Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 6 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jul. 31, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'FREEPORT-MCMORAN INC | ' | ' |
Entity Central Index Key | '0000831259 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $28.30 |
Entity Common Stock, Shares Outstanding | ' | 1,039,046,081 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $1,458 | $1,985 | ||
Trade accounts receivable | 1,838 | 1,728 | ||
Other accounts receivable | 920 | 834 | ||
Inventories: | ' | ' | ||
Mill and leach stockpiles | 1,880 | 1,705 | ||
Materials and supplies, net | 1,825 | [1] | 1,730 | [1] |
Product | 1,665 | 1,583 | ||
Other current assets | 668 | 407 | ||
Total current assets | 10,254 | 9,972 | ||
Property, plant, equipment and mining development costs, net | 25,407 | 24,042 | ||
Oil and gas properties - full cost method | ' | ' | ||
Subject to amortization, less accumulated amortization | 11,057 | 12,472 | ||
Not subject to amortization | 10,769 | 10,887 | ||
Long-term mill and leach stockpiles | 2,518 | 2,386 | ||
Goodwill | 1,717 | 1,916 | ||
Other assets | 2,287 | 1,798 | ||
Total assets | 64,009 | 63,473 | ||
Current liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 3,950 | 3,708 | ||
Current portion of debt | 2,784 | 312 | ||
Dividends payable | 334 | 333 | ||
Current portion of environmental and asset retirement obligations | 250 | 236 | ||
Accrued income taxes | 240 | 184 | ||
Total current liabilities | 7,558 | 4,773 | ||
Long-term debt, less current portion | 17,512 | 20,394 | ||
Deferred income taxes | 7,451 | 7,410 | ||
Environmental and asset retirement obligations, less current portion | 3,294 | 3,259 | ||
Other liabilities | 1,782 | 1,690 | ||
Total liabilities | 37,597 | 37,526 | ||
Redeemable noncontrolling interest | 745 | 716 | ||
FCX stockholders’ equity: | ' | ' | ||
Common stock | 117 | 117 | ||
Capital in excess of par value | 22,221 | 22,161 | ||
Retained earnings | 3,081 | 2,742 | ||
Accumulated other comprehensive loss | -401 | -405 | ||
Common stock held in treasury | -3,686 | -3,681 | ||
Total FCX stockholders’ equity | 21,332 | 20,934 | ||
Noncontrolling interests | 4,335 | 4,297 | ||
Total equity | 25,667 | 25,231 | ||
Total liabilities and equity | $64,009 | $63,473 | ||
[1] | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at June 30, 2014, and $24 million at December 31, 2013. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $5,522 | $4,288 | $10,507 | $8,871 |
Cost of sales: | ' | ' | ' | ' |
Production and delivery | 3,082 | 2,853 | 5,819 | 5,572 |
Depreciation, depletion and amortization | 1,013 | 530 | 1,979 | 859 |
Total cost of sales | 4,095 | 3,383 | 7,798 | 6,431 |
Selling, general and administrative expenses | 164 | 186 | 299 | 299 |
Mining exploration and research expenses | 34 | 64 | 64 | 116 |
Environmental obligations and shutdown costs | 76 | 16 | 82 | 31 |
Total costs and expenses | 4,369 | 3,649 | 8,243 | 6,877 |
Operating income | 1,153 | 639 | 2,264 | 1,994 |
Interest expense, net | -164 | -132 | -325 | -189 |
Net gain (loss) on early extinguishment of debt | 5 | 0 | 5 | -45 |
Gain on investment in MMR | 0 | 128 | 0 | 128 |
Other (expense) income, net | -8 | 13 | 25 | 10 |
Income before income taxes and equity in affiliated companies' net earnings | 986 | 648 | 1,969 | 1,898 |
Provision for income taxes | -328 | -40 | -685 | -468 |
Equity in affiliated companies’ net earnings | 2 | 2 | 2 | 4 |
Net income | 660 | 610 | 1,286 | 1,434 |
Net income attributable to noncontrolling interests | -168 | -125 | -274 | -301 |
Preferred dividends attributable to redeemable noncontrolling interest | -10 | -3 | -20 | -3 |
Net income attributable to FCX common stockholders | $482 | $482 | $992 | $1,130 |
Net income per share attributable to FCX common stockholders: | ' | ' | ' | ' |
Basic | $0.46 | $0.49 | $0.95 | $1.17 |
Diluted | $0.46 | $0.49 | $0.95 | $1.17 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 1,039 | 980 | 1,039 | 965 |
Diluted | 1,045 | 984 | 1,045 | 968 |
Dividends declared per share of common stock | $0.31 | $1.31 | $0.63 | $1.63 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $660 | $610 | $1,286 | $1,434 |
Defined benefit plans: | ' | ' | ' | ' |
Amortization of unrecognized amounts included in net periodic benefit costs | 4 | 5 | 7 | 12 |
Foreign exchange losses | -3 | 0 | -3 | 0 |
Translation adjustments and unrealized gains (losses) on securities | 0 | 0 | 0 | -1 |
Other comprehensive income | 1 | 5 | 4 | 11 |
Total comprehensive income | 661 | 615 | 1,290 | 1,445 |
Total comprehensive income attributable to noncontrolling interests | -168 | -125 | -274 | -301 |
Preferred dividends attributable to redeemable noncontrolling interest | -10 | -3 | -20 | -3 |
Total comprehensive income attributable to FCX common stockholders | $483 | $487 | $996 | $1,141 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $1,286 | $1,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,979 | 859 |
Net losses on crude oil and natural gas derivative contracts | 120 | 35 |
Gain on investment in McMoRan Exploration Co. (MMR) | 0 | -128 |
Stock-based compensation | 69 | 65 |
Pension plans contributions | -28 | -42 |
Net charges for environmental and asset retirement obligations, including accretion | 97 | 73 |
Payments for environmental and asset retirement obligations | -96 | -91 |
Net (gain) loss on early extinguishment of debt | -5 | 45 |
Deferred income taxes | 37 | 43 |
Increase in long-term mill and leach stockpiles | -131 | -236 |
Other, net | 36 | 3 |
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisitions: | ' | ' |
Accounts receivable | -243 | 350 |
Inventories | -230 | -160 |
Other current assets | 35 | 58 |
Accounts payable and accrued liabilities | -186 | -371 |
Accrued income taxes and other tax payments | -153 | -72 |
Net cash provided by operating activities | 2,587 | 1,865 |
Capital expenditures: | ' | ' |
North America copper mines | -627 | -543 |
South America | -839 | -470 |
Indonesia | -479 | -511 |
Africa | -60 | -103 |
Molybdenum mines | -33 | -82 |
U.S. oil and gas operations | -1,484 | -190 |
Other | -40 | -79 |
Acquistion of Deepwater Gulf of Mexico interests | -925 | 0 |
Acquisition of Plains Exploration & Production Company, net of cash acquired | 0 | -3,465 |
Acquisition of MMR, net of cash acquired | 0 | -1,628 |
Acquisition of cobalt chemical business, net of cash acquired | 0 | -321 |
Net proceeds from sale of Eagle Ford shale assets | 3,009 | 0 |
Restricted cash and other, net | -363 | -264 |
Net cash used in investing activities | -1,841 | -7,656 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 1,248 | 11,021 |
Repayments of debt | -1,611 | -4,541 |
Redemption of MMR preferred stock | 0 | -202 |
Cash dividends and distributions paid: | ' | ' |
Common stock | -653 | -595 |
Noncontrolling interests | -250 | -90 |
Contributions from noncontrolling interests | 24 | 0 |
Debt financing costs | -34 | -111 |
Stock-based awards net proceeds (payments), including excess tax benefit | 3 | -102 |
Net cash (used in) provided by financing activities | -1,273 | 5,380 |
Net decrease in cash and cash equivalents | -527 | -411 |
Cash and cash equivalents at beginning of year | 1,985 | 3,705 |
Cash and cash equivalents at end of period | $1,458 | $3,294 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (Unaudited) (USD $) | Total | Total FCX Stockholders' Equity [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||||
Balance at Dec. 31, 2013 | $25,231 | $20,934 | $117 | $22,161 | $2,742 | ($405) | ($3,681) | $4,297 |
Balance (in shares) at Dec. 31, 2013 | ' | ' | 1,165 | ' | ' | ' | 127 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised and issued stock-based awards | 8 | 8 | 0 | 8 | 0 | 0 | 0 | 0 |
Exercised and issued stock-based awards (in shares) | ' | ' | 1 | ' | ' | ' | 0 | ' |
Stock-based compensation | 52 | 52 | 0 | 52 | 0 | 0 | 0 | 0 |
Tender of shares for stock-based awards | -5 | -5 | 0 | 0 | 0 | 0 | -5 | 0 |
Tender of shares for stock-based awards (in shares) | ' | ' | 0 | ' | ' | ' | 0 | ' |
Dividends on common stock | -653 | -653 | 0 | 0 | -653 | 0 | 0 | 0 |
Dividends to noncontrolling interests | -236 | 0 | 0 | 0 | 0 | 0 | 0 | -236 |
Net income attributable to FCX common stockholders | 992 | 992 | 0 | 0 | 992 | 0 | 0 | 0 |
Net income attributable to noncontrolling interests | 274 | 0 | 0 | 0 | 0 | 0 | 0 | 274 |
Other comprehensive income | 4 | 4 | 0 | 0 | 0 | 4 | 0 | 0 |
Balance at Jun. 30, 2014 | $25,667 | $21,332 | $117 | $22,221 | $3,081 | ($401) | ($3,686) | $4,335 |
Balance (in shares) at Jun. 30, 2014 | ' | ' | 1,166 | ' | ' | ' | 127 | ' |
General_Information_Unaudited
General Information (Unaudited) | 6 Months Ended |
Jun. 30, 2014 | |
General Information [Abstract] | ' |
General Information | ' |
GENERAL INFORMATION | |
Effective July 14, 2014, Freeport-McMoRan Copper & Gold Inc. changed its name to Freeport-McMoRan Inc. (FCX) to simplify the corporate name and better reflect FCX's expanded portfolio of assets. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with FCX's consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2013. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of certain adjustments associated with the acquisitions of Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR), collectively known as FCX Oil & Gas Inc. (FM O&G), all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month and six-month periods ended June 30, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
As further discussed in Note 2, FCX completed its acquisitions of PXP on May 31, 2013, and MMR on June 3, 2013. The results included in these financial statements for second-quarter 2013 and the six months ended June 30, 2013, include PXP's results beginning June 1, 2013, and MMR's results beginning June 4, 2013. |
Acquisitions_Unaudited_Notes
Acquisitions (Unaudited) (Notes) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
ACQUISITIONS AND DISPOSITIONS | |||||||||
PXP and MMR Acquisitions. The second-quarter 2013 acquisitions of PXP and MMR added a portfolio of oil and gas assets to FCX's global mining business, creating a U.S.-based natural resources company. The acquisitions have been accounted for under the acquisition method, with FCX as the acquirer. | |||||||||
During the second quarter of 2014, FCX finalized the purchase price allocations, which resulted in a net increase of $20 million to oil and gas properties, an increase of $22 million to goodwill and a net decrease of $42 million to deferred income tax assets. | |||||||||
For further discussion of the PXP and MMR acquisitions and the related financing, refer to Notes 2 and 8 in FCX's annual report on Form 10-K for the year ended December 31, 2013. | |||||||||
Unaudited Pro Forma Consolidated Financial Information. The following unaudited pro forma financial information has been prepared to reflect the acquisitions of PXP and MMR. The unaudited pro forma financial information combines the historical statements of income of FCX, PXP and MMR for the three-month and six-month periods ended June 30, 2013, giving effect to the mergers as if they had occurred on January 1, 2012. The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the acquisitions. | |||||||||
Three Months | Six Months | ||||||||
Ended | Ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
(in millions, except per share amounts) | |||||||||
Revenues | $ | 5,330 | $ | 11,025 | |||||
Operating income | 1,330 | 2,910 | |||||||
Income from continuing operations | 722 | 1,635 | |||||||
Net income attributable to FCX common stockholders | 585 | 1,313 | |||||||
Net income per share attributable to FCX common stockholders: | |||||||||
Basic | $ | 0.56 | $ | 1.26 | |||||
Diluted | 0.56 | 1.26 | |||||||
The unaudited pro forma consolidated information has been prepared for illustrative purposes only and is not intended to be indicative of the results of operations that actually would have occurred, or the results of operations expected in future periods, had the events reflected herein occurred on the date indicated. The most significant pro forma adjustments to income from continuing operations for the three-month period ended June 30, 2013, were to exclude $506 million of acquisition-related costs, the net tax benefit of $183 million of acquisition-related adjustments and the $128 million gain on the investment in MMR. Additionally, for the six-month period ended June 30, 2013, the pro forma consolidated information excluded a $77 million gain on the sale of MMR oil and gas properties because of the application of the full cost method of accounting. | |||||||||
Eagle Ford Disposition. On June 20, 2014, FCX completed the sale of its Eagle Ford shale assets to a subsidiary of Encana Corporation (Encana) for cash consideration of $3.1 billion, before closing adjustments from the April 1, 2014, effective date through closing. Under full cost accounting rules, the proceeds were recorded as a reduction of capitalized oil and gas properties, with no gain or loss recognition, except for $58 million of deferred tax expense recorded in connection with the allocation of $221 million of goodwill (for which deferred taxes were not previously provided) to the Eagle Ford shale assets. Approximately $1.3 billion of proceeds from this transaction was placed in a like-kind exchange escrow to reinvest into additional oil and gas interests. On June 30, 2014, $919 million from this like-kind exchange escrow was used to fund the Deepwater Gulf of Mexico (GOM) acquisition discussed below. The remaining $414 million of funds in the like-kind exchange escrow may be used to acquire additional interests in the Deepwater GOM on a tax-efficient basis. Additionally, a portion of the proceeds was used to reduce indebtedness. | |||||||||
Deepwater GOM Acquisition. On June 30, 2014, FCX completed the acquisition of interests in the Deepwater GOM from a subsidiary of Apache Corporation, including interests in the Lucius and Heidelberg oil production development projects and several exploration leases, for $919 million. Based on preliminary valuations, and including transaction costs and estimated asset retirement costs, FCX recorded capitalized costs for oil and gas properties subject to amortization of $460 million and costs not subject to amortization of $476 million. The Deepwater GOM acquisition was funded with a portion of the net proceeds from the sale of the Eagle Ford shale assets. |
Earnings_Per_Share_Unaudited
Earnings Per Share (Unaudited) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
FCX’s basic net income per share of common stock was computed by dividing net income attributable to FCX common stockholders by the weighted-average of common stock outstanding during the period. Diluted net income per share of common stock was computed using the most dilutive of (a) the two-class method or (b) the treasury stock method. Under the two-class method, net income is allocated to each class of common stock and participating securities as if all of the earnings for the period had been distributed. FCX’s participating securities consist of vested restricted stock units (RSUs) for which the underlying common shares are not yet issued and entitle holders to non-forfeitable dividends. | |||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 660 | $ | 610 | $ | 1,286 | $ | 1,434 | |||||||||
Net income attributable to noncontrolling interests | (168 | ) | (125 | ) | (274 | ) | (301 | ) | |||||||||
Preferred dividends on redeemable noncontrolling interest | (10 | ) | (3 | ) | (20 | ) | (3 | ) | |||||||||
Undistributed earnings allocable to participating securities | (2 | ) | — | (3 | ) | — | |||||||||||
Net income allocable to FCX common stockholders | $ | 480 | $ | 482 | $ | 989 | $ | 1,130 | |||||||||
Basic weighted-average shares of common stock outstanding | 1,039 | 980 | 1,039 | 965 | |||||||||||||
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs | 6 | a | 4 | 6 | a | 3 | |||||||||||
Diluted weighted-average shares of common stock outstanding | 1,045 | 984 | 1,045 | 968 | |||||||||||||
Basic net income per share attributable to FCX common stockholders | $ | 0.46 | $ | 0.49 | $ | 0.95 | $ | 1.17 | |||||||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.46 | $ | 0.49 | $ | 0.95 | $ | 1.17 | |||||||||
a. | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately 3 million for both second-quarter 2014 and for the six months ended June 30, 2014. | ||||||||||||||||
Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled 30 million with a weighted-average exercise price of $41.05 per option for both second-quarter 2014 and for the six months ended June 30, 2014, 32 million with a weighted-average exercise price of $40.53 per option for second-quarter 2013 and 30 million with a weighted-average exercise price of $40.92 per option for the six months ended June 30, 2013. |
Inventories_Including_LongTerm
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract] | ' | ||||||||
Inventories, Including Long-Term Mill and Leach Stockpiles | ' | ||||||||
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES | |||||||||
The components of inventories follow (in millions): | |||||||||
June 30, | December 31, 2013 | ||||||||
2014 | |||||||||
Current inventories: | |||||||||
Raw materials (primarily concentrates) | $ | 297 | $ | 238 | |||||
Work-in-processa | 154 | 199 | |||||||
Finished goodsb | 1,214 | 1,146 | |||||||
Total product inventories | $ | 1,665 | $ | 1,583 | |||||
Mill stockpiles | $ | 104 | $ | 91 | |||||
Leach stockpiles | 1,776 | 1,614 | |||||||
Total current mill and leach stockpiles | $ | 1,880 | $ | 1,705 | |||||
Total materials and supplies, netc | $ | 1,825 | $ | 1,730 | |||||
Long-term inventories: | |||||||||
Mill stockpiles | $ | 753 | $ | 698 | |||||
Leach stockpiles | 1,765 | 1,688 | |||||||
Total long-term mill and leach stockpilesd | $ | 2,518 | $ | 2,386 | |||||
a. | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | ||||||||
b. | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | ||||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at June 30, 2014, and $24 million at December 31, 2013. | ||||||||
d. | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited
Income Taxes (Unaudited) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. Geographic sources of FCX's provision for income taxes follow (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. operations | $ | 149 | a | $ | (95 | ) | b | $ | 285 | a | $ | (19 | ) | b | |||
International operations | 179 | 135 | 400 | 487 | |||||||||||||
Total | $ | 328 | $ | 40 | $ | 685 | $ | 468 | |||||||||
a. | FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford. | ||||||||||||||||
b. | As a result of second-quarter 2013 oil and gas acquisitions, FCX recognized a net tax benefit of $183 million, consisting of income tax benefits of $190 million associated with net reductions in FCX's valuation allowances and $69 million related to the release of the deferred tax liability on PXP's investment in MMR common stock; partially offset by income tax expense of $76 million associated with the write off of deferred tax assets related to environmental liabilities. | ||||||||||||||||
FCX’s consolidated effective income tax rate was 35 percent for the first six months of 2014 and 34 percent for the first six months of 2013, excluding the net benefit of $183 million for acquisition-related adjustments. |
Debt_and_Equity_Transactions_U
Debt and Equity Transactions (Unaudited) | 6 Months Ended |
Jun. 30, 2014 | |
Debt and Equity Transactions [Abstract] | ' |
Debt and Equity Transactions | ' |
DEBT AND EQUITY TRANSACTIONS | |
In June 2014, FCX announced the redemption of $1.7 billion of the aggregate principal amount of outstanding senior notes on July 23, 2014. The redemptions included $263 million for the 6.125% Senior Notes due 2019, $525 million for the 6½% Senior Notes due 2020, $350 million for the 6.75% Senior Notes due 2022 and $525 million for the 6.875% Senior Notes due 2023. At the redemption date, these senior notes had a book value of $1.8 billion, which included fair value adjustments of $167 million. In accordance with the terms of these senior notes, the redemptions were funded with cash contributions to FM O&G by FCX in exchange for additional equity, which is eliminated in the consolidated financial statements. FCX used available cash and borrowed approximately $950 million under its revolving credit facility and uncommitted lines of credit to fund the contributions to FM O&G. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest to the redemption date. As a result of these redemptions, FCX will report a gain on early extinguishment of debt of $58 million in third-quarter 2014. | |
In May 2014, FCX, PT Freeport Indonesia (PT-FI) and Freeport-McMoRan Oil & Gas LLC (FM O&G LLC, a wholly owned subsidiary of FM O&G and the successor entity of PXP) amended the senior unsecured $3.0 billion revolving credit facility to extend the maturity date one year to May 31, 2019, and increase the aggregate principal amount from $3.0 billion to $4.0 billion, with $500 million available to PT-FI. FCX, PT-FI and FM O&G LLC had entered into the $3.0 billion revolving credit facility on May 31, 2013 (upon completion of the acquisition of PXP). At June 30, 2014, there were no borrowings and $46 million of letters of credit issued under the revolving credit facility, resulting in availability of approximately $4.0 billion, of which $1.5 billion could be used for additional letters of credit. | |
In April 2014, FCX redeemed $210 million of the aggregate principal amount of the outstanding 6.625% Senior Notes due 2021. In accordance with the terms of the senior notes, the redemption was funded with cash contributions to FM O&G by FCX in exchange for additional equity, which is eliminated in the consolidated financial statements. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest to the redemption date. As a result of the redemption, FCX recorded a gain on early extinguishment of debt of $6 million in second-quarter 2014. | |
In March 2014, Sociedad Minera Cerro Verde S.A.A. (Cerro Verde, FCX's mining subsidiary in Peru) entered into a five-year, $1.8 billion senior unsecured credit facility that is nonrecourse to FCX and the other shareholders of Cerro Verde. The credit facility allows for term loan borrowings up to the full amount of the facility, less any amounts issued and outstanding under a $500 million letter of credit sublimit. Interest on amounts drawn under the term loan is based on London Interbank Offered Rate (LIBOR) plus a spread (currently 1.90 percent) based on Cerro Verde’s total net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio as defined in the agreement. Amounts may be drawn or letters of credit may be issued over a two-year period to fund a portion of Cerro Verde’s expansion project and for Cerro Verde's general corporate purposes. The credit facility amortizes in three installments in amounts necessary for the aggregate borrowings and outstanding letters of credit not to exceed 85 percent of the $1.8 billion commitment on September 30, 2017, 70 percent on March 31, 2018, and 35 percent on September 30, 2018, with the remaining balance due on the maturity date of March 10, 2019. At June 30, 2014, there were no borrowings and no letters of credit issued under Cerro Verde’s credit facility. | |
FCX recorded a loss on early extinguishment of debt of $45 million ($39 million to net income attributable to FCX common stockholders) in first-quarter 2013 for financing costs incurred for the terminated $9.5 billion acquisition bridge loan facility, which was entered into in December 2012 to provide interim financing for FCX's second-quarter 2013 acquisitions of PXP and MMR. | |
Consolidated interest expense (excluding capitalized interest) totaled $225 million in second-quarter 2014, $167 million in second-quarter 2013, $449 million for the first six months of 2014 and $242 million for the first six months of 2013. Capitalized interest included in property, plant, equipment and mining development costs, net, totaled $39 million in second-quarter 2014, $27 million in second-quarter 2013, $79 million for the first six months of 2014 and $45 million for the six months of 2013. Capitalized interest included in oil and gas properties not subject to amortization totaled $22 million in second-quarter 2014, $8 million in second-quarter 2013, $45 million for the first six months of 2014 and $8 million for the first six months of 2013. | |
On June 25, 2014, FCX's Board of Directors declared a quarterly dividend of $0.3125 per share, which was paid on August 1, 2014, to common shareholders of record at the close of business on July 15, 2014. | |
In connection with the second-quarter 2013 acquisition of PXP, FCX issued 91 million shares of its common stock. |
Financial_Instruments_Unaudite
Financial Instruments (Unaudited) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||
FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. | ||||||||||||||||||||
Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. As a result of the acquisition of PXP, FCX assumed a variety of crude oil and natural gas commodity derivatives to hedge the exposure to the volatility of crude oil and natural gas commodity prices. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of June 30, 2014, and December 31, 2013, FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments – Fair Value Hedges | ||||||||||||||||||||
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX), a division of the New York Mercantile Exchange (NYMEX), average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three-month or six-month periods ended June 30, 2014 and 2013, resulting from hedge ineffectiveness. At June 30, 2014, FCX held copper futures and swap contracts that qualified for hedge accounting for 53 million pounds at an average contract price of $3.10 per pound, with maturities through September 2015. | ||||||||||||||||||||
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||
Unrealized gains (losses): | ||||||||||||||||||||
Derivative financial instruments | $ | 12 | $ | (6 | ) | $ | — | $ | (18 | ) | ||||||||||
Hedged item – firm sales commitments | (12 | ) | 6 | — | 18 | |||||||||||||||
Realized losses: | ||||||||||||||||||||
Matured derivative financial instruments | (2 | ) | (13 | ) | (4 | ) | (14 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||
Embedded Derivatives. As described in Note 1 to FCX's annual report on Form 10-K for the year ended December 31, 2013, under “Revenue Recognition,” certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. Similarly, FCX purchases copper under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative (i.e., the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX copper price or the London gold price as defined in the contract. Mark-to-market price fluctuations recorded through the settlement date are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. | ||||||||||||||||||||
A summary of FCX’s embedded commodity derivatives at June 30, 2014, follows: | ||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||
Per Unit | ||||||||||||||||||||
Contract | Market | |||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 496 | $ | 3.08 | $ | 3.18 | Nov-14 | ||||||||||||||
Gold (thousands of ounces) | 85 | 1,273 | 1,314 | Aug-14 | ||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 84 | 3.07 | 3.19 | Oct-14 | ||||||||||||||||
Crude Oil and Natural Gas Contracts. As a result of the acquisition of PXP, FCX has derivative contracts for 2014 and 2015 that consist of crude oil options and natural gas swaps. These crude oil and natural gas derivatives are not designated as hedging instruments and are recorded at fair value with the mark-to-market gains and losses recorded in revenues. | ||||||||||||||||||||
The crude oil options were entered into by PXP to protect the realized price of a portion of expected future sales in order to limit the effects of crude oil price decreases. At June 30, 2014, these contracts are composed of crude oil put spreads consisting of put options with a floor limit. The premiums associated with put options are deferred until the settlement period. At June 30, 2014, the deferred option premiums and accrued interest associated with the crude oil option contracts totaled $329 million, which was included as a reduction of the fair value of the crude oil options contracts. At June 30, 2014, the outstanding crude oil option contracts, which settle monthly and cover approximately 20 million barrels in 2014 and approximately 31 million barrels in 2015, follow: | ||||||||||||||||||||
Average Strike Price (per barrel)a | ||||||||||||||||||||
Period | Instrument Type | Daily Volumes (thousand barrels) | Floor | Floor Limit | Average Deferred Premium | Index | ||||||||||||||
(per barrel) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Jul - Dec | Put optionsb | 75 | $ | 90 | $ | 70 | $ | 5.74 | Brent | |||||||||||
Jul - Dec | Put optionsb | 30 | 95 | 75 | 6.09 | Brent | ||||||||||||||
Jul - Dec | Put optionsb | 5 | 100 | 80 | 7.11 | Brent | ||||||||||||||
2015 | ||||||||||||||||||||
Jan - Dec | Put optionsb | 84 | 90 | 70 | 6.89 | Brent | ||||||||||||||
a. | The average strike prices do not reflect any premiums to purchase the put options. | |||||||||||||||||||
b. | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | |||||||||||||||||||
In addition, at June 30, 2014, outstanding natural gas swaps with a weighted-average fixed swap price of $4.09 per million British thermal units (MMBtu) cover approximately 18 million MMBtu of natural gas, with maturities through December 2014 (on daily volumes of 100,000 MMBtu). If the Henry Hub index price is less than the fixed price, FCX receives the difference between the fixed price and the Henry Hub index price. FCX pays the difference between the index price and the fixed price if the Henry Hub index price is greater than the fixed price. | ||||||||||||||||||||
Copper Forward Contracts. Atlantic Copper, FCX's wholly owned smelting and refining unit in Spain, enters into forward copper contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At June 30, 2014, Atlantic Copper held net forward copper purchase contracts for 19 million pounds at an average contract price of $3.07 per pound, with maturities through July 2014. | ||||||||||||||||||||
Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales contractsa | $ | 84 | $ | (205 | ) | $ | (85 | ) | $ | (288 | ) | |||||||||
Crude oil optionsa | (68 | ) | (54 | ) | (104 | ) | (54 | ) | ||||||||||||
Natural gas swapsa | (2 | ) | 19 | (16 | ) | 19 | ||||||||||||||
Copper forward contractsb | 4 | — | 5 | 3 | ||||||||||||||||
a. | Amounts recorded in revenues. | |||||||||||||||||||
b. | Amounts recorded in cost of sales as production and delivery costs. | |||||||||||||||||||
Unsettled Derivative Financial Instruments | ||||||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 6 | $ | 6 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 55 | 63 | ||||||||||||||||||
Copper forward contracts | 2 | — | ||||||||||||||||||
Total derivative assets | $ | 63 | $ | 69 | ||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 1 | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 12 | 16 | ||||||||||||||||||
Crude oil optionsb | 298 | 309 | ||||||||||||||||||
Natural gas swaps | 7 | 4 | ||||||||||||||||||
Copper forward contracts | — | 1 | ||||||||||||||||||
Total derivative liabilities | $ | 318 | $ | 330 | ||||||||||||||||
a. | FCX paid $1 million to brokers at June 30, 2014, and at December 31, 2013, for margin requirements (recorded in other current assets). | |||||||||||||||||||
b. | Included $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
FCX's commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX's policy to offset balances by counterparty on the balance sheet. FCX's embedded derivatives on provisional sales/purchases are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | $ | 55 | $ | 63 | $ | 12 | $ | 16 | ||||||||||||
Crude oil and natural gas derivatives | — | — | 305 | 313 | ||||||||||||||||
Copper derivatives | 8 | 6 | 1 | 1 | ||||||||||||||||
63 | 69 | 318 | 330 | |||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | — | 10 | — | 10 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | — | — | ||||||||||||||||
Copper derivatives | 1 | — | 1 | — | ||||||||||||||||
1 | 10 | 1 | 10 | |||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 55 | 53 | 12 | 6 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | 305 | 313 | ||||||||||||||||
Copper derivatives | 7 | 6 | — | 1 | ||||||||||||||||
$ | 62 | $ | 59 | $ | 317 | $ | 320 | |||||||||||||
Balance sheet classification: | ||||||||||||||||||||
Trade accounts receivable | $ | 55 | $ | 53 | $ | — | $ | — | ||||||||||||
Other current assets | 7 | 6 | — | — | ||||||||||||||||
Accounts payable and accrued liabilities | — | — | 232 | 205 | ||||||||||||||||
Other liabilities | — | — | 85 | 115 | ||||||||||||||||
$ | 62 | $ | 59 | $ | 317 | $ | 320 | |||||||||||||
Credit Risk. FCX is exposed to credit loss when financial institutions with which FCX has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of June 30, 2014, the maximum amount of credit exposure associated with derivative transactions was $62 million. | ||||||||||||||||||||
Other Financial Instruments. Other financial instruments include cash and cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $72 million at June 30, 2014, and $211 million at December 31, 2013), accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 8 for the fair values of investment securities, legally restricted funds and long-term debt). | ||||||||||||||||||||
In addition, FCX has non-detachable warrants, which are considered to be embedded derivative instruments, associated with FM O&G's Plains Offshore Operations Inc. (Plains Offshore) 8% Convertible Preferred Stock (Preferred Stock) (refer to Note 8 for the fair value of these instruments). |
Fair_Value_Measurement_Unaudit
Fair Value Measurement (Unaudited) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||||||
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). FCX recognizes transfers between levels at the end of the reporting period. FCX did not have any significant transfers in or out of Level 1, 2 or 3 for second-quarter 2014. | ||||||||||||||||||||
A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 7), follows (in millions): | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities:a,b | ||||||||||||||||||||
Money market fundsc | $ | 434 | $ | 434 | $ | 434 | $ | — | $ | — | ||||||||||
U.S. core fixed income fund | 22 | 22 | — | 22 | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total | 460 | 460 | 438 | 22 | — | |||||||||||||||
Legally restricted funds:a,b,d | ||||||||||||||||||||
U.S. core fixed income fund | 50 | 50 | — | 50 | — | |||||||||||||||
Government bonds and notes | 35 | 35 | — | 35 | — | |||||||||||||||
Government mortgage-backed securities | 31 | 31 | — | 31 | — | |||||||||||||||
Corporate bonds | 29 | 29 | — | 29 | — | |||||||||||||||
Asset-backed securities | 16 | 16 | — | 16 | — | |||||||||||||||
Money market funds | 6 | 6 | 6 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 168 | 168 | 6 | 162 | — | |||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 55 | 55 | — | 55 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 6 | — | — | |||||||||||||||
Copper forward contracts | 2 | 2 | 2 | — | — | |||||||||||||||
Total | 63 | 63 | 8 | 55 | — | |||||||||||||||
Total assets | $ | 691 | $ | 452 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability position | $ | 12 | $ | 12 | $ | — | $ | 12 | $ | — | ||||||||||
Crude oil options | 298 | 298 | — | — | 298 | |||||||||||||||
Natural gas swaps | 7 | 7 | — | 7 | — | |||||||||||||||
Copper futures and swap contracts | 1 | 1 | 1 | — | — | |||||||||||||||
Total | 318 | 318 | 1 | 19 | 298 | |||||||||||||||
Long-term debt, including current portionf | 20,296 | 20,607 | — | 20,607 | — | |||||||||||||||
Total liabilities | $ | 20,925 | $ | 1 | $ | 20,626 | $ | 298 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities:a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 21 | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 5 | 5 | 5 | — | — | |||||||||||||||
Total | 44 | 44 | 23 | 21 | — | |||||||||||||||
Legally restricted funds:a,b,d | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 34 | 34 | — | 34 | — | |||||||||||||||
Corporate bonds | 28 | 28 | — | 28 | — | |||||||||||||||
Government bonds and notes | 28 | 28 | — | 28 | — | |||||||||||||||
Money market funds | 28 | 28 | 28 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 182 | 182 | 28 | 154 | — | |||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 63 | 63 | — | 63 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 5 | 1 | — | |||||||||||||||
Total | 69 | 69 | 5 | 64 | — | |||||||||||||||
Total assets | $ | 295 | $ | 56 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positione | $ | 16 | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||||
Crude oil optionse | 309 | 309 | — | — | 309 | |||||||||||||||
Natural gas swapse | 4 | 4 | — | 4 | — | |||||||||||||||
Copper forward contractse | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantsg | 2 | 2 | — | — | 2 | |||||||||||||||
Total | 332 | 332 | 1 | 20 | 311 | |||||||||||||||
Long-term debt, including current portionf | 20,706 | 20,487 | — | 20,487 | — | |||||||||||||||
Total liabilities | $ | 20,819 | $ | 1 | $ | 20,507 | $ | 311 | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
c. | Included $414 million held in an escrow account for future oil and gas property acquisitions (refer to Note 2 for further discussion). | |||||||||||||||||||
d. | Excluded $225 million of time deposits (which approximated fair value) at June 30, 2014 (included in other current assets), and at December 31, 2013 ($15 million included in other current assets and $210 million in other assets), associated with the Cerro Verde royalty dispute. | |||||||||||||||||||
e. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. | |||||||||||||||||||
g. | Included in other liabilities. | |||||||||||||||||||
Valuation Techniques | ||||||||||||||||||||
Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. | ||||||||||||||||||||
Fixed income securities (U.S. core fixed income funds, government securities, corporate bonds, asset-backed securities and municipal bonds) are valued using a bid evaluation price or a mid-evaluation price. A bid evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. | ||||||||||||||||||||
FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales have critical inputs of quoted monthly LME or COMEX copper forward prices and the London gold forward price at each reporting date based on the month of maturity; however, FCX's contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
FCX's derivative financial instruments for crude oil options are valued using an option pricing model, which uses various inputs including IntercontinentalExchange, Inc. crude oil prices, volatilities, interest rates and contract terms. FCX's derivative financial instruments for natural gas swaps are valued using a pricing model that has various inputs including NYMEX price quotations, interest rates and contract terms. Valuations are adjusted for credit quality, using the counterparties' credit quality for asset balances and FCX's credit quality for liability balances (which considers the impact of netting agreements on counterparty credit risk, including whether the position with the counterparty is a net asset or net liability). For asset balances, FCX uses the credit default swap value for counterparties when available or the spread between the risk-free interest rate and the yield rate on the counterparties' publicly traded debt for similar instruments. The 2014 natural gas swaps are classified within Level 2 of the fair value hierarchy because the inputs used in the valuation models are directly or indirectly observable for substantially the full term of the instruments. The 2014 and 2015 crude oil options are classified within Level 3 of the fair value hierarchy because the inputs used in the valuation models are not observable for substantially the full term of the instruments. The significant unobservable inputs used in the fair value measurement of the crude oil options are implied volatilities and deferred premiums. Significant increases (decreases) in implied volatilities in isolation would result in a significantly higher (lower) fair value measurement. The implied volatilities ranged from 14 percent to 55 percent, with a weighted average of 21 percent. The deferred premiums ranged from $5.15 per barrel to $7.22 per barrel, with a weighted average of $6.49 per barrel. Refer to Note 7 for further discussion of these derivative financial instruments. | ||||||||||||||||||||
FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 7 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. | ||||||||||||||||||||
The fair value of warrants associated with the Plains Offshore Preferred Stock was determined with an option pricing model that used unobservable inputs. The inputs used in the valuation model are the estimated fair value of the underlying Plains Offshore common stock, expected exercise price, expected term, expected volatility and risk-free interest rate. The assumptions used in the valuation model are highly subjective because the common stock of Plains Offshore is not publicly traded. As a result, these warrants are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Long-term debt, including the current portion, is not actively traded and is valued using prices obtained from a readily available pricing source and, as such, is classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
The techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2014. | ||||||||||||||||||||
A summary of the changes in the fair value of FCX's Level 3 instruments follows (in millions): | ||||||||||||||||||||
Crude Oil | Plains Offshore | |||||||||||||||||||
Options | Warrants | |||||||||||||||||||
Fair value at December 31, 2013 | $ | (309 | ) | $ | (2 | ) | ||||||||||||||
Net realized losses | (6 | ) | a | — | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (100 | ) | b | 2 | c | |||||||||||||||
Settlement payments | 117 | — | ||||||||||||||||||
Fair value at June 30, 2014 | $ | (298 | ) | $ | — | |||||||||||||||
a. | Recorded in revenues. | |||||||||||||||||||
b. | Included net unrealized losses of $98 million recorded in revenues and $2 million of interest expense associated with the deferred premiums. | |||||||||||||||||||
c. | Recorded in other (expense) income, net. |
Contingencies_and_Commitments_
Contingencies and Commitments (Unaudited) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
CONTINGENCIES AND COMMITMENTS | |
Litigation. During second-quarter 2014, there were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013, and Note 9 of FCX's quarterly report on Form 10-Q for the quarter ended March 31, 2014. | |
Tax and Other Matters. Cerro Verde Royalty Dispute. There were no significant changes to the Cerro Verde royalty dispute during the first six months of 2014 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013, for further discussion of this matter). | |
Indonesia Tax Matters. As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013, PT-FI has received assessments from the Indonesian tax authorities for additional taxes and interest related to various audit exceptions for the years 2005, 2006, 2007, 2008 and 2011. PT-FI has filed objections to these assessments because it believes it has properly determined and paid its taxes. | |
During second-quarter 2014, the Indonesian tax authorities issued a tax assessment for 2012 and refunded $151 million (before foreign exchange adjustments) in August 2014 associated with income tax overpayments made by PT-FI ($303 million was included in other accounts receivable in the condensed consolidated balance sheets at December 31, 2013). PT-FI expects to file objections and use other means available under Indonesian tax laws and regulations to recover the remaining 2012 overpayments that it believes it is due. | |
As of June 30, 2014, PT-FI had $379 million included in other assets for amounts paid on disputed tax assessments, which it believes are collectable. |
Business_Segments_Unaudited
Business Segments (Unaudited) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FCX has organized its operations into six primary divisions – North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines and U.S. oil and gas operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis for its mining operations. Therefore, FCX concluded that its operating segments include individual mines or operations relative to its mining operations. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Operating segments that meet certain thresholds are reportable segments, which are disclosed separately in the following tables. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment Sales. Intersegment sales between FCX’s mining operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FCX defers recognizing profits on sales from its mining operations to other divisions, including Atlantic Copper and on 25 percent of PT-FI's sales to PT Smelting until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX's net deferred profits and quarterly earnings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocations. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level, whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 52 | $ | 55 | $ | 107 | $ | 421 | $ | 213 | $ | 311 | $ | 945 | $ | 523 | a | $ | 386 | $ | — | $ | 1,234 | $ | 623 | $ | 468 | b | $ | 4,286 | $ | 1,236 | c | $ | — | $ | 5,522 | |||||||||||||||||||||||||||||||
Intersegment | 474 | 888 | 1,362 | 23 | 62 | 1 | 86 | — | 32 | 170 | 8 | 6 | (1,664 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 312 | 558 | 870 | 195 | 164 | 171 | 530 | 511 | 198 | 81 | 1,233 | 618 | (1,287 | ) | 2,754 | 329 | (1 | ) | 3,082 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 43 | 85 | 128 | 43 | 16 | 36 | 95 | 54 | 63 | 24 | 3 | 10 | 17 | 394 | 616 | 3 | 1,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | — | 1 | 1 | 1 | — | 2 | 25 | 3 | — | — | 5 | 6 | 42 | 59 | 63 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | — | — | — | — | — | — | 32 | 34 | — | — | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 76 | 76 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 170 | 298 | 468 | 205 | 94 | 105 | 404 | (67 | ) | 154 | 65 | 6 | (4 | ) | (40 | ) | 986 | 232 | (65 | ) | 1,153 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | 1 | 1 | — | — | — | — | — | — | — | — | 3 | 18 | 22 | 74 | 68 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 73 | 32 | 35 | 140 | (33 | ) | 33 | — | — | — | — | 140 | — | 188 | 328 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at June 30, 2014 | 3,675 | 5,822 | 9,497 | 6,901 | 1,520 | 2,271 | 10,692 | 7,972 | 4,952 | 2,095 | 299 | 882 | 1,127 | 37,516 | 25,293 | 1,200 | 64,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 289 | 35 | 324 | 391 | 12 | 13 | 416 | 243 | 29 | 14 | 1 | 5 | 17 | 1,049 | 903 | (2 | ) | 1,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 38 | $ | 76 | $ | 114 | $ | 311 | $ | 138 | $ | 315 | $ | 764 | $ | 471 | a | $ | 355 | $ | — | $ | 1,265 | $ | 583 | $ | 399 | b | $ | 3,951 | $ | 336 | c | $ | 1 | $ | 4,288 | |||||||||||||||||||||||||||||||
Intersegment | 444 | 751 | 1,195 | 86 | 101 | — | 187 | 120 | 10 | 144 | 7 | 4 | (1,667 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 301 | 552 | 853 | 189 | 174 | 153 | 516 | 563 | 185 | 78 | 1,262 | 575 | (1,273 | ) | 2,759 | 89 | 5 | 2,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 37 | 71 | 108 | 37 | 16 | 33 | 86 | 58 | 57 | 21 | 2 | 12 | 14 | 358 | 169 | 3 | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 2 | — | — | 2 | 27 | 3 | — | — | 4 | 9 | 47 | 14 | 125 | 186 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 1 | 1 | — | — | — | — | — | — | — | — | — | 60 | 61 | — | 3 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (2 | ) | (2 | ) | — | — | — | — | — | — | — | — | — | 18 | 16 | — | — | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 143 | 204 | 347 | 169 | 49 | 129 | 347 | (57 | ) | 120 | 45 | 8 | (4 | ) | (96 | ) | 710 | 64 | (135 | ) | 639 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 2 | 1 | 3 | 2 | — | — | 2 | 10 | 2 | — | — | 4 | 20 | 41 | 26 | 65 | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 59 | 20 | 48 | 127 | (4 | ) | 22 | — | — | — | — | 145 | — | (105 | ) | d | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at June 30, 2013 | 2,730 | 5,768 | 8,498 | 6,089 | 1,623 | 2,487 | 10,199 | 7,095 | 4,887 | 2,061 | 287 | 934 | 1,100 | 35,061 | 26,587 | 1,509 | 63,157 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 204 | 82 | 286 | 208 | 28 | 8 | 244 | 320 | 46 | 42 | 1 | 11 | 23 | 973 | 190 | 10 | 1,173 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $540 million in second-quarter 2014 and $291 million in second-quarter 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $70 million in second-quarter 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from oil and gas acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 75 | $ | 116 | $ | 191 | $ | 701 | $ | 341 | $ | 605 | $ | 1,647 | $ | 985 | a | $ | 692 | $ | — | $ | 2,380 | $ | 1,211 | $ | 904 | b | $ | 8,010 | $ | 2,497 | c | $ | — | $ | 10,507 | |||||||||||||||||||||||||||||||
Intersegment | 918 | 1,646 | 2,564 | 87 | 190 | 5 | 282 | 8 | 53 | 296 | 16 | 11 | (3,230 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 595 | 1,061 | 1,656 | 360 | 314 | 332 | 1,006 | 894 | 350 | 157 | 2,381 | 1,206 | (2,470 | ) | 5,180 | 640 | (1 | ) | 5,819 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 77 | 158 | 235 | 79 | 35 | 68 | 182 | 102 | 114 | 46 | 5 | 20 | 36 | 740 | 1,232 | 7 | 1,979 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 2 | 1 | 1 | 4 | 46 | 6 | — | — | 9 | 13 | 80 | 116 | 103 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 4 | 4 | — | — | — | — | — | — | — | — | — | 60 | 64 | — | — | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 82 | 82 | — | — | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 320 | 538 | 858 | 347 | 181 | 209 | 737 | (49 | ) | 275 | 93 | 10 | (13 | ) | (47 | ) | 1,864 | 509 | (109 | ) | 2,264 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | 1 | 2 | — | — | — | — | — | — | — | — | 7 | 36 | 45 | 150 | 130 | 325 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 130 | 68 | 69 | 267 | (15 | ) | 57 | — | — | — | — | 309 | — | 376 | 685 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 533 | 94 | 627 | 791 | 22 | 26 | 839 | 479 | 60 | 33 | 2 | 6 | 27 | 2,073 | 1,484 | 5 | 3,562 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 118 | $ | 121 | $ | 239 | $ | 601 | $ | 391 | $ | 622 | $ | 1,614 | $ | 1,335 | a | $ | 793 | $ | — | $ | 2,595 | $ | 1,216 | $ | 740 | b | $ | 8,532 | $ | 336 | c | $ | 3 | $ | 8,871 | |||||||||||||||||||||||||||||||
Intersegment | 880 | 1,575 | 2,455 | 195 | 156 | — | 351 | 187 | 10 | 287 | 14 | 10 | (3,314 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 598 | 1,054 | 1,652 | 360 | 341 | 290 | 991 | 1,126 | 370 | 158 | 2,590 | 1,203 | (2,615 | ) | 5,475 | 89 | 8 | 5,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 70 | 140 | 210 | 70 | 25 | 62 | 157 | 113 | 115 | 41 | 5 | 22 | 22 | 685 | 169 | 5 | 859 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 2 | 3 | 2 | 1 | — | 3 | 53 | 6 | — | — | 9 | 18 | 92 | 14 | 193 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 1 | 1 | — | — | — | — | — | — | — | — | — | 109 | 110 | — | 6 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (6 | ) | (6 | ) | — | — | — | — | — | — | — | — | — | 37 | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 329 | 505 | 834 | 364 | 180 | 270 | 814 | 230 | 312 | 88 | 14 | (8 | ) | (145 | ) | 2,139 | 64 | (209 | ) | 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3 | 1 | 4 | 2 | — | — | 2 | 12 | 2 | — | — | 8 | 40 | 68 | 26 | 95 | 189 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 123 | 64 | 91 | 278 | 116 | 66 | — | — | — | — | 460 | — | 8 | d | 468 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 357 | 186 | 543 | 372 | 68 | 30 | 470 | 511 | 103 | 82 | 2 | 19 | 40 | 1,770 | 190 | 18 | 1,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $913 million for the first six months of 2014 and $721 million for the first six months of 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $120 million for the first six months of 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from oil and gas acquisitions. |
Guarantor_Financial_Statements
Guarantor Financial Statements (Unaudited) (Notes) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Guarantor Financial Statements [Text Block] | ' | |||||||||||||||||||
GUARANTOR FINANCIAL STATEMENTS | ||||||||||||||||||||
In March 2013, FCX completed the sale of $6.5 billion of senior notes. These notes, along with FCX's senior notes sold in February 2012, are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100 percent owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FCX, including indebtedness under the revolving credit facility. The guarantee ranks senior in right of payment with all future subordinated obligations and is effectively subordinated in right of payment to any debt of FCX's subsidiaries that are not subsidiary guarantors. In the future, FM O&G LLC's guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolver, the term loan or any other senior debt. | ||||||||||||||||||||
The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at June 30, 2014, and December 31, 2013, and the related condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2014 and 2013, and condensed consolidating statements of cash flows for the six months ended June 30, 2014 and 2013, which should be read in conjunction with FCX's notes to the consolidated financial statements (in millions). Certain amounts in the Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2013, have been reclassified to conform with the current period presentation. These amounts, which were not material, had no effect on the reported changes in cash and cash equivalents. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1 | $ | 1,457 | $ | — | $ | 1,458 | ||||||||||
Accounts receivable | 388 | 2,840 | 2,466 | (2,936 | ) | 2,758 | ||||||||||||||
Other current assets | 78 | 56 | 5,904 | — | 6,038 | |||||||||||||||
Total current assets | 466 | 2,897 | 9,827 | (2,936 | ) | 10,254 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 25 | 45 | 25,337 | — | 25,407 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 4,583 | 6,460 | 14 | 11,057 | |||||||||||||||
Not subject to amortization | — | 1,853 | 8,916 | — | 10,769 | |||||||||||||||
Investments in consolidated subsidiaries | 32,769 | 10,107 | 11,416 | (54,292 | ) | — | ||||||||||||||
Goodwill | — | 217 | 1,500 | — | 1,717 | |||||||||||||||
Other assets | 6,346 | 3,432 | 4,241 | (9,214 | ) | 4,805 | ||||||||||||||
Total assets | $ | 39,606 | $ | 23,134 | $ | 67,697 | $ | (66,428 | ) | $ | 64,009 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,550 | $ | 1,026 | $ | 6,088 | $ | (1,106 | ) | $ | 7,558 | |||||||||
Long-term debt, less current portion | 12,435 | 6,762 | 5,885 | (7,570 | ) | 17,512 | ||||||||||||||
Deferred income taxes | 4,244 | a | — | 3,207 | — | 7,451 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 291 | 3,003 | — | 3,294 | |||||||||||||||
Other liabilities | 46 | 3,457 | 1,753 | (3,474 | ) | 1,782 | ||||||||||||||
Total liabilities | 18,275 | 11,536 | 19,936 | (12,150 | ) | 37,597 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 745 | — | 745 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 21,331 | 11,598 | 43,140 | (54,737 | ) | 21,332 | ||||||||||||||
Noncontrolling interests | — | — | 3,876 | 459 | 4,335 | |||||||||||||||
Total equity | 21,331 | 11,598 | 47,016 | (54,278 | ) | 25,667 | ||||||||||||||
Total liabilities and equity | $ | 39,606 | $ | 23,134 | $ | 67,697 | $ | (66,428 | ) | $ | 64,009 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,985 | $ | — | $ | 1,985 | ||||||||||
Accounts receivable | 855 | 659 | 2,258 | (1,210 | ) | 2,562 | ||||||||||||||
Other current assets | 114 | 38 | 5,273 | — | 5,425 | |||||||||||||||
Total current assets | 969 | 697 | 9,516 | (1,210 | ) | 9,972 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 27 | 43 | 23,972 | — | 24,042 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,207 | 6,265 | — | 12,472 | |||||||||||||||
Not subject to amortization | — | 2,649 | 8,238 | — | 10,887 | |||||||||||||||
Investments in consolidated subsidiaries | 31,162 | 9,712 | 12,468 | (53,342 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,126 | 4,640 | 4,128 | (11,710 | ) | 4,184 | ||||||||||||||
Total assets | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,003 | $ | 758 | $ | 4,222 | $ | (1,210 | ) | $ | 4,773 | |||||||||
Long-term debt, less current portion | 13,184 | 7,199 | 8,056 | (8,045 | ) | 20,394 | ||||||||||||||
Deferred income taxes | 4,137 | a | — | 3,273 | — | 7,410 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 301 | 2,958 | — | 3,259 | |||||||||||||||
Other liabilities | 26 | 3,436 | 1,893 | (3,665 | ) | 1,690 | ||||||||||||||
Total liabilities | 18,350 | 11,694 | 20,402 | (12,920 | ) | 37,526 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 716 | — | 716 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,934 | 12,691 | 41,100 | (53,791 | ) | 20,934 | ||||||||||||||
Noncontrolling interests | — | — | 3,848 | 449 | 4,297 | |||||||||||||||
Total equity | 20,934 | 12,691 | 44,948 | (53,342 | ) | 25,231 | ||||||||||||||
Total liabilities and equity | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three and Six Months Ended June 30, 2014 | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 570 | $ | 4,952 | $ | — | $ | 5,522 | ||||||||||
Total costs and expenses | 21 | 489 | 3,865 | (6 | ) | 4,369 | ||||||||||||||
Operating (loss) income | (21 | ) | 81 | 1,087 | 6 | 1,153 | ||||||||||||||
Interest expense, net | (87 | ) | (44 | ) | (51 | ) | 18 | (164 | ) | |||||||||||
Net (loss) gain on early extinguishment of debt | (1 | ) | 6 | — | — | 5 | ||||||||||||||
Other income (expense), net | 17 | 1 | (8 | ) | (18 | ) | (8 | ) | ||||||||||||
Benefit from (provision for) income taxes | 26 | 26 | (378 | ) | (2 | ) | (328 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 548 | 126 | 154 | (826 | ) | 2 | ||||||||||||||
Net income (loss) | 482 | 196 | 804 | (822 | ) | 660 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (180 | ) | 2 | (178 | ) | |||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 482 | $ | 196 | $ | 624 | $ | (820 | ) | $ | 482 | |||||||||
Other comprehensive income | — | — | 1 | — | 1 | |||||||||||||||
Total comprehensive income (loss) | $ | 482 | $ | 196 | $ | 625 | $ | (820 | ) | $ | 483 | |||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 1,214 | $ | 9,293 | $ | — | $ | 10,507 | ||||||||||
Total costs and expenses | 32 | 1,015 | 7,204 | (8 | ) | 8,243 | ||||||||||||||
Operating (loss) income | (32 | ) | 199 | 2,089 | 8 | 2,264 | ||||||||||||||
Interest expense, net | (169 | ) | (85 | ) | (109 | ) | 38 | (325 | ) | |||||||||||
Net (loss) gain on early extinguishment of debt | (1 | ) | 6 | — | — | 5 | ||||||||||||||
Other income (expense), net | 37 | 1 | 25 | (38 | ) | 25 | ||||||||||||||
Benefit from (provision for) income taxes | 5 | (17 | ) | (670 | ) | (3 | ) | (685 | ) | |||||||||||
Equity in affiliated companies' net earnings (losses) | 1,152 | 256 | 339 | (1,745 | ) | 2 | ||||||||||||||
Net income (loss) | 992 | 360 | 1,674 | (1,740 | ) | 1,286 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (291 | ) | (3 | ) | (294 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 992 | $ | 360 | $ | 1,383 | $ | (1,743 | ) | $ | 992 | |||||||||
Other comprehensive income | — | — | 4 | — | 4 | |||||||||||||||
Total comprehensive income (loss) | $ | 992 | $ | 360 | $ | 1,387 | $ | (1,743 | ) | $ | 996 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three and Six Months Ended June 30, 2013 | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 162 | $ | 4,126 | $ | — | $ | 4,288 | ||||||||||
Total costs and expenses | 76 | 135 | 3,438 | — | 3,649 | |||||||||||||||
Operating (loss) income | (76 | ) | 27 | 688 | — | 639 | ||||||||||||||
Interest expense, net | (92 | ) | (12 | ) | (39 | ) | 11 | (132 | ) | |||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 11 | — | 13 | (11 | ) | 13 | ||||||||||||||
Benefit from (provision for) income taxes | 35 | (5 | ) | (70 | ) | — | (40 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 476 | 20 | (3 | ) | (491 | ) | 2 | |||||||||||||
Net income (loss) | 482 | 30 | 589 | (491 | ) | 610 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (133 | ) | 5 | (128 | ) | |||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 482 | $ | 30 | $ | 456 | $ | (486 | ) | $ | 482 | |||||||||
Other comprehensive income | — | — | 5 | — | 5 | |||||||||||||||
Total comprehensive income (loss) | $ | 482 | $ | 30 | $ | 461 | $ | (486 | ) | $ | 487 | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 162 | $ | 8,709 | $ | — | $ | 8,871 | ||||||||||
Total costs and expenses | 95 | 135 | 6,647 | — | 6,877 | |||||||||||||||
Operating (loss) income | (95 | ) | 27 | 2,062 | — | 1,994 | ||||||||||||||
Interest expense, net | (128 | ) | (12 | ) | (64 | ) | 15 | (189 | ) | |||||||||||
Losses on early extinguishment of debt | (45 | ) | — | — | — | (45 | ) | |||||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 15 | — | 10 | (15 | ) | 10 | ||||||||||||||
Benefit from (provision for) income taxes | 26 | (5 | ) | (489 | ) | — | (468 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 1,229 | 20 | (46 | ) | (1,199 | ) | 4 | |||||||||||||
Net income (loss) | 1,130 | 30 | 1,473 | (1,199 | ) | 1,434 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (292 | ) | (12 | ) | (304 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 1,130 | $ | 30 | $ | 1,181 | $ | (1,211 | ) | $ | 1,130 | |||||||||
Other comprehensive income | — | — | 11 | — | 11 | |||||||||||||||
Total comprehensive income (loss) | $ | 1,130 | $ | 30 | $ | 1,192 | $ | (1,211 | ) | $ | 1,141 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 992 | $ | 360 | $ | 1,674 | $ | (1,740 | ) | $ | 1,286 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 2 | 545 | 1,440 | (8 | ) | 1,979 | ||||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 120 | — | — | 120 | |||||||||||||||
Net gain (loss) on early extinguishment of debt | 1 | (6 | ) | — | — | (5 | ) | |||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (1,152 | ) | (256 | ) | 39 | 1,367 | (2 | ) | ||||||||||||
Other, net | 121 | (12 | ) | (123 | ) | — | (14 | ) | ||||||||||||
(Increases) decreases in working capital and changes in other tax payments | (164 | ) | (2,165 | ) | 1,552 | — | (777 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (200 | ) | (1,414 | ) | 4,582 | (381 | ) | 2,587 | ||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (897 | ) | (2,665 | ) | — | (3,562 | ) | ||||||||||||
Acquisition of Deepwater GOM interest | — | — | (925 | ) | — | (925 | ) | |||||||||||||
Intercompany loans | 1,318 | 1,629 | — | (2,947 | ) | — | ||||||||||||||
Investment in consolidated subsidiary | (364 | ) | (96 | ) | 1,079 | (619 | ) | — | ||||||||||||
Net proceeds from sale of Eagle Ford shale assets | — | 3,009 | — | — | 3,009 | |||||||||||||||
Other, net | — | (381 | ) | 18 | — | (363 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 954 | 3,264 | (2,493 | ) | (3,566 | ) | (1,841 | ) | ||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 890 | — | 358 | — | 1,248 | |||||||||||||||
Repayments of debt | (990 | ) | (224 | ) | (397 | ) | — | (1,611 | ) | |||||||||||
Intercompany loans | — | (170 | ) | (2,777 | ) | 2,947 | — | |||||||||||||
Cash dividends and distributions paid | (653 | ) | (1,453 | ) | 203 | 1,000 | (903 | ) | ||||||||||||
Other, net | (1 | ) | (2 | ) | (4 | ) | — | (7 | ) | |||||||||||
Net cash (used in) provided by financing activities | (754 | ) | (1,849 | ) | (2,617 | ) | 3,947 | (1,273 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | — | 1 | (528 | ) | — | (527 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1,985 | — | 1,985 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1 | $ | 1,457 | $ | — | $ | 1,458 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 1,130 | $ | 30 | $ | 1,473 | $ | (1,199 | ) | $ | 1,434 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 2 | 79 | 772 | 6 | 859 | |||||||||||||||
Net loss on early extinguishment of debt | 45 | — | — | — | 45 | |||||||||||||||
Gain on investment in MMR | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 35 | — | — | 35 | |||||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (1,229 | ) | (20 | ) | 52 | 1,193 | (4 | ) | ||||||||||||
Other, net | 27 | (6 | ) | (202 | ) | — | (181 | ) | ||||||||||||
Decreases (increases) in working capital and changes in other tax payments, excluding amounts from acquisitions | 142 | 31 | (368 | ) | — | (195 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (11 | ) | 149 | 1,727 | — | 1,865 | ||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (151 | ) | (1,827 | ) | — | (1,978 | ) | ||||||||||||
Acquisitions, net of cash acquired | (5,437 | ) | — | (321 | ) | 344 | (5,414 | ) | ||||||||||||
Investment in consolidated subsidiary | 104 | — | — | (104 | ) | — | ||||||||||||||
Other, net | (5 | ) | — | (259 | ) | — | (264 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (5,338 | ) | (151 | ) | (2,407 | ) | 240 | (7,656 | ) | |||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 10,885 | — | 136 | — | 11,021 | |||||||||||||||
Repayments of debt | (4,050 | ) | (415 | ) | (76 | ) | — | (4,541 | ) | |||||||||||
Intercompany loans | (476 | ) | 476 | 344 | (344 | ) | — | |||||||||||||
Cash dividends and distributions paid | (595 | ) | — | (194 | ) | 104 | (685 | ) | ||||||||||||
Other, net | (415 | ) | — | — | — | (415 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 5,349 | 61 | 210 | (240 | ) | 5,380 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 59 | (470 | ) | — | (411 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 3,705 | — | 3,705 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 59 | $ | 3,235 | $ | — | $ | 3,294 | ||||||||||
New_Accounting_Standard_Unaudi
New Accounting Standard (Unaudited) | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Standards [Abstract] | ' |
New Accounting Standard | ' |
NEW ACCOUNTING STANDARDS | |
In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), which outlines a single comprehensive model and supersedes most of the current revenue recognition guidance. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is not permitted. FCX is evaluating this new guidance, but does not expect it to have a significant impact on its current revenue recognition policies. | |
In April 2014, FASB issued an ASU, which revises the guidance for reporting discontinued operations. This ASU amends the definition of a discontinued operation and requires additional disclosures about disposal transactions that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for annual periods beginning on or after December 15, 2014, and interim periods within that year. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. FCX adopted this ASU in the first quarter of 2014. |
Subsequent_Events_Unaudited
Subsequent Events (Unaudited) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
Mining Contract - Indonesia. On July 25, 2014, PT-FI entered into a Memorandum of Understanding (MOU) with the Indonesian government under which PT-FI and the government have agreed to negotiate an amended Contract of Work (COW) to address provisions related to the size of PT-FI’s concession area, royalties and taxes, domestic processing and refining, divestment, local content, and continuation of operations post-2021. | |
Under the MOU, provisions to be addressed in the negotiation of an amended COW include provisions for the development of new copper smelting and refining capacity in Indonesia, which will take into consideration an equitable sharing of costs between PT-FI (and any partners in the project) and the Indonesian government through fiscal incentives, provisions for divestment to the Indonesian government and/or Indonesian nationals of up to a 30 percent interest (an additional 20.64 percent interest) in PT-FI at fair value, and continuation of operations from 2022 through 2041. Negotiations will take into consideration PT-FI’s need for assurance of legal and fiscal terms post-2021 for PT-FI to continue with its large-scale investment program for the development of its underground reserves. The negotiations are expected to be completed within six months. | |
Effective with the signing of the MOU, PT-FI agreed to provide a $115 million assurance bond to support its commitment for smelter development, to increase royalties to 4.0 percent for copper and 3.75 percent for gold from the previous rates of 3.5 percent for copper and 1.0 percent for gold, and to pay export duties set forth in a new regulation. On July 25, 2014, the Indonesian government revised its January 2014 regulations (as discussed in Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2013) regarding export duties to incorporate reduced rates for copper concentrate exports for companies engaged in smelter development. The revised regulations provide for duties on copper concentrate exports during smelter development initially at 7.5 percent, declining to 5.0 percent when development progress exceeds 7.5 percent and is eliminated when development progress exceeds 30 percent. | |
Under the MOU, no terms of the COW other than those relating to the export duties, smelter bond and royalties described previously will be changed until the completion of the amended COW. | |
FCX evaluated events after June 30, 2014, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements. |
Acquisitions_Unaudited_Tables
Acquisitions (Unaudited) (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Three Months | Six Months | ||||||||
Ended | Ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
(in millions, except per share amounts) | |||||||||
Revenues | $ | 5,330 | $ | 11,025 | |||||
Operating income | 1,330 | 2,910 | |||||||
Income from continuing operations | 722 | 1,635 | |||||||
Net income attributable to FCX common stockholders | 585 | 1,313 | |||||||
Net income per share attributable to FCX common stockholders: | |||||||||
Basic | $ | 0.56 | $ | 1.26 | |||||
Diluted | 0.56 | 1.26 | |||||||
Earnings_Per_Share_Unaudited_T
Earnings Per Share (Unaudited) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of net income and weighted-average shares of common stock outstanding | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 660 | $ | 610 | $ | 1,286 | $ | 1,434 | |||||||||
Net income attributable to noncontrolling interests | (168 | ) | (125 | ) | (274 | ) | (301 | ) | |||||||||
Preferred dividends on redeemable noncontrolling interest | (10 | ) | (3 | ) | (20 | ) | (3 | ) | |||||||||
Undistributed earnings allocable to participating securities | (2 | ) | — | (3 | ) | — | |||||||||||
Net income allocable to FCX common stockholders | $ | 480 | $ | 482 | $ | 989 | $ | 1,130 | |||||||||
Basic weighted-average shares of common stock outstanding | 1,039 | 980 | 1,039 | 965 | |||||||||||||
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs | 6 | a | 4 | 6 | a | 3 | |||||||||||
Diluted weighted-average shares of common stock outstanding | 1,045 | 984 | 1,045 | 968 | |||||||||||||
Basic net income per share attributable to FCX common stockholders | $ | 0.46 | $ | 0.49 | $ | 0.95 | $ | 1.17 | |||||||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.46 | $ | 0.49 | $ | 0.95 | $ | 1.17 | |||||||||
a. | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately 3 million for both second-quarter 2014 and for the six months ended June 30, 2014. |
Inventories_Including_LongTerm1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract] | ' | ||||||||
Components of inventories | ' | ||||||||
The components of inventories follow (in millions): | |||||||||
June 30, | December 31, 2013 | ||||||||
2014 | |||||||||
Current inventories: | |||||||||
Raw materials (primarily concentrates) | $ | 297 | $ | 238 | |||||
Work-in-processa | 154 | 199 | |||||||
Finished goodsb | 1,214 | 1,146 | |||||||
Total product inventories | $ | 1,665 | $ | 1,583 | |||||
Mill stockpiles | $ | 104 | $ | 91 | |||||
Leach stockpiles | 1,776 | 1,614 | |||||||
Total current mill and leach stockpiles | $ | 1,880 | $ | 1,705 | |||||
Total materials and supplies, netc | $ | 1,825 | $ | 1,730 | |||||
Long-term inventories: | |||||||||
Mill stockpiles | $ | 753 | $ | 698 | |||||
Leach stockpiles | 1,765 | 1,688 | |||||||
Total long-term mill and leach stockpilesd | $ | 2,518 | $ | 2,386 | |||||
a. | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | ||||||||
b. | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | ||||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at June 30, 2014, and $24 million at December 31, 2013. | ||||||||
d. | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited_Tables
Income Taxes (Unaudited) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Geographic Sources of Provision for Income Taxes | ' | ||||||||||||||||
Geographic sources of FCX's provision for income taxes follow (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. operations | $ | 149 | a | $ | (95 | ) | b | $ | 285 | a | $ | (19 | ) | b | |||
International operations | 179 | 135 | 400 | 487 | |||||||||||||
Total | $ | 328 | $ | 40 | $ | 685 | $ | 468 | |||||||||
a. | FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford. | ||||||||||||||||
b. | As a result of second-quarter 2013 oil and gas acquisitions, FCX recognized a net tax benefit of $183 million, consisting of income tax benefits of $190 million associated with net reductions in FCX's valuation allowances and $69 million related to the release of the deferred tax liability on PXP's investment in MMR common stock; partially offset by income tax expense of $76 million associated with the write off of deferred tax assets related to environmental liabilities. | ||||||||||||||||
Financial_Instruments_Unaudite1
Financial Instruments (Unaudited) (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item | ' | |||||||||||||||||||
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||
Unrealized gains (losses): | ||||||||||||||||||||
Derivative financial instruments | $ | 12 | $ | (6 | ) | $ | — | $ | (18 | ) | ||||||||||
Hedged item – firm sales commitments | (12 | ) | 6 | — | 18 | |||||||||||||||
Realized losses: | ||||||||||||||||||||
Matured derivative financial instruments | (2 | ) | (13 | ) | (4 | ) | (14 | ) | ||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||||
At June 30, 2014, the outstanding crude oil option contracts, which settle monthly and cover approximately 20 million barrels in 2014 and approximately 31 million barrels in 2015, follow: | ||||||||||||||||||||
Average Strike Price (per barrel)a | ||||||||||||||||||||
Period | Instrument Type | Daily Volumes (thousand barrels) | Floor | Floor Limit | Average Deferred Premium | Index | ||||||||||||||
(per barrel) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Jul - Dec | Put optionsb | 75 | $ | 90 | $ | 70 | $ | 5.74 | Brent | |||||||||||
Jul - Dec | Put optionsb | 30 | 95 | 75 | 6.09 | Brent | ||||||||||||||
Jul - Dec | Put optionsb | 5 | 100 | 80 | 7.11 | Brent | ||||||||||||||
2015 | ||||||||||||||||||||
Jan - Dec | Put optionsb | 84 | 90 | 70 | 6.89 | Brent | ||||||||||||||
a. | The average strike prices do not reflect any premiums to purchase the put options. | |||||||||||||||||||
b. | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | |||||||||||||||||||
A summary of FCX’s embedded commodity derivatives at June 30, 2014, follows: | ||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||
Per Unit | ||||||||||||||||||||
Contract | Market | |||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 496 | $ | 3.08 | $ | 3.18 | Nov-14 | ||||||||||||||
Gold (thousands of ounces) | 85 | 1,273 | 1,314 | Aug-14 | ||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 84 | 3.07 | 3.19 | Oct-14 | ||||||||||||||||
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions | ' | |||||||||||||||||||
A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales contractsa | $ | 84 | $ | (205 | ) | $ | (85 | ) | $ | (288 | ) | |||||||||
Crude oil optionsa | (68 | ) | (54 | ) | (104 | ) | (54 | ) | ||||||||||||
Natural gas swapsa | (2 | ) | 19 | (16 | ) | 19 | ||||||||||||||
Copper forward contractsb | 4 | — | 5 | 3 | ||||||||||||||||
a. | Amounts recorded in revenues. | |||||||||||||||||||
b. | Amounts recorded in cost of sales as production and delivery costs. | |||||||||||||||||||
Fair Values of Unsettled Derivative Financial Instruments | ' | |||||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||
June 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 6 | $ | 6 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 55 | 63 | ||||||||||||||||||
Copper forward contracts | 2 | — | ||||||||||||||||||
Total derivative assets | $ | 63 | $ | 69 | ||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 1 | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 12 | 16 | ||||||||||||||||||
Crude oil optionsb | 298 | 309 | ||||||||||||||||||
Natural gas swaps | 7 | 4 | ||||||||||||||||||
Copper forward contracts | — | 1 | ||||||||||||||||||
Total derivative liabilities | $ | 318 | $ | 330 | ||||||||||||||||
a. | FCX paid $1 million to brokers at June 30, 2014, and at December 31, 2013, for margin requirements (recorded in other current assets). | |||||||||||||||||||
b. | Included $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
June 30, | December 31, 2013 | June 30, | December 31, 2013 | |||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | $ | 55 | $ | 63 | $ | 12 | $ | 16 | ||||||||||||
Crude oil and natural gas derivatives | — | — | 305 | 313 | ||||||||||||||||
Copper derivatives | 8 | 6 | 1 | 1 | ||||||||||||||||
63 | 69 | 318 | 330 | |||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | — | 10 | — | 10 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | — | — | ||||||||||||||||
Copper derivatives | 1 | — | 1 | — | ||||||||||||||||
1 | 10 | 1 | 10 | |||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 55 | 53 | 12 | 6 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | 305 | 313 | ||||||||||||||||
Copper derivatives | 7 | 6 | — | 1 | ||||||||||||||||
$ | 62 | $ | 59 | $ | 317 | $ | 320 | |||||||||||||
Balance sheet classification: | ||||||||||||||||||||
Trade accounts receivable | $ | 55 | $ | 53 | $ | — | $ | — | ||||||||||||
Other current assets | 7 | 6 | — | — | ||||||||||||||||
Accounts payable and accrued liabilities | — | — | 232 | 205 | ||||||||||||||||
Other liabilities | — | — | 85 | 115 | ||||||||||||||||
$ | 62 | $ | 59 | $ | 317 | $ | 320 | |||||||||||||
Fair_Value_Measurement_Unaudit1
Fair Value Measurement (Unaudited) (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||
A summary of the changes in the fair value of FCX's Level 3 instruments follows (in millions): | ||||||||||||||||||||
Crude Oil | Plains Offshore | |||||||||||||||||||
Options | Warrants | |||||||||||||||||||
Fair value at December 31, 2013 | $ | (309 | ) | $ | (2 | ) | ||||||||||||||
Net realized losses | (6 | ) | a | — | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (100 | ) | b | 2 | c | |||||||||||||||
Settlement payments | 117 | — | ||||||||||||||||||
Fair value at June 30, 2014 | $ | (298 | ) | $ | — | |||||||||||||||
a. | Recorded in revenues. | |||||||||||||||||||
b. | Included net unrealized losses of $98 million recorded in revenues and $2 million of interest expense associated with the deferred premiums. | |||||||||||||||||||
c. | Recorded in other (expense) income, net. | |||||||||||||||||||
Carrying Amount and Fair Value of Other Financial Instruments | ' | |||||||||||||||||||
A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 7), follows (in millions): | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities:a,b | ||||||||||||||||||||
Money market fundsc | $ | 434 | $ | 434 | $ | 434 | $ | — | $ | — | ||||||||||
U.S. core fixed income fund | 22 | 22 | — | 22 | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total | 460 | 460 | 438 | 22 | — | |||||||||||||||
Legally restricted funds:a,b,d | ||||||||||||||||||||
U.S. core fixed income fund | 50 | 50 | — | 50 | — | |||||||||||||||
Government bonds and notes | 35 | 35 | — | 35 | — | |||||||||||||||
Government mortgage-backed securities | 31 | 31 | — | 31 | — | |||||||||||||||
Corporate bonds | 29 | 29 | — | 29 | — | |||||||||||||||
Asset-backed securities | 16 | 16 | — | 16 | — | |||||||||||||||
Money market funds | 6 | 6 | 6 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 168 | 168 | 6 | 162 | — | |||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 55 | 55 | — | 55 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 6 | — | — | |||||||||||||||
Copper forward contracts | 2 | 2 | 2 | — | — | |||||||||||||||
Total | 63 | 63 | 8 | 55 | — | |||||||||||||||
Total assets | $ | 691 | $ | 452 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability position | $ | 12 | $ | 12 | $ | — | $ | 12 | $ | — | ||||||||||
Crude oil options | 298 | 298 | — | — | 298 | |||||||||||||||
Natural gas swaps | 7 | 7 | — | 7 | — | |||||||||||||||
Copper futures and swap contracts | 1 | 1 | 1 | — | — | |||||||||||||||
Total | 318 | 318 | 1 | 19 | 298 | |||||||||||||||
Long-term debt, including current portionf | 20,296 | 20,607 | — | 20,607 | — | |||||||||||||||
Total liabilities | $ | 20,925 | $ | 1 | $ | 20,626 | $ | 298 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities:a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 21 | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 5 | 5 | 5 | — | — | |||||||||||||||
Total | 44 | 44 | 23 | 21 | — | |||||||||||||||
Legally restricted funds:a,b,d | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 34 | 34 | — | 34 | — | |||||||||||||||
Corporate bonds | 28 | 28 | — | 28 | — | |||||||||||||||
Government bonds and notes | 28 | 28 | — | 28 | — | |||||||||||||||
Money market funds | 28 | 28 | 28 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 182 | 182 | 28 | 154 | — | |||||||||||||||
Derivatives:a,e | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 63 | 63 | — | 63 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 5 | 1 | — | |||||||||||||||
Total | 69 | 69 | 5 | 64 | — | |||||||||||||||
Total assets | $ | 295 | $ | 56 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positione | $ | 16 | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||||
Crude oil optionse | 309 | 309 | — | — | 309 | |||||||||||||||
Natural gas swapse | 4 | 4 | — | 4 | — | |||||||||||||||
Copper forward contractse | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantsg | 2 | 2 | — | — | 2 | |||||||||||||||
Total | 332 | 332 | 1 | 20 | 311 | |||||||||||||||
Long-term debt, including current portionf | 20,706 | 20,487 | — | 20,487 | — | |||||||||||||||
Total liabilities | $ | 20,819 | $ | 1 | $ | 20,507 | $ | 311 | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
c. | Included $414 million held in an escrow account for future oil and gas property acquisitions (refer to Note 2 for further discussion). | |||||||||||||||||||
d. | Excluded $225 million of time deposits (which approximated fair value) at June 30, 2014 (included in other current assets), and at December 31, 2013 ($15 million included in other current assets and $210 million in other assets), associated with the Cerro Verde royalty dispute. | |||||||||||||||||||
e. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. | |||||||||||||||||||
g. | Included in other liabilities. | |||||||||||||||||||
Business_Segments_Unaudited_Ta
Business Segments (Unaudited) (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information By Segment | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 52 | $ | 55 | $ | 107 | $ | 421 | $ | 213 | $ | 311 | $ | 945 | $ | 523 | a | $ | 386 | $ | — | $ | 1,234 | $ | 623 | $ | 468 | b | $ | 4,286 | $ | 1,236 | c | $ | — | $ | 5,522 | |||||||||||||||||||||||||||||||
Intersegment | 474 | 888 | 1,362 | 23 | 62 | 1 | 86 | — | 32 | 170 | 8 | 6 | (1,664 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 312 | 558 | 870 | 195 | 164 | 171 | 530 | 511 | 198 | 81 | 1,233 | 618 | (1,287 | ) | 2,754 | 329 | (1 | ) | 3,082 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 43 | 85 | 128 | 43 | 16 | 36 | 95 | 54 | 63 | 24 | 3 | 10 | 17 | 394 | 616 | 3 | 1,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | — | 1 | 1 | 1 | — | 2 | 25 | 3 | — | — | 5 | 6 | 42 | 59 | 63 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | — | — | — | — | — | — | 32 | 34 | — | — | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 76 | 76 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 170 | 298 | 468 | 205 | 94 | 105 | 404 | (67 | ) | 154 | 65 | 6 | (4 | ) | (40 | ) | 986 | 232 | (65 | ) | 1,153 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | 1 | 1 | — | — | — | — | — | — | — | — | 3 | 18 | 22 | 74 | 68 | 164 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 73 | 32 | 35 | 140 | (33 | ) | 33 | — | — | — | — | 140 | — | 188 | 328 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at June 30, 2014 | 3,675 | 5,822 | 9,497 | 6,901 | 1,520 | 2,271 | 10,692 | 7,972 | 4,952 | 2,095 | 299 | 882 | 1,127 | 37,516 | 25,293 | 1,200 | 64,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 289 | 35 | 324 | 391 | 12 | 13 | 416 | 243 | 29 | 14 | 1 | 5 | 17 | 1,049 | 903 | (2 | ) | 1,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 38 | $ | 76 | $ | 114 | $ | 311 | $ | 138 | $ | 315 | $ | 764 | $ | 471 | a | $ | 355 | $ | — | $ | 1,265 | $ | 583 | $ | 399 | b | $ | 3,951 | $ | 336 | c | $ | 1 | $ | 4,288 | |||||||||||||||||||||||||||||||
Intersegment | 444 | 751 | 1,195 | 86 | 101 | — | 187 | 120 | 10 | 144 | 7 | 4 | (1,667 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 301 | 552 | 853 | 189 | 174 | 153 | 516 | 563 | 185 | 78 | 1,262 | 575 | (1,273 | ) | 2,759 | 89 | 5 | 2,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 37 | 71 | 108 | 37 | 16 | 33 | 86 | 58 | 57 | 21 | 2 | 12 | 14 | 358 | 169 | 3 | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 2 | — | — | 2 | 27 | 3 | — | — | 4 | 9 | 47 | 14 | 125 | 186 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 1 | 1 | — | — | — | — | — | — | — | — | — | 60 | 61 | — | 3 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (2 | ) | (2 | ) | — | — | — | — | — | — | — | — | — | 18 | 16 | — | — | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 143 | 204 | 347 | 169 | 49 | 129 | 347 | (57 | ) | 120 | 45 | 8 | (4 | ) | (96 | ) | 710 | 64 | (135 | ) | 639 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 2 | 1 | 3 | 2 | — | — | 2 | 10 | 2 | — | — | 4 | 20 | 41 | 26 | 65 | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 59 | 20 | 48 | 127 | (4 | ) | 22 | — | — | — | — | 145 | — | (105 | ) | d | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at June 30, 2013 | 2,730 | 5,768 | 8,498 | 6,089 | 1,623 | 2,487 | 10,199 | 7,095 | 4,887 | 2,061 | 287 | 934 | 1,100 | 35,061 | 26,587 | 1,509 | 63,157 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 204 | 82 | 286 | 208 | 28 | 8 | 244 | 320 | 46 | 42 | 1 | 11 | 23 | 973 | 190 | 10 | 1,173 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $540 million in second-quarter 2014 and $291 million in second-quarter 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $70 million in second-quarter 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from oil and gas acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 75 | $ | 116 | $ | 191 | $ | 701 | $ | 341 | $ | 605 | $ | 1,647 | $ | 985 | a | $ | 692 | $ | — | $ | 2,380 | $ | 1,211 | $ | 904 | b | $ | 8,010 | $ | 2,497 | c | $ | — | $ | 10,507 | |||||||||||||||||||||||||||||||
Intersegment | 918 | 1,646 | 2,564 | 87 | 190 | 5 | 282 | 8 | 53 | 296 | 16 | 11 | (3,230 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 595 | 1,061 | 1,656 | 360 | 314 | 332 | 1,006 | 894 | 350 | 157 | 2,381 | 1,206 | (2,470 | ) | 5,180 | 640 | (1 | ) | 5,819 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 77 | 158 | 235 | 79 | 35 | 68 | 182 | 102 | 114 | 46 | 5 | 20 | 36 | 740 | 1,232 | 7 | 1,979 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 2 | 1 | 1 | 4 | 46 | 6 | — | — | 9 | 13 | 80 | 116 | 103 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 4 | 4 | — | — | — | — | — | — | — | — | — | 60 | 64 | — | — | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 82 | 82 | — | — | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 320 | 538 | 858 | 347 | 181 | 209 | 737 | (49 | ) | 275 | 93 | 10 | (13 | ) | (47 | ) | 1,864 | 509 | (109 | ) | 2,264 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | 1 | 2 | — | — | — | — | — | — | — | — | 7 | 36 | 45 | 150 | 130 | 325 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 130 | 68 | 69 | 267 | (15 | ) | 57 | — | — | — | — | 309 | — | 376 | 685 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 533 | 94 | 627 | 791 | 22 | 26 | 839 | 479 | 60 | 33 | 2 | 6 | 27 | 2,073 | 1,484 | 5 | 3,562 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 118 | $ | 121 | $ | 239 | $ | 601 | $ | 391 | $ | 622 | $ | 1,614 | $ | 1,335 | a | $ | 793 | $ | — | $ | 2,595 | $ | 1,216 | $ | 740 | b | $ | 8,532 | $ | 336 | c | $ | 3 | $ | 8,871 | |||||||||||||||||||||||||||||||
Intersegment | 880 | 1,575 | 2,455 | 195 | 156 | — | 351 | 187 | 10 | 287 | 14 | 10 | (3,314 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 598 | 1,054 | 1,652 | 360 | 341 | 290 | 991 | 1,126 | 370 | 158 | 2,590 | 1,203 | (2,615 | ) | 5,475 | 89 | 8 | 5,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 70 | 140 | 210 | 70 | 25 | 62 | 157 | 113 | 115 | 41 | 5 | 22 | 22 | 685 | 169 | 5 | 859 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 2 | 3 | 2 | 1 | — | 3 | 53 | 6 | — | — | 9 | 18 | 92 | 14 | 193 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 1 | 1 | — | — | — | — | — | — | — | — | — | 109 | 110 | — | 6 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (6 | ) | (6 | ) | — | — | — | — | — | — | — | — | — | 37 | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 329 | 505 | 834 | 364 | 180 | 270 | 814 | 230 | 312 | 88 | 14 | (8 | ) | (145 | ) | 2,139 | 64 | (209 | ) | 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3 | 1 | 4 | 2 | — | — | 2 | 12 | 2 | — | — | 8 | 40 | 68 | 26 | 95 | 189 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 123 | 64 | 91 | 278 | 116 | 66 | — | — | — | — | 460 | — | 8 | d | 468 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 357 | 186 | 543 | 372 | 68 | 30 | 470 | 511 | 103 | 82 | 2 | 19 | 40 | 1,770 | 190 | 18 | 1,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $913 million for the first six months of 2014 and $721 million for the first six months of 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $120 million for the first six months of 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from oil and gas acquisitions. |
Guarantor_Financial_Statements1
Guarantor Financial Statements (Unaudited) (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1 | $ | 1,457 | $ | — | $ | 1,458 | ||||||||||
Accounts receivable | 388 | 2,840 | 2,466 | (2,936 | ) | 2,758 | ||||||||||||||
Other current assets | 78 | 56 | 5,904 | — | 6,038 | |||||||||||||||
Total current assets | 466 | 2,897 | 9,827 | (2,936 | ) | 10,254 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 25 | 45 | 25,337 | — | 25,407 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 4,583 | 6,460 | 14 | 11,057 | |||||||||||||||
Not subject to amortization | — | 1,853 | 8,916 | — | 10,769 | |||||||||||||||
Investments in consolidated subsidiaries | 32,769 | 10,107 | 11,416 | (54,292 | ) | — | ||||||||||||||
Goodwill | — | 217 | 1,500 | — | 1,717 | |||||||||||||||
Other assets | 6,346 | 3,432 | 4,241 | (9,214 | ) | 4,805 | ||||||||||||||
Total assets | $ | 39,606 | $ | 23,134 | $ | 67,697 | $ | (66,428 | ) | $ | 64,009 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,550 | $ | 1,026 | $ | 6,088 | $ | (1,106 | ) | $ | 7,558 | |||||||||
Long-term debt, less current portion | 12,435 | 6,762 | 5,885 | (7,570 | ) | 17,512 | ||||||||||||||
Deferred income taxes | 4,244 | a | — | 3,207 | — | 7,451 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 291 | 3,003 | — | 3,294 | |||||||||||||||
Other liabilities | 46 | 3,457 | 1,753 | (3,474 | ) | 1,782 | ||||||||||||||
Total liabilities | 18,275 | 11,536 | 19,936 | (12,150 | ) | 37,597 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 745 | — | 745 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 21,331 | 11,598 | 43,140 | (54,737 | ) | 21,332 | ||||||||||||||
Noncontrolling interests | — | — | 3,876 | 459 | 4,335 | |||||||||||||||
Total equity | 21,331 | 11,598 | 47,016 | (54,278 | ) | 25,667 | ||||||||||||||
Total liabilities and equity | $ | 39,606 | $ | 23,134 | $ | 67,697 | $ | (66,428 | ) | $ | 64,009 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,985 | $ | — | $ | 1,985 | ||||||||||
Accounts receivable | 855 | 659 | 2,258 | (1,210 | ) | 2,562 | ||||||||||||||
Other current assets | 114 | 38 | 5,273 | — | 5,425 | |||||||||||||||
Total current assets | 969 | 697 | 9,516 | (1,210 | ) | 9,972 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 27 | 43 | 23,972 | — | 24,042 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,207 | 6,265 | — | 12,472 | |||||||||||||||
Not subject to amortization | — | 2,649 | 8,238 | — | 10,887 | |||||||||||||||
Investments in consolidated subsidiaries | 31,162 | 9,712 | 12,468 | (53,342 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,126 | 4,640 | 4,128 | (11,710 | ) | 4,184 | ||||||||||||||
Total assets | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,003 | $ | 758 | $ | 4,222 | $ | (1,210 | ) | $ | 4,773 | |||||||||
Long-term debt, less current portion | 13,184 | 7,199 | 8,056 | (8,045 | ) | 20,394 | ||||||||||||||
Deferred income taxes | 4,137 | a | — | 3,273 | — | 7,410 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 301 | 2,958 | — | 3,259 | |||||||||||||||
Other liabilities | 26 | 3,436 | 1,893 | (3,665 | ) | 1,690 | ||||||||||||||
Total liabilities | 18,350 | 11,694 | 20,402 | (12,920 | ) | 37,526 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 716 | — | 716 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,934 | 12,691 | 41,100 | (53,791 | ) | 20,934 | ||||||||||||||
Noncontrolling interests | — | — | 3,848 | 449 | 4,297 | |||||||||||||||
Total equity | 20,934 | 12,691 | 44,948 | (53,342 | ) | 25,231 | ||||||||||||||
Total liabilities and equity | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
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 | ||||||||||||||||||||
Three and Six Months Ended June 30, 2014 | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 570 | $ | 4,952 | $ | — | $ | 5,522 | ||||||||||
Total costs and expenses | 21 | 489 | 3,865 | (6 | ) | 4,369 | ||||||||||||||
Operating (loss) income | (21 | ) | 81 | 1,087 | 6 | 1,153 | ||||||||||||||
Interest expense, net | (87 | ) | (44 | ) | (51 | ) | 18 | (164 | ) | |||||||||||
Net (loss) gain on early extinguishment of debt | (1 | ) | 6 | — | — | 5 | ||||||||||||||
Other income (expense), net | 17 | 1 | (8 | ) | (18 | ) | (8 | ) | ||||||||||||
Benefit from (provision for) income taxes | 26 | 26 | (378 | ) | (2 | ) | (328 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 548 | 126 | 154 | (826 | ) | 2 | ||||||||||||||
Net income (loss) | 482 | 196 | 804 | (822 | ) | 660 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (180 | ) | 2 | (178 | ) | |||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 482 | $ | 196 | $ | 624 | $ | (820 | ) | $ | 482 | |||||||||
Other comprehensive income | — | — | 1 | — | 1 | |||||||||||||||
Total comprehensive income (loss) | $ | 482 | $ | 196 | $ | 625 | $ | (820 | ) | $ | 483 | |||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 1,214 | $ | 9,293 | $ | — | $ | 10,507 | ||||||||||
Total costs and expenses | 32 | 1,015 | 7,204 | (8 | ) | 8,243 | ||||||||||||||
Operating (loss) income | (32 | ) | 199 | 2,089 | 8 | 2,264 | ||||||||||||||
Interest expense, net | (169 | ) | (85 | ) | (109 | ) | 38 | (325 | ) | |||||||||||
Net (loss) gain on early extinguishment of debt | (1 | ) | 6 | — | — | 5 | ||||||||||||||
Other income (expense), net | 37 | 1 | 25 | (38 | ) | 25 | ||||||||||||||
Benefit from (provision for) income taxes | 5 | (17 | ) | (670 | ) | (3 | ) | (685 | ) | |||||||||||
Equity in affiliated companies' net earnings (losses) | 1,152 | 256 | 339 | (1,745 | ) | 2 | ||||||||||||||
Net income (loss) | 992 | 360 | 1,674 | (1,740 | ) | 1,286 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (291 | ) | (3 | ) | (294 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 992 | $ | 360 | $ | 1,383 | $ | (1,743 | ) | $ | 992 | |||||||||
Other comprehensive income | — | — | 4 | — | 4 | |||||||||||||||
Total comprehensive income (loss) | $ | 992 | $ | 360 | $ | 1,387 | $ | (1,743 | ) | $ | 996 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three and Six Months Ended June 30, 2013 | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 162 | $ | 4,126 | $ | — | $ | 4,288 | ||||||||||
Total costs and expenses | 76 | 135 | 3,438 | — | 3,649 | |||||||||||||||
Operating (loss) income | (76 | ) | 27 | 688 | — | 639 | ||||||||||||||
Interest expense, net | (92 | ) | (12 | ) | (39 | ) | 11 | (132 | ) | |||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 11 | — | 13 | (11 | ) | 13 | ||||||||||||||
Benefit from (provision for) income taxes | 35 | (5 | ) | (70 | ) | — | (40 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 476 | 20 | (3 | ) | (491 | ) | 2 | |||||||||||||
Net income (loss) | 482 | 30 | 589 | (491 | ) | 610 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (133 | ) | 5 | (128 | ) | |||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 482 | $ | 30 | $ | 456 | $ | (486 | ) | $ | 482 | |||||||||
Other comprehensive income | — | — | 5 | — | 5 | |||||||||||||||
Total comprehensive income (loss) | $ | 482 | $ | 30 | $ | 461 | $ | (486 | ) | $ | 487 | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 162 | $ | 8,709 | $ | — | $ | 8,871 | ||||||||||
Total costs and expenses | 95 | 135 | 6,647 | — | 6,877 | |||||||||||||||
Operating (loss) income | (95 | ) | 27 | 2,062 | — | 1,994 | ||||||||||||||
Interest expense, net | (128 | ) | (12 | ) | (64 | ) | 15 | (189 | ) | |||||||||||
Losses on early extinguishment of debt | (45 | ) | — | — | — | (45 | ) | |||||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 15 | — | 10 | (15 | ) | 10 | ||||||||||||||
Benefit from (provision for) income taxes | 26 | (5 | ) | (489 | ) | — | (468 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 1,229 | 20 | (46 | ) | (1,199 | ) | 4 | |||||||||||||
Net income (loss) | 1,130 | 30 | 1,473 | (1,199 | ) | 1,434 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (292 | ) | (12 | ) | (304 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 1,130 | $ | 30 | $ | 1,181 | $ | (1,211 | ) | $ | 1,130 | |||||||||
Other comprehensive income | — | — | 11 | — | 11 | |||||||||||||||
Total comprehensive income (loss) | $ | 1,130 | $ | 30 | $ | 1,192 | $ | (1,211 | ) | $ | 1,141 | |||||||||
Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 992 | $ | 360 | $ | 1,674 | $ | (1,740 | ) | $ | 1,286 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 2 | 545 | 1,440 | (8 | ) | 1,979 | ||||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 120 | — | — | 120 | |||||||||||||||
Net gain (loss) on early extinguishment of debt | 1 | (6 | ) | — | — | (5 | ) | |||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (1,152 | ) | (256 | ) | 39 | 1,367 | (2 | ) | ||||||||||||
Other, net | 121 | (12 | ) | (123 | ) | — | (14 | ) | ||||||||||||
(Increases) decreases in working capital and changes in other tax payments | (164 | ) | (2,165 | ) | 1,552 | — | (777 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (200 | ) | (1,414 | ) | 4,582 | (381 | ) | 2,587 | ||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (897 | ) | (2,665 | ) | — | (3,562 | ) | ||||||||||||
Acquisition of Deepwater GOM interest | — | — | (925 | ) | — | (925 | ) | |||||||||||||
Intercompany loans | 1,318 | 1,629 | — | (2,947 | ) | — | ||||||||||||||
Investment in consolidated subsidiary | (364 | ) | (96 | ) | 1,079 | (619 | ) | — | ||||||||||||
Net proceeds from sale of Eagle Ford shale assets | — | 3,009 | — | — | 3,009 | |||||||||||||||
Other, net | — | (381 | ) | 18 | — | (363 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 954 | 3,264 | (2,493 | ) | (3,566 | ) | (1,841 | ) | ||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 890 | — | 358 | — | 1,248 | |||||||||||||||
Repayments of debt | (990 | ) | (224 | ) | (397 | ) | — | (1,611 | ) | |||||||||||
Intercompany loans | — | (170 | ) | (2,777 | ) | 2,947 | — | |||||||||||||
Cash dividends and distributions paid | (653 | ) | (1,453 | ) | 203 | 1,000 | (903 | ) | ||||||||||||
Other, net | (1 | ) | (2 | ) | (4 | ) | — | (7 | ) | |||||||||||
Net cash (used in) provided by financing activities | (754 | ) | (1,849 | ) | (2,617 | ) | 3,947 | (1,273 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | — | 1 | (528 | ) | — | (527 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1,985 | — | 1,985 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1 | $ | 1,457 | $ | — | $ | 1,458 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 1,130 | $ | 30 | $ | 1,473 | $ | (1,199 | ) | $ | 1,434 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 2 | 79 | 772 | 6 | 859 | |||||||||||||||
Net loss on early extinguishment of debt | 45 | — | — | — | 45 | |||||||||||||||
Gain on investment in MMR | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 35 | — | — | 35 | |||||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (1,229 | ) | (20 | ) | 52 | 1,193 | (4 | ) | ||||||||||||
Other, net | 27 | (6 | ) | (202 | ) | — | (181 | ) | ||||||||||||
Decreases (increases) in working capital and changes in other tax payments, excluding amounts from acquisitions | 142 | 31 | (368 | ) | — | (195 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (11 | ) | 149 | 1,727 | — | 1,865 | ||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (151 | ) | (1,827 | ) | — | (1,978 | ) | ||||||||||||
Acquisitions, net of cash acquired | (5,437 | ) | — | (321 | ) | 344 | (5,414 | ) | ||||||||||||
Investment in consolidated subsidiary | 104 | — | — | (104 | ) | — | ||||||||||||||
Other, net | (5 | ) | — | (259 | ) | — | (264 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (5,338 | ) | (151 | ) | (2,407 | ) | 240 | (7,656 | ) | |||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 10,885 | — | 136 | — | 11,021 | |||||||||||||||
Repayments of debt | (4,050 | ) | (415 | ) | (76 | ) | — | (4,541 | ) | |||||||||||
Intercompany loans | (476 | ) | 476 | 344 | (344 | ) | — | |||||||||||||
Cash dividends and distributions paid | (595 | ) | — | (194 | ) | 104 | (685 | ) | ||||||||||||
Other, net | (415 | ) | — | — | — | (415 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 5,349 | 61 | 210 | (240 | ) | 5,380 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 59 | (470 | ) | — | (411 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 3,705 | — | 3,705 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 59 | $ | 3,235 | $ | — | $ | 3,294 | ||||||||||
General_Information_Unaudited_
General Information (Unaudited) (Details) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Plains Exploration & Production Company [Member] | McMoRan Exploration Co [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Entity Information, Date to Change Former Legal or Registered Name | 14-Jul-14 | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 31-May-13 | 3-Jun-13 |
Acquisitions_Unaudited_Details
Acquisitions (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 20, 2014 | Jun. 30, 2014 |
Plains Exploration & Production Company and McMoRan Exploration Co [Member] | Plains Exploration & Production Company and McMoRan Exploration Co [Member] | Eagle Ford [Member] | Eagle Ford [Member] | Eagle Ford [Member] | Deepwater Gulf of Mexico Interests [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Adjustment to Oil and Gas Properties | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' |
Business Acquisition, Adjustment to Goodwill | ' | ' | ' | ' | 22 | ' | ' | 221 | ' | ' |
Business Acquisition, Adjustment to Deferred Income Tax Assets | ' | ' | ' | ' | -42 | ' | ' | ' | ' | ' |
Disposal Date | ' | ' | ' | ' | ' | ' | ' | 20-Jun-14 | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | 3,100 | ' | 919 |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | 1-Apr-14 | ' | 30-Jun-14 |
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | 58 | -183 | 58 | -183 | ' | -183 | 58 | ' | ' | ' |
Escrow Deposit Disbursements Related to Property Acquisition | 414 | ' | 414 | ' | ' | ' | 414 | 414 | 1,300 | ' |
Business Combination, Adjustment to Recognized Identifiable Assets Acquired and Liabilities Assumed Oil and Gas Properties Subject to Depletion | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460 |
Business Combination, Adjustment to Recognized Identifiable Assets Acquired and Liabilities Assumed Oil and Gas Properties Not Subject to Depletion | ' | ' | ' | ' | ' | ' | ' | ' | ' | $476 |
Acquisitions_Unaudited_Pro_For
Acquisitions (Unaudited) Pro Forma Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Plains Exploration & Production Company and McMoRan Exploration Co [Member] | Plains Exploration & Production Company and McMoRan Exploration Co [Member] | Plains Exploration & Production Company and McMoRan Exploration Co [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenues | ' | ' | ' | ' | ' | $5,330,000,000 | $11,025,000,000 |
Business Acquisition, Pro Forma Operating Income | ' | ' | ' | ' | ' | 1,330,000,000 | 2,910,000,000 |
Business Acquisition, Pro Forma Income from Continuing Operations | ' | ' | ' | ' | ' | 722,000,000 | 1,635,000,000 |
Business Acquisition, Pro Forma Net Income | ' | ' | ' | ' | ' | 585,000,000 | 1,313,000,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | ' | ' | ' | ' | $0.56 | $1.26 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | ' | ' | ' | $0.56 | $1.26 |
Business Combination, Acquisition Related Costs, Including Acquiree Costs | ' | ' | ' | ' | ' | 506,000,000 | ' |
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | 58,000,000 | -183,000,000 | 58,000,000 | -183,000,000 | ' | -183,000,000 | ' |
Gain on investment in MMR | 0 | 128,000,000 | 0 | 128,000,000 | ' | 128,000,000 | ' |
Gain (Loss) on Sale of Oil and Gas Property, Excluded for Full Cost Accounting | ' | ' | ' | ' | $77,000,000 | ' | ' |
Earnings_Per_Share_Unaudited_D
Earnings Per Share (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||
Net income | $660 | $610 | $1,286 | $1,434 | ||
Net income attributable to noncontrolling interests | -168 | -125 | -274 | -301 | ||
Preferred dividends on redeemable noncontrolling interest | -10 | -3 | -20 | -3 | ||
Undistributed earnings allocable to participating securities | -2 | 0 | -3 | 0 | ||
Net income allocable to FCX common stockholders | $480 | ' | ' | ' | ||
Basic weighted-average shares of common stock outstanding | 1,039 | 980 | 1,039 | 965 | ||
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs | 6 | [1] | 4 | 6 | [1] | 3 |
Diluted weighted-average shares of common stock outstanding | 1,045 | 984 | 1,045 | 968 | ||
Basic net income per share attributable to FCX common stockholders | $0.46 | $0.49 | $0.95 | $1.17 | ||
Diluted net income per share attributable to FCX common stockholders | $0.46 | $0.49 | $0.95 | $1.17 | ||
Potential anti-dilutive additional shares of common stock (in shares) | 3 | ' | 3 | ' | ||
Outstanding stock options with exercise prices greater than average market price of common stock | 30 | 32 | 30 | 30 | ||
Weighted-average exercise price of outstanding stock options not in-the-money | $41.05 | $40.53 | $41.05 | $40.92 | ||
[1] | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately 3 million for both second-quarter 2014 and for the six months ended June 30, 2014. |
Inventories_Including_LongTerm2
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Components of Inventories [Line Items] | ' | ' | ||
Raw materials (primarily concentrates) | $297 | $238 | ||
Work-in-process | 154 | [1] | 199 | [1] |
Finished goods | 1,214 | [2] | 1,146 | [2] |
Total product inventories | 1,665 | 1,583 | ||
Mill and leach stockpiles | 1,880 | 1,705 | ||
Total materials and supplies, net | 1,825 | [3] | 1,730 | [3] |
Long-term mill and leach stockpiles | 2,518 | 2,386 | ||
Inventory obsolescence reserves | 21 | 24 | ||
Current [Member] | ' | ' | ||
Components of Inventories [Line Items] | ' | ' | ||
Mill stockpiles | 104 | 91 | ||
Leach stockpiles | 1,776 | 1,614 | ||
Mill and leach stockpiles | 1,880 | 1,705 | ||
Long-Term [Member] | ' | ' | ||
Components of Inventories [Line Items] | ' | ' | ||
Mill stockpiles | 753 | 698 | ||
Leach stockpiles | 1,765 | 1,688 | ||
Long-term mill and leach stockpiles | $2,518 | [4] | $2,386 | [4] |
[1] | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | |||
[2] | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | |||
[3] | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at June 30, 2014, and $24 million at December 31, 2013. | |||
[4] | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited_Details
Income Taxes (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ||||
U.S. operations | $149 | [1] | ($95) | [2] | $285 | [1] | ($19) | [2] |
International operations | 179 | 135 | 400 | 487 | ||||
Total | 328 | 40 | 685 | 468 | ||||
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | 58 | -183 | 58 | -183 | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | ' | -190 | ' | -190 | ||||
Deferred Other Tax Expense (Benefit) | ' | -69 | ' | -69 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | ' | $76 | ' | $76 | ||||
Consolidated effective income tax rate (percent) | ' | ' | 35.00% | 34.00% | ||||
[1] | FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford. | |||||||
[2] | As a result of second-quarter 2013 oil and gas acquisitions, FCX recognized a net tax benefit of $183 million, consisting of income tax benefits of $190 million associated with net reductions in FCX's valuation allowances and $69 million related to the release of the deferred tax liability on PXP's investment in MMR common stock; partially offset by income tax expense of $76 million associated with the write off of deferred tax assets related to environmental liabilities. |
Debt_and_Equity_Transactions_U1
Debt and Equity Transactions (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 07, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | 31-May-13 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 23, 2014 | Sep. 30, 2014 | Jul. 23, 2014 | Sep. 30, 2014 | Jul. 23, 2014 | Sep. 30, 2014 | Jul. 23, 2014 | Sep. 30, 2014 | Jul. 23, 2014 | |
Senior Notes [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Bridge Loan [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Facility [Domain] | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | |||||||||
6.625% Senior Notes due 2021 [Member] | 6.625% Senior Notes due 2021 [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Credit Facility [Domain] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||
6.125% Senior Notes due 2019 [Member] | 6.125% Senior Notes due 2019 [Member] | 6.5% Senior Notes due 2020 [Member] | 6.5% Senior Notes due 2020 [Member] | 6.75% Senior Notes due 2022 [Member] | 6.75% Senior Notes due 2022 [Member] | 6.875% Senior Notes due 2023 [Member] | 6.875% Senior Notes due 2023 [Member] | |||||||||||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $210,000,000 | ' | ' | ' | ' | ' | ' | $1,700,000,000 | ' | $263,000,000 | ' | $525,000,000 | ' | $350,000,000 | ' | $525,000,000 | ' |
Debt Instrument, Repurchase Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | 6.13% | ' | 6.50% | ' | 6.75% | ' | 6.88% |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 5,000,000 | 0 | 5,000,000 | -45,000,000 | ' | ' | ' | -45,000,000 | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | 58,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Gain (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 4,000,000,000 | 3,000,000,000 | ' | ' | ' | ' | 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of revolving credit facility available to subsidiary | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | 31-May-19 | ' | ' | ' | ' | ' | 10-Mar-19 | 30-Sep-17 | 31-Mar-18 | 30-Sep-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Remaining Borrowing Capacity Available For Letters Of Credit | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term When Funds Are Available to be Drawn on Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 70.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $6,500,000,000 | ' | ' | $9,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Equity_Transactions_U2
Debt and Equity Transactions (Unaudited) Interest, Dividends and Maturities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Capitalized Interest [Line Items] | ' | ' | ' | ' |
Interest costs incurred | $225 | $167 | $449 | $242 |
Dividends Payable, Date Declared | 25-Jun-14 | ' | ' | ' |
Authorized Quarterly Rate Of Common Stock Dividend | $0.31 | ' | ' | ' |
Dividends Payable, Date to be Paid | 1-Aug-14 | ' | ' | ' |
Dividends Payable, Date of Record | 15-Jul-14 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | 91 | ' | ' |
Property, Plant, Equipment and Mining Development Costs, Net [Member] | ' | ' | ' | ' |
Capitalized Interest [Line Items] | ' | ' | ' | ' |
Interest costs capitalized | 39 | 27 | 79 | 45 |
Oil and Gas Properties Not Subject to Amortization [Member] | ' | ' | ' | ' |
Capitalized Interest [Line Items] | ' | ' | ' | ' |
Interest costs capitalized | $22 | $8 | $45 | $8 |
Financial_Instruments_Unaudite2
Financial Instruments (Unaudited) (Details) (Commodity Contract [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Fair Value Hedging [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative financial instruments | $12 | ($6) | $0 | ($18) | ||||
Hedged item – firm sales commitments | -12 | 6 | 0 | 18 | ||||
Matured derivative financial instruments | -2 | -13 | -4 | -14 | ||||
Derivatives not designated as hedging instruments [Member] | Embedded derivatives in provisional sales contracts [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | 84 | [1] | -205 | [1] | -85 | [1] | -288 | [1] |
Derivatives not designated as hedging instruments [Member] | Copper forward contracts [Member] | Amounts recorded in Cost of Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | 4 | [2] | 0 | [2] | 5 | [2] | 3 | [2] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Crude Oil Options [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | -68 | [1] | -54 | [1] | -104 | [1] | -54 | [1] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Natural gas swaps [Member] | Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | ($2) | [1] | $19 | [1] | ($16) | [1] | $19 | [1] |
[1] | Amounts recorded in revenues. | |||||||
[2] | Amounts recorded in cost of sales as production and delivery costs. |
Financial_Instruments_Unaudite3
Financial Instruments (Unaudited) Not Designated as Hedging Instruments (Details) | 6 Months Ended |
Jun. 30, 2014 | |
lb | |
Embedded derivatives in provisional sales contracts - Copper [Member] | Derivatives not designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 496,000,000 |
Average contract price | 3.08 |
Average market price | 3.18 |
Maturities through | 'November 2014 |
Embedded derivatives in provisional sales contracts - Gold [Member] | Derivatives not designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 85,000 |
Average contract price | 1,273 |
Average market price | 1,314 |
Maturities through | 'August 2014 |
Embedded derivatives in provisional purchase contracts - Copper [Member] | Derivatives not designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 84,000,000 |
Average contract price | 3.07 |
Average market price | 3.19 |
Maturities through | 'October 2014 |
Atlantic Copper [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 19,000,000 |
Average contract price | 3.07 |
Maturities through | 'July 2014 |
Copper futures and swap contracts [Member] | Fair Value Hedging [Member] | Derivatives designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 53,000,000 |
Average contract price | 3.1 |
Maturities through | 'September 2015 |
Financial_Instruments_Unaudite4
Financial Instruments (Unaudited) Oil and Gas (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||
In Millions, unless otherwise specified | Derivatives not designated as hedging instruments [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | 2015 Positions [Member] | Deferred Option Premiums and Accrued Interest [Member] | Deferred Option Premiums and Accrued Interest [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||||||
Natural gas swaps [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Crude Oil Options [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | |||||||||||||
MMBTU | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Natural gas swaps [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | ||||||||||||||
MMBTU | 5 MBbls [Member] | 30 MBbls [Member] | 75 MBbls [Member] | MMBTU | MMBTU | 84 MBbls [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | |||||||||||||||
Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | 5 MBbls [Member] | 30 MBbls [Member] | 75 MBbls [Member] | 84 MBbls [Member] | ||||||||||||||||||
MBbls | MBbls | MBbls | MBbls | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | ||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Liability | $317 | $320 | ' | ' | ' | ' | ' | ' | ' | ' | $329 | $444 | ' | ' | ' | ' | ' | ||||||||
Daily Volumes (Bbls) | ' | ' | 18,000,000 | 20,000,000 | 75 | [1] | 30 | [1] | 5 | [1] | 100,000 | 31,000,000 | 84 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative, Average Floor Price | ' | ' | ' | ' | 90 | [1],[2] | 95 | [1],[2] | 100 | [1],[2] | ' | ' | 90 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative, Average Floor Price Limit | ' | ' | ' | ' | 70 | [1],[2] | 75 | [1],[2] | 80 | [1],[2] | ' | ' | 70 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred Premium Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.49 | 5.74 | [1] | 6.09 | [1] | 7.11 | [1] | 6.89 | [1] | ||||
Derivative, Underlying Basis | ' | ' | ' | ' | 'Brent | [1] | 'Brent | [1] | 'Brent | [1] | ' | ' | 'Brent | [1] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Latest Maturity Period | ' | ' | ' | ' | ' | ' | ' | 'December 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Maximum Price Limit per Barrel | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative, Swap Type, Fixed Price | ' | ' | ' | ' | ' | ' | ' | 4.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | ||||||||||||||||||||||||
[2] | The average strike prices do not reflect any premiums to purchase the put options. |
Financial_Instruments_Unaudite5
Financial Instruments (Unaudited) Unsettled Derivatives (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Paid to brokers associated with margin requirements | $1 | $1 | ||
Derivative Asset | 62 | 59 | ||
Derivative Liability | 317 | 320 | ||
Trade Accounts Receivable [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 55 | 53 | ||
Derivative Liability | 0 | 0 | ||
Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 7 | 6 | ||
Derivative Liability | 0 | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 232 | 205 | ||
Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 85 | 115 | ||
Commodity Contract [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 63 | 69 | ||
Liability position | 318 | 330 | ||
Derivative Asset, Fair Value, Gross Liability | 1 | 10 | ||
Derivative Liability, Fair Value, Gross Asset | 1 | 10 | ||
Derivative Asset | 62 | 59 | ||
Derivative Liability | 317 | 320 | ||
Commodity Contract [Member] | Copper Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 8 | 6 | ||
Liability position | 1 | 1 | ||
Derivative Asset, Fair Value, Gross Liability | 1 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 1 | 0 | ||
Derivative Asset | 7 | 6 | ||
Derivative Liability | 0 | 1 | ||
Commodity Contract [Member] | Copper futures and swap contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 6 | [1] | 6 | [1] |
Liability position | 1 | [1] | 0 | [1] |
Commodity Contract [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 2 | 0 | ||
Liability position | 0 | 1 | ||
Commodity Contract [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 55 | 63 | ||
Liability position | 12 | 16 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 10 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 10 | ||
Derivative Asset | 55 | 53 | ||
Derivative Liability | 12 | 6 | ||
Commodity Contract [Member] | Natural gas swaps [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 7 | 4 | ||
Commodity Contract [Member] | Crude Oil and Natural Gas Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 0 | 0 | ||
Liability position | 305 | 313 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 305 | 313 | ||
Crude Oil Options [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 298 | [2] | 309 | [2] |
Deferred Option Premiums and Accrued Interest [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | $329 | $444 | ||
[1] | FCX paid $1 million to brokers at June 30, 2014, and at December 31, 2013, for margin requirements (recorded in other current assets). | |||
[2] | Included $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. |
Financial_Instruments_Unaudite6
Financial Instruments (Unaudited) Other Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Time Deposits [Member] | Time Deposits [Member] | Plains Offshore Operations Inc. [Member] | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | $62 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,458 | $1,985 | $3,294 | $3,705 | $72 | $211 | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | 8.00% |
Fair_Value_Measurement_Unaudit2
Fair Value Measurement (Unaudited) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives: | ' | ' | ||
Derivative assets | $62 | $59 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 317 | 320 | ||
Escrow Deposit Disbursements Related to Property Acquisition | 414 | ' | ||
Fair Value, Measurements, Recurring [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 460 | [1],[2] | 44 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 168 | [1],[2],[3] | 182 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 63 | [2],[4] | 69 | [2],[4] |
Derivatives: | ' | ' | ||
Derivative liabilities | 318 | [2],[4] | 332 | [2] |
Long-term debt, including current portion | 20,296 | [5] | 20,706 | [5] |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 460 | [1],[2] | 44 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 168 | [1],[2],[3] | 182 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 63 | [2],[4] | 69 | [2],[4] |
Total assets | 691 | 295 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 318 | [2],[4] | 332 | [2] |
Long-term debt, including current portion | 20,607 | [5] | 20,487 | [5] |
Total liabilities | 20,925 | 20,819 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 438 | [1],[2] | 23 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 6 | [1],[2],[3] | 28 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 8 | [2],[4] | 5 | [2],[4] |
Total assets | 452 | 56 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[4] | 1 | [2] |
Long-term debt, including current portion | 0 | [5] | 0 | [5] |
Total liabilities | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 162 | [1],[2],[3] | 154 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 55 | [2],[4] | 64 | [2],[4] |
Total assets | 239 | 239 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 19 | [2],[4] | 20 | [2] |
Long-term debt, including current portion | 20,607 | [5] | 20,487 | [5] |
Total liabilities | 20,626 | 20,507 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Total assets | 0 | 0 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 298 | [2],[4] | 311 | [2] |
Long-term debt, including current portion | 0 | [5] | 0 | [5] |
Total liabilities | 298 | 311 | ||
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 12 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 12 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 12 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 298 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 298 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 298 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 7 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 7 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 7 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 2 | [2],[6] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 2 | [2],[6] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[6] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[6] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 2 | [2],[6] | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 434 | [1],[2],[7] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 6 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 434 | [1],[2],[7] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 6 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 434 | [1],[2],[7] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 6 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2],[7] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2],[7] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 50 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 50 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 50 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 35 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 35 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 35 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 31 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 31 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 31 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 29 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 29 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 29 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 16 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 16 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 16 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 55 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 55 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 55 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 6 | [2],[4] | 6 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 6 | [2],[4] | 6 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 6 | [2],[4] | 5 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 1 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 2 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 2 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 2 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | ' | |
Deferred Option Premiums and Accrued Interest [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 329 | 444 | ||
Other Current Assets [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 7 | 6 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | 0 | ||
Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 225 | 15 | ||
Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | ' | $210 | ||
[1] | Current portion included in other current assets and long-term portion included in other assets. | |||
[2] | Recorded at fair value. | |||
[3] | Excluded $225 million of time deposits (which approximated fair value) at June 30, 2014 (included in other current assets), and at December 31, 2013 ($15 million included in other current assets and $210 million in other assets), associated with the Cerro Verde royalty dispute. | |||
[4] | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||
[5] | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. | |||
[6] | Included in other liabilities. | |||
[7] | ncluded $414 million held in an escrow account for future oil and gas property acquisitions (refer to Note 2 for further discussion). |
Fair_Value_Measurement_Unaudit3
Fair Value Measurement (Unaudited) Unobservable Inputs (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||
In Millions, unless otherwise specified | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Plains Offshore Warrants [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Sales [Member] | Interest Expense [Member] | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value Assumptions, Implied Volatilities | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | 55.00% | ' | 21.00% | ' | ' | ||||
Deferred Premium Price | ' | ' | ' | ' | ' | ' | 5.15 | ' | 7.22 | ' | 6.49 | ' | ' | ' | ||||
Derivative Liability | ($317) | ($320) | ($298) | [1],[2] | ($311) | [1] | ($2) | ($309) | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net realized losses | ' | ' | ' | ' | 0 | -6 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | ' | ' | ' | ' | 2 | [4] | -100 | [5] | ' | ' | ' | ' | ' | ' | -98 | -2 | ||
Settlement payments | ' | ' | ' | ' | 0 | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Liability | ($317) | ($320) | ($298) | [1],[2] | ($311) | [1] | $0 | ($298) | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Recorded at fair value. | |||||||||||||||||
[2] | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $329 million at June 30, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||
[3] | Recorded in revenues. | |||||||||||||||||
[4] | Recorded in other (expense) income, net. | |||||||||||||||||
[5] | Included net unrealized losses of $98 million recorded in revenues and $2 million of interest expense associated with the deferred premiums. |
Contingencies_and_Commitments_1
Contingencies and Commitments (Unaudited) (Details) (PT Freeport Indonesia [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' |
Proceeds from Income Tax Refunds | ' | ' | $151 |
Tax Overpayment | ' | 303 | ' |
Disputed Tax Assessments Receivable | $379 | ' | ' |
Business_Segments_Unaudited_De
Business Segments (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | $5,522 | $4,288 | $10,507 | $8,871 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 3,082 | 2,853 | 5,819 | 5,572 | ' | ||||
Depreciation, depletion and amortization | 1,013 | 530 | 1,979 | 859 | ' | ||||
Selling, general and administrative expenses | 164 | 186 | 299 | 299 | ' | ||||
Mining exploration and research expenses | 34 | 64 | 64 | 116 | ' | ||||
Environmental obligations and shutdown costs | 76 | 16 | 82 | 31 | ' | ||||
Operating income (loss) | 1,153 | 639 | 2,264 | 1,994 | ' | ||||
Interest expense, net | 164 | 132 | 325 | 189 | ' | ||||
Provision for income taxes | 328 | 40 | 685 | 468 | ' | ||||
Total Assets | 64,009 | 63,157 | 64,009 | 63,157 | 63,473 | ||||
Capital expenditures | 1,950 | 1,173 | 3,562 | 1,978 | ' | ||||
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | 58 | -183 | 58 | -183 | ' | ||||
Mining Operations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 4,286 | 3,951 | 8,010 | 8,532 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 2,754 | 2,759 | 5,180 | 5,475 | ' | ||||
Depreciation, depletion and amortization | 394 | 358 | 740 | 685 | ' | ||||
Selling, general and administrative expenses | 42 | 47 | 80 | 92 | ' | ||||
Mining exploration and research expenses | 34 | 61 | 64 | 110 | ' | ||||
Environmental obligations and shutdown costs | 76 | 16 | 82 | 31 | ' | ||||
Operating income (loss) | 986 | 710 | 1,864 | 2,139 | ' | ||||
Interest expense, net | 22 | 41 | 45 | 68 | ' | ||||
Provision for income taxes | 140 | 145 | 309 | 460 | ' | ||||
Total Assets | 37,516 | 35,061 | 37,516 | 35,061 | ' | ||||
Capital expenditures | 1,049 | 973 | 2,073 | 1,770 | ' | ||||
North America Copper Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 107 | 114 | 191 | 239 | ' | ||||
Intersegment | 1,362 | 1,195 | 2,564 | 2,455 | ' | ||||
Production and delivery | 870 | 853 | 1,656 | 1,652 | ' | ||||
Depreciation, depletion and amortization | 128 | 108 | 235 | 210 | ' | ||||
Selling, general and administrative expenses | 1 | 2 | 2 | 3 | ' | ||||
Mining exploration and research expenses | 2 | 1 | 4 | 1 | ' | ||||
Environmental obligations and shutdown costs | 0 | -2 | 0 | -6 | ' | ||||
Operating income (loss) | 468 | 347 | 858 | 834 | ' | ||||
Interest expense, net | 1 | 3 | 2 | 4 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 9,497 | 8,498 | 9,497 | 8,498 | ' | ||||
Capital expenditures | 324 | 286 | 627 | 543 | ' | ||||
Morenci [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 52 | 38 | 75 | 118 | ' | ||||
Intersegment | 474 | 444 | 918 | 880 | ' | ||||
Production and delivery | 312 | 301 | 595 | 598 | ' | ||||
Depreciation, depletion and amortization | 43 | 37 | 77 | 70 | ' | ||||
Selling, general and administrative expenses | 1 | 1 | 1 | 1 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 170 | 143 | 320 | 329 | ' | ||||
Interest expense, net | 0 | 2 | 1 | 3 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 3,675 | 2,730 | 3,675 | 2,730 | ' | ||||
Capital expenditures | 289 | 204 | 533 | 357 | ' | ||||
Other North America Copper Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 55 | 76 | 116 | 121 | ' | ||||
Intersegment | 888 | 751 | 1,646 | 1,575 | ' | ||||
Production and delivery | 558 | 552 | 1,061 | 1,054 | ' | ||||
Depreciation, depletion and amortization | 85 | 71 | 158 | 140 | ' | ||||
Selling, general and administrative expenses | 0 | 1 | 1 | 2 | ' | ||||
Mining exploration and research expenses | 2 | 1 | 4 | 1 | ' | ||||
Environmental obligations and shutdown costs | 0 | -2 | 0 | -6 | ' | ||||
Operating income (loss) | 298 | 204 | 538 | 505 | ' | ||||
Interest expense, net | 1 | 1 | 1 | 1 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 5,822 | 5,768 | 5,822 | 5,768 | ' | ||||
Capital expenditures | 35 | 82 | 94 | 186 | ' | ||||
South America Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 945 | 764 | 1,647 | 1,614 | ' | ||||
Intersegment | 86 | 187 | 282 | 351 | ' | ||||
Production and delivery | 530 | 516 | 1,006 | 991 | ' | ||||
Depreciation, depletion and amortization | 95 | 86 | 182 | 157 | ' | ||||
Selling, general and administrative expenses | 2 | 2 | 4 | 3 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 404 | 347 | 737 | 814 | ' | ||||
Interest expense, net | 0 | 2 | 0 | 2 | ' | ||||
Provision for income taxes | 140 | 127 | 267 | 278 | ' | ||||
Total Assets | 10,692 | 10,199 | 10,692 | 10,199 | ' | ||||
Capital expenditures | 416 | 244 | 839 | 470 | ' | ||||
Cerro Verde [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 421 | 311 | 701 | 601 | ' | ||||
Intersegment | 23 | 86 | 87 | 195 | ' | ||||
Production and delivery | 195 | 189 | 360 | 360 | ' | ||||
Depreciation, depletion and amortization | 43 | 37 | 79 | 70 | ' | ||||
Selling, general and administrative expenses | 1 | 2 | 2 | 2 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 205 | 169 | 347 | 364 | ' | ||||
Interest expense, net | 0 | 2 | 0 | 2 | ' | ||||
Provision for income taxes | 73 | 59 | 130 | 123 | ' | ||||
Total Assets | 6,901 | 6,089 | 6,901 | 6,089 | ' | ||||
Capital expenditures | 391 | 208 | 791 | 372 | ' | ||||
Candelaria [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 213 | 138 | 341 | 391 | ' | ||||
Intersegment | 62 | 101 | 190 | 156 | ' | ||||
Production and delivery | 164 | 174 | 314 | 341 | ' | ||||
Depreciation, depletion and amortization | 16 | 16 | 35 | 25 | ' | ||||
Selling, general and administrative expenses | 1 | 0 | 1 | 1 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 94 | 49 | 181 | 180 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 32 | 20 | 68 | 64 | ' | ||||
Total Assets | 1,520 | 1,623 | 1,520 | 1,623 | ' | ||||
Capital expenditures | 12 | 28 | 22 | 68 | ' | ||||
Other South America Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 311 | 315 | 605 | 622 | ' | ||||
Intersegment | 1 | 0 | 5 | 0 | ' | ||||
Production and delivery | 171 | 153 | 332 | 290 | ' | ||||
Depreciation, depletion and amortization | 36 | 33 | 68 | 62 | ' | ||||
Selling, general and administrative expenses | 0 | 0 | 1 | 0 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 105 | 129 | 209 | 270 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 35 | 48 | 69 | 91 | ' | ||||
Total Assets | 2,271 | 2,487 | 2,271 | 2,487 | ' | ||||
Capital expenditures | 13 | 8 | 26 | 30 | ' | ||||
Indonesia - Grasberg [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 523 | [1] | 471 | [1] | 985 | [2] | 1,335 | [2] | ' |
Intersegment | 0 | 120 | 8 | 187 | ' | ||||
Production and delivery | 511 | 563 | 894 | 1,126 | ' | ||||
Depreciation, depletion and amortization | 54 | 58 | 102 | 113 | ' | ||||
Selling, general and administrative expenses | 25 | 27 | 46 | 53 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | -67 | -57 | -49 | 230 | ' | ||||
Interest expense, net | 0 | 10 | 0 | 12 | ' | ||||
Provision for income taxes | -33 | -4 | -15 | 116 | ' | ||||
Total Assets | 7,972 | 7,095 | 7,972 | 7,095 | ' | ||||
Capital expenditures | 243 | 320 | 479 | 511 | ' | ||||
Africa - Tenke [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 386 | 355 | 692 | 793 | ' | ||||
Intersegment | 32 | 10 | 53 | 10 | ' | ||||
Production and delivery | 198 | 185 | 350 | 370 | ' | ||||
Depreciation, depletion and amortization | 63 | 57 | 114 | 115 | ' | ||||
Selling, general and administrative expenses | 3 | 3 | 6 | 6 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 154 | 120 | 275 | 312 | ' | ||||
Interest expense, net | 0 | 2 | 0 | 2 | ' | ||||
Provision for income taxes | 33 | 22 | 57 | 66 | ' | ||||
Total Assets | 4,952 | 4,887 | 4,952 | 4,887 | ' | ||||
Capital expenditures | 29 | 46 | 60 | 103 | ' | ||||
Molybdenum mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 0 | 0 | 0 | 0 | ' | ||||
Intersegment | 170 | 144 | 296 | 287 | ' | ||||
Production and delivery | 81 | 78 | 157 | 158 | ' | ||||
Depreciation, depletion and amortization | 24 | 21 | 46 | 41 | ' | ||||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 65 | 45 | 93 | 88 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 2,095 | 2,061 | 2,095 | 2,061 | ' | ||||
Capital expenditures | 14 | 42 | 33 | 82 | ' | ||||
Rod & Refining [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,234 | 1,265 | 2,380 | 2,595 | ' | ||||
Intersegment | 8 | 7 | 16 | 14 | ' | ||||
Production and delivery | 1,233 | 1,262 | 2,381 | 2,590 | ' | ||||
Depreciation, depletion and amortization | 3 | 2 | 5 | 5 | ' | ||||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 6 | 8 | 10 | 14 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 299 | 287 | 299 | 287 | ' | ||||
Capital expenditures | 1 | 1 | 2 | 2 | ' | ||||
Atlantic Copper Smelting & Refining [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 623 | 583 | 1,211 | 1,216 | ' | ||||
Intersegment | 6 | 4 | 11 | 10 | ' | ||||
Production and delivery | 618 | 575 | 1,206 | 1,203 | ' | ||||
Depreciation, depletion and amortization | 10 | 12 | 20 | 22 | ' | ||||
Selling, general and administrative expenses | 5 | 4 | 9 | 9 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | -4 | -4 | -13 | -8 | ' | ||||
Interest expense, net | 3 | 4 | 7 | 8 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 882 | 934 | 882 | 934 | ' | ||||
Capital expenditures | 5 | 11 | 6 | 19 | ' | ||||
Other Mining & Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 468 | [3] | 399 | [3] | 904 | [3] | 740 | [3] | ' |
Intersegment | -1,664 | -1,667 | -3,230 | -3,314 | ' | ||||
Production and delivery | -1,287 | -1,273 | -2,470 | -2,615 | ' | ||||
Depreciation, depletion and amortization | 17 | 14 | 36 | 22 | ' | ||||
Selling, general and administrative expenses | 6 | 9 | 13 | 18 | ' | ||||
Mining exploration and research expenses | 32 | 60 | 60 | 109 | ' | ||||
Environmental obligations and shutdown costs | 76 | 18 | 82 | 37 | ' | ||||
Operating income (loss) | -40 | -96 | -47 | -145 | ' | ||||
Interest expense, net | 18 | 20 | 36 | 40 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 1,127 | 1,100 | 1,127 | 1,100 | ' | ||||
Capital expenditures | 17 | 23 | 27 | 40 | ' | ||||
U.S. Oil & Gas Operations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,236 | [4] | 336 | [4] | 2,497 | [5] | 336 | [5] | ' |
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 329 | 89 | 640 | 89 | ' | ||||
Depreciation, depletion and amortization | 616 | 169 | 1,232 | 169 | ' | ||||
Selling, general and administrative expenses | 59 | 14 | 116 | 14 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 232 | 64 | 509 | 64 | ' | ||||
Interest expense, net | 74 | 26 | 150 | 26 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | 25,293 | 26,587 | 25,293 | 26,587 | ' | ||||
Capital expenditures | 903 | 190 | 1,484 | 190 | ' | ||||
Corporate, Other & Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 0 | 1 | 0 | 3 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | -1 | 5 | -1 | 8 | ' | ||||
Depreciation, depletion and amortization | 3 | 3 | 7 | 5 | ' | ||||
Selling, general and administrative expenses | 63 | 125 | 103 | 193 | ' | ||||
Mining exploration and research expenses | 0 | 3 | 0 | 6 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | -65 | -135 | -109 | -209 | ' | ||||
Interest expense, net | 68 | 65 | 130 | 95 | ' | ||||
Provision for income taxes | 188 | -105 | [6] | 376 | 8 | [6] | ' | ||
Total Assets | 1,200 | 1,509 | 1,200 | 1,509 | ' | ||||
Capital expenditures | -2 | 10 | 5 | 18 | ' | ||||
Crude oil and natural gas swaps [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Net mark-to-market losses on derivative contracts | -70 | -35 | -120 | -35 | ' | ||||
Pt Smelting [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Revenues | $540 | $291 | $913 | $721 | ' | ||||
Deferred Intercompany Profit, Percentage | ' | ' | 25.00% | ' | ' | ||||
[1] | Included PT-FI’s sales to PT Smelting totaling $540 million in second-quarter 2014 and $291 million in second-quarter 2013. | ||||||||
[2] | Included PT-FI’s sales to PT Smelting totaling $913 million for the first six months of 2014 and $721 million for the first six months of 2013 | ||||||||
[3] | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | ||||||||
[4] | Included net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $70 million in second-quarter 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | ||||||||
[5] | ncluded net mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $120 million for the first six months of 2014 and $35 million for the period from June 1, 2013, to June 30, 2013. | ||||||||
[6] | Included $183 million of net benefits resulting from oil and gas acquisitions. |
Guarantor_Financial_Statements2
Guarantor Financial Statements (Unaudited) (Details) (USD $) | Mar. 07, 2013 | Jun. 30, 2014 |
In Billions, unless otherwise specified | Senior Notes [Member] | FM O&G LLC Guarantor [Member] |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | $6.50 | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 100.00% |
Guarantor_Financial_Statements3
Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $1,458 | $1,985 | $3,294 | $3,705 | ||
Accounts receivable | 2,758 | 2,562 | ' | ' | ||
Other current assets | 6,038 | 5,425 | ' | ' | ||
Total current assets | 10,254 | 9,972 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 25,407 | 24,042 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 11,057 | 12,472 | ' | ' | ||
Not subject to amortization | 10,769 | 10,887 | ' | ' | ||
Investments in consolidated subsidiaries | 0 | 0 | ' | ' | ||
Goodwill | 1,717 | 1,916 | ' | ' | ||
Other assets | 4,805 | 4,184 | ' | ' | ||
Total assets | 64,009 | 63,473 | 63,157 | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 7,558 | 4,773 | ' | ' | ||
Long-term debt, less current portion | 17,512 | 20,394 | ' | ' | ||
Deferred income taxes | 7,451 | 7,410 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 3,294 | 3,259 | ' | ' | ||
Other liabilities | 1,782 | 1,690 | ' | ' | ||
Total liabilities | 37,597 | 37,526 | ' | ' | ||
Redeemable noncontrolling interest | 745 | 716 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 21,332 | 20,934 | ' | ' | ||
Noncontrolling interests | 4,335 | 4,297 | ' | ' | ||
Total equity | 25,667 | 25,231 | ' | ' | ||
Total liabilities and equity | 64,009 | 63,473 | ' | ' | ||
FCX Issuer [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable | 388 | 855 | ' | ' | ||
Other current assets | 78 | 114 | ' | ' | ||
Total current assets | 466 | 969 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 25 | 27 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 0 | 0 | ' | ' | ||
Not subject to amortization | 0 | 0 | ' | ' | ||
Investments in consolidated subsidiaries | 32,769 | 31,162 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | 6,346 | 7,126 | ' | ' | ||
Total assets | 39,606 | 39,284 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 1,550 | 1,003 | ' | ' | ||
Long-term debt, less current portion | 12,435 | 13,184 | ' | ' | ||
Deferred income taxes | 4,244 | [1] | 4,137 | [1] | ' | ' |
Environmental and asset retirement obligations, less current portion | 0 | 0 | ' | ' | ||
Other liabilities | 46 | 26 | ' | ' | ||
Total liabilities | 18,275 | 18,350 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 21,331 | 20,934 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 21,331 | 20,934 | ' | ' | ||
Total liabilities and equity | 39,606 | 39,284 | ' | ' | ||
FM O&G LLC Guarantor [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 1 | 0 | 59 | 0 | ||
Accounts receivable | 2,840 | 659 | ' | ' | ||
Other current assets | 56 | 38 | ' | ' | ||
Total current assets | 2,897 | 697 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 45 | 43 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 4,583 | 6,207 | ' | ' | ||
Not subject to amortization | 1,853 | 2,649 | ' | ' | ||
Investments in consolidated subsidiaries | 10,107 | 9,712 | ' | ' | ||
Goodwill | 217 | 437 | ' | ' | ||
Other assets | 3,432 | 4,640 | ' | ' | ||
Total assets | 23,134 | 24,385 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 1,026 | 758 | ' | ' | ||
Long-term debt, less current portion | 6,762 | 7,199 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 291 | 301 | ' | ' | ||
Other liabilities | 3,457 | 3,436 | ' | ' | ||
Total liabilities | 11,536 | 11,694 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 11,598 | 12,691 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 11,598 | 12,691 | ' | ' | ||
Total liabilities and equity | 23,134 | 24,385 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,457 | 1,985 | 3,235 | 3,705 | ||
Accounts receivable | 2,466 | 2,258 | ' | ' | ||
Other current assets | 5,904 | 5,273 | ' | ' | ||
Total current assets | 9,827 | 9,516 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 25,337 | 23,972 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 6,460 | 6,265 | ' | ' | ||
Not subject to amortization | 8,916 | 8,238 | ' | ' | ||
Investments in consolidated subsidiaries | 11,416 | 12,468 | ' | ' | ||
Goodwill | 1,500 | 1,479 | ' | ' | ||
Other assets | 4,241 | 4,128 | ' | ' | ||
Total assets | 67,697 | 66,066 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 6,088 | 4,222 | ' | ' | ||
Long-term debt, less current portion | 5,885 | 8,056 | ' | ' | ||
Deferred income taxes | 3,207 | 3,273 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 3,003 | 2,958 | ' | ' | ||
Other liabilities | 1,753 | 1,893 | ' | ' | ||
Total liabilities | 19,936 | 20,402 | ' | ' | ||
Redeemable noncontrolling interest | 745 | 716 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 43,140 | 41,100 | ' | ' | ||
Noncontrolling interests | 3,876 | 3,848 | ' | ' | ||
Total equity | 47,016 | 44,948 | ' | ' | ||
Total liabilities and equity | 67,697 | 66,066 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable | -2,936 | -1,210 | ' | ' | ||
Other current assets | 0 | 0 | ' | ' | ||
Total current assets | -2,936 | -1,210 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 0 | 0 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 14 | 0 | ' | ' | ||
Not subject to amortization | 0 | 0 | ' | ' | ||
Investments in consolidated subsidiaries | -54,292 | -53,342 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | -9,214 | -11,710 | ' | ' | ||
Total assets | -66,428 | -66,262 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | -1,106 | -1,210 | ' | ' | ||
Long-term debt, less current portion | -7,570 | -8,045 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 0 | 0 | ' | ' | ||
Other liabilities | -3,474 | -3,665 | ' | ' | ||
Total liabilities | -12,150 | -12,920 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | -54,737 | -53,791 | ' | ' | ||
Noncontrolling interests | 459 | 449 | ' | ' | ||
Total equity | -54,278 | -53,342 | ' | ' | ||
Total liabilities and equity | ($66,428) | ($66,262) | ' | ' | ||
[1] | All U.S. related deferred income taxes are recorded at the parent company. |
Guarantor_Financial_Statements4
Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $5,522 | $4,288 | $10,507 | $8,871 |
Total costs and expenses | 4,369 | 3,649 | 8,243 | 6,877 |
Operating (loss) income | 1,153 | 639 | 2,264 | 1,994 |
Interest expense, net | -164 | -132 | -325 | -189 |
Net gain (loss) on early extinguishment of debt | 5 | 0 | 5 | -45 |
Gain on investment in MMR | 0 | 128 | 0 | 128 |
Other income (expense), net | -8 | 13 | 25 | 10 |
Provision for income taxes | -328 | -40 | -685 | -468 |
Equity in affiliated companies' net earnings (losses) | 2 | 2 | 2 | 4 |
Net income | 660 | 610 | 1,286 | 1,434 |
Net income and preferred dividends attributable to noncontrolling interests | -178 | -128 | -294 | -304 |
Net income attributable to FCX common stockholders | 482 | 482 | 992 | 1,130 |
Other comprehensive income | 1 | 5 | 4 | 11 |
Total comprehensive income (loss) | 483 | 487 | 996 | 1,141 |
FCX Issuer [Member] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Total costs and expenses | 21 | 76 | 32 | 95 |
Operating (loss) income | -21 | -76 | -32 | -95 |
Interest expense, net | -87 | -92 | -169 | -128 |
Net gain (loss) on early extinguishment of debt | -1 | ' | -1 | -45 |
Gain on investment in MMR | ' | 128 | ' | 128 |
Other income (expense), net | 17 | 11 | 37 | 15 |
Provision for income taxes | 26 | 35 | 5 | 26 |
Equity in affiliated companies' net earnings (losses) | 548 | 476 | 1,152 | 1,229 |
Net income | 482 | 482 | 992 | 1,130 |
Net income and preferred dividends attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to FCX common stockholders | 482 | 482 | 992 | 1,130 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 482 | 482 | 992 | 1,130 |
FM O&G LLC Guarantor [Member] | ' | ' | ' | ' |
Revenues | 570 | 162 | 1,214 | 162 |
Total costs and expenses | 489 | 135 | 1,015 | 135 |
Operating (loss) income | 81 | 27 | 199 | 27 |
Interest expense, net | -44 | -12 | -85 | -12 |
Net gain (loss) on early extinguishment of debt | 6 | ' | 6 | 0 |
Gain on investment in MMR | ' | 0 | ' | 0 |
Other income (expense), net | 1 | 0 | 1 | 0 |
Provision for income taxes | 26 | -5 | -17 | -5 |
Equity in affiliated companies' net earnings (losses) | 126 | 20 | 256 | 20 |
Net income | 196 | 30 | 360 | 30 |
Net income and preferred dividends attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to FCX common stockholders | 196 | 30 | 360 | 30 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 196 | 30 | 360 | 30 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 4,952 | 4,126 | 9,293 | 8,709 |
Total costs and expenses | 3,865 | 3,438 | 7,204 | 6,647 |
Operating (loss) income | 1,087 | 688 | 2,089 | 2,062 |
Interest expense, net | -51 | -39 | -109 | -64 |
Net gain (loss) on early extinguishment of debt | 0 | ' | 0 | 0 |
Gain on investment in MMR | ' | 0 | ' | 0 |
Other income (expense), net | -8 | 13 | 25 | 10 |
Provision for income taxes | -378 | -70 | -670 | -489 |
Equity in affiliated companies' net earnings (losses) | 154 | -3 | 339 | -46 |
Net income | 804 | 589 | 1,674 | 1,473 |
Net income and preferred dividends attributable to noncontrolling interests | -180 | -133 | -291 | -292 |
Net income attributable to FCX common stockholders | 624 | 456 | 1,383 | 1,181 |
Other comprehensive income | 1 | 5 | 4 | 11 |
Total comprehensive income (loss) | 625 | 461 | 1,387 | 1,192 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Total costs and expenses | -6 | 0 | -8 | 0 |
Operating (loss) income | 6 | 0 | 8 | 0 |
Interest expense, net | 18 | 11 | 38 | 15 |
Net gain (loss) on early extinguishment of debt | 0 | ' | 0 | 0 |
Gain on investment in MMR | ' | 0 | ' | 0 |
Other income (expense), net | -18 | -11 | -38 | -15 |
Provision for income taxes | -2 | 0 | -3 | 0 |
Equity in affiliated companies' net earnings (losses) | -826 | -491 | -1,745 | -1,199 |
Net income | -822 | -491 | -1,740 | -1,199 |
Net income and preferred dividends attributable to noncontrolling interests | 2 | 5 | -3 | -12 |
Net income attributable to FCX common stockholders | -820 | -486 | -1,743 | -1,211 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | ($820) | ($486) | ($1,743) | ($1,211) |
Guarantor_Financial_Statements5
Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $1,286 | $1,434 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,979 | 859 |
Net losses on crude oil and natural gas derivative contracts | 120 | 35 |
Gains (Losses) on Extinguishment of Debt | -5 | 45 |
Gain on investment in McMoRan Exploration Co. (MMR) | 0 | -128 |
Equity in (earnings) losses of consolidated subsidiaries | -2 | -4 |
Other, net | -14 | -181 |
Increase (Decrease) in Operating Capital | -777 | -195 |
Net cash provided by operating activities | 2,587 | 1,865 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -3,562 | -1,978 |
Acquisitions | -925 | -5,414 |
Intercompany loans | 0 | ' |
Investment in consolidated subsidiary | 0 | 0 |
Net proceeds from sale of Eagle Ford shale assets | 3,009 | 0 |
Other, net | -363 | -264 |
Net cash used in investing activities | -1,841 | -7,656 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 1,248 | 11,021 |
Repayments of debt | -1,611 | -4,541 |
Intercompany loans | 0 | 0 |
Cash dividends and distributions paid | -903 | -685 |
Other, net | -7 | -415 |
Net cash (used in) provided by financing activities | -1,273 | 5,380 |
Net decrease in cash and cash equivalents | -527 | -411 |
Cash and cash equivalents at beginning of year | 1,985 | 3,705 |
Cash and cash equivalents at end of period | 1,458 | 3,294 |
FCX Issuer [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 992 | 1,130 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 2 | 2 |
Net losses on crude oil and natural gas derivative contracts | 0 | 0 |
Gains (Losses) on Extinguishment of Debt | 1 | 45 |
Gain on investment in McMoRan Exploration Co. (MMR) | ' | -128 |
Equity in (earnings) losses of consolidated subsidiaries | -1,152 | -1,229 |
Other, net | 121 | 27 |
Increase (Decrease) in Operating Capital | -164 | 142 |
Net cash provided by operating activities | -200 | -11 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | -5,437 |
Intercompany loans | 1,318 | ' |
Investment in consolidated subsidiary | -364 | 104 |
Net proceeds from sale of Eagle Ford shale assets | 0 | ' |
Other, net | 0 | -5 |
Net cash used in investing activities | 954 | -5,338 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 890 | 10,885 |
Repayments of debt | -990 | -4,050 |
Intercompany loans | 0 | -476 |
Cash dividends and distributions paid | -653 | -595 |
Other, net | -1 | -415 |
Net cash (used in) provided by financing activities | -754 | 5,349 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
FM O&G LLC Guarantor [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 360 | 30 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 545 | 79 |
Net losses on crude oil and natural gas derivative contracts | 120 | 35 |
Gains (Losses) on Extinguishment of Debt | -6 | 0 |
Gain on investment in McMoRan Exploration Co. (MMR) | ' | 0 |
Equity in (earnings) losses of consolidated subsidiaries | -256 | -20 |
Other, net | -12 | -6 |
Increase (Decrease) in Operating Capital | -2,165 | 31 |
Net cash provided by operating activities | -1,414 | 149 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -897 | -151 |
Acquisitions | 0 | 0 |
Intercompany loans | 1,629 | ' |
Investment in consolidated subsidiary | -96 | 0 |
Net proceeds from sale of Eagle Ford shale assets | 3,009 | ' |
Other, net | -381 | 0 |
Net cash used in investing activities | 3,264 | -151 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | 0 |
Repayments of debt | -224 | -415 |
Intercompany loans | -170 | 476 |
Cash dividends and distributions paid | -1,453 | 0 |
Other, net | -2 | 0 |
Net cash (used in) provided by financing activities | -1,849 | 61 |
Net decrease in cash and cash equivalents | 1 | 59 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of period | 1 | 59 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 1,674 | 1,473 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,440 | 772 |
Net losses on crude oil and natural gas derivative contracts | 0 | 0 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 |
Gain on investment in McMoRan Exploration Co. (MMR) | ' | 0 |
Equity in (earnings) losses of consolidated subsidiaries | 39 | 52 |
Other, net | -123 | -202 |
Increase (Decrease) in Operating Capital | 1,552 | -368 |
Net cash provided by operating activities | 4,582 | 1,727 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -2,665 | -1,827 |
Acquisitions | -925 | -321 |
Intercompany loans | 0 | ' |
Investment in consolidated subsidiary | 1,079 | 0 |
Net proceeds from sale of Eagle Ford shale assets | 0 | ' |
Other, net | 18 | -259 |
Net cash used in investing activities | -2,493 | -2,407 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 358 | 136 |
Repayments of debt | -397 | -76 |
Intercompany loans | -2,777 | 344 |
Cash dividends and distributions paid | 203 | -194 |
Other, net | -4 | 0 |
Net cash (used in) provided by financing activities | -2,617 | 210 |
Net decrease in cash and cash equivalents | -528 | -470 |
Cash and cash equivalents at beginning of year | 1,985 | 3,705 |
Cash and cash equivalents at end of period | 1,457 | 3,235 |
Eliminations [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | -1,740 | -1,199 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | -8 | 6 |
Net losses on crude oil and natural gas derivative contracts | 0 | 0 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 |
Gain on investment in McMoRan Exploration Co. (MMR) | ' | 0 |
Equity in (earnings) losses of consolidated subsidiaries | 1,367 | 1,193 |
Other, net | 0 | 0 |
Increase (Decrease) in Operating Capital | 0 | 0 |
Net cash provided by operating activities | -381 | 0 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 344 |
Intercompany loans | -2,947 | ' |
Investment in consolidated subsidiary | -619 | -104 |
Net proceeds from sale of Eagle Ford shale assets | 0 | ' |
Other, net | 0 | 0 |
Net cash used in investing activities | -3,566 | 240 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Intercompany loans | 2,947 | -344 |
Cash dividends and distributions paid | 1,000 | 104 |
Other, net | 0 | 0 |
Net cash (used in) provided by financing activities | 3,947 | -240 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Subsequent_Events_Unaudited_De
Subsequent Events (Unaudited) (Details) (PT Freeport Indonesia [Member], USD $) | 6 Months Ended | 3 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Maximum [Member] | Minimum [Member] | Stage 1 [Member] | Stage 2 [Member] | Stage 3 [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Date, Memorandum of Understanding with Foreign Government | ' | 25-Jul-14 | ' | ' | ' | ' | ' | ' |
Expiration Date, Contract of Work | ' | 31-Dec-21 | ' | ' | ' | ' | ' | ' |
Percent Of Undivided Interest Owned By Third Party | ' | ' | 30.00% | ' | ' | ' | ' | ' |
Incremental Percent of Undivided Interest Owned by Third Party | ' | ' | 20.64% | ' | ' | ' | ' | ' |
Date, Contract of Work Extension | ' | ' | ' | 31-Dec-41 | 1-Jan-22 | ' | ' | ' |
Contract of Work Negotiations, Term | ' | '0 years 6 months | ' | ' | ' | ' | ' | ' |
Assurance Bond, Smelter Development | ' | $115 | ' | ' | ' | ' | ' | ' |
Copper Royalty Rate | 3.50% | 4.00% | ' | ' | ' | ' | ' | ' |
Gold Royalty Rate | 1.00% | 3.75% | ' | ' | ' | ' | ' | ' |
Progressive Export Duty on Copper Concentrates, Percent | ' | ' | ' | ' | ' | 7.50% | 5.00% | 0.00% |
Smelter Development Progress, Percent | ' | ' | ' | ' | ' | ' | 7.50% | 30.00% |