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Guarantor Financial Statements (Tables)
 6 Months Ended
Jun. 30, 2019
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2019
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
84

 
$
570

 
$
8,634

 
$
(558
)
 
$
8,730

Property, plant, equipment and mine development costs, net
18

 
2

 
28,821

 
—

 
28,841

Investments in consolidated subsidiaries
17,773

 
—

 
—

 
(17,773
)
 
—

Other assets
1,335

 
21

 
3,252

 
(1,093
)
 
3,515

Total assets
$
19,210

 
$
593

 
$
40,707

 
$
(19,424
)
 
$
41,086

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
255

 
$
55

 
$
3,574

 
$
(598
)
 
$
3,286

Long-term debt, less current portion
8,595

 
7,097

 
5,963

 
(11,743
)
 
9,912

Deferred income taxes
561

a 
—

 
3,494

 
—

 
4,055

Environmental and asset retirement obligations, less current portion
—

 
234

 
3,383

 
—

 
3,617

Investments in consolidated subsidiaries
—

 
594

 
10,728

 
(11,322
)
 
—

Other liabilities
90

 
3,340

 
2,456

 
(3,487
)
 
2,399

Total liabilities
9,501

 
11,320

 
29,598

 
(27,150
)
 
23,269

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders’ equity
9,709

 
(10,727
)
 
8,455

 
2,272

 
9,709

Noncontrolling interests
—

 
—

 
2,654

 
5,454

 
8,108

Total equity
9,709

 
(10,727
)
 
11,109

 
7,726

 
17,817

Total liabilities and equity
$
19,210

 
$
593

 
$
40,707

 
$
(19,424
)
 
$
41,086

a.
All U.S.-related deferred income taxes are recorded at the parent company.
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 subsidiaries
—

 
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 Statements of Income [Table Text Block]


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
13

 
$
3,533

 
$
—

 
$
3,546

Total costs and expenses
4

 
26

 
3,481

 
2

 
3,513

Operating (loss) income
(4
)
 
(13
)
 
52

 
(2
)
 
33

Interest expense, net
(83
)
 
(82
)
 
(102
)
 
135

 
(132
)
Other (expense) income, net
(1
)
 
—

 
7

 
(1
)
 
5

(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(88
)
 
(95
)
 
(43
)
 
132

 
(94
)
(Provision for) benefit from income taxes
(7
)
 
22

 
—

 
—

 
15

Equity in affiliated companies’ net earnings (losses)
23

 
(21
)
 
(89
)
 
92

 
5

Net (loss) income
(72
)
 
(94
)
 
(132
)
 
224

 
(74
)
Net (income) loss attributable to noncontrolling interests
—

 
—

 
(8
)
 
10

 
2

Net (loss) income attributable to common stockholders
$
(72
)
 
$
(94
)
 
$
(140
)
 
$
234

 
$
(72
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
12

 
—

 
12

 
(12
)
 
12

Total comprehensive (loss) income
$
(60
)
 
$
(94
)
 
$
(128
)
 
$
222

 
$
(60
)
 
 
 
 
 
 
 
 
 
 
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
—

 
—

 
(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

 
 
 
 
 
 
 
 
 
 














CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
16

 
$
7,322

 
$
—

 
$
7,338

Total costs and expenses
17

 
26

 
6,941

 
—

 
6,984

Operating (loss) income
(17
)
 
(10
)
 
381

 
—

 
354

Interest expense, net
(173
)
 
(168
)
 
(211
)
 
274

 
(278
)
Other income (expense), net
64

 
—

 
23

 
(74
)
 
13

(Loss) income before income taxes and equity in affiliated companies’ net earnings (losses)
(126
)
 
(178
)
 
193

 
200

 
89

(Provision for) benefit from income taxes
(8
)
 
40

 
(122
)
 
—

 
(90
)
Equity in affiliated companies’ net earnings (losses)
93

 
(16
)
 
(152
)
 
77

 
2

Net (loss) income from continuing operations
(41
)
 
(154
)
 
(81
)
 
277

 
1

Net income from discontinued operations
—

 
—

 
1

 
—

 
1

Net (loss) income
(41
)
 
(154
)
 
(80
)
 
277

 
2

Net income attributable to noncontrolling interests
—

 
—

 
(42
)
 
(1
)
 
(43
)
Net (loss) income attributable to common stockholders
$
(41
)
 
$
(154
)
 
$
(122
)
 
$
276

 
$
(41
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
23

 
—

 
23

 
(23
)
 
23

Total comprehensive (loss) income
$
(18
)
 
$
(154
)
 
$
(99
)
 
$
253

 
$
(18
)
 
 
 
 
 
 
 
 
 
 

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

—

 
—

 
(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

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

Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
 Net cash provided by (used in) operating activities
$
330

 
$
(204
)
 
$
962

 
$
—

 
$
1,088

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(1,251
)
 
—

 
(1,251
)
Intercompany loans
(640
)
 
—

 
—

 
640

 
—

Dividends from (investments in) consolidated subsidiaries
1,470

 
—

 
47

 
(1,519
)
 
(2
)
Asset sales and other, net
(1
)
 
91

 
(4
)
 
—

 
86

Net cash provided by (used in) investing activities
829

 
91

 
(1,208
)
 
(879
)
 
(1,167
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
—

 
—

 
328

 
—

 
328

Repayments of debt
(1,003
)
 
—

 
(560
)
 
—

 
(1,563
)
Intercompany loans
—

 
113

 
527

 
(640
)
 
—

Cash dividends paid and contributions received, net
(146
)
 
—

 
(1,478
)
 
1,499

 
(125
)
Other, net
(10
)
 
—

 
(20
)
 
20

 
(10
)
Net cash (used in) provided by financing activities
(1,159
)
 
113

 
(1,203
)
 
879

 
(1,370
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
—

 
—

 
(1,449
)
 
—

 
(1,449
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
—

 
—

 
4,455

 
—

 
4,455

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

 
$
—

 
$
3,006

 
$
—

 
$
3,006

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

 
7

 
4,703

 
—

 
4,710

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

 
$
—

 
$
4,141

 
$
—

 
$
4,141