 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.13

 
$
0.18

 
$
0.19

 
$
0.70

 
$
1.21

 
Discontinued operations
0.03

 
—

 
—

 
0.01

 
0.04

 
 
$
0.16

 
$
0.18

 
$
0.19

 
$
0.71

 
$
1.25

 
 
 
 
 
 
 
 
 
 
 
 
Diluted weighted-average shares outstanding
1,454

 
1,453

 
1,454

 
1,455

 
1,454

 
 
 
 
 
 
 
 
 
 
 
 
Following summarizes significant charges (credits) included in FCX’s net income attributable to common stockholders for the 2017 quarters:
•
Net charges at Cerro Verde related to Peruvian government claims for disputed royalties (refer to Note 12 for further discussion) totaled $186 million to net income attributable to common stockholders or $0.13 per share for the year (consisting of $203 million to operating income, $145 million to interest expense and $7 million to provision for income taxes, net of $169 million to noncontrolling interests), most of which was recorded in the third quarter.

•
Net charges associated with PT-FI workforce reductions for the year totaled $125 million to operating income ($66 million to net income attributable to common stockholders or $0.04 per share) and included $21 million in the first quarter, $87 million in the second quarter, $9 million in the third quarter and $8 million in the fourth quarter.
•
Net adjustments to environmental obligations and related litigation reserves totaled $210 million to operating income and net income attributable to common stockholders ($0.14 per share) for the year, and included net charges (credits) of $19 million in the first quarter, $(30) million in the second quarter, $64 million in the third quarter and $157 million in the fourth quarter.
•
Net gains on sales of assets totaled $81 million to operating income and net income attributable to common stockholders ($0.06 per share) for the year, mostly associated with sales of oil and gas properties, and included $23 million in the first quarter, $10 million in the second quarter, $33 million in the third quarter and $15 million in the fourth quarter. Refer to Note 2 for further discussion of asset dispositions.
•
Net tax credits totaled $438 million to net income attributable to common stockholders ($0.30 per share) for the year, primarily associated with provisional tax credits associated with U.S. tax reform ($393 million), which were recorded in the fourth quarter. Refer to Note 11 for further discussion.
•
Net income from discontinued operations for the 2017 periods primarily reflected adjustments to the fair value of the potential contingent consideration related to the 2016 TFHL sale.