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Business Segments (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services FCX’s revenues attributable to the products it sold for the first quarters of 2020 and 2019 follow (in millions):
 
Three Months Ended
 
March 31,
 
2020
 
2019
Copper:
 
 
 
Concentrate
$
849

 
$
1,165

Cathode
837

 
859

Rod and other refined copper products
542

 
507

Purchased coppera
235

 
337

Gold
270

 
391

Molybdenum
243

 
288

Otherb
157

 
277

Adjustments to revenues:
 
 
 
Treatment charges
(80
)
 
(105
)
Royalty expensec
(20
)
 
(30
)
Export dutiesd
(4
)
 
(17
)
Revenues from contracts with customers
3,029

 
3,672

Embedded derivativese
(231
)
 
120

Total consolidated revenues
$
2,798

 
$
3,792

a.
FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.
Primarily includes revenues associated with cobalt and silver.
c.
Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
d.
Reflects PT-FI export duties.
e.
Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Schedule of financial information by business segment
Financial Information by Business Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic
 
Corporate,
 
 
 
North America Copper Mines
 
South America Mining
 
 
 
 
 
 
 
Copper
 
Other
 
 
 
 
 
 
 
 
 
 
 
Cerro
 
 
 
 
 
Indonesia
 
Molybdenum
 
Rod &
 
Smelting
 
& Elimi-
 
FCX
 
Morenci
 
Bagdad
 
Other
 
Total
 
Verde
 
Other
 
Total
 
Mining
 
Mines
 
Refining
 
& Refining
 
nations
 
Total
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
2

 
$
—

 
$
7

 
$
9

 
$
376

 
$
98

 
$
474

 
$
445

a 
$
—

 
$
1,115

 
$
429

 
$
326

b 
$
2,798

Intersegment
442

 
159

 
375

 
976

 
38

 
—

 
38

 
—

 
71

 
8

 
11

 
(1,104
)
 
—

Production and delivery
349

 
126

 
385

 
860

 
424

 
110

 
534

 
343

 
66

 
1,119

 
411

 
(788
)
 
2,545

Depreciation, depletion and amortization
44

 
14

 
34

 
92

 
93

 
15

 
108

 
101

 
16

 
2

 
7

 
15

 
341

Metals inventory adjustments
4

 
—

 
141

 
145

 
—

 
60

 
60

 
—

 
4

 
—

 
—

 
13

 
222

Selling, general and administrative expenses
1

 
—

 
—

 
1

 
2

 
—

 
2

 
28

 
—

 
—

 
5

 
74

 
110

Mining exploration and research expenses
—

 
—

 
1

 
1

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
15

 
16

Environmental obligations and shutdown costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
—

 
25

 
26

Net loss on sales of assets
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
11

 
11

Operating income (loss)
46

 
19

 
(179
)
 
(114
)
 
(105
)
 
(87
)
 
(192
)
 
(27
)
 
(15
)
 
1

 
17

 
(143
)
 
(473
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
1

 
—

 
—

 
1

 
28

 
—

 
28

 
1

 
—

 
—

 
3

 
94

 
127

(Benefit from) provision for income taxes
—

 
—

 
—

 
—

 
(52
)
 
(26
)
 
(78
)
 
12

 
—

 
—

 
—

 
6

 
(60
)
Total assets at March 31, 2020
2,814

 
800

 
4,293

 
7,907

 
8,471

 
1,655

 
10,126

 
16,711

 
1,788

 
231

 
635

 
2,821

 
40,219

Capital expenditures
44

 
25

 
115

 
184

 
59

 
15

 
74

 
326

 
7

 
2

 
6

 
11

 
610

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
12

 
$
—

 
$
95

 
$
107

 
$
727

 
$
98

 
$
825

 
$
705

a 
$
—

 
$
1,128

 
$
571

 
$
456

b 
$
3,792

Intersegment
458

 
178

 
291

 
927

 
126

 
—

 
126

 
58

 
91

 
6

 
5

 
(1,213
)
 
—

Production and delivery
295

 
120

 
328

 
743

 
439

 
100

 
539

 
556

 
71

 
1,133

 
552

 
(675
)
 
2,919

Depreciation, depletion and amortization
40

 
10

 
33

 
83

 
100

 
14

 
114

 
105

 
16

 
2

 
7

 
20

 
347

Metals inventory adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
57

 
57

Selling, general and administrative expenses
1

 
—

 
1

 
2

 
2

 
—

 
2

 
30

 
—

 
—

 
5

 
73

 
112

Mining exploration and research expenses
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
27

 
27

Environmental obligations and shutdown costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
42

 
42

Net gain on sales of assets
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(33
)
 
(33
)
Operating income (loss)
134

 
48

 
24

 
206

 
312

 
(16
)
 
296

 
72

 
4

 
(1
)
 
12

 
(268
)
 
321

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
1

 
—

 
—

 
1

 
29

 
—

 
29

 
—

 
—

 
—

 
6

 
110

 
146

Provision for (benefit from) income taxes
—

 
—

 
—

 
—

 
110

 
(5
)
 
105

 
26

 
—

 
—

 
1

 
(27
)
 
105

Total assets at March 31, 2019
2,904

 
709

 
4,051

 
7,664

 
8,674

 
1,720

 
10,394

 
15,792

 
1,785

 
232

 
771

 
4,421

 
41,059

Capital expenditures
62

 
25

 
123

 
210

 
56

 
5

 
61

 
319

 
4

 
1

 
4

 
23

 
622

a.
Includes PT-FI's sales to PT Smelting totaling $380 million in first-quarter 2020 and $409 million in first-quarter 2019.
b.
Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.