Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 9 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Sep. 30, 2013 | Oct. 31, 2013 | Jun. 29, 2012 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'FREEPORT MCMORAN COPPER & GOLD 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 | ' | ' | $32.10 |
Entity Common Stock, Shares Outstanding | ' | 1,038,155,157 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $2,219 | $3,705 | ||
Trade accounts receivable | 1,749 | 927 | ||
Other accounts receivable | 480 | 702 | ||
Inventories: | ' | ' | ||
Materials and supplies, net | 1,762 | [1] | 1,504 | [1] |
Mill and leach stockpiles | 1,744 | 1,672 | ||
Product | 1,347 | 1,400 | ||
Other current assets | 305 | 387 | ||
Total current assets | 9,606 | 10,297 | ||
Property, plant, equipment and development costs, net | 46,647 | 20,999 | ||
Long-term mill and leach stockpiles | 2,304 | 1,955 | ||
Goodwill | 1,932 | 0 | ||
Other assets | 2,109 | 2,189 | ||
Total assets | 62,598 | 35,440 | ||
Current liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 3,698 | 2,708 | ||
Dividends payable | 332 | 299 | ||
Current portion of reclamation and environmental obligations | 257 | 241 | ||
Accrued income taxes | 141 | 93 | ||
Current portion of debt | 70 | 2 | ||
Total current liabilities | 4,498 | 3,343 | ||
Long-term debt, less current portion | 21,053 | 3,525 | ||
Deferred income taxes | 6,922 | [2] | 3,490 | |
Reclamation and environmental obligations, less current portion | 3,077 | 2,127 | ||
Other liabilities | 1,774 | 1,644 | ||
Total liabilities | 37,324 | 14,129 | ||
Redeemable noncontrolling interest | 720 | 0 | ||
FCX stockholders’ equity: | ' | ' | ||
Common stock | 117 | 107 | ||
Capital in excess of par value | 22,092 | 19,119 | ||
Retained earnings | 2,361 | 2,399 | ||
Accumulated other comprehensive loss | -484 | -506 | ||
Common stock held in treasury | -3,681 | -3,576 | ||
Total FCX stockholders’ equity | 20,405 | 17,543 | ||
Noncontrolling interests | 4,149 | 3,768 | ||
Total equity | 24,554 | 21,311 | ||
Total liabilities and equity | $62,598 | $35,440 | ||
[1] | Materials and supplies inventory was net of obsolescence reserves totaling $30 million at September 30, 2013, and $27 million at December 31, 2012. | |||
[2] | All U.S. related deferred income taxes are recorded at the parent company. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $6,165 | $4,417 | $15,036 | $13,497 |
Cost of sales: | ' | ' | ' | ' |
Production and delivery | 3,332 | 2,592 | 8,904 | 7,642 |
Depreciation, depletion and amortization | 919 | 298 | 1,778 | 856 |
Total cost of sales | 4,251 | 2,890 | 10,682 | 8,498 |
Selling, general and administrative expenses | 158 | 110 | 457 | 311 |
Mining exploration and research expenses | 57 | 79 | 173 | 214 |
Environmental obligations and shutdown costs | -8 | -73 | 23 | 18 |
Total costs and expenses | 4,458 | 3,006 | 11,335 | 9,041 |
Operating income | 1,707 | 1,411 | 3,701 | 4,456 |
Interest expense, net | -162 | -42 | -351 | -148 |
Losses on early extinguishment of debt | 0 | 0 | -45 | -168 |
Gain on investment in McMoRan Exploration Co. | 0 | 0 | 128 | 0 |
Other income (expense), net | 3 | -15 | 13 | 23 |
Income before income taxes and equity in affiliated companies' net earnings (losses) | 1,548 | 1,354 | 3,446 | 4,163 |
Provision for income taxes | -499 | -215 | -967 | -1,128 |
Equity in affiliated companies’ net earnings (losses) | -1 | 1 | 3 | 0 |
Net income | 1,048 | 1,140 | 2,482 | 3,035 |
Net income and preferred dividends attributable to noncontrolling interests | -227 | -316 | -531 | -737 |
Net income attributable to FCX common stockholders | $821 | $824 | $1,951 | $2,298 |
Net income per share attributable to FCX common stockholders: | ' | ' | ' | ' |
Basic | $0.79 | $0.87 | $1.97 | $2.42 |
Diluted | $0.79 | $0.86 | $1.96 | $2.41 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 1,038 | 949 | 989 | 949 |
Diluted | 1,043 | 953 | 993 | 953 |
Dividends declared per share of common stock | $0.31 | $0.31 | $1.94 | $0.94 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $1,048 | $1,140 | $2,482 | $3,035 |
Defined benefit plans: | ' | ' | ' | ' |
Amortization of unrecognized amounts included in net periodic benefit costs | 6 | 7 | 18 | 22 |
Adjustment to deferred tax valuation allowance | 0 | 0 | 0 | 5 |
Unrealized (losses) gains on securities arising during the period | -1 | 1 | -1 | 0 |
Translation adjustments arising during the period | 5 | 0 | 4 | -1 |
Other comprehensive income | 10 | 8 | 21 | 26 |
Total comprehensive income | 1,058 | 1,148 | 2,503 | 3,061 |
Total comprehensive income and preferred dividends attributable to noncontrolling interests | -226 | -315 | -530 | -737 |
Total comprehensive income attributable to FCX common stockholders | $832 | $833 | $1,973 | $2,324 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $2,482 | $3,035 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,778 | 856 |
Net losses on oil and gas derivative contracts | 205 | 0 |
Gain on investment in McMoRan Exploration Co. (MMR) | -128 | 0 |
Stock-based compensation | 94 | 77 |
Pension plans contributions | -62 | -114 |
Net charges for reclamation and environmental obligations, including accretion | 98 | 64 |
Payments for reclamation and environmental obligations | -166 | -148 |
Losses on early extinguishment of debt | 45 | 168 |
Deferred income taxes | 169 | 223 |
Increase in long-term mill and leach stockpiles | -348 | -184 |
Other, net | 65 | 71 |
(Increases) decreases in working capital and other tax payments, excluding amounts from acquisitions: | ' | ' |
Accounts receivable | 51 | -603 |
Inventories | -66 | -581 |
Other current assets | 162 | -33 |
Accounts payable and accrued liabilities | -596 | 78 |
Accrued income taxes and other tax payments | -40 | -400 |
Net cash provided by operating activities | 3,743 | 2,509 |
Capital expenditures: | ' | ' |
North America copper mines | -795 | -568 |
South America | -734 | -659 |
Indonesia | -720 | -624 |
Africa | -155 | -428 |
Molybdenum mines | -128 | -189 |
Oil and gas operations | -928 | 0 |
Other | -163 | -50 |
Acquisition of Plains Exploration & Production Company, net of cash acquired | -3,465 | 0 |
Acquisition of MMR, net of cash acquired | -1,628 | 0 |
Acquisition of cobalt chemical business, net of cash acquired | -348 | 0 |
Restricted cash and other, net | -24 | -19 |
Net cash used in investing activities | -9,088 | -2,537 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 11,229 | 3,023 |
Repayments of debt | -4,816 | -3,179 |
Redemption of MMR preferred stock | -227 | 0 |
Cash dividends and distributions paid: | ' | ' |
Common stock | -1,957 | -832 |
Noncontrolling interests | -157 | -76 |
Contributions from noncontrolling interests | 0 | 15 |
Debt financing costs | -113 | -22 |
Net payments for stock-based awards | -101 | -3 |
Excess tax benefit from stock-based awards | 1 | 7 |
Net cash provided by (used in) financing activities | 3,859 | -1,067 |
Net decrease in cash and cash equivalents | -1,486 | -1,095 |
Cash and cash equivalents at beginning of year | 3,705 | 4,822 |
Cash and cash equivalents at end of period | $2,219 | $3,727 |
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, 2012 | $21,311 | $17,543 | $107 | $19,119 | $2,399 | ($506) | ($3,576) | $3,768 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | 1,073 | ' | ' | ' | 124 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to acquire Plains Exploration & Production Co. | 2,831 | 2,831 | 9 | 2,822 | 0 | 0 | 0 | 0 |
Common stock issued to acquire Plains Exploration & Production Co. (in shares) | ' | ' | 91 | ' | ' | ' | 0 | ' |
Exchange of employee stock-based awards in connection with acquisitions | 67 | 67 | 0 | 67 | 0 | 0 | 0 | 0 |
Exercised and issued stock-based awards | 5 | 5 | 1 | 4 | 0 | 0 | 0 | 0 |
Exercised and issued stock-based awards (in shares) | ' | ' | 1 | ' | ' | ' | 0 | ' |
Stock-based compensation | 89 | 89 | 0 | 89 | 0 | 0 | 0 | 0 |
Reserve on tax benefit for stock-based awards | -2 | -2 | ' | -2 | 0 | 0 | 0 | 0 |
Tender of shares for stock-based awards | -105 | -105 | 0 | 0 | 0 | 0 | -105 | 0 |
Tender of shares for stock-based awards (in shares) | ' | ' | 0 | ' | ' | ' | 3 | ' |
Dividends on common stock | -1,989 | -1,989 | 0 | 0 | -1,989 | 0 | 0 | 0 |
Dividends to noncontrolling interests | -144 | 0 | 0 | 0 | 0 | 0 | 0 | -144 |
Noncontrolling interests' share of contributed capital in subsidiary | 0 | -7 | 0 | -7 | 0 | 0 | 0 | 7 |
Redeemable noncontrolling interest | -12 | 0 | 0 | 0 | 0 | 0 | 0 | -12 |
Total comprehensive income | 2,503 | 1,973 | 0 | 0 | 1,951 | 22 | 0 | 530 |
Balance at Sep. 30, 2013 | $24,554 | $20,405 | $117 | $22,092 | $2,361 | ($484) | ($3,681) | $4,149 |
Balance (in shares) at Sep. 30, 2013 | ' | ' | 1,165 | ' | ' | ' | 127 | ' |
General_Information_Unaudited
General Information (Unaudited) | 9 Months Ended |
Sep. 30, 2013 | |
General Information [Abstract] | ' |
General Information | ' |
GENERAL INFORMATION | |
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 Freeport-McMoRan Copper & Gold Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2012. 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 acquisition of Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR), collectively known as Freeport-McMoRan Oil & Gas (FM O&G), all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month and nine-month periods ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
As further discussed in Note 2, FCX completed its acquisitions of PXP on May 31, 2013, and MMR on June 3, 2013. The financial results for the nine months ended September 30, 2013, include PXP's results beginning June 1, 2013, and MMR's results beginning June 4, 2013. |
Acquisitions_Unaudited_Notes
Acquisitions (Unaudited) (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||
ACQUISITIONS | |||||||||||||||||
Oil and Gas. PXP and MMR are both wholly owned consolidated subsidiaries of FCX. These acquisitions added a portfolio of oil and gas assets to FCX's global mining business, creating a U.S.-based natural resource company. The portfolio of oil and gas assets includes oil production facilities and growth potential in the Deepwater Gulf of Mexico (GOM), oil production from the onshore Eagle Ford shale play in Texas, oil production facilities onshore and offshore California, onshore natural gas resources in the Haynesville shale play in Louisiana, and a position in the emerging shallow water, ultra-deep gas trend on the Shelf of the GOM and onshore in South Louisiana. The acquisitions have been accounted for under the acquisition method as required by Accounting Standards Codification (ASC) Topic 805, “Business Combinations,” with FCX as the acquirer. As further discussed in Note 7, FCX issued $6.5 billion of unsecured senior notes in March 2013 for net proceeds of $6.4 billion, which was used, together with borrowings under a $4.0 billion unsecured five-year bank term loan, to fund the cash portion of the merger consideration for both transactions, to repay certain indebtedness of PXP and for general corporate purposes. | |||||||||||||||||
In the PXP acquisition, FCX acquired PXP for per-share consideration equivalent to 0.6531 shares of FCX common stock and $25.00 in cash. PXP stockholders had the right to elect to receive merger consideration in the form of cash or shares of FCX common stock, subject to the proration provisions in the merger agreement. Based on the final results of the merger consideration elections and as set forth in the merger agreement, FCX issued 91 million shares of its common stock and paid $3.8 billion in cash (which includes $411 million for the value of the $3 per share special dividend paid to PXP stockholders on May 31, 2013). | |||||||||||||||||
Following is a summary of the $6.6 billion purchase price for PXP (in millions, except the exchange ratio and closing share price): | |||||||||||||||||
Number of shares of PXP common stock acquired | 132.28 | a | |||||||||||||||
Exchange ratio of FCX common stock for each PXP share | 0.6531 | ||||||||||||||||
86.392 | |||||||||||||||||
Shares of FCX common stock issued for certain PXP equity awards | 4.769 | ||||||||||||||||
Total shares of FCX common stock issued | 91.161 | ||||||||||||||||
Closing share price of FCX common stock at May 31, 2013 | $ | 31.05 | |||||||||||||||
FCX stock consideration | $ | 2,831 | |||||||||||||||
Cash consideration | 3,725 | b | |||||||||||||||
Employee stock-based awards, primarily cash-settled stock-based awards | 78 | ||||||||||||||||
Total purchase price | $ | 6,634 | |||||||||||||||
a. | Adjusted for cash paid in lieu of fractional shares. | ||||||||||||||||
b. | Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013. | ||||||||||||||||
In the MMR acquisition, for each MMR share owned, MMR shareholders received $14.75 in cash and 1.15 units of a royalty trust, which holds a five percent overriding royalty interest in future production from MMR's ultra-deep exploration prospects that existed as of December 5, 2012, the date of the merger agreement. MMR conveyed the royalty interests to the royalty trust immediately prior to the effective time of the merger, and they were "carved out" of the mineral interests that were acquired by FCX and not considered part of purchase consideration. | |||||||||||||||||
Prior to June 3, 2013, FCX owned 500,000 shares of MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2, which was accounted for under the cost method and recorded on FCX's balance sheet at $432 million on May 31, 2013. Through its acquisition of PXP on May 31, 2013, FCX acquired 51 million shares of MMR's common stock, which had a fair value of $848 million on that date based upon the closing market price of MMR's common stock ($16.63 per share, i.e., Level 1 measurement). As a result of FCX obtaining control of MMR on June 3, 2013, FCX remeasured its ownership interests in MMR to a fair value of $1.4 billion in accordance with ASC Topic 805, resulting in a gain of $128 million that was recorded in second-quarter 2013. Fair value was calculated using the closing quoted market price of MMR's common stock on June 3, 2013, of $16.75 per share (i.e., Level 1 measurement for the common stock and Level 2 measurement for the preferred stock). | |||||||||||||||||
Following is a summary of the $3.1 billion purchase price for MMR (in millions, except the closing share price): | |||||||||||||||||
Number of shares of MMR common stock acquired | 112.362 | a | |||||||||||||||
Cash consideration of $14.75 per share | $ | 14.75 | |||||||||||||||
Cash consideration paid by FCX | $ | 1,657 | |||||||||||||||
Employee stock-based awards | 63 | ||||||||||||||||
Total | 1,720 | ||||||||||||||||
Fair value of FCX's investment in 51 million shares of MMR common stock acquired on | |||||||||||||||||
May 31, 2013, through the acquisition of PXP | 854 | ||||||||||||||||
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2 | 554 | ||||||||||||||||
Total purchase price | $ | 3,128 | |||||||||||||||
a. Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013. | |||||||||||||||||
The final valuation of assets acquired, liabilities assumed and redeemable noncontrolling interest is not complete and the net adjustments to those values may result in changes to goodwill and other carrying amounts initially assigned to the assets, liabilities and redeemable noncontrolling interest based on the preliminary fair value analysis. The following table summarizes the preliminary purchase price allocations for PXP and MMR (in millions): | |||||||||||||||||
PXP | MMR | Eliminations | Total | ||||||||||||||
Current assets | $ | 1,192 | $ | 98 | $ | — | $ | 1,290 | |||||||||
Oil and gas properties - full cost method: | |||||||||||||||||
Subject to depletion | 11,447 | 756 | — | 12,203 | |||||||||||||
Not subject to depletion | 9,431 | 1,686 | — | 11,117 | |||||||||||||
Property, plant and equipment | 261 | 1 | — | 262 | |||||||||||||
Investment in MMRa | 848 | — | (848 | ) | — | ||||||||||||
Other assets | 12 | 421 | — | 433 | |||||||||||||
Current liabilities | (907 | ) | (174 | ) | — | (1,081 | ) | ||||||||||
Debt (current and long-term) | (10,631 | ) | (620 | ) | — | (11,251 | ) | ||||||||||
Deferred income taxesb | (3,956 | ) | — | — | (3,956 | ) | |||||||||||
Other long-term liabilities | (805 | ) | (258 | ) | — | (1,063 | ) | ||||||||||
Redeemable noncontrolling interest | (713 | ) | (259 | ) | — | (972 | ) | ||||||||||
Total fair value, excluding goodwill | 6,179 | 1,651 | (848 | ) | 6,982 | ||||||||||||
Goodwill | 455 | 1,477 | — | 1,932 | |||||||||||||
Total purchase price | $ | 6,634 | $ | 3,128 | $ | (848 | ) | $ | 8,914 | ||||||||
a. | PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at the acquisition date of MMR. | ||||||||||||||||
b. | Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit). | ||||||||||||||||
In accordance with the acquisition method of accounting, the purchase price from FCX's acquisitions of both PXP and MMR has been allocated on a preliminary basis to the assets acquired, liabilities assumed and redeemable noncontrolling interest based on their estimated fair values on the respective acquisition dates. The estimated fair values were based on preliminary estimates and are subject to change as FCX completes its analysis. The fair value estimates were based on, but not limited to quoted market prices, where available; expected future cash flows based on estimated reserve quantities; costs to produce and develop reserves; current replacement cost for similar capacity for certain fixed assets; market rate assumptions for contractual obligations; appropriate discount rates and growth rates, and oil and gas forward prices. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired, liabilities assumed and redeemable noncontrolling interest has been recorded as goodwill. Goodwill recorded in connection with the acquisitions will not be deductible for income tax purposes. | |||||||||||||||||
The fair value measurement of the oil and gas properties, asset retirement obligations included in other liabilities (refer to Note 8 for further discussion) and redeemable noncontrolling interest were based, in part, on significant inputs not observable in the market (as discussed above) and thus represents a Level 3 measurement. The fair value measurement of long-term debt, including the current portion, was based on prices obtained from a readily available pricing source and thus represents a Level 2 measurement. | |||||||||||||||||
As of September 30, 2013, FCX had not identified any material pre-acquisition contingencies where the related asset, liability or impairment is probable and the amount of the asset, liability or impairment can be reasonably estimated. Prior to the end of the purchase price allocation period, if information becomes available that an asset existed, a liability had been incurred or an asset had been impaired as of the applicable acquisition date, and the amounts can be reasonably estimated, such items will be included in the applicable purchase price allocations. | |||||||||||||||||
Goodwill arose on these acquisitions principally because of limited drilling activities to date and the absence of production history and material reserve data associated with the very large geologic potential of an emerging trend targeting deep-seated structures in the shallow waters of the GOM and onshore analogous to large discoveries in the deepwater GOM and other proven basins' prospects. In addition, goodwill also resulted from the requirement to recognize deferred taxes on the difference between the fair value and the tax basis of the acquired assets. | |||||||||||||||||
A summary of third-quarter 2013 adjustments to the preliminary fair values assigned to assets acquired, liabilities assumed and redeemable noncontrolling interest from the acquisitions follows (in millions): | |||||||||||||||||
PXP | MMR | Total | |||||||||||||||
Increase in current assets (primarily current deferred income tax asset) | $ | 182 | $ | 2 | $ | 184 | |||||||||||
(Decrease) in oil and gas properties - full cost method: | |||||||||||||||||
Subject to depletion | — | (45 | ) | (45 | ) | ||||||||||||
Not subject to depletion | (204 | ) | (6 | ) | (210 | ) | |||||||||||
Increase in other assets (deferred income tax asset) | — | 22 | 22 | ||||||||||||||
Net (increase) in deferred income tax liability | (85 | ) | — | (85 | ) | ||||||||||||
Net decrease in other liabilities (primarily warrants) | 70 | — | 70 | ||||||||||||||
Decrease in redeemable noncontrolling interest | 36 | — | 36 | ||||||||||||||
Increase in goodwill | 1 | 27 | 28 | ||||||||||||||
The third-quarter 2013 adjustments to the preliminary purchase price allocations were primarily associated with revised estimated fair values of oil and gas properties, which also resulted in adjustments to the fair value of warrants, redeemable noncontrolling interest and deferred income taxes. In addition, an adjustment was recorded to reclassify $162 million of deferred income taxes to current assets. | |||||||||||||||||
In third-quarter 2013, FM O&G contributed revenue of $1.2 billion and operating income of $274 million to FCX's consolidated results; for the four-month period from June 1, 2013, to September 30, 2013, FM O&G contributed revenue of $1.5 billion and operating income of $338 million. FCX's acquisition-related costs of $76 million for the first nine months of 2013 were included in selling, general and administrative expense in the consolidated statements of income. In addition, FCX deferred debt issuance costs of $96 million in connection with the debt financings of the acquisitions (refer to Note 7 for further discussion of the debt financings), which are included in other assets in the condensed consolidated balance sheet as of September 30, 2013. | |||||||||||||||||
Redeemable Noncontrolling Interest - PXP. In 2011, PXP issued (i) 450,000 shares of Plains Offshore Operations Inc. (Plains Offshore) 8% Convertible Preferred Stock (Preferred Stock) for gross proceeds of $450 million and (ii) non-detachable warrants with an exercise price of $20 per share to purchase in aggregate 9.1 million shares of Plains Offshore's common stock. In addition, Plains Offshore issued 87 million shares of Plains Offshore Class A common stock, which will be held in escrow until the conversion and cancellation of the Preferred Stock or the exercise of the warrants. Plains Offshore holds certain of FM O&G's oil and gas properties and assets located in the GOM in water depths of 500 feet or more, including the Lucius oil field and the Phobos prospect, but excluding the properties acquired by PXP in 2012 from BP Exploration & Production Inc., BP America Production Company and Shell Offshore Inc. The Preferred Stock represents a 20 percent equity interest in Plains Offshore and is entitled to a dividend of 8 percent per annum, payable quarterly, of which 2 percent may be deferred ($20 million of accumulated deferred dividends as of September 30, 2013). The shares of Preferred Stock also fully participate, on an as-converted basis at four times, in cash dividends distributed to any class of common stockholders of Plains Offshore. Plains Offshore has not distributed any dividends to its common stockholders. | |||||||||||||||||
The holders of the Preferred Stock (preferred holders) have the right, at any time at their option, to convert any or all of such holder's shares of Preferred Stock and exercise any of the associated non-detachable warrants into shares of Class A common stock of Plains Offshore, at an initial conversion/exercise price of $20 per share; the conversion price is subject to adjustment as a result of certain events. Furthermore, Plains Offshore has the right to convert all or a portion of the outstanding shares of Preferred Stock if certain events occur more than 180 days after an initial public offering or a qualified public offering of Plains Offshore. FM O&G also has a right to purchase shares of Plains Offshore preferred stock, common stock and warrants under certain circumstances in order to permit the consolidation of Plains Offshore for federal income tax purposes. Additionally, at any time on or after November 17, 2016, the fifth anniversary of the closing date, FM O&G may exercise a call right to purchase all, but not less than all, of the outstanding shares of Preferred Stock and associated non-detachable warrants for cash, at a price equal to the liquidation preference described below. | |||||||||||||||||
At any time after November 17, 2015, the fourth anniversary of the closing date, a majority of the preferred holders may cause Plains Offshore to use its commercially reasonable efforts to consummate an exit event. An exit event, as defined in the stockholders agreement, means, at the sole option of Plains Offshore (i) the purchase by FM O&G or the redemption by Plains Offshore of all the preferred stock, warrants and common stock held by the preferred holders for the aggregate fair value thereof; (ii) a sale of Plains Offshore or a sale of all or substantially all of its assets, in each case in an arms' length transaction with a third party, at the highest price available after reasonable marketing efforts by Plains Offshore; or (iii) a qualified initial public offering. In the event that Plains Offshore fails to consummate an exit event prior to the applicable exit event deadline, the conversion price of the Preferred Stock and the exercise price of the warrants will immediately and automatically be adjusted such that all issued and outstanding shares of Preferred Stock on an as-converted basis taken together with shares of Plains Offshore common stock issuable upon exercise of the warrants, in the aggregate, will constitute 49 percent of the common equity securities of Plains Offshore on a fully diluted basis. In addition, FM O&G would be required to purchase $300 million of junior preferred stock in Plains Offshore. | |||||||||||||||||
The preferred holders are entitled to vote on all matters on which Plains Offshore common stockholders are entitled to vote. | |||||||||||||||||
In the event of liquidation of Plains Offshore, each preferred holder is entitled to receive the liquidation preference before any payment or distribution is made on any Plains Offshore junior preferred stock or common stock. A liquidation event includes any of the following events: (i) the liquidation, dissolution or winding up of Plains Offshore, whether voluntary or involuntary, (ii) a sale, consolidation or merger of Plains Offshore in which the stockholders immediately prior to such event do not own at least a majority of the outstanding shares of the surviving entity, or (iii) a sale or other disposition of all or substantially all of Plains Offshore's assets to a person other than FM O&G or its affiliates. The liquidation preference, as defined in the stockholders agreement, is equal to (i) the greater of (a) 1.25 times the initial offering price and (b) the sum of (1) the fair market value of the shares of common stock issuable upon conversion of the Preferred Stock and (2) the applicable tax adjustment amount, plus (ii) any accrued dividends and accumulated dividends. | |||||||||||||||||
The non-detachable warrants may be exercised at any time on the earlier of (i) November 17, 2019, the eighth anniversary of the original issue date or (ii) a termination event. A termination event is defined as the occurrence of any of (a) the conversion of the Preferred Stock, (b) the redemption of the Preferred Stock, (c) the repurchase by FM O&G or any of its affiliates of the Preferred Stock or (d) a liquidation event of Plains Offshore, described above. The non-detachable warrants are considered to be embedded derivative instruments for accounting purposes and have been assessed as not being clearly and closely related to the related Preferred Stock. Therefore, the warrants are classified as a long-term liability in the accompanying condensed consolidated balance sheet and will be adjusted to fair value each reporting period with adjustments recorded in other income (expense). The fair value measurement of the warrants was based on significant inputs not observable in the market (refer to Note 10 for discussion of valuation technique) and thus represents a Level 3 measurement. | |||||||||||||||||
The Preferred Stock of Plains Offshore is classified as temporary equity because of its redemption features and is therefore reported outside of permanent equity in FCX's condensed consolidated balance sheet. The redeemable noncontrolling interest totaled $719 million as of September 30, 2013. Remeasurement of the redeemable noncontrolling interest represents its initial carrying amount adjusted for any noncontrolling interest's share of net income (loss) or changes to the redemption value. Additionally, the carrying amount will be further increased by amounts representing dividends not currently declared or paid, but which are payable under the redemption features described above. Future mark-to-market adjustments to the redemption value, subject to a minimum balance of the original recorded value ($713 million) on May 31, 2013, shall be reflected in retained earnings and earnings per share. FM O&G will accrete changes in the redemption value over the period from the date FCX acquired PXP to the earliest redemption date. | |||||||||||||||||
Redeemable Noncontrolling Interest - MMR. The enhanced "make-whole" conversion rates triggered by FCX's acquisition of MMR expired on July 9, 2013, for MMR's 8% Convertible Perpetual Preferred Stock (8% Preferred Stock) and 5.75% Convertible Perpetual Preferred Stock, Series 1 (5.75% Preferred Stock). A summary of the conversion activity follows (in millions): | |||||||||||||||||
8% | 5.75% | ||||||||||||||||
Preferred | Preferred | ||||||||||||||||
Stock | Stock | ||||||||||||||||
Acquisition-date (June 3, 2013) fair value | $ | 30 | $ | 229 | |||||||||||||
Less June 2013 conversions | 29 | 200 | |||||||||||||||
Less July 2013 conversions | — | 29 | |||||||||||||||
Remaining balance at make-whole expiration dates | $ | 1 | $ | — | |||||||||||||
Royalty trust units released upon conversions: | |||||||||||||||||
June 2013 conversions | 2 | 13.7 | |||||||||||||||
July 2013 conversions | — | 2 | |||||||||||||||
Total | 2 | 15.7 | |||||||||||||||
The conversions of the 8% Preferred Stock and 5.75% Preferred Stock required cash payments of $227 million and the release of royalty trust units with a fair value of $31 million at the acquisition date. | |||||||||||||||||
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 (including the pro forma effects of PXP's GOM acquisition that was completed on November 30, 2012) for the three-month period ended September 30, 2012, and the nine-month periods ended September 30, 2013 and 2012, 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 Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 6,165 | $ | 5,406 | $ | 17,190 | $ | 16,955 | |||||||||
Operating income | 1,707 | 1,575 | 4,617 | 5,081 | |||||||||||||
Income from continuing operations | 1,048 | 898 | 2,762 | 3,161 | |||||||||||||
Net income attributable to FCX common stockholders | 821 | 573 | 2,213 | 2,397 | |||||||||||||
Net income per share attributable to FCX common stockholders: | |||||||||||||||||
Basic | $ | 0.79 | $ | 0.55 | $ | 2.13 | $ | 2.3 | |||||||||
Diluted | 0.79 | 0.55 | 2.12 | 2.29 | |||||||||||||
The above 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 dates indicated. The most significant pro forma adjustments to income from continuing operations for the nine-month period ended September 30, 2013, were to exclude $519 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 and to include them in the nine-month period ended September 30, 2012. Additionally, for the nine-month period ended September 30, 2013, the pro forma consolidated information excluded a $77 million gain on the sale of MMR oil and gas properties because of the full cost method of accounting. | |||||||||||||||||
Cobalt Chemical Refinery Business. On March 29, 2013, FCX, through a newly formed consolidated joint venture, completed the acquisition of a cobalt chemical refinery in Kokkola, Finland, and the related sales and marketing business. The acquisition provides direct end-market access for the cobalt hydroxide production at Tenke Fungurume Mining S.A.R.L. (TFM or Tenke). The joint venture operates under the name Freeport Cobalt, and FCX is the operator with an effective 56 percent ownership interest. The remaining effective ownership interest is held by FCX's partners in TFM, including 24 percent by Lundin Mining Corporation (Lundin) and 20 percent by La Générale des Carrières et des Mines (Gécamines). Consideration paid was $382 million, which included $34 million for cash acquired, and was funded 70 percent by FCX and 30 percent by Lundin. Under the terms of the acquisition agreement, there is also the potential for additional consideration of up to $110 million over a period of three years, contingent upon the achievement of revenue-based performance targets. The initial estimates of the fair value of assets acquired and liabilities assumed included in FCX's consolidated financial statements as of September 30, 2013, are not final. |
Significant_Accounting_Policie
Significant Accounting Policies (Unaudited) (Notes) | 9 Months Ended | |
Sep. 30, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ||
As a result of the acquisitions of PXP and MMR, the following supplements the significant accounting policies contained in FCX's annual report on Form 10-K for the year ended December 31, 2012. | ||
Basis of Presentation. FCX began consolidating its wholly owned subsidiaries, PXP and MMR, effective June 1, 2013, and June 4, 2013, respectively. PXP's and MMR's financial information consolidates the results of operations and the assets and liabilities for their majority-owned subsidiaries. Investments in unincorporated joint ventures, as well as individual interests in oil and gas exploration, development and production activities, are reflected using the proportionate consolidation method. All significant intercompany transactions have been eliminated. | ||
Use of Estimates. As a result of the acquisitions of PXP and MMR, other significant areas requiring the use of management estimates include oil and gas reserve estimation; timing of transfers of oil and gas properties not subject to amortization into the full cost pool; determination of fair value of assets acquired, liabilities assumed and redeemable noncontrolling interest, and recognition of goodwill and deferred taxes in connection with business combinations; and valuation of derivative instruments. Actual results could differ from those estimates. In particular, initial estimates of acquisition fair values are preliminary and subject to change as the related valuations are finalized. | ||
Goodwill. Goodwill has an indefinite useful life and is not amortized, but rather is tested for impairment at least annually, unless events occur or circumstances change between annual tests that would more likely than not reduce the fair value of a related reporting unit below its carrying value. Impairment occurs when the carrying amount of goodwill exceeds its implied fair value. FCX uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. FCX's approach to allocating goodwill includes the identification of the reporting unit it believes has contributed to the excess purchase price and includes consideration of the reporting unit's potential for future growth. Goodwill arose with FCX's acquisitions of PXP and MMR, which has been allocated to the oil and gas reporting unit. Events affecting oil and gas prices may cause a decrease in the fair value of the reporting unit, and FCX could have an impairment of its goodwill in future periods. When a sale of oil and gas properties occurs, goodwill is allocated to that property based on the relationship of the fair value of the property sold to the total reporting unit's fair value. A significant sale of oil and gas properties may represent a triggering event that requires goodwill to be evaluated for impairment. | ||
Oil and Gas Properties. FCX follows the full cost method of accounting whereby all costs associated with oil and gas property acquisitions, exploration and development activities are capitalized. Such costs include internal general and administrative costs, such as payroll and related benefits and costs directly attributable to employees engaged in acquisition, exploration and development activities. General and administrative costs associated with production, operations, marketing and general corporate activities are charged to expense as incurred. Capitalized costs, along with estimated future costs to develop proved reserves and asset retirement costs that are not already included in oil and gas properties, net of related salvage value, are amortized to expense under the unit-of-production method using engineers' estimates of proved oil and gas reserves. The costs of unproved oil and gas properties are excluded from amortization until the properties are evaluated. Interest is capitalized on oil and gas properties not subject to amortization and in the process of development. Proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs unless such sale causes a 25 percent or greater change in the total proved reserves of oil and gas attributable to a cost center, in which case a gain or loss is recognized. | ||
As of September 30, 2013, property, plant, equipment and development costs, net on the condensed consolidated balance sheet included $12.2 billion for oil and gas properties subject to depletion and $11.1 billion for oil and gas properties not subject to depletion. | ||
Under the U.S. Securities and Exchange Commission's (SEC) full cost accounting rules, FCX reviews the carrying value of its oil and gas properties each quarter on a country-by-country basis, with each country representing a cost center. FCX's oil and gas operations currently have one cost center, the U.S. Under these rules, capitalized costs of oil and gas properties (net of accumulated depreciation, depletion and amortization, and related deferred income taxes) for each cost center may not exceed a “ceiling” equal to: | ||
• | the present value, discounted at 10 percent, of estimated future net cash flows from proved oil and gas reserves, net of estimated future income taxes; plus | |
• | the cost of unproved properties not being amortized; plus | |
• | the lower of cost or estimated fair value of unproved properties included in the costs being amortized (net of related tax effects). | |
These rules generally require that FCX price its future oil and gas production at the trailing twelve-month average of the first-day-of-the-month reference prices as adjusted for location and quality differentials. FCX reference prices are West Texas Intermediate (WTI) for oil and the Henry Hub spot price for gas. Such prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. The reserve estimates exclude the effect of any oil and gas derivatives FCX has in place. The estimated future net cash flows exclude future cash outflows associated with settling asset retirement obligations included in the net book value of the oil and gas properties. The rules require an impairment if the capitalized costs exceed this “ceiling.” At September 30, 2013, the ceiling with respect to FCX's oil and gas properties exceeded the net capitalized costs, and therefore, no impairment was recorded. |
Earnings_Per_Share_Unaudited
Earnings Per Share (Unaudited) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
FCX’s basic net income per share of common stock was calculated by dividing net income attributable to FCX common stockholders by the weighted-average shares of common stock outstanding during the period. Following is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 1,048 | $ | 1,140 | $ | 2,482 | $ | 3,035 | |||||||||
Net income attributable to noncontrolling interests | (218 | ) | (316 | ) | (519 | ) | (737 | ) | |||||||||
Preferred dividends on redeemable noncontrolling interest | (9 | ) | — | (12 | ) | — | |||||||||||
Net income attributable to FCX common stockholders | $ | 821 | $ | 824 | $ | 1,951 | $ | 2,298 | |||||||||
Weighted-average shares of common stock outstanding | 1,038 | 949 | 989 | 949 | |||||||||||||
Add shares issuable upon exercise or vesting of | |||||||||||||||||
dilutive stock options and restricted stock units | 5 | 4 | 4 | 4 | a | ||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||
for purposes of calculating diluted net income per share | 1,043 | 953 | 993 | 953 | |||||||||||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.79 | $ | 0.86 | $ | 1.96 | $ | 2.41 | |||||||||
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 based on the treasury stock method totaled approximately one million for the nine months ended September 30, 2012. | ||||||||||||||||
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 amounts were 34 million stock options with a weighted-average exercise price of $40.11 per option for third-quarter 2013, and approximately 32 million stock options with a weighted average exercise price of $40.63 for the nine months ended September 30, 2013. Stock options for approximately 24 million shares with a weighted-average exercise price of $42.52 per option were excluded for third-quarter 2012, and stock options for approximately 19 million shares with a weighted-average exercise price of $43.80 were excluded for the nine months ended September 30, 2012. |
Inventories_Including_LongTerm
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
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, excluding mill and leach stockpiles, follow (in millions): | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Raw materials (primarily concentrates) | $ | 154 | $ | 237 | ||||
Work-in-processa | 80 | 252 | ||||||
Finished goodsb | 1,113 | 911 | ||||||
Total product inventories | $ | 1,347 | $ | 1,400 | ||||
Total materials and supplies, netc | $ | 1,762 | $ | 1,504 | ||||
a. | FCX's mining operations also have work-in-process inventories that are included in mill and leach stockpiles. | |||||||
b. | Primarily included molybdenum concentrates and copper concentrates, anodes, cathodes and rod. | |||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $30 million at September 30, 2013, and $27 million at December 31, 2012. | |||||||
A summary of mill and leach stockpiles follows (in millions): | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Current: | ||||||||
Mill stockpiles | $ | 85 | $ | 104 | ||||
Leach stockpiles | 1,659 | 1,568 | ||||||
Total current mill and leach stockpiles | $ | 1,744 | $ | 1,672 | ||||
Long-term:a | ||||||||
Mill stockpiles | $ | 672 | $ | 615 | ||||
Leach stockpiles | 1,632 | 1,340 | ||||||
Total long-term mill and leach stockpiles | $ | 2,304 | $ | 1,955 | ||||
a. | Metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited
Income Taxes (Unaudited) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
Geographic sources of FCX's provision for income taxes follow (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States operations | $ | 99 | $ | 98 | $ | 76 | a | $ | 291 | ||||||||
International operations | 400 | 117 | b | 891 | 837 | b | |||||||||||
Total | $ | 499 | $ | 215 | $ | 967 | $ | 1,128 | |||||||||
a. | 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. | ||||||||||||||||
b. | Included a net tax benefit of $234 million associated with an adjustment to Cerro Verde's deferred income tax liability. | ||||||||||||||||
Excluding the net tax benefit of $183 million for acquisition-related adjustments in 2013 and Cerro Verde's net deferred tax liability adjustment of $234 million in 2012, FCX’s consolidated effective income tax rate was 33 percent for the first nine months of 2013 and 2012. Variations in the relative proportions of jurisdictional income can result in fluctuations to FCX’s consolidated effective income tax rate. |
Debt_and_Equity_Transactions_U
Debt and Equity Transactions (Unaudited) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt and Equity Transactions [Abstract] | ' | ||||
Debt and Equity Transactions | ' | ||||
DEBT | |||||
At September 30, 2013, FCX had $21.1 billion in debt, which included $10.5 billion of acquisition-related debt and $7.1 billion of debt assumed in the acquisitions of PXP and MMR. As of September 30, 2013, debt included $683 million of fair value adjustments related to the debt assumed in the acquisitions of PXP and MMR. All of FCX's debt is unsecured. | |||||
A summary of the changes in debt for the nine months ended September 30, 2013, follows (in millions): | |||||
Balance at December 31, 2012 | $ | 3,527 | |||
Additions: | |||||
Acquisition-related debt: | |||||
Bank term loan | 4,000 | ||||
2.375% Senior Notes due 2018 | 1,500 | ||||
3.100% Senior Notes due 2020 | 1,000 | ||||
3.875% Senior Notes due 2023 | 1,999 | ||||
5.450% Senior Notes due 2043 | 1,991 | ||||
PXP debt assumed at the acquisition date (initially recorded at fair value): | |||||
Amended credit facility: | |||||
Revolving line of credit | 1,469 | ||||
Five-year term loan due 2017 | 750 | ||||
Seven-year term loan due 2019 | 1,250 | ||||
7⅝% Senior Notes due 2018 | 415 | ||||
6⅛% Senior Notes due 2019 | 823 | ||||
8⅝% Senior Notes due 2019 | 451 | ||||
7⅝% Senior Notes due 2020 | 339 | ||||
6½% Senior Notes due 2020 | 1,658 | ||||
6⅝% Senior Notes due 2021 | 663 | ||||
6¾% Senior Notes due 2022 | 1,118 | ||||
6⅞% Senior Notes due 2023 | 1,695 | ||||
MMR debt assumed at the acquisition date (initially recorded at fair value): | |||||
11.875% Senior Notes due 2014 | 314 | ||||
4% Convertible Senior Notes due 2017 | 237 | ||||
5¼% Convertible Senior Notes due 2013 | 69 | ||||
FCX's borrowings under the revolving credit facility | 200 | ||||
PXP's additional borrowings under the amended credit facility | 396 | ||||
Other borrowings and changes | 75 | ||||
Subtotal | 25,939 | ||||
Less cash repayments and payments for conversions: | |||||
FCX's revolving credit facility | 200 | ||||
PXP's amended credit facility | 3,865 | ||||
MMR's 4% Convertible Senior Notes due 2017 | 209 | ||||
PXP's 7⅝% Senior Notes due 2018 | 415 | ||||
Other | 127 | ||||
Total debt balance at September 30, 2013 | 21,123 | ||||
Less current portion | (70 | ) | |||
Long-term debt | $ | 21,053 | |||
Revolving Credit Facility. On February 14, 2013, FCX and PT Freeport Indonesia entered into a new senior unsecured $3.0 billion revolving credit facility, which replaced FCX's existing revolving credit facility (scheduled to mature on March 30, 2016) upon completion of the acquisition of PXP. On May 31, 2013, in connection with the PXP acquisition, FCX satisfied all conditions under its new senior unsecured $3.0 billion revolving credit facility, and Freeport-McMoRan Oil & Gas, LLC (FM O&G LLC, the successor entity of PXP) joined the revolving credit facility as a borrower. The new revolving credit facility is available until May 31, 2018, in an aggregate principal amount of $3.0 billion, with $500 million available to PT Freeport Indonesia. At September 30, 2013, FCX had no borrowings and $46 million of letters of credit issued under the revolving credit facility, resulting in availability of approximately $3.0 billion, of which $1.5 billion could be used for additional letters of credit. Interest on the new revolving credit facility (currently London Interbank Offered Rate (LIBOR) plus 1.50 percent or the alternate base rate (ABR) plus 0.50 percent) is determined by reference to FCX's credit rating. | |||||
Lines of Credit. During third-quarter 2013, FCX entered into uncommitted lines of credit totaling $450 million with three financial institutions. These unsecured lines allow FCX to borrow at a spread over LIBOR or the respective financial institution's cost of funds with terms and pricing that are more favorable than FCX's revolving credit facility. As of September 30, 2013, there were no borrowings drawn on these lines of credit. | |||||
Acquisition-Related Debt. In connection with financing FCX's acquisitions of PXP and MMR, FCX used the proceeds from the issuance of $6.5 billion of unsecured senior notes and a $4.0 billion unsecured five-year bank term loan (the Term Loan) to fund the cash portion of the merger consideration for both transactions, to repay certain indebtedness of PXP and for general corporate purposes. | |||||
Senior Notes. On March 7, 2013, in connection with the financing of FCX's then-pending acquisitions of PXP and MMR, FCX issued $6.5 billion of unsecured senior notes in four tranches. FCX sold $1.5 billion of 2.375% Senior Notes due March 2018 (5-year notes), $1.0 billion of 3.100% Senior Notes due March 2020 (7-year notes), $2.0 billion of 3.875% Senior Notes due March 2023 (10-year notes) and $2.0 billion of 5.450% Senior Notes due March 2043 (30-year notes) for total net proceeds of $6.4 billion. Interest on these notes is payable semiannually on March 15 and September 15, beginning September 15, 2013. | |||||
Bank Term Loan. On February 14, 2013, FCX entered into an agreement for a $4.0 billion unsecured Term Loan in connection with the then-pending acquisitions of PXP and MMR. Upon closing the PXP acquisition, FCX borrowed $4.0 billion under the Term Loan, and FM O&G LLC joined the Term Loan as a borrower. The Term Loan will amortize in equal quarterly installments during the second, third and fourth years of the loan in annual amounts equal to 10 percent, 15 percent and 20 percent, respectively, of the original aggregate principal amount, and the remainder will mature five years from the date of the first borrowing on May 31, 2013). At FCX's option, the Term Loan bears interest at either an adjusted LIBOR or an alternate base rate (as defined under the Term Loan agreement) plus a spread determined by reference to FCX's credit ratings (currently LIBOR plus 1.50 percent or ABR plus 0.50 percent). | |||||
PXP Debt Assumed. At the close of the acquisition of PXP, FCX assumed long-term debt with a stated value of $9.9 billion, which was increased by $762 million to reflect the acquisition-date fair market value of these obligations. The fair value adjustments will be amortized over the term of the senior notes and recorded as a reduction of interest expense. Following is a brief description of the debt assumed in the PXP acquisition. | |||||
PXP's 6⅛% Senior Notes due 2019, 8⅝% Senior Notes due 2019, 7⅝% Senior Notes due 2020, 6½% Senior Notes due 2020, 6⅝% Senior Notes due 2021, 6¾% Senior Notes due 2022 and 6⅞% Senior Notes due 2023 had a total stated value of $6.4 billion (including the 7⅝% Senior Notes due 2018 that were repaid in June 2013), which was increased by $716 million to reflect the acquisition-date fair market value of these senior notes. Interest on these notes is payable semiannually. These senior notes are redeemable in whole or in part, at the option of FCX, at make-whole redemption prices prior to the dates stated below, and beginning on the dates below at specified redemption prices. In addition, up to 35 percent of the principal amount of certain of these notes may be redeemed at specified redemption prices with all or a portion of the proceeds of an equity contribution. | |||||
Debt Instrument | Date | ||||
6⅛% Senior Notes due 2019 | June 15, 2016 | ||||
8⅝% Senior Notes due 2019 | October 15, 2014 | ||||
7⅝% Senior Notes due 2020 | April 1, 2015 | ||||
6½% Senior Notes due 2020 | November 15, 2015 | ||||
6⅝% Senior Notes due 2021 | May 1, 2016 | ||||
6¾% Senior Notes due 2022 | February 1, 2017 | ||||
6⅞% Senior Notes due 2023 | February 15, 2018 | ||||
MMR Debt Assumed. At the close of the acquisition of MMR, FCX assumed long-term debt with a stated value of $558 million, which was increased by $62 million to reflect the acquisition-date fair market value of these obligations. The fair value adjustments will be amortized over the term of the senior notes and recorded as a reduction of interest expense. Following is a brief description of the debt assumed in the MMR acquisition. | |||||
Interest on MMR's 11.875% Senior Notes due 2014 is payable semiannually, and these notes are redeemable in whole or in part, at the option of FCX, at specified redemption prices. These notes are callable at par in November 2013 (refer to Note 12 for discussion of the redemption of these notes). During June and July 2013, holders of MMR's 4% Convertible Senior Notes due 2017 converted their notes into merger consideration totaling $237 million, including cash payments of $209 million and 16.3 million royalty trust units with a fair value of $28 million at the acquisition date. Interest on MMR's 5¼% Convertible Senior Notes due 2013 was payable semiannually (refer to Note 12 for discussion of the conversion of these notes in October 2013). | |||||
Repayments. In connection with the acquisition of PXP, FCX repaid the $3.9 billion outstanding under PXP's amended credit facility. Additionally, during June 2013, FCX redeemed all of PXP's 7⅝% Senior Notes due 2018, which were recorded at fair value on the date of acquisition, for $415 million. | |||||
On March 14, 2012, FCX redeemed the remaining $3.0 billion of its outstanding 8.375% Senior Notes due 2017, for which holders received 104.553 percent of the principal amount together with the accrued and unpaid interest. As a result of this redemption, FCX recorded a loss on early extinguishment of debt of $168 million ($149 million to net income attributable to FCX common stockholders) for the first nine months of 2012. | |||||
Other. During the first nine months of 2013, FCX recorded a loss on early extinguishment of debt of $45 million ($36 million to net income attributable to FCX common stockholders) 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 the acquisitions of PXP and MMR but was replaced with other financing. | |||||
In February 2012, FCX sold $500 million of 1.40% Senior Notes due 2015, $500 million of 2.15% Senior Notes due 2017 and $2.0 billion of 3.55% Senior Notes due 2022 for total net proceeds of $2.97 billion. Interest on these notes is payable semiannually. | |||||
Guarantees. In connection with the acquisition of PXP, FCX guaranteed the PXP senior notes, and the guarantees by certain PXP subsidiaries were released. At the time of FCX's acquisition of MMR, FCX guaranteed MMR's 11.875% Senior Notes due 2014, and the guarantees by certain MMR subsidiaries were released. Refer to Note 14 for a discussion of FCX's senior notes guaranteed by FM O&G LLC. | |||||
Restrictive Covenants. The Term Loan and new revolving credit facility both contain customary affirmative covenants and representations, and also contain a number of negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX's subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX's ability or the ability of FCX's subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. The Term Loan and new revolving credit facility also contain financial ratios governing maximum total leverage and minimum interest coverage. The FCX senior notes contain limitations on liens that are generally typical for investment grade companies. | |||||
Maturities. Maturities of debt instruments based on the amounts and terms outstanding at September 30, 2013, total $67 million for the remainder of 2013; $614 million in 2014; $1.1 billion in 2015, $750 million in 2016, $700 million in 2017 and $17.9 billion thereafter. | |||||
Consolidated interest expense (excluding capitalized interest) totaled $223 million in third-quarter 2013, $56 million in third-quarter 2012, $465 million for the first nine months of 2013 and $210 million for the first nine months of 2012. Capitalized interest totaled $61 million in third-quarter 2013, $14 million in third-quarter 2012, $114 million for the first nine months of 2013 and $62 million for the first nine months of 2012. |
Contingencies_and_Commitments_
Contingencies and Commitments (Unaudited) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
CONTINGENCIES AND COMMITMENTS | ||||||
Asset Retirement Obligations (AROs). A summary of changes in FCX's AROs (included in reclamation and environmental obligations in the condensed consolidated balance sheet) for the nine months ended September 30, 2013, follows (in millions): | ||||||
Balance at December 31, 2012 | $ | 1,146 | ||||
Liabilities assumed in the acquisitions of PXP and MMRa | 1,024 | |||||
Liabilities incurred | 15 | |||||
Settlements and revisions to cash flow estimates, net | (3 | ) | ||||
Accretion expense | 66 | |||||
Spending | (62 | ) | ||||
Other | (3 | ) | ||||
Balance at September 30, 2013 | 2,183 | |||||
Less: current portion | (125 | ) | ||||
Long-term portion | $ | 2,058 | ||||
a. | The fair value of AROs assumed in the acquisitions of PXP and MMR ($741 million and $283 million, respectively) were estimated based on projected cash flows, an estimated long-term annual inflation rate of 2.5 percent, and discount rates based on FCX's estimated credit-adjusted, risk-free interest rates ranging from 1.3 percent to 6.3 percent. | |||||
The following discussion updates previously reported information regarding AROs included in Note 13 of FCX's annual report on Form 10-K for the year ended December 31, 2012, to reflect the acquisitions of PXP and MMR. Consistent with oil and gas industry practices, substantially all of the oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove platforms, tanks, production equipment and flow lines and restore the wellsite. Typically, when producing oil and gas assets are purchased, the purchaser assumes the obligation to plug and abandon wells and facilities that are part of such assets. However, in some instances, an indemnity may be received with respect to those costs. FCX cannot be assured that it will be able to collect on these indemnities. In connection with the acquisitions of PXP and MMR, the most significant asset retirement obligations were related to the oil and gas properties located in the GOM. | ||||||
Litigation. The following information includes a discussion of updates to previously reported legal proceedings included in Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2012, and Notes 8 and 9 of FCX’s quarterly report on Form 10-Q for the quarters ended June 30, 2013, and March 31, 2013, respectively. | ||||||
Shareholder Litigation. On July 19, 2013, the plaintiffs in In Re Freeport-McMoRan Copper & Gold, Inc. Derivative Litigation, No. 8145-VCN, pending in the Delaware Court of Chancery, filed a second amended consolidated complaint and voluntarily dismissed without prejudice the aiding and abetting claims against most of the defendants. On October 10, 2013, FCX and the other defendants filed a motion to dismiss the second amended consolidated complaint. | ||||||
On August 14, 2013, the parties in In Re Plains Exploration & Production Company Stockholder Litigation, No. 8090-VCN, entered into a stipulation that provided for dismissal with prejudice as to the named plaintiffs and without prejudice as to the non-present class members. The court approved the stipulation on August 15, 2013. | ||||||
On October 11, 2013, the court held a hearing to consider the evidence in support of the proposed settlement of In Re McMoRan Exploration Co. Stockholder Litigation, No. 8132-VCN. On October 16, 2013, the court entered an order approving the settlement, the terms of which are not material to FCX. | ||||||
Tax and Other Matters. Cerro Verde Royalty Dispute. As reported in Note 13 of FCX's annual report on Form 10-K for the year ended December 31, 2012, SUNAT, the Peruvian national tax authority, has assessed mining royalties on ore processed by the Cerro Verde concentrator that commenced operations in late 2006. These assessments cover the period October 2006 to December 2007 and the years 2008 and 2009. In July 2013, the Peruvian Tax Tribunal issued two decisions affirming SUNAT's assessments for the period October 2006 through December 2008. Decisions by the Tax Tribunal end the administrative stage of the appeal procedures for the assessments. In September 2013, Cerro Verde filed judiciary appeals related to the assessments because it continues to believe that its 1998 stability agreement provides an exemption for all minerals extracted from its mining concession, irrespective of the method used for processing those minerals. Although FCX believes its interpretation of the stability agreement is correct, if Cerro Verde is ultimately found responsible for these assessments, it will also be liable for interest, which accrues at rates that range from approximately 7 to 18 percent based on the year accrued and the currency in which the amounts would be payable. | ||||||
On October 1, 2013, SUNAT served Cerro Verde with a demand for payment totaling 492 million Peruvian nuevo soles ($176 million based on current exchange rates, including interest and penalties of $104 million) based on the Peruvian Tax Tribunal’s July 2013 decisions. As permitted by law, Cerro Verde requested and was granted an installment payment program that defers payment for six months and thereafter satisfies the amount via sixty-six equal monthly payments. On July 19, 2013, a hearing on SUNAT's assessment for 2009 was held, but no decision has been issued by the Tax Tribunal for that year. As of September 30, 2013, the aggregate amount of the assessments, including interests and penalties, for the year 2009 was 200 million Peruvian nuevo soles ($72 million based on current exchange rates). SUNAT may make additional assessments for mining royalties and associated penalties and interest for the years 2010 through 2013, which Cerro Verde will contest; FCX believes any such assessments for the years 2010 through 2013, if made, would in the aggregate be similar to the aggregate assessments received for the periods October 2006 through December 2009. No assessments can be issued for years after 2013, as Cerro Verde’s current stability agreement expires on December 31, 2013, and Cerro Verde will begin paying royalties on all of its production in January 2014 under its new 15-year stability agreement. No amounts were accrued as of September 30, 2013, because Cerro Verde believes its stability agreement exempts it from these royalties. | ||||||
Indonesia Tax Matters. PT Freeport Indonesia 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. During first-quarter 2013, PT Freeport Indonesia received assessments from the Indonesian tax authorities for additional taxes of $59 million and interest of $55 million related to various audit exceptions for 2008. During second-quarter 2013, the Indonesian tax authorities agreed to refund $291 million ($320 million was included in other accounts receivable in the condensed consolidated balance sheet at December 31, 2012) associated with overpayments made by PT Freeport Indonesia for 2011. PT Freeport Indonesia filed objections for $22 million of the remaining 2011 overpayments that it believes it is due. Additionally, the Indonesian tax authorities withheld $126 million of the 2011 overpayment for unrelated assessments from 2005 and 2007, which PT Freeport Indonesia is disputing. A refund of $165 million was received in July 2013. PT Freeport Indonesia has filed objections to the 2005, 2006, 2007, 2008 and 2011 assessments because it believes it has properly determined and paid its taxes. As of September 30, 2013, FCX had $284 million included in other assets for amounts paid on disputed tax assessments, which it believes are collectible, including the $126 million discussed above for the 2011 refunds. | ||||||
Contractual Obligations. The following information updates previously reported contractual obligations included in Note 14 of FCX's annual report on Form 10-K for the year ended December 31, 2012, to reflect the acquisitions of PXP and MMR. As is common within the oil and gas industry, FCX has various commitments and operating agreements associated with oil and gas exploration, development and production activities, gathering and transportation, and oilfield and other services. As of September 30, 2013, aggregate future obligations under these agreements total $2.3 billion, primarily comprising minimum commitments of $1.5 billion for two ultra-deepwater drillships currently under construction and expected to be delivered in late 2014 and early 2015 for the GOM drilling campaign and $472 million associated with the deferred premium costs and future interest expected to be accrued on crude oil option contracts, which will be paid once the options settle (refer to Note 9 for further discussion). FCX's future commitments associated with these oil and gas unconditional purchase obligations total $72 million for the remainder of 2013, $340 million in 2014, $704 million in 2015, $565 million in 2016, $493 million in 2017 and $166 million thereafter. |
Financial_Instruments_Unaudite
Financial Instruments (Unaudited) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
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 forward, futures and swap contracts to hedge the market risk associated with fluctuations in the prices of copper and gold commodities it purchases and sells. As a result of the acquisition of PXP, FCX assumed a variety of oil and gas commodity derivatives, such as swaps, collars, puts, calls and various combinations of these instruments, to hedge the exposure to the volatility of oil and gas commodity prices. | ||||||||||||||||||||||||
Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. A discussion of FCX’s derivative commodity contracts and programs follows. | ||||||||||||||||||||||||
Commodity 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 and swap contracts and then liquidating the copper futures contracts and settling the copper swap contracts during the month of shipment, which generally results in FCX receiving the COMEX average copper price in the month of shipment. 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 nine-month periods ended September 30, 2013 and 2012, resulting from hedge ineffectiveness. At September 30, 2013, FCX held copper futures and swap contracts that qualified for hedge accounting for 41 million pounds at an average contract price of $3.28 per pound, with maturities through November 2014. | ||||||||||||||||||||||||
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 (firm sales commitments) follows (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||||||
Unrealized (losses) gains: | ||||||||||||||||||||||||
Derivative financial instruments | $ | 16 | $ | 13 | $ | (2 | ) | $ | 20 | |||||||||||||||
Hedged item | (16 | ) | (13 | ) | 2 | (20 | ) | |||||||||||||||||
Realized (losses) gains: | ||||||||||||||||||||||||
Matured derivative financial instruments | (3 | ) | 1 | (17 | ) | (3 | ) | |||||||||||||||||
Commodity 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, 2012, 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) price (copper) or the COMEX price (copper) and the London Bullion Market Association (London PM) price (gold) 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 that 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 price (copper) or the London PM price (gold) 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 September 30, 2013, follows: | ||||||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||||||
Per Unit | ||||||||||||||||||||||||
Contract | Market | |||||||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||||||
Copper (millions of pounds) | 555 | $ | 3.22 | $ | 3.31 | Feb-14 | ||||||||||||||||||
Gold (thousands of ounces) | 161 | 1,356 | 1,332 | Jan-14 | ||||||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||||||
Copper (millions of pounds) | 52 | 3.17 | 3.31 | Jan-14 | ||||||||||||||||||||
Oil and Gas Contracts. As a result of the acquisition of PXP, FCX assumed PXP's 2013, 2014 and 2015 economic hedge positions that consisted of crude oil options, and crude oil and natural gas swaps. The crude oil and natural gas derivatives do not qualify or 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. These contracts are composed of crude oil put spreads (consisting of put options with a floor limit) and crude oil three-way collars (consisting of a put option with a floor limit and a call option with a ceiling). The premiums associated with put options are deferred until the settlement period. At September 30, 2013, the deferred option premiums and accrued interest associated with the crude oil option contracts totaled $461 million, which was included as a component of the fair value of the crude oil options contracts. At September 30, 2013, the outstanding crude oil option contracts, all of which settle monthly, follow: | ||||||||||||||||||||||||
Average Price (per Bbl)a | ||||||||||||||||||||||||
Period | Instrument Type | Daily Volumes (MBbls) | Ceiling | Floor | Floor Limit | Average Deferred Premium | Index | |||||||||||||||||
(per Bbl) | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Oct - Dec | Three-way collarsb | 25 | $ | 124.29 | $ | 100 | $ | 80 | $ | — | Brent | |||||||||||||
Oct - Dec | Put optionsc | 17 | N/A | 90 | 70 | 6.25 | Brent | |||||||||||||||||
Oct - Dec | Put optionsc | 13 | N/A | 100 | 80 | 6.8 | Brent | |||||||||||||||||
Oct - Dec | Three-way collarsb | 5 | 126.08 | 90 | 70 | — | Brent | |||||||||||||||||
2014 | ||||||||||||||||||||||||
Jan - Dec | Put optionsc | 75 | N/A | 90 | 70 | 5.74 | Brent | |||||||||||||||||
Jan - Dec | Put optionsc | 30 | N/A | 95 | 75 | 6.09 | Brent | |||||||||||||||||
Jan - Dec | Put optionsc | 5 | N/A | 100 | 80 | 7.11 | Brent | |||||||||||||||||
2015 | ||||||||||||||||||||||||
Jan - Dec | Put optionsc | 84 | N/A | 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. FCX pays the difference between the index price and the per barrel ceiling if the index price is greater than the per barrel ceiling. If the index price is at or above the per barrel floor and at or below the per barrel ceiling, no cash settlement is required. | |||||||||||||||||||||||
c. | 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 September 30, 2013, outstanding crude oil swaps with a weighted-average swap price of $109.23 per barrel cover approximately 4 million barrels (MMBbls) of crude oil, and natural gas swaps with a weighted-average swap price of $4.13 per million British thermal units (MMBTU) cover approximately 47 million MMBTUs of natural gas. | ||||||||||||||||||||||||
At September 30, 2013, the outstanding crude oil and natural gas swap contracts, all of which settle monthly, follow: | ||||||||||||||||||||||||
Daily | Weighted-Average | Maturities | ||||||||||||||||||||||
Volumes | Fixed Price | Index | Through | |||||||||||||||||||||
2013 crude oil swaps (MBbls)a | 40 | $ | 109.23 | Brent | Dec-13 | |||||||||||||||||||
2013 natural gas swaps (MMBtu)a | 110,000 | 4.27 | Henry Hub | Dec-13 | ||||||||||||||||||||
2014 natural gas swaps (MMBtu)a | 100,000 | 4.09 | Henry Hub | Dec-14 | ||||||||||||||||||||
a. | If the index price is less than the fixed price, FCX receives the difference between the fixed price and the index price. FCX pays the difference between the index price and the fixed price if the 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 September 30, 2013, Atlantic Copper held net forward copper sales contracts for 14 million pounds at an average contract price of $3.25 per pound, with maturities through November 2013. | ||||||||||||||||||||||||
A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings (losses) for commodity contracts that do not qualify or are not designated as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales contractsa | $ | 141 | $ | 164 | $ | (147 | ) | $ | 188 | |||||||||||||||
Crude oil options and swapsa | (173 | ) | — | (227 | ) | — | ||||||||||||||||||
Natural gas swapsa | 3 | — | 22 | — | ||||||||||||||||||||
Copper forward contractsb | — | 5 | 3 | 17 | ||||||||||||||||||||
a. | Amounts recorded in revenues. | |||||||||||||||||||||||
b. | Amounts recorded in cost of sales as production and delivery costs. | |||||||||||||||||||||||
Unsettled Commodity Derivative Financial Instruments | ||||||||||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Copper futures and swap contracts:a | $ | 3 | $ | 5 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales/purchase contracts | 51 | 36 | ||||||||||||||||||||||
Crude oil and natural gas swaps | 24 | — | ||||||||||||||||||||||
Total derivative assets | $ | 78 | $ | 41 | ||||||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Copper futures and swap contractsa | $ | 1 | $ | 1 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales/purchase contracts | 13 | 27 | ||||||||||||||||||||||
Crude oil options | 218 | — | ||||||||||||||||||||||
Copper forward contracts | 1 | — | ||||||||||||||||||||||
Total derivative liabilities | $ | 233 | $ | 28 | ||||||||||||||||||||
a. | FCX paid $3 million to brokers at September 30, 2013, and $7 million at December 31, 2012, for margin requirements (recorded in other current assets). | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | $ | 51 | $ | 36 | $ | 13 | $ | 27 | ||||||||||||||||
Crude oil and natural gas derivatives | 24 | — | 218 | — | ||||||||||||||||||||
Copper derivatives | 3 | 5 | 2 | 1 | ||||||||||||||||||||
78 | 41 | 233 | 28 | |||||||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | 4 | 8 | 4 | 8 | ||||||||||||||||||||
Crude oil and natural gas derivatives | 20 | — | 20 | — | ||||||||||||||||||||
Copper derivatives | 1 | — | 1 | — | ||||||||||||||||||||
25 | 8 | 25 | 8 | |||||||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | 47 | 28 | 9 | 19 | ||||||||||||||||||||
Crude oil and natural gas derivatives | 4 | — | 198 | — | ||||||||||||||||||||
Copper derivatives | 2 | 5 | 1 | 1 | ||||||||||||||||||||
$ | 53 | $ | 33 | $ | 208 | $ | 20 | |||||||||||||||||
Balance sheet classification: | ||||||||||||||||||||||||
Trade accounts receivable | $ | 46 | $ | 24 | $ | 1 | $ | 9 | ||||||||||||||||
Other current assets | 6 | 5 | — | — | ||||||||||||||||||||
Other assets | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued liabilities | 1 | 4 | 116 | 11 | ||||||||||||||||||||
Other liabilities | — | — | 91 | — | ||||||||||||||||||||
$ | 53 | $ | 33 | $ | 208 | $ | 20 | |||||||||||||||||
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 September 30, 2013, the maximum amount of credit exposure associated with derivative transactions was $50 million. | ||||||||||||||||||||||||
Other Financial Instruments. Other financial instruments include cash and cash equivalents, accounts receivable, investment securities, trust assets, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $239 million at September 30, 2013, and $514 million at December 31, 2012), 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 10 for the fair values of investment securities, trust assets and long-term debt). | ||||||||||||||||||||||||
In addition, FCX has non-detachable warrants, which are considered to be embedded derivative instruments, associated with the Plains Offshore Preferred Stock (refer to Note 2 for further discussion and Note 10 for the fair value of these instruments). |
Fair_Value_Measurement_Unaudit
Fair Value Measurement (Unaudited) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
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 third-quarter 2013. | ||||||||||||||||||||
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 follows (in millions): | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a, b, c | ||||||||||||||||||||
Money market funds | $ | 82 | $ | 82 | $ | 82 | $ | — | $ | — | ||||||||||
U.S. core fixed income fund | 21 | 21 | — | 21 | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total investment securities | 107 | 107 | 86 | 21 | — | |||||||||||||||
Trust assets (long-term):a, c | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 37 | 37 | — | 37 | — | |||||||||||||||
Corporate bonds | 26 | 26 | — | 26 | — | |||||||||||||||
Government bonds and notes | 24 | 24 | — | 24 | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Money market funds | 7 | 7 | 7 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total trust assets | 158 | 158 | 7 | 151 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 51 | 51 | — | 51 | — | |||||||||||||||
Crude oil and natural gas swaps | 24 | 24 | — | 24 | — | |||||||||||||||
Copper futures and swap contracts | 3 | 3 | 3 | — | — | |||||||||||||||
Total derivative assets | 78 | 78 | 3 | 75 | — | |||||||||||||||
Total assets | $ | 343 | $ | 96 | $ | 247 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 13 | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||
Crude oil optionsd | 218 | 218 | — | — | 218 | |||||||||||||||
Copper futures and swap contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Copper forward contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantse | 11 | 11 | — | — | 11 | |||||||||||||||
Total derivative liabilities | 244 | 244 | 2 | 13 | 229 | |||||||||||||||
Long-term debt, including current portionf | 21,123 | 20,411 | — | 20,411 | — | |||||||||||||||
Total liabilities | $ | 20,655 | $ | 2 | $ | 20,424 | $ | 229 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term): | ||||||||||||||||||||
MMR investmentg | $ | 446 | $ | 539 | $ | — | $ | 539 | $ | — | ||||||||||
U.S. core fixed income funda, c | 22 | 22 | — | 22 | — | |||||||||||||||
Money market fundsa, c | 16 | 16 | 16 | — | — | |||||||||||||||
Equity securitiesa, c | 8 | 8 | 8 | — | — | |||||||||||||||
Total investment securities | 492 | 585 | 24 | 561 | — | |||||||||||||||
Trust assets (long-term):a, c | ||||||||||||||||||||
U.S. core fixed income fund | 50 | 50 | — | 50 | — | |||||||||||||||
Government mortgage-backed securities | 36 | 36 | — | 36 | — | |||||||||||||||
Corporate bonds | 30 | 30 | — | 30 | — | |||||||||||||||
Government bonds and notes | 24 | 24 | — | 24 | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Money market funds | 7 | 7 | 7 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total trust assets | 163 | 163 | 7 | 156 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 36 | 36 | — | 36 | — | |||||||||||||||
Copper futures and swaps contracts | 5 | 5 | 5 | — | — | |||||||||||||||
Total derivative assets | 41 | 41 | 5 | 36 | — | |||||||||||||||
Total assets | $ | 789 | $ | 36 | $ | 753 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability position | $ | 27 | $ | 27 | $ | — | $ | 27 | $ | — | ||||||||||
Copper futures and swap contracts | 1 | 1 | 1 | — | — | |||||||||||||||
Total derivative liabilities | 28 | 28 | 1 | 27 | — | |||||||||||||||
Long-term debt, including current portionf | 3,527 | 3,589 | — | 3,589 | — | |||||||||||||||
Total liabilities | $ | 3,617 | $ | 1 | $ | 3,616 | $ | — | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Investment securities excluded $30 million of time deposits at September 30, 2013. | |||||||||||||||||||
c. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
d. | Crude oil options are net of $461 million for deferred premiums and accrued interest at September 30, 2013. Refer to Note 9 for further discussion and balance sheet classifications. | |||||||||||||||||||
e. | Included in other liabilities. Refer to Note 2 for further discussion. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in the PXP, MMR and Freeport-McMoRan Corporation acquisitions, which were recorded at fair value at the respective acquisition dates. | |||||||||||||||||||
g. | Recorded at cost and included in other assets. | |||||||||||||||||||
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 or a mid evaluation. A bid evaluation is an estimated price at which a dealer would pay for a security. A mid evaluation 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 PM 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. (ICE) crude oil prices, volatilities, interest rates and contract terms. FCX's derivative financial instruments for crude oil and natural gas swaps are valued using a pricing model that has various inputs including NYMEX and ICE 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. 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 (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). The 2013 and 2014 crude oil and 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 2013, 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 18 percent to 46 percent, with a weighted average of 25 percent. The deferred premiums ranged from $5.15 per Bbl to $7.22 per Bbl, with a weighted average of $6.35 per Bbl. Refer to Note 9 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 9 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. The expected volatilities ranged from 20 percent to 54 percent, with a weighted average of 28 percent. Refer to Note 2 for further discussion of the Plains Offshore warrants. | ||||||||||||||||||||
Long-term debt, including the current portion, is valued using prices obtained from a readily available pricing source and, as such, is classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
At December 31, 2012, FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2 (MMR investment) was not actively traded; therefore, FCX valued its MMR investment based on a pricing simulation model that used the quoted market prices of MMR's publicly traded common stock as the most significant observable input and other inputs, such as expected volatility, expected settlement date and risk-free interest rate. Therefore, this investment was classified within Level 2 of the fair value hierarchy. FCX's shares of MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2 were canceled in connection with the acquisition of MMR. | ||||||||||||||||||||
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, 2012 | $ | — | $ | — | ||||||||||||||||
Derivative financial instruments assumed in the PXP acquisition | (83 | ) | (12 | ) | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to | ||||||||||||||||||||
assets and liabilities still held at the end of the period | (135 | ) | a | 1 | b | |||||||||||||||
Fair value at September 30, 2013 | $ | (218 | ) | $ | (11 | ) | ||||||||||||||
a. | Realized and unrealized (losses) gains are recorded in revenue. There were no realized gains for the first nine months of 2013. | |||||||||||||||||||
b. | Realized and unrealized (losses) gains are recorded in other income. There were no realized gains for the first nine months of 2013. | |||||||||||||||||||
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 September 30, 2013, except for warrants (refer to Note 2 for discussion of warrants). | ||||||||||||||||||||
Refer to Note 2 for the levels within the fair value hierarchy associated with other assets acquired, liabilities assumed and redeemable noncontrolling interest related to second-quarter 2013 acquisitions. |
New_Accounting_Standard_Unaudi
New Accounting Standard (Unaudited) | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Standards [Abstract] | ' |
New Accounting Standard | ' |
NEW ACCOUNTING STANDARD | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an ASU that requires companies to disclose information regarding offsetting and other arrangements for derivatives and other financial instruments. Additionally, in January 2013, FASB issued an ASU that limited the scope of the balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (i) offset in the financial statements or (ii) subject to an enforceable master netting arrangement or similar arrangement. FCX adopted this guidance effective January 1, 2013. |
Subsequent_Events_Unaudited
Subsequent Events (Unaudited) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
FCX evaluated events after September 30, 2013, 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. | |
Environmental. Following is an update to a previously reported environmental litigation matter included in Note 13 of FCX's annual report on Form 10-K for the year ended December 31, 2012. | |
Blackwell. In October 2013, the parties to the suit entitled Board of Commissioners of the County of Kay, Oklahoma v. Freeport-McMoRan Copper & Gold Inc., et. al., pending in the United States District Court for the Western District of Oklahoma, agreed in principle to settle the suit for an amount that is not material to FCX, subject to negotiation of a final agreement with the Oklahoma Department of Environmental Quality and completion of definitive settlement documents. On October 12, 2013, the court administratively dismissed the case on that basis. | |
Debt. In October 2013, holders of MMR's outstanding 5¼% Convertible Senior Notes due 2013 converted their notes into merger consideration totaling $67 million, including cash payments of $59 million and 4.6 million royalty trust units with a fair value of $8 million at the acquisition date. | |
On October 15, 2013, FCX announced its intent to redeem the $299 million of MMR's outstanding 11.875% Senior Notes due 2014 on November 15, 2013. Holders of record will receive the principal amount together with accrued and unpaid interest. FCX expects to record a gain of $8 million in fourth-quarter 2013 in connection with this redemption. | |
Exploration Commitment. FM O&G has a definitive agreement to participate in an exploration program offshore the Kingdom of Morocco. In October 2013, FM O&G obtained Moroccan government approval and made a payment of $15 million to farm-in to Pura Vida Energy’s 75 percent working interest in the approximate 2.7 million acre Mazagan permit area in the Essaouira Basin offshore Morocco. FM O&G will earn a 52 percent working interest and act as operator in exchange for funding 100 percent of the costs of certain specified exploration activities, including a commitment to fund and drill two wells, subject to a maximum commitment of $215 million (excluding the $15 million payment to Pura Vida Energy). Drilling is expected to commence late 2014 or early 2015. |
Business_Segments_Unaudited
Business Segments (Unaudited) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to the acquisitions of PXP and MMR, FCX has organized its operations into six primary divisions – North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines and Oil & 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, operating segments are determined on a country-by-country basis and all of FCX's oil and gas operations are in the U.S. Operating segments that meet certain thresholds are reportable segments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning in first-quarter 2013, the Molybdenum operations division was revised to report only FCX's two molybdenum mines in North America - the Henderson underground mine and the Climax open-pit mine, both in Colorado - as a division (i.e. Molybdenum mines). The molybdenum sales company and related conversion facilities are included with Other Mining & Eliminations in the following segment tables. FCX revised its segment disclosures for the three and nine months ended September 30, 2012, to conform with the current period presentation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil & Gas Operations. FCX's oil and gas operations include oil production facilities and growth potential in the Deepwater GOM, oil production from the onshore Eagle Ford shale play in Texas, oil production facilities onshore and offshore California, onshore natural gas resources in the Haynesville shale play in Louisiana, and a position in the emerging shallow water, ultra-deep gas trend on the Shelf of the GOM and onshore in South Louisiana. All of the operations are considered one operating segment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Atlantic Copper and on 25 percent of PT Freeport Indonesia'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 at the corporate level, 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 | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 100 | $ | 145 | $ | 245 | $ | 434 | $ | 618 | $ | 1,052 | $ | 1,108 | a | $ | 406 | $ | — | $ | 1,247 | $ | 514 | $ | 417 | b | $ | 4,989 | $ | 1,176 | c | $ | — | $ | 6,165 | |||||||||||||||||||||||||||||
Intersegment | 375 | 681 | 1,056 | 27 | 60 | 87 | 3 | 14 | 121 | 6 | 2 | (1,289 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 287 | 520 | 807 | 175 | 319 | 494 | 617 | 190 | 82 | 1,245 | 523 | (916 | ) | 3,042 | 288 | 2 | 3,332 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 35 | 67 | 102 | 35 | 50 | 85 | 60 | 64 | 21 | 2 | 10 | 9 | 353 | 563 | 3 | 919 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | — | 2 | 2 | 29 | 3 | — | — | 5 | 5 | 45 | 51 | 62 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | 1 | — | — | — | — | 52 | 55 | — | 2 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | 5 | 5 | — | — | — | — | — | — | — | — | (13 | ) | (8 | ) | — | — | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 153 | 231 | 384 | 251 | 307 | 558 | 404 | 163 | 18 | 6 | (22 | ) | (9 | ) | 1,502 | 274 | (69 | ) | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | 4 | 20 | 24 | 74 | 64 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 92 | 102 | 194 | 173 | 33 | — | — | — | — | 400 | — | 99 | 499 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at September 30, 2013 | 2,915 | 5,734 | 8,649 | 6,440 | 4,090 | 10,530 | 7,399 | 4,862 | 2,094 | 308 | 691 | 1,267 | 35,800 | 26,347 | 451 | 62,598 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 172 | 80 | 252 | 224 | 40 | 264 | 209 | 52 | 46 | 1 | 20 | 51 | 895 | 738 | 12 | 1,645 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 39 | $ | 9 | $ | 48 | $ | 504 | $ | 491 | $ | 995 | $ | 845 | a | $ | 365 | $ | — | $ | 1,221 | $ | 633 | $ | 309 | b | $ | 4,416 | $ | — | $ | 1 | $ | 4,417 | ||||||||||||||||||||||||||||||
Intersegment | 456 | 811 | 1,267 | 71 | 126 | 197 | 146 | 2 | 129 | 7 | 5 | (1,753 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 268 | 475 | 743 | 197 | 333 | 530 | 603 | 172 | 88 | 1,222 | 624 | (1,392 | ) | 2,590 | — | 2 | 2,592 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 31 | 57 | 88 | 39 | 35 | 74 | 54 | 42 | 15 | 2 | 11 | 10 | 296 | — | 2 | 298 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | 1 | 1 | 2 | 31 | 2 | — | — | 4 | 4 | 44 | — | 66 | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | 1 | — | 1 | — | — | — | — | — | — | — | — | 78 | 79 | — | — | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | (69 | ) | (69 | ) | — | (4 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 195 | 287 | 482 | 338 | 248 | 586 | 303 | 151 | 26 | 4 | (1 | ) | (75 | ) | 1,476 | — | (65 | ) | 1,411 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | — | — | — | 3 | 21 | 25 | — | 17 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | — | — | — | (88 | ) | d | 72 | (16 | ) | 111 | 28 | — | — | — | — | 123 | — | 92 | 215 | |||||||||||||||||||||||||||||||||||||||||||||
Total assets at September 30, 2012 | 2,297 | 5,403 | 7,700 | 5,704 | 4,232 | 9,936 | 6,393 | 4,490 | 1,979 | 330 | 1,192 | 719 | 32,739 | — | 1,778 | 34,517 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 108 | 164 | 272 | 180 | 87 | 267 | 237 | 131 | 41 | 2 | 4 | 15 | 969 | — | 2 | 971 | ||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT Freeport Indonesia’s sales to PT Smelting totaling $458 million in third-quarter 2013 and $520 million in third-quarter 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 charges of $158 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included a credit of $234 million for the reversal of a net deferred tax liability. For further discussion, refer to Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 218 | $ | 266 | $ | 484 | $ | 1,035 | $ | 1,631 | $ | 2,666 | $ | 2,443 | a | $ | 1,199 | $ | — | $ | 3,842 | $ | 1,730 | $ | 1,157 | b | $ | 13,521 | $ | 1,512 | c | $ | 3 | $ | 15,036 | |||||||||||||||||||||||||||||
Intersegment | 1,255 | 2,256 | 3,511 | 222 | 216 | 438 | 190 | 24 | 408 | 20 | 12 | (4,603 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 885 | 1,574 | 2,459 | 535 | 950 | 1,485 | 1,743 | 560 | 240 | 3,835 | 1,726 | (3,531 | ) | 8,517 | 377 | 10 | 8,904 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 105 | 207 | 312 | 105 | 137 | 242 | 173 | 179 | 62 | 7 | 32 | 31 | 1,038 | 732 | 8 | 1,778 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 3 | 4 | 2 | 3 | 5 | 82 | 9 | — | — | 14 | 23 | 137 | 65 | 255 | 457 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 3 | 3 | — | — | — | 1 | — | — | — | — | 161 | 165 | — | 8 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (1 | ) | (1 | ) | — | — | — | — | — | — | — | — | 24 | 23 | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 482 | 736 | 1,218 | 615 | 757 | 1,372 | 634 | 475 | 106 | 20 | (30 | ) | (154 | ) | 3,641 | 338 | (278 | ) | 3,701 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3 | 1 | 4 | 2 | — | 2 | 12 | 2 | — | — | 12 | 60 | 92 | 100 | 159 | 351 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 215 | 257 | 472 | 289 | 99 | — | — | — | — | 860 | — | 107 | d | 967 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 529 | 266 | 795 | 596 | 138 | 734 | 720 | 155 | 128 | 3 | 39 | 91 | 2,665 | 928 | 30 | 3,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 157 | $ | 20 | $ | 177 | $ | 1,285 | $ | 1,563 | $ | 2,848 | $ | 2,673 | a | $ | 985 | $ | — | $ | 3,802 | $ | 2,023 | $ | 984 | b | $ | 13,492 | $ | — | $ | 5 | $ | 13,497 | ||||||||||||||||||||||||||||||
Intersegment | 1,374 | 2,646 | 4,020 | 349 | 265 | 614 | 224 | 9 | 389 | 20 | 22 | (5,298 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 803 | 1,387 | 2,190 | 575 | 908 | 1,483 | 1,704 | 456 | 237 | 3,800 | 1,988 | (4,218 | ) | 7,640 | — | 2 | 7,642 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 95 | 179 | 274 | 102 | 106 | 208 | 153 | 114 | 38 | 7 | 31 | 25 | 850 | — | 6 | 856 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 2 | 3 | 2 | 3 | 5 | 91 | 5 | — | — | 14 | 12 | 130 | — | 181 | 311 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | 1 | — | 1 | — | — | — | — | — | — | — | — | 213 | 214 | — | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | 22 | 22 | (4 | ) | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 631 | 1,098 | 1,729 | 955 | 811 | 1,766 | 949 | 419 | 114 | 15 | 12 | (368 | ) | 4,636 | — | (180 | ) | 4,456 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | 5 | — | 5 | 3 | — | — | — | 9 | 63 | 81 | — | 67 | 148 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 131 | e | 244 | 375 | 387 | 79 | — | — | — | — | 841 | — | 287 | 1,128 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 204 | 364 | 568 | 365 | 294 | 659 | 624 | 428 | 189 | 5 | 11 | 41 | 2,525 | — | (7 | ) | 2,518 | |||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT Freeport Indonesia’s sales to PT Smelting totaling $1.2 billion for the first nine months of 2013 and $1.5 billion for the first nine months of 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 charges of $194 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from second-quarter 2013 oil and gas acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
e. | Included a credit of $234 million for the reversal of a net deferred tax liability. For further discussion, refer to Note 6. |
Guarantor_Financial_Statements
Guarantor Financial Statements (Unaudited) (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Guarantor Financial Statements [Text Block] | ' | |||||||||||||||||||
GUARANTOR FINANCIAL STATEMENTS | ||||||||||||||||||||
As further discussed in Note 7, 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 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. | ||||||||||||||||||||
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 sheet at September 30, 2013, and the related condensed consolidating statements of income for the three and nine months ended September 30, 2013, and the condensed consolidating statement of cash flows for the nine months ended September 30, 2013, which should be read in conjunction with FCX's notes to the consolidated financial statements: | ||||||||||||||||||||
FREEPORT-McMoRan COPPER & GOLD INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | 2,217 | $ | — | $ | 2,219 | ||||||||||
Accounts receivable | 706 | 964 | 1,966 | (1,407 | ) | 2,229 | ||||||||||||||
Inventories | — | 18 | 4,835 | — | 4,853 | |||||||||||||||
Other current assets | 49 | 31 | 225 | — | 305 | |||||||||||||||
Total current assets | 755 | 1,015 | 9,243 | (1,407 | ) | 9,606 | ||||||||||||||
Property, plant, equipment and | ||||||||||||||||||||
development costs, net | 28 | 8,865 | 37,754 | — | 46,647 | |||||||||||||||
Investment in consolidated subsidiaries | 30,314 | 9,596 | — | (39,910 | ) | — | ||||||||||||||
Goodwill | — | 455 | 1,477 | — | 1,932 | |||||||||||||||
Other assets | 7,448 | 4,219 | 4,401 | (11,655 | ) | 4,413 | ||||||||||||||
Total assets | $ | 38,545 | $ | 24,150 | $ | 52,875 | $ | (52,972 | ) | $ | 62,598 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 911 | $ | 726 | $ | 4,268 | $ | (1,407 | ) | $ | 4,498 | |||||||||
Long-term debt, less current portion | 13,484 | 10,049 | 5,421 | (7,901 | ) | 21,053 | ||||||||||||||
Deferred income taxesa | 3,718 | — | 3,204 | — | 6,922 | |||||||||||||||
Reclamation and environmental obligations, | ||||||||||||||||||||
less current portion | — | 281 | 2,796 | — | 3,077 | |||||||||||||||
Other liabilities | 27 | 3,447 | 2,054 | (3,754 | ) | 1,774 | ||||||||||||||
Total liabilities | 18,140 | 14,503 | 17,743 | (13,062 | ) | 37,324 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 720 | — | 720 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,405 | 9,647 | 30,684 | (40,331 | ) | 20,405 | ||||||||||||||
Noncontrolling interests | — | — | 3,728 | 421 | 4,149 | |||||||||||||||
Total equity | 20,405 | 9,647 | 34,412 | (39,910 | ) | 24,554 | ||||||||||||||
Total liabilities and equity | $ | 38,545 | $ | 24,150 | $ | 52,875 | $ | (52,972 | ) | $ | 62,598 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
FREEPORT-McMoRan COPPER & GOLD INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
Three and Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 512 | $ | 5,653 | $ | — | $ | 6,165 | ||||||||||
Cost of sales | 1 | 415 | 3,835 | — | 4,251 | |||||||||||||||
Other operating costs and expenses | 10 | 37 | 160 | — | 207 | |||||||||||||||
Total costs and expenses | 11 | 452 | 3,995 | — | 4,458 | |||||||||||||||
Operating (loss) income | (11 | ) | 60 | 1,658 | — | 1,707 | ||||||||||||||
Interest expense, net | (94 | ) | (51 | ) | (40 | ) | 23 | (162 | ) | |||||||||||
Other income (expense), net | 24 | — | 2 | (23 | ) | 3 | ||||||||||||||
(Loss) income before income taxes and equity | ||||||||||||||||||||
in affiliated companies' net earnings (losses) | (81 | ) | 9 | 1,620 | — | 1,548 | ||||||||||||||
Benefit from (provision for) income taxes | 35 | (5 | ) | (529 | ) | — | (499 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 867 | 187 | 47 | (1,102 | ) | (1 | ) | |||||||||||||
Net income (loss) | 821 | 191 | 1,138 | (1,102 | ) | 1,048 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (202 | ) | (25 | ) | (227 | ) | ||||||||||||
Net income (loss) attributable to FCX | ||||||||||||||||||||
common stockholders | $ | 821 | $ | 191 | $ | 936 | $ | (1,127 | ) | $ | 821 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 674 | $ | 14,362 | $ | — | $ | 15,036 | ||||||||||
Cost of sales | 2 | 541 | 10,139 | — | 10,682 | |||||||||||||||
Other operating costs and expenses | 104 | 46 | 503 | — | 653 | |||||||||||||||
Total costs and expenses | 106 | 587 | 10,642 | — | 11,335 | |||||||||||||||
Operating (loss) income | (106 | ) | 87 | 3,720 | — | 3,701 | ||||||||||||||
Interest expense, net | (222 | ) | (63 | ) | (104 | ) | 38 | (351 | ) | |||||||||||
Losses on early extinguishment of debt | (45 | ) | — | — | — | (45 | ) | |||||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 39 | — | 12 | (38 | ) | 13 | ||||||||||||||
(Loss) income before income taxes and equity | ||||||||||||||||||||
in affiliated companies' net earnings (losses) | (206 | ) | 24 | 3,628 | — | 3,446 | ||||||||||||||
Benefit from (provision for) income taxes | 61 | (10 | ) | (1,018 | ) | — | (967 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 2,096 | 207 | 1 | (2,301 | ) | 3 | ||||||||||||||
Net income (loss) | 1,951 | 221 | 2,611 | (2,301 | ) | 2,482 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (494 | ) | (37 | ) | (531 | ) | ||||||||||||
Net income (loss) attributable to FCX | ||||||||||||||||||||
common stockholders | $ | 1,951 | $ | 221 | $ | 2,117 | $ | (2,338 | ) | $ | 1,951 | |||||||||
FREEPORT-McMoRan COPPER & GOLD INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 1,951 | $ | 221 | $ | 2,611 | $ | (2,301 | ) | $ | 2,482 | |||||||||
Adjustments to reconcile net income (loss) to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 3 | 341 | 1,434 | — | 1,778 | |||||||||||||||
Net losses on oil and gas derivative contracts | — | 205 | — | — | 205 | |||||||||||||||
Losses on early extinguishment of debt | 45 | — | — | — | 45 | |||||||||||||||
Gain on investment in MMR | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (2,096 | ) | (207 | ) | 2 | 2,301 | — | |||||||||||||
Other, net | 8 | (15 | ) | (143 | ) | — | (150 | ) | ||||||||||||
(Increases) decreases in working capital and other tax | ||||||||||||||||||||
payments, excluding amounts from the acquisitions: | ||||||||||||||||||||
Accounts receivable, inventories and other | ||||||||||||||||||||
current assets | 89 | 30 | 28 | — | 147 | |||||||||||||||
Accounts payable, accrued liabilities and accrued | ||||||||||||||||||||
income taxes and other tax payments | 23 | 488 | (1,147 | ) | — | (636 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (105 | ) | 1,063 | 2,785 | — | 3,743 | ||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (621 | ) | (3,002 | ) | — | (3,623 | ) | ||||||||||||
Acquisitions, net of cash acquired | (5,437 | ) | — | (4 | ) | — | (5,441 | ) | ||||||||||||
Intercompany loans | 793 | — | (1,095 | ) | 302 | — | ||||||||||||||
Dividends from consolidated subsidiary | 321 | — | — | (321 | ) | — | ||||||||||||||
Other, net | 14 | 32 | (70 | ) | — | (24 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (4,309 | ) | (589 | ) | (4,171 | ) | (19 | ) | (9,088 | ) | ||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 11,085 | — | 144 | — | 11,229 | |||||||||||||||
Repayments of debt and redemption of MMR preferred stock | (4,501 | ) | (416 | ) | (126 | ) | — | (5,043 | ) | |||||||||||
Intercompany loans | — | (56 | ) | 358 | (302 | ) | — | |||||||||||||
Cash dividends paid: | ||||||||||||||||||||
Common stock | (1,957 | ) | — | (321 | ) | 321 | (1,957 | ) | ||||||||||||
Noncontrolling interests | — | — | (157 | ) | — | (157 | ) | |||||||||||||
Other, net | (213 | ) | — | — | — | (213 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 4,414 | (472 | ) | (102 | ) | 19 | 3,859 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2 | (1,488 | ) | — | (1,486 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 3,705 | — | 3,705 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 2,217 | $ | — | $ | 2,219 | ||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Unaudited) (Policies) | 9 Months Ended | |
Sep. 30, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Consolidation, Policy [Policy Text Block] | ' | |
Basis of Presentation. FCX began consolidating its wholly owned subsidiaries, PXP and MMR, effective June 1, 2013, and June 4, 2013, respectively. PXP's and MMR's financial information consolidates the results of operations and the assets and liabilities for their majority-owned subsidiaries. Investments in unincorporated joint ventures, as well as individual interests in oil and gas exploration, development and production activities, are reflected using the proportionate consolidation method. All significant intercompany transactions have been eliminated. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates. As a result of the acquisitions of PXP and MMR, other significant areas requiring the use of management estimates include oil and gas reserve estimation; timing of transfers of oil and gas properties not subject to amortization into the full cost pool; determination of fair value of assets acquired, liabilities assumed and redeemable noncontrolling interest, and recognition of goodwill and deferred taxes in connection with business combinations; and valuation of derivative instruments. Actual results could differ from those estimates. In particular, initial estimates of acquisition fair values are preliminary and subject to change as the related valuations are finalized. | ||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | |
Goodwill. Goodwill has an indefinite useful life and is not amortized, but rather is tested for impairment at least annually, unless events occur or circumstances change between annual tests that would more likely than not reduce the fair value of a related reporting unit below its carrying value. Impairment occurs when the carrying amount of goodwill exceeds its implied fair value. FCX uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. FCX's approach to allocating goodwill includes the identification of the reporting unit it believes has contributed to the excess purchase price and includes consideration of the reporting unit's potential for future growth. Goodwill arose with FCX's acquisitions of PXP and MMR, which has been allocated to the oil and gas reporting unit. Events affecting oil and gas prices may cause a decrease in the fair value of the reporting unit, and FCX could have an impairment of its goodwill in future periods. When a sale of oil and gas properties occurs, goodwill is allocated to that property based on the relationship of the fair value of the property sold to the total reporting unit's fair value. A significant sale of oil and gas properties may represent a triggering event that requires goodwill to be evaluated for impairment. | ||
Oil and Gas Properties Policy [Policy Text Block] | ' | |
Oil and Gas Properties. FCX follows the full cost method of accounting whereby all costs associated with oil and gas property acquisitions, exploration and development activities are capitalized. Such costs include internal general and administrative costs, such as payroll and related benefits and costs directly attributable to employees engaged in acquisition, exploration and development activities. General and administrative costs associated with production, operations, marketing and general corporate activities are charged to expense as incurred. Capitalized costs, along with estimated future costs to develop proved reserves and asset retirement costs that are not already included in oil and gas properties, net of related salvage value, are amortized to expense under the unit-of-production method using engineers' estimates of proved oil and gas reserves. The costs of unproved oil and gas properties are excluded from amortization until the properties are evaluated. Interest is capitalized on oil and gas properties not subject to amortization and in the process of development. Proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs unless such sale causes a 25 percent or greater change in the total proved reserves of oil and gas attributable to a cost center, in which case a gain or loss is recognized. | ||
As of September 30, 2013, property, plant, equipment and development costs, net on the condensed consolidated balance sheet included $12.2 billion for oil and gas properties subject to depletion and $11.1 billion for oil and gas properties not subject to depletion. | ||
Under the U.S. Securities and Exchange Commission's (SEC) full cost accounting rules, FCX reviews the carrying value of its oil and gas properties each quarter on a country-by-country basis, with each country representing a cost center. FCX's oil and gas operations currently have one cost center, the U.S. Under these rules, capitalized costs of oil and gas properties (net of accumulated depreciation, depletion and amortization, and related deferred income taxes) for each cost center may not exceed a “ceiling” equal to: | ||
• | the present value, discounted at 10 percent, of estimated future net cash flows from proved oil and gas reserves, net of estimated future income taxes; plus | |
• | the cost of unproved properties not being amortized; plus | |
• | the lower of cost or estimated fair value of unproved properties included in the costs being amortized (net of related tax effects). | |
These rules generally require that FCX price its future oil and gas production at the trailing twelve-month average of the first-day-of-the-month reference prices as adjusted for location and quality differentials. FCX reference prices are West Texas Intermediate (WTI) for oil and the Henry Hub spot price for gas. Such prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. The reserve estimates exclude the effect of any oil and gas derivatives FCX has in place. The estimated future net cash flows exclude future cash outflows associated with settling asset retirement obligations included in the net book value of the oil and gas properties. The rules require an impairment if the capitalized costs exceed this “ceiling.” At September 30, 2013, the ceiling with respect to FCX's oil and gas properties exceeded the net capitalized costs, and therefore, no impairment was recorded. |
Acquisitions_Unaudited_Tables
Acquisitions (Unaudited) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | ' | ||||||||||||||||
Following is a summary of the $3.1 billion purchase price for MMR (in millions, except the closing share price): | |||||||||||||||||
Number of shares of MMR common stock acquired | 112.362 | a | |||||||||||||||
Cash consideration of $14.75 per share | $ | 14.75 | |||||||||||||||
Cash consideration paid by FCX | $ | 1,657 | |||||||||||||||
Employee stock-based awards | 63 | ||||||||||||||||
Total | 1,720 | ||||||||||||||||
Fair value of FCX's investment in 51 million shares of MMR common stock acquired on | |||||||||||||||||
May 31, 2013, through the acquisition of PXP | 854 | ||||||||||||||||
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2 | 554 | ||||||||||||||||
Total purchase price | $ | 3,128 | |||||||||||||||
a. Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013. | |||||||||||||||||
Following is a summary of the $6.6 billion purchase price for PXP (in millions, except the exchange ratio and closing share price): | |||||||||||||||||
Number of shares of PXP common stock acquired | 132.28 | a | |||||||||||||||
Exchange ratio of FCX common stock for each PXP share | 0.6531 | ||||||||||||||||
86.392 | |||||||||||||||||
Shares of FCX common stock issued for certain PXP equity awards | 4.769 | ||||||||||||||||
Total shares of FCX common stock issued | 91.161 | ||||||||||||||||
Closing share price of FCX common stock at May 31, 2013 | $ | 31.05 | |||||||||||||||
FCX stock consideration | $ | 2,831 | |||||||||||||||
Cash consideration | 3,725 | b | |||||||||||||||
Employee stock-based awards, primarily cash-settled stock-based awards | 78 | ||||||||||||||||
Total purchase price | $ | 6,634 | |||||||||||||||
a. | Adjusted for cash paid in lieu of fractional shares. | ||||||||||||||||
b. | Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013. | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the preliminary purchase price allocations for PXP and MMR (in millions): | |||||||||||||||||
PXP | MMR | Eliminations | Total | ||||||||||||||
Current assets | $ | 1,192 | $ | 98 | $ | — | $ | 1,290 | |||||||||
Oil and gas properties - full cost method: | |||||||||||||||||
Subject to depletion | 11,447 | 756 | — | 12,203 | |||||||||||||
Not subject to depletion | 9,431 | 1,686 | — | 11,117 | |||||||||||||
Property, plant and equipment | 261 | 1 | — | 262 | |||||||||||||
Investment in MMRa | 848 | — | (848 | ) | — | ||||||||||||
Other assets | 12 | 421 | — | 433 | |||||||||||||
Current liabilities | (907 | ) | (174 | ) | — | (1,081 | ) | ||||||||||
Debt (current and long-term) | (10,631 | ) | (620 | ) | — | (11,251 | ) | ||||||||||
Deferred income taxesb | (3,956 | ) | — | — | (3,956 | ) | |||||||||||
Other long-term liabilities | (805 | ) | (258 | ) | — | (1,063 | ) | ||||||||||
Redeemable noncontrolling interest | (713 | ) | (259 | ) | — | (972 | ) | ||||||||||
Total fair value, excluding goodwill | 6,179 | 1,651 | (848 | ) | 6,982 | ||||||||||||
Goodwill | 455 | 1,477 | — | 1,932 | |||||||||||||
Total purchase price | $ | 6,634 | $ | 3,128 | $ | (848 | ) | $ | 8,914 | ||||||||
a. | PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at the acquisition date of MMR. | ||||||||||||||||
b. | Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit). | ||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||
A summary of the conversion activity follows (in millions): | |||||||||||||||||
8% | 5.75% | ||||||||||||||||
Preferred | Preferred | ||||||||||||||||
Stock | Stock | ||||||||||||||||
Acquisition-date (June 3, 2013) fair value | $ | 30 | $ | 229 | |||||||||||||
Less June 2013 conversions | 29 | 200 | |||||||||||||||
Less July 2013 conversions | — | 29 | |||||||||||||||
Remaining balance at make-whole expiration dates | $ | 1 | $ | — | |||||||||||||
Royalty trust units released upon conversions: | |||||||||||||||||
June 2013 conversions | 2 | 13.7 | |||||||||||||||
July 2013 conversions | — | 2 | |||||||||||||||
Total | 2 | 15.7 | |||||||||||||||
Schedule Of Adjustments To Recognized Identified Assets Acquired And Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
A summary of third-quarter 2013 adjustments to the preliminary fair values assigned to assets acquired, liabilities assumed and redeemable noncontrolling interest from the acquisitions follows (in millions): | |||||||||||||||||
PXP | MMR | Total | |||||||||||||||
Increase in current assets (primarily current deferred income tax asset) | $ | 182 | $ | 2 | $ | 184 | |||||||||||
(Decrease) in oil and gas properties - full cost method: | |||||||||||||||||
Subject to depletion | — | (45 | ) | (45 | ) | ||||||||||||
Not subject to depletion | (204 | ) | (6 | ) | (210 | ) | |||||||||||
Increase in other assets (deferred income tax asset) | — | 22 | 22 | ||||||||||||||
Net (increase) in deferred income tax liability | (85 | ) | — | (85 | ) | ||||||||||||
Net decrease in other liabilities (primarily warrants) | 70 | — | 70 | ||||||||||||||
Decrease in redeemable noncontrolling interest | 36 | — | 36 | ||||||||||||||
Increase in goodwill | 1 | 27 | 28 | ||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the acquisitions. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 6,165 | $ | 5,406 | $ | 17,190 | $ | 16,955 | |||||||||
Operating income | 1,707 | 1,575 | 4,617 | 5,081 | |||||||||||||
Income from continuing operations | 1,048 | 898 | 2,762 | 3,161 | |||||||||||||
Net income attributable to FCX common stockholders | 821 | 573 | 2,213 | 2,397 | |||||||||||||
Net income per share attributable to FCX common stockholders: | |||||||||||||||||
Basic | $ | 0.79 | $ | 0.55 | $ | 2.13 | $ | 2.3 | |||||||||
Diluted | 0.79 | 0.55 | 2.12 | 2.29 | |||||||||||||
Earnings_Per_Share_Unaudited_T
Earnings Per Share (Unaudited) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of net income and weighted-average shares of common stock outstanding | ' | ||||||||||||||||
Following is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 1,048 | $ | 1,140 | $ | 2,482 | $ | 3,035 | |||||||||
Net income attributable to noncontrolling interests | (218 | ) | (316 | ) | (519 | ) | (737 | ) | |||||||||
Preferred dividends on redeemable noncontrolling interest | (9 | ) | — | (12 | ) | — | |||||||||||
Net income attributable to FCX common stockholders | $ | 821 | $ | 824 | $ | 1,951 | $ | 2,298 | |||||||||
Weighted-average shares of common stock outstanding | 1,038 | 949 | 989 | 949 | |||||||||||||
Add shares issuable upon exercise or vesting of | |||||||||||||||||
dilutive stock options and restricted stock units | 5 | 4 | 4 | 4 | a | ||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||
for purposes of calculating diluted net income per share | 1,043 | 953 | 993 | 953 | |||||||||||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.79 | $ | 0.86 | $ | 1.96 | $ | 2.41 | |||||||||
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 based on the treasury stock method totaled approximately one million for the nine months ended September 30, 2012. |
Inventories_Including_LongTerm1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract] | ' | |||||||
Components of inventories | ' | |||||||
The components of inventories, excluding mill and leach stockpiles, follow (in millions): | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Raw materials (primarily concentrates) | $ | 154 | $ | 237 | ||||
Work-in-processa | 80 | 252 | ||||||
Finished goodsb | 1,113 | 911 | ||||||
Total product inventories | $ | 1,347 | $ | 1,400 | ||||
Total materials and supplies, netc | $ | 1,762 | $ | 1,504 | ||||
a. | FCX's mining operations also have work-in-process inventories that are included in mill and leach stockpiles. | |||||||
b. | Primarily included molybdenum concentrates and copper concentrates, anodes, cathodes and rod. | |||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $30 million at September 30, 2013, and $27 million at December 31, 2012. | |||||||
Summary of mill and leach stockpiles | ' | |||||||
A summary of mill and leach stockpiles follows (in millions): | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Current: | ||||||||
Mill stockpiles | $ | 85 | $ | 104 | ||||
Leach stockpiles | 1,659 | 1,568 | ||||||
Total current mill and leach stockpiles | $ | 1,744 | $ | 1,672 | ||||
Long-term:a | ||||||||
Mill stockpiles | $ | 672 | $ | 615 | ||||
Leach stockpiles | 1,632 | 1,340 | ||||||
Total long-term mill and leach stockpiles | $ | 2,304 | $ | 1,955 | ||||
a. | Metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited_Tables
Income Taxes (Unaudited) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States operations | $ | 99 | $ | 98 | $ | 76 | a | $ | 291 | ||||||||
International operations | 400 | 117 | b | 891 | 837 | b | |||||||||||
Total | $ | 499 | $ | 215 | $ | 967 | $ | 1,128 | |||||||||
a. | 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. | ||||||||||||||||
b. | Included a net tax benefit of $234 million associated with an adjustment to Cerro Verde's deferred income tax liability. | ||||||||||||||||
Debt_and_Equity_Transactions_U1
Debt and Equity Transactions (Unaudited) (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt and Equity Transactions [Abstract] | ' | ||||
Schedule of Debt [Table Text Block] | ' | ||||
A summary of the changes in debt for the nine months ended September 30, 2013, follows (in millions): | |||||
Balance at December 31, 2012 | $ | 3,527 | |||
Additions: | |||||
Acquisition-related debt: | |||||
Bank term loan | 4,000 | ||||
2.375% Senior Notes due 2018 | 1,500 | ||||
3.100% Senior Notes due 2020 | 1,000 | ||||
3.875% Senior Notes due 2023 | 1,999 | ||||
5.450% Senior Notes due 2043 | 1,991 | ||||
PXP debt assumed at the acquisition date (initially recorded at fair value): | |||||
Amended credit facility: | |||||
Revolving line of credit | 1,469 | ||||
Five-year term loan due 2017 | 750 | ||||
Seven-year term loan due 2019 | 1,250 | ||||
7⅝% Senior Notes due 2018 | 415 | ||||
6⅛% Senior Notes due 2019 | 823 | ||||
8⅝% Senior Notes due 2019 | 451 | ||||
7⅝% Senior Notes due 2020 | 339 | ||||
6½% Senior Notes due 2020 | 1,658 | ||||
6⅝% Senior Notes due 2021 | 663 | ||||
6¾% Senior Notes due 2022 | 1,118 | ||||
6⅞% Senior Notes due 2023 | 1,695 | ||||
MMR debt assumed at the acquisition date (initially recorded at fair value): | |||||
11.875% Senior Notes due 2014 | 314 | ||||
4% Convertible Senior Notes due 2017 | 237 | ||||
5¼% Convertible Senior Notes due 2013 | 69 | ||||
FCX's borrowings under the revolving credit facility | 200 | ||||
PXP's additional borrowings under the amended credit facility | 396 | ||||
Other borrowings and changes | 75 | ||||
Subtotal | 25,939 | ||||
Less cash repayments and payments for conversions: | |||||
FCX's revolving credit facility | 200 | ||||
PXP's amended credit facility | 3,865 | ||||
MMR's 4% Convertible Senior Notes due 2017 | 209 | ||||
PXP's 7⅝% Senior Notes due 2018 | 415 | ||||
Other | 127 | ||||
Total debt balance at September 30, 2013 | 21,123 | ||||
Less current portion | (70 | ) | |||
Long-term debt | $ | 21,053 | |||
Debt Make Whole Redemption Expiration Dates [Table Text Block] | ' | ||||
Debt Instrument | Date | ||||
6⅛% Senior Notes due 2019 | June 15, 2016 | ||||
8⅝% Senior Notes due 2019 | October 15, 2014 | ||||
7⅝% Senior Notes due 2020 | April 1, 2015 | ||||
6½% Senior Notes due 2020 | November 15, 2015 | ||||
6⅝% Senior Notes due 2021 | May 1, 2016 | ||||
6¾% Senior Notes due 2022 | February 1, 2017 | ||||
6⅞% Senior Notes due 2023 | February 15, 2018 |
Contingencies_and_Commitments_1
Contingencies and Commitments (Unaudited) (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Asset Retirement Obligation Disclosure [Text Block] | ' | |||||
A summary of changes in FCX's AROs (included in reclamation and environmental obligations in the condensed consolidated balance sheet) for the nine months ended September 30, 2013, follows (in millions): | ||||||
Balance at December 31, 2012 | $ | 1,146 | ||||
Liabilities assumed in the acquisitions of PXP and MMRa | 1,024 | |||||
Liabilities incurred | 15 | |||||
Settlements and revisions to cash flow estimates, net | (3 | ) | ||||
Accretion expense | 66 | |||||
Spending | (62 | ) | ||||
Other | (3 | ) | ||||
Balance at September 30, 2013 | 2,183 | |||||
Less: current portion | (125 | ) | ||||
Long-term portion | $ | 2,058 | ||||
a. | The fair value of AROs assumed in the acquisitions of PXP and MMR ($741 million and $283 million, respectively) were estimated based on projected cash flows, an estimated long-term annual inflation rate of 2.5 percent, and discount rates based on FCX's estimated credit-adjusted, risk-free interest rates ranging from 1.3 percent to 6.3 percent. |
Financial_Instruments_Unaudite1
Financial Instruments (Unaudited) (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
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 (firm sales commitments) follows (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||||||
Unrealized (losses) gains: | ||||||||||||||||||||||||
Derivative financial instruments | $ | 16 | $ | 13 | $ | (2 | ) | $ | 20 | |||||||||||||||
Hedged item | (16 | ) | (13 | ) | 2 | (20 | ) | |||||||||||||||||
Realized (losses) gains: | ||||||||||||||||||||||||
Matured derivative financial instruments | (3 | ) | 1 | (17 | ) | (3 | ) | |||||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||||||||
At September 30, 2013, the outstanding crude oil option contracts, all of which settle monthly, follow: | ||||||||||||||||||||||||
Average Price (per Bbl)a | ||||||||||||||||||||||||
Period | Instrument Type | Daily Volumes (MBbls) | Ceiling | Floor | Floor Limit | Average Deferred Premium | Index | |||||||||||||||||
(per Bbl) | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Oct - Dec | Three-way collarsb | 25 | $ | 124.29 | $ | 100 | $ | 80 | $ | — | Brent | |||||||||||||
Oct - Dec | Put optionsc | 17 | N/A | 90 | 70 | 6.25 | Brent | |||||||||||||||||
Oct - Dec | Put optionsc | 13 | N/A | 100 | 80 | 6.8 | Brent | |||||||||||||||||
Oct - Dec | Three-way collarsb | 5 | 126.08 | 90 | 70 | — | Brent | |||||||||||||||||
2014 | ||||||||||||||||||||||||
Jan - Dec | Put optionsc | 75 | N/A | 90 | 70 | 5.74 | Brent | |||||||||||||||||
Jan - Dec | Put optionsc | 30 | N/A | 95 | 75 | 6.09 | Brent | |||||||||||||||||
Jan - Dec | Put optionsc | 5 | N/A | 100 | 80 | 7.11 | Brent | |||||||||||||||||
2015 | ||||||||||||||||||||||||
Jan - Dec | Put optionsc | 84 | N/A | 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. FCX pays the difference between the index price and the per barrel ceiling if the index price is greater than the per barrel ceiling. If the index price is at or above the per barrel floor and at or below the per barrel ceiling, no cash settlement is required. | |||||||||||||||||||||||
c. | 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 September 30, 2013, follows: | ||||||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||||||
Per Unit | ||||||||||||||||||||||||
Contract | Market | |||||||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||||||
Copper (millions of pounds) | 555 | $ | 3.22 | $ | 3.31 | Feb-14 | ||||||||||||||||||
Gold (thousands of ounces) | 161 | 1,356 | 1,332 | Jan-14 | ||||||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||||||
Copper (millions of pounds) | 52 | 3.17 | 3.31 | Jan-14 | ||||||||||||||||||||
At September 30, 2013, the outstanding crude oil and natural gas swap contracts, all of which settle monthly, follow: | ||||||||||||||||||||||||
Daily | Weighted-Average | Maturities | ||||||||||||||||||||||
Volumes | Fixed Price | Index | Through | |||||||||||||||||||||
2013 crude oil swaps (MBbls)a | 40 | $ | 109.23 | Brent | Dec-13 | |||||||||||||||||||
2013 natural gas swaps (MMBtu)a | 110,000 | 4.27 | Henry Hub | Dec-13 | ||||||||||||||||||||
2014 natural gas swaps (MMBtu)a | 100,000 | 4.09 | Henry Hub | Dec-14 | ||||||||||||||||||||
a. | If the index price is less than the fixed price, FCX receives the difference between the fixed price and the index price. FCX pays the difference between the index price and the fixed price if the index price is greater than the fixed price. | |||||||||||||||||||||||
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 (losses) for commodity contracts that do not qualify or are not designated as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales contractsa | $ | 141 | $ | 164 | $ | (147 | ) | $ | 188 | |||||||||||||||
Crude oil options and swapsa | (173 | ) | — | (227 | ) | — | ||||||||||||||||||
Natural gas swapsa | 3 | — | 22 | — | ||||||||||||||||||||
Copper forward contractsb | — | 5 | 3 | 17 | ||||||||||||||||||||
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 these unsettled commodity contracts that are offset in the balance sheet follows (in millions): | ||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | $ | 51 | $ | 36 | $ | 13 | $ | 27 | ||||||||||||||||
Crude oil and natural gas derivatives | 24 | — | 218 | — | ||||||||||||||||||||
Copper derivatives | 3 | 5 | 2 | 1 | ||||||||||||||||||||
78 | 41 | 233 | 28 | |||||||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | 4 | 8 | 4 | 8 | ||||||||||||||||||||
Crude oil and natural gas derivatives | 20 | — | 20 | — | ||||||||||||||||||||
Copper derivatives | 1 | — | 1 | — | ||||||||||||||||||||
25 | 8 | 25 | 8 | |||||||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||||||
sales/purchase contracts | 47 | 28 | 9 | 19 | ||||||||||||||||||||
Crude oil and natural gas derivatives | 4 | — | 198 | — | ||||||||||||||||||||
Copper derivatives | 2 | 5 | 1 | 1 | ||||||||||||||||||||
$ | 53 | $ | 33 | $ | 208 | $ | 20 | |||||||||||||||||
Balance sheet classification: | ||||||||||||||||||||||||
Trade accounts receivable | $ | 46 | $ | 24 | $ | 1 | $ | 9 | ||||||||||||||||
Other current assets | 6 | 5 | — | — | ||||||||||||||||||||
Other assets | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued liabilities | 1 | 4 | 116 | 11 | ||||||||||||||||||||
Other liabilities | — | — | 91 | — | ||||||||||||||||||||
$ | 53 | $ | 33 | $ | 208 | $ | 20 | |||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Copper futures and swap contracts:a | $ | 3 | $ | 5 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales/purchase contracts | 51 | 36 | ||||||||||||||||||||||
Crude oil and natural gas swaps | 24 | — | ||||||||||||||||||||||
Total derivative assets | $ | 78 | $ | 41 | ||||||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Copper futures and swap contractsa | $ | 1 | $ | 1 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||||||
sales/purchase contracts | 13 | 27 | ||||||||||||||||||||||
Crude oil options | 218 | — | ||||||||||||||||||||||
Copper forward contracts | 1 | — | ||||||||||||||||||||||
Total derivative liabilities | $ | 233 | $ | 28 | ||||||||||||||||||||
a. | FCX paid $3 million to brokers at September 30, 2013, and $7 million at December 31, 2012, for margin requirements (recorded in other current assets). |
Fair_Value_Measurement_Unaudit1
Fair Value Measurement (Unaudited) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
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, 2012 | $ | — | $ | — | ||||||||||||||||
Derivative financial instruments assumed in the PXP acquisition | (83 | ) | (12 | ) | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to | ||||||||||||||||||||
assets and liabilities still held at the end of the period | (135 | ) | a | 1 | b | |||||||||||||||
Fair value at September 30, 2013 | $ | (218 | ) | $ | (11 | ) | ||||||||||||||
a. | Realized and unrealized (losses) gains are recorded in revenue. There were no realized gains for the first nine months of 2013. | |||||||||||||||||||
b. | Realized and unrealized (losses) gains are recorded in other income. There were no realized gains for the first nine months of 2013. | |||||||||||||||||||
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 follows (in millions): | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a, b, c | ||||||||||||||||||||
Money market funds | $ | 82 | $ | 82 | $ | 82 | $ | — | $ | — | ||||||||||
U.S. core fixed income fund | 21 | 21 | — | 21 | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total investment securities | 107 | 107 | 86 | 21 | — | |||||||||||||||
Trust assets (long-term):a, c | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 37 | 37 | — | 37 | — | |||||||||||||||
Corporate bonds | 26 | 26 | — | 26 | — | |||||||||||||||
Government bonds and notes | 24 | 24 | — | 24 | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Money market funds | 7 | 7 | 7 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total trust assets | 158 | 158 | 7 | 151 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 51 | 51 | — | 51 | — | |||||||||||||||
Crude oil and natural gas swaps | 24 | 24 | — | 24 | — | |||||||||||||||
Copper futures and swap contracts | 3 | 3 | 3 | — | — | |||||||||||||||
Total derivative assets | 78 | 78 | 3 | 75 | — | |||||||||||||||
Total assets | $ | 343 | $ | 96 | $ | 247 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 13 | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||
Crude oil optionsd | 218 | 218 | — | — | 218 | |||||||||||||||
Copper futures and swap contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Copper forward contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantse | 11 | 11 | — | — | 11 | |||||||||||||||
Total derivative liabilities | 244 | 244 | 2 | 13 | 229 | |||||||||||||||
Long-term debt, including current portionf | 21,123 | 20,411 | — | 20,411 | — | |||||||||||||||
Total liabilities | $ | 20,655 | $ | 2 | $ | 20,424 | $ | 229 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term): | ||||||||||||||||||||
MMR investmentg | $ | 446 | $ | 539 | $ | — | $ | 539 | $ | — | ||||||||||
U.S. core fixed income funda, c | 22 | 22 | — | 22 | — | |||||||||||||||
Money market fundsa, c | 16 | 16 | 16 | — | — | |||||||||||||||
Equity securitiesa, c | 8 | 8 | 8 | — | — | |||||||||||||||
Total investment securities | 492 | 585 | 24 | 561 | — | |||||||||||||||
Trust assets (long-term):a, c | ||||||||||||||||||||
U.S. core fixed income fund | 50 | 50 | — | 50 | — | |||||||||||||||
Government mortgage-backed securities | 36 | 36 | — | 36 | — | |||||||||||||||
Corporate bonds | 30 | 30 | — | 30 | — | |||||||||||||||
Government bonds and notes | 24 | 24 | — | 24 | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Money market funds | 7 | 7 | 7 | — | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total trust assets | 163 | 163 | 7 | 156 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 36 | 36 | — | 36 | — | |||||||||||||||
Copper futures and swaps contracts | 5 | 5 | 5 | — | — | |||||||||||||||
Total derivative assets | 41 | 41 | 5 | 36 | — | |||||||||||||||
Total assets | $ | 789 | $ | 36 | $ | 753 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability position | $ | 27 | $ | 27 | $ | — | $ | 27 | $ | — | ||||||||||
Copper futures and swap contracts | 1 | 1 | 1 | — | — | |||||||||||||||
Total derivative liabilities | 28 | 28 | 1 | 27 | — | |||||||||||||||
Long-term debt, including current portionf | 3,527 | 3,589 | — | 3,589 | — | |||||||||||||||
Total liabilities | $ | 3,617 | $ | 1 | $ | 3,616 | $ | — | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Investment securities excluded $30 million of time deposits at September 30, 2013. | |||||||||||||||||||
c. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
d. | Crude oil options are net of $461 million for deferred premiums and accrued interest at September 30, 2013. Refer to Note 9 for further discussion and balance sheet classifications. | |||||||||||||||||||
e. | Included in other liabilities. Refer to Note 2 for further discussion. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in the PXP, MMR and Freeport-McMoRan Corporation acquisitions, which were recorded at fair value at the respective acquisition dates. | |||||||||||||||||||
g. | Recorded at cost and included in other assets. |
Business_Segments_Unaudited_Ta
Business Segments (Unaudited) (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 100 | $ | 145 | $ | 245 | $ | 434 | $ | 618 | $ | 1,052 | $ | 1,108 | a | $ | 406 | $ | — | $ | 1,247 | $ | 514 | $ | 417 | b | $ | 4,989 | $ | 1,176 | c | $ | — | $ | 6,165 | |||||||||||||||||||||||||||||
Intersegment | 375 | 681 | 1,056 | 27 | 60 | 87 | 3 | 14 | 121 | 6 | 2 | (1,289 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 287 | 520 | 807 | 175 | 319 | 494 | 617 | 190 | 82 | 1,245 | 523 | (916 | ) | 3,042 | 288 | 2 | 3,332 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 35 | 67 | 102 | 35 | 50 | 85 | 60 | 64 | 21 | 2 | 10 | 9 | 353 | 563 | 3 | 919 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | — | 2 | 2 | 29 | 3 | — | — | 5 | 5 | 45 | 51 | 62 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | 1 | — | — | — | — | 52 | 55 | — | 2 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | 5 | 5 | — | — | — | — | — | — | — | — | (13 | ) | (8 | ) | — | — | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 153 | 231 | 384 | 251 | 307 | 558 | 404 | 163 | 18 | 6 | (22 | ) | (9 | ) | 1,502 | 274 | (69 | ) | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | 4 | 20 | 24 | 74 | 64 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 92 | 102 | 194 | 173 | 33 | — | — | — | — | 400 | — | 99 | 499 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at September 30, 2013 | 2,915 | 5,734 | 8,649 | 6,440 | 4,090 | 10,530 | 7,399 | 4,862 | 2,094 | 308 | 691 | 1,267 | 35,800 | 26,347 | 451 | 62,598 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 172 | 80 | 252 | 224 | 40 | 264 | 209 | 52 | 46 | 1 | 20 | 51 | 895 | 738 | 12 | 1,645 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 39 | $ | 9 | $ | 48 | $ | 504 | $ | 491 | $ | 995 | $ | 845 | a | $ | 365 | $ | — | $ | 1,221 | $ | 633 | $ | 309 | b | $ | 4,416 | $ | — | $ | 1 | $ | 4,417 | ||||||||||||||||||||||||||||||
Intersegment | 456 | 811 | 1,267 | 71 | 126 | 197 | 146 | 2 | 129 | 7 | 5 | (1,753 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 268 | 475 | 743 | 197 | 333 | 530 | 603 | 172 | 88 | 1,222 | 624 | (1,392 | ) | 2,590 | — | 2 | 2,592 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 31 | 57 | 88 | 39 | 35 | 74 | 54 | 42 | 15 | 2 | 11 | 10 | 296 | — | 2 | 298 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | 1 | 1 | 2 | 31 | 2 | — | — | 4 | 4 | 44 | — | 66 | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | 1 | — | 1 | — | — | — | — | — | — | — | — | 78 | 79 | — | — | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | (69 | ) | (69 | ) | — | (4 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 195 | 287 | 482 | 338 | 248 | 586 | 303 | 151 | 26 | 4 | (1 | ) | (75 | ) | 1,476 | — | (65 | ) | 1,411 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | — | — | — | 3 | 21 | 25 | — | 17 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | — | — | — | (88 | ) | d | 72 | (16 | ) | 111 | 28 | — | — | — | — | 123 | — | 92 | 215 | |||||||||||||||||||||||||||||||||||||||||||||
Total assets at September 30, 2012 | 2,297 | 5,403 | 7,700 | 5,704 | 4,232 | 9,936 | 6,393 | 4,490 | 1,979 | 330 | 1,192 | 719 | 32,739 | — | 1,778 | 34,517 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 108 | 164 | 272 | 180 | 87 | 267 | 237 | 131 | 41 | 2 | 4 | 15 | 969 | — | 2 | 971 | ||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT Freeport Indonesia’s sales to PT Smelting totaling $458 million in third-quarter 2013 and $520 million in third-quarter 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 charges of $158 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included a credit of $234 million for the reversal of a net deferred tax liability. For further discussion, refer to Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 218 | $ | 266 | $ | 484 | $ | 1,035 | $ | 1,631 | $ | 2,666 | $ | 2,443 | a | $ | 1,199 | $ | — | $ | 3,842 | $ | 1,730 | $ | 1,157 | b | $ | 13,521 | $ | 1,512 | c | $ | 3 | $ | 15,036 | |||||||||||||||||||||||||||||
Intersegment | 1,255 | 2,256 | 3,511 | 222 | 216 | 438 | 190 | 24 | 408 | 20 | 12 | (4,603 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 885 | 1,574 | 2,459 | 535 | 950 | 1,485 | 1,743 | 560 | 240 | 3,835 | 1,726 | (3,531 | ) | 8,517 | 377 | 10 | 8,904 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 105 | 207 | 312 | 105 | 137 | 242 | 173 | 179 | 62 | 7 | 32 | 31 | 1,038 | 732 | 8 | 1,778 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 3 | 4 | 2 | 3 | 5 | 82 | 9 | — | — | 14 | 23 | 137 | 65 | 255 | 457 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 3 | 3 | — | — | — | 1 | — | — | — | — | 161 | 165 | — | 8 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (1 | ) | (1 | ) | — | — | — | — | — | — | — | — | 24 | 23 | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 482 | 736 | 1,218 | 615 | 757 | 1,372 | 634 | 475 | 106 | 20 | (30 | ) | (154 | ) | 3,641 | 338 | (278 | ) | 3,701 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 3 | 1 | 4 | 2 | — | 2 | 12 | 2 | — | — | 12 | 60 | 92 | 100 | 159 | 351 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 215 | 257 | 472 | 289 | 99 | — | — | — | — | 860 | — | 107 | d | 967 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 529 | 266 | 795 | 596 | 138 | 734 | 720 | 155 | 128 | 3 | 39 | 91 | 2,665 | 928 | 30 | 3,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 157 | $ | 20 | $ | 177 | $ | 1,285 | $ | 1,563 | $ | 2,848 | $ | 2,673 | a | $ | 985 | $ | — | $ | 3,802 | $ | 2,023 | $ | 984 | b | $ | 13,492 | $ | — | $ | 5 | $ | 13,497 | ||||||||||||||||||||||||||||||
Intersegment | 1,374 | 2,646 | 4,020 | 349 | 265 | 614 | 224 | 9 | 389 | 20 | 22 | (5,298 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 803 | 1,387 | 2,190 | 575 | 908 | 1,483 | 1,704 | 456 | 237 | 3,800 | 1,988 | (4,218 | ) | 7,640 | — | 2 | 7,642 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 95 | 179 | 274 | 102 | 106 | 208 | 153 | 114 | 38 | 7 | 31 | 25 | 850 | — | 6 | 856 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1 | 2 | 3 | 2 | 3 | 5 | 91 | 5 | — | — | 14 | 12 | 130 | — | 181 | 311 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | 1 | — | 1 | — | — | — | — | — | — | — | — | 213 | 214 | — | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | 22 | 22 | (4 | ) | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 631 | 1,098 | 1,729 | 955 | 811 | 1,766 | 949 | 419 | 114 | 15 | 12 | (368 | ) | 4,636 | — | (180 | ) | 4,456 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | 5 | — | 5 | 3 | — | — | — | 9 | 63 | 81 | — | 67 | 148 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 131 | e | 244 | 375 | 387 | 79 | — | — | — | — | 841 | — | 287 | 1,128 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 204 | 364 | 568 | 365 | 294 | 659 | 624 | 428 | 189 | 5 | 11 | 41 | 2,525 | — | (7 | ) | 2,518 | |||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT Freeport Indonesia’s sales to PT Smelting totaling $1.2 billion for the first nine months of 2013 and $1.5 billion for the first nine months of 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 charges of $194 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included $183 million of net benefits resulting from second-quarter 2013 oil and gas acquisitions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
e. | Included a credit of $234 million for the reversal of a net deferred tax liability. For further discussion, refer to Note 6. |
Guarantor_Financial_Statements1
Guarantor Financial Statements (Unaudited) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | 2,217 | $ | — | $ | 2,219 | ||||||||||
Accounts receivable | 706 | 964 | 1,966 | (1,407 | ) | 2,229 | ||||||||||||||
Inventories | — | 18 | 4,835 | — | 4,853 | |||||||||||||||
Other current assets | 49 | 31 | 225 | — | 305 | |||||||||||||||
Total current assets | 755 | 1,015 | 9,243 | (1,407 | ) | 9,606 | ||||||||||||||
Property, plant, equipment and | ||||||||||||||||||||
development costs, net | 28 | 8,865 | 37,754 | — | 46,647 | |||||||||||||||
Investment in consolidated subsidiaries | 30,314 | 9,596 | — | (39,910 | ) | — | ||||||||||||||
Goodwill | — | 455 | 1,477 | — | 1,932 | |||||||||||||||
Other assets | 7,448 | 4,219 | 4,401 | (11,655 | ) | 4,413 | ||||||||||||||
Total assets | $ | 38,545 | $ | 24,150 | $ | 52,875 | $ | (52,972 | ) | $ | 62,598 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 911 | $ | 726 | $ | 4,268 | $ | (1,407 | ) | $ | 4,498 | |||||||||
Long-term debt, less current portion | 13,484 | 10,049 | 5,421 | (7,901 | ) | 21,053 | ||||||||||||||
Deferred income taxesa | 3,718 | — | 3,204 | — | 6,922 | |||||||||||||||
Reclamation and environmental obligations, | ||||||||||||||||||||
less current portion | — | 281 | 2,796 | — | 3,077 | |||||||||||||||
Other liabilities | 27 | 3,447 | 2,054 | (3,754 | ) | 1,774 | ||||||||||||||
Total liabilities | 18,140 | 14,503 | 17,743 | (13,062 | ) | 37,324 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 720 | — | 720 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,405 | 9,647 | 30,684 | (40,331 | ) | 20,405 | ||||||||||||||
Noncontrolling interests | — | — | 3,728 | 421 | 4,149 | |||||||||||||||
Total equity | 20,405 | 9,647 | 34,412 | (39,910 | ) | 24,554 | ||||||||||||||
Total liabilities and equity | $ | 38,545 | $ | 24,150 | $ | 52,875 | $ | (52,972 | ) | $ | 62,598 | |||||||||
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 INCOME | ||||||||||||||||||||
Three and Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 512 | $ | 5,653 | $ | — | $ | 6,165 | ||||||||||
Cost of sales | 1 | 415 | 3,835 | — | 4,251 | |||||||||||||||
Other operating costs and expenses | 10 | 37 | 160 | — | 207 | |||||||||||||||
Total costs and expenses | 11 | 452 | 3,995 | — | 4,458 | |||||||||||||||
Operating (loss) income | (11 | ) | 60 | 1,658 | — | 1,707 | ||||||||||||||
Interest expense, net | (94 | ) | (51 | ) | (40 | ) | 23 | (162 | ) | |||||||||||
Other income (expense), net | 24 | — | 2 | (23 | ) | 3 | ||||||||||||||
(Loss) income before income taxes and equity | ||||||||||||||||||||
in affiliated companies' net earnings (losses) | (81 | ) | 9 | 1,620 | — | 1,548 | ||||||||||||||
Benefit from (provision for) income taxes | 35 | (5 | ) | (529 | ) | — | (499 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 867 | 187 | 47 | (1,102 | ) | (1 | ) | |||||||||||||
Net income (loss) | 821 | 191 | 1,138 | (1,102 | ) | 1,048 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (202 | ) | (25 | ) | (227 | ) | ||||||||||||
Net income (loss) attributable to FCX | ||||||||||||||||||||
common stockholders | $ | 821 | $ | 191 | $ | 936 | $ | (1,127 | ) | $ | 821 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 674 | $ | 14,362 | $ | — | $ | 15,036 | ||||||||||
Cost of sales | 2 | 541 | 10,139 | — | 10,682 | |||||||||||||||
Other operating costs and expenses | 104 | 46 | 503 | — | 653 | |||||||||||||||
Total costs and expenses | 106 | 587 | 10,642 | — | 11,335 | |||||||||||||||
Operating (loss) income | (106 | ) | 87 | 3,720 | — | 3,701 | ||||||||||||||
Interest expense, net | (222 | ) | (63 | ) | (104 | ) | 38 | (351 | ) | |||||||||||
Losses on early extinguishment of debt | (45 | ) | — | — | — | (45 | ) | |||||||||||||
Gain on investment in MMR | 128 | — | — | — | 128 | |||||||||||||||
Other income (expense), net | 39 | — | 12 | (38 | ) | 13 | ||||||||||||||
(Loss) income before income taxes and equity | ||||||||||||||||||||
in affiliated companies' net earnings (losses) | (206 | ) | 24 | 3,628 | — | 3,446 | ||||||||||||||
Benefit from (provision for) income taxes | 61 | (10 | ) | (1,018 | ) | — | (967 | ) | ||||||||||||
Equity in affiliated companies' net earnings (losses) | 2,096 | 207 | 1 | (2,301 | ) | 3 | ||||||||||||||
Net income (loss) | 1,951 | 221 | 2,611 | (2,301 | ) | 2,482 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (494 | ) | (37 | ) | (531 | ) | ||||||||||||
Net income (loss) attributable to FCX | ||||||||||||||||||||
common stockholders | $ | 1,951 | $ | 221 | $ | 2,117 | $ | (2,338 | ) | $ | 1,951 | |||||||||
Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 1,951 | $ | 221 | $ | 2,611 | $ | (2,301 | ) | $ | 2,482 | |||||||||
Adjustments to reconcile net income (loss) to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 3 | 341 | 1,434 | — | 1,778 | |||||||||||||||
Net losses on oil and gas derivative contracts | — | 205 | — | — | 205 | |||||||||||||||
Losses on early extinguishment of debt | 45 | — | — | — | 45 | |||||||||||||||
Gain on investment in MMR | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (2,096 | ) | (207 | ) | 2 | 2,301 | — | |||||||||||||
Other, net | 8 | (15 | ) | (143 | ) | — | (150 | ) | ||||||||||||
(Increases) decreases in working capital and other tax | ||||||||||||||||||||
payments, excluding amounts from the acquisitions: | ||||||||||||||||||||
Accounts receivable, inventories and other | ||||||||||||||||||||
current assets | 89 | 30 | 28 | — | 147 | |||||||||||||||
Accounts payable, accrued liabilities and accrued | ||||||||||||||||||||
income taxes and other tax payments | 23 | 488 | (1,147 | ) | — | (636 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (105 | ) | 1,063 | 2,785 | — | 3,743 | ||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (621 | ) | (3,002 | ) | — | (3,623 | ) | ||||||||||||
Acquisitions, net of cash acquired | (5,437 | ) | — | (4 | ) | — | (5,441 | ) | ||||||||||||
Intercompany loans | 793 | — | (1,095 | ) | 302 | — | ||||||||||||||
Dividends from consolidated subsidiary | 321 | — | — | (321 | ) | — | ||||||||||||||
Other, net | 14 | 32 | (70 | ) | — | (24 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (4,309 | ) | (589 | ) | (4,171 | ) | (19 | ) | (9,088 | ) | ||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 11,085 | — | 144 | — | 11,229 | |||||||||||||||
Repayments of debt and redemption of MMR preferred stock | (4,501 | ) | (416 | ) | (126 | ) | — | (5,043 | ) | |||||||||||
Intercompany loans | — | (56 | ) | 358 | (302 | ) | — | |||||||||||||
Cash dividends paid: | ||||||||||||||||||||
Common stock | (1,957 | ) | — | (321 | ) | 321 | (1,957 | ) | ||||||||||||
Noncontrolling interests | — | — | (157 | ) | — | (157 | ) | |||||||||||||
Other, net | (213 | ) | — | — | — | (213 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 4,414 | (472 | ) | (102 | ) | 19 | 3,859 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2 | (1,488 | ) | — | (1,486 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 3,705 | — | 3,705 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 2,217 | $ | — | $ | 2,219 | ||||||||||
General_Information_Unaudited_
General Information (Unaudited) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Plains Exploration & Production Company [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 31-May-13 |
Business Acquisition, Date Results Included in Combined Entity | 1-Jun-13 |
McMoRan Exploration Co [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 3-Jun-13 |
Business Acquisition, Date Results Included in Combined Entity | 4-Jun-13 |
Acquisitions_Unaudited_Details
Acquisitions (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 03, 2013 | 31-May-13 | Sep. 30, 2013 | Jun. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 03, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 29, 2013 | Feb. 28, 2012 | Mar. 31, 2013 | Mar. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 14, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 03, 2013 | Sep. 30, 2013 | Jun. 03, 2013 | |||||||
Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | Kokkola Cobalt Chemicals Refinery [Member] | Kokkola Cobalt Chemicals Refinery [Member] | Kokkola Cobalt Chemicals Refinery [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Lundin Mining Corporation [Member] | La Generale des Carrieres et des Mines [Member] | Oil & Gas Operations [Member] | Oil & Gas Operations [Member] | Oil & Gas Operations [Member] | Oil & Gas Operations [Member] | Common Stock [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 2 [Member] | ||||||||||||
Kokkola Cobalt Chemicals Refinery [Member] | Kokkola Cobalt Chemicals Refinery [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | ||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | 31-May-13 | ' | ' | ' | 3-Jun-13 | ' | ' | 29-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,500,000,000 | ' | ' | $4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,970,000,000 | 6,400,000,000 | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Term of Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Agreed-Upon Cost of Entity Acquired, Cash Paid Per Share | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | $14.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payment to Acquire Businesses, Per Share Consideration, Total | ' | ' | ' | ' | ' | 3,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payment to Acquire Businesses, Consideration for Equity Awards | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payments of Dividends | ' | ' | ' | ' | ' | 411,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common Stock, Dividends, Per Share, Declared | $0.31 | $0.31 | $1.94 | $0.94 | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | 31-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of shares of common stock acquired | ' | ' | ' | ' | ' | 132,280,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,362,000 | [2] | ' | ' | ||||
Exchange ratio of FCX common stock for each acquiree share | ' | ' | ' | ' | ' | 0.6531 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Excluding Shares Related to Stock-based Awards | ' | ' | ' | ' | ' | 86,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares of FCX common stock issued for equity awards | ' | ' | ' | ' | ' | 4,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total shares of FCX common stock issued | ' | ' | ' | ' | ' | 91,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Closing share price of common stock | ' | ' | ' | ' | ' | $31.05 | ' | ' | $16.63 | ' | ' | ' | $16.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
FCX stock consideration | ' | ' | ' | ' | ' | 2,831,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash consideration | ' | ' | ' | ' | ' | 3,725,000,000 | [3] | ' | 1,657,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Employee stock-based awards | ' | ' | ' | ' | ' | 78,000,000 | ' | 63,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total purchase price | ' | ' | ' | ' | 8,914,000,000 | 6,634,000,000 | ' | ' | ' | ' | ' | ' | 3,128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Buinsess Acquisition, Agreed-Upon Royalty Trust Units Issued or Issuable, Per Share of Target Company | ' | ' | ' | ' | ' | ' | ' | 1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Royalty Interest in Future Production | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number Of Shares Of Investee Preferred Stock Purchased | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ||||||
Cost Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 432,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investment Owned, Balance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | ' | ' | ' | ' | 0 | [4] | 848,000,000 | [4] | ' | ' | 848,000,000 | ' | ' | ' | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 854,000,000 | ' | 554,000,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | 128,000,000 | 0 | ' | ' | ' | ' | ' | 128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenues | 6,165,000,000 | 4,417,000,000 | 15,036,000,000 | 13,497,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,176,000,000 | [5] | 0 | 1,512,000,000 | [5],[6] | 0 | ' | ' | ' | ||||
Operating income (loss) | 1,707,000,000 | 1,411,000,000 | 3,701,000,000 | 4,456,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,000,000 | 0 | 338,000,000 | 0 | ' | ' | ' | ||||||
Business Combination, Acquisition Related Costs | 519,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,000,000 | ' | ' | ' | ' | ||||||
Deferred Finance Costs, Noncurrent, Net | 96,000,000 | ' | 96,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investment Owned, Percent of Net Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | 3,800,000,000 | ' | 1,720,000,000 | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Cash Consideration Funding Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Buisness Acquisition, Term of Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Adjusted for cash paid in lieu of fractional shares. | ||||||||||||||||||||||||||||||||||||
[2] | Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013. | ||||||||||||||||||||||||||||||||||||
[3] | Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013. | ||||||||||||||||||||||||||||||||||||
[4] | PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at the acquisition date of MMR. | ||||||||||||||||||||||||||||||||||||
[5] | Included net charges of $158 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | ||||||||||||||||||||||||||||||||||||
[6] | Included net charges of $194 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. |
Acquisitions_Unaudited_Purchas
Acquisitions (Unaudited) Purchase Price Allocation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2013 | Jun. 03, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Jun. 03, 2013 | 31-May-13 | Jun. 03, 2013 | |||||
Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | Eliminations [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Current assets | ' | $1,290,000,000 | ' | ' | $1,192,000,000 | ' | $98,000,000 | ' | $0 | ||||
Oil and gas properties - full cost method: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Subject to depletion | 12,200,000,000 | 12,203,000,000 | ' | ' | 11,447,000,000 | ' | 756,000,000 | ' | 0 | ||||
Not subject to depletion | 11,100,000,000 | 11,117,000,000 | ' | ' | 9,431,000,000 | ' | 1,686,000,000 | ' | 0 | ||||
Property, plant and equipment | ' | 262,000,000 | ' | ' | 261,000,000 | ' | 1,000,000 | ' | 0 | ||||
Investment in MMR | ' | 0 | [1] | ' | ' | 848,000,000 | [1] | ' | 0 | [1] | 848,000,000 | -848,000,000 | [1] |
Other assets | ' | 433,000,000 | ' | ' | 12,000,000 | ' | 421,000,000 | ' | 0 | ||||
Current liabilities | ' | 1,081,000,000 | ' | ' | 907,000,000 | ' | 174,000,000 | ' | 0 | ||||
Debt (current and long-term) | ' | 11,251,000,000 | ' | ' | 10,631,000,000 | ' | 620,000,000 | ' | 0 | ||||
Deferred income taxes | ' | 3,956,000,000 | [2] | ' | ' | 3,956,000,000 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Other long-term liabilities | ' | 1,063,000,000 | ' | ' | 805,000,000 | ' | 258,000,000 | ' | 0 | ||||
Redeemable noncontrolling interest | ' | 972,000,000 | ' | ' | 713,000,000 | ' | 259,000,000 | ' | 0 | ||||
Total fair value, excluding goodwill | ' | 6,982,000,000 | ' | ' | 6,179,000,000 | ' | 1,651,000,000 | ' | -848,000,000 | ||||
Goodwill | 1,932,000,000 | 1,932,000,000 | 0 | ' | 455,000,000 | ' | 1,477,000,000 | ' | 0 | ||||
Total purchase price | ' | 8,914,000,000 | ' | ' | 6,634,000,000 | ' | 3,128,000,000 | ' | -848,000,000 | ||||
Tax Rate, Fair Value Adjustments, Percent | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Federal Statutory Income Tax Rate, Percent | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
State Income Taxes, Percent | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Increase in current assets (primarily current deferred income tax asset) | 184 | ' | ' | 182 | ' | 2 | ' | ' | ' | ||||
(Decrease) in oil and gas properties - full cost method: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Subject to depletion | -45 | ' | ' | 0 | ' | -45 | ' | ' | ' | ||||
Not subject to depletion | -210 | ' | ' | -204 | ' | -6 | ' | ' | ' | ||||
Increase in other assets (deferred income tax asset) | 22 | ' | ' | 0 | ' | 22 | ' | ' | ' | ||||
Net (increase) in deferred income tax liability | -85 | ' | ' | -85 | ' | 0 | ' | ' | ' | ||||
Net decrease in other liabilities (primarily warrants) | 70 | ' | ' | 70 | ' | 0 | ' | ' | ' | ||||
Decrease in redeemable noncontrolling interest | 36 | ' | ' | 36 | ' | 0 | ' | ' | ' | ||||
Increase in goodwill | 28 | ' | ' | 1 | ' | 27 | ' | ' | ' | ||||
Business Combination, Reclassification of Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities Noncurrent to Current Tax Assets | $162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at the acquisition date of MMR. | ||||||||||||
[2] | Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit). |
Acquisitions_Unaudited_Redeema
Acquisitions (Unaudited) Redeemable Noncontrolling Interest (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 9 Months Ended | 1 Months Ended | 2 Months Ended | 9 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 03, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | 31-May-13 | Dec. 31, 2011 | Jul. 31, 2013 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 09, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 09, 2013 |
Plains Offshore Operations Inc. [Member] | Plains Offshore Operations Inc. [Member] | Plains Offshore Operations Inc. [Member] | Minimum [Member] | 8% Convertible Perpetual Preferred Stock [Member] | 8% Convertible Perpetual Preferred Stock [Member] | 8% Convertible Perpetual Preferred Stock [Member] | 8% Convertible Perpetual Preferred Stock [Member] | 8% Convertible Perpetual Preferred Stock [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | 5.75% Convertible Perpetual Preferred Stock, Series 1 [Member] | |||||
Plains Offshore Operations Inc. [Member] | ||||||||||||||||||
ft | ||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Of Subsidiary | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | 5.75% | ' |
Preferred Stock Conversion, Converted Instrument, Expiration or Due Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Jul-13 | ' | ' | ' | ' | 9-Jul-13 | ' | ' | ' |
Gross Proceeds from Issuance of Convertible Preferred Stock | ' | ' | ' | ' | ' | $450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nondetachable Warrants | ' | ' | ' | ' | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Held In Escrow | ' | ' | ' | ' | ' | 87,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depth of Oil and Gas Properties | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Interest Held By Outside Party, Percent | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Quarterly Cash Dividend Annual Rate Percentage | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend Rate Percentage Deferred | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Dividends Future Multiple | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Common Shares Diluted Basis Related To Failed Exit Event Consideration | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Failed Exit Event Parents Purchase Amount Of Junior Preferred Stock | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation Preference Multiple | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity, Redemption Value | 720 | ' | ' | 0 | 719 | ' | 713 | ' | ' | 30 | ' | ' | 1 | ' | 229 | ' | ' | 0 |
Conversion of Stock, Amount Converted | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 29 | ' | ' | ' | 29 | 200 | ' | ' | ' |
Royalty Trust Units Issued, Conversion of Debt or Equity Instrument | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,000,000 | 2,000,000 | ' | ' | 2,000,000 | 13,700,000 | 15,700,000 | ' | ' |
Payments for Repurchase of Preferred Stock and Preference Stock | 227 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Trust Units, Fair Value Disclosure | ' | ' | $31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Unaudited_Pro_For
Acquisitions (Unaudited) Pro Forma Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Acquisitions [Abstract] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenues | $6,165,000,000 | $5,406,000,000 | $17,190,000,000 | $16,955,000,000 |
Business Acquisition, Pro Forma Operating Income | 1,707,000,000 | 1,575,000,000 | 4,617,000,000 | 5,081,000,000 |
Business Acquisition, Pro Forma Income from Continuing Operations | 1,048,000,000 | 898,000,000 | 2,762,000,000 | 3,161,000,000 |
Business Acquisition, Pro Forma Net Income | 821,000,000 | 573,000,000 | 2,213,000,000 | 2,397,000,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.79 | $0.55 | $2.13 | $2.30 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.79 | $0.55 | $2.12 | $2.29 |
Business Combination, Acquisition Related Costs | 519,000,000 | ' | ' | ' |
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | ' | ' | 183,000,000 | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 0 | 128,000,000 | 0 |
Gain (Loss) on Sale of Oil and Gas Property, Excluded for Full Cost Accounting | ' | ' | $77,000,000 | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Unaudited) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 03, 2013 | Sep. 30, 2013 | Jun. 03, 2013 | Sep. 30, 2013 | 31-May-13 |
McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Acquisition, Date Results Included in Combined Entity | ' | ' | 4-Jun-13 | ' | 1-Jun-13 | ' |
Threshhold for Determining Accounting Treatment for Oil and Gas Dispositions | 25.00% | ' | ' | ' | ' | ' |
Subject to depletion | $12,200 | $12,203 | ' | $756 | ' | $11,447 |
Not subject to depletion | $11,100 | $11,117 | ' | $1,686 | ' | $9,431 |
Fair Value Inputs, Discount Rate | 10.00% | ' | ' | ' | ' | ' |
Earnings_Per_Share_Unaudited_D
Earnings Per Share (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | |
Net income | $1,048 | $1,140 | $2,482 | $3,035 | |
Net income attributable to noncontrolling interests | -218 | -316 | -519 | -737 | |
Preferred dividends on redeemable noncontrolling interest | -9 | 0 | -12 | 0 | |
Net income attributable to FCX common stockholders | $821 | $824 | $1,951 | $2,298 | |
Weighted-average shares of common stock outstanding | 1,038 | 949 | 989 | 949 | |
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units | 5 | 4 | 4 | 4 | [1] |
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in shares) | 1,043 | 953 | 993 | 953 | |
Diluted net income per share attributable to FCX common stockholders | $0.79 | $0.86 | $1.96 | $2.41 | |
Potential anti-dilutive additional shares of common stock (in shares) | ' | ' | ' | 1 | |
Outstanding stock options with exercise prices greater than average market price of common stock | 34 | 24 | 32 | 19 | |
Weighted-average exercise price of outstanding stock options not in-the-money | $40.11 | $42.52 | $40.63 | $43.80 | |
[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 based on the treasury stock method totaled approximately one million for the nine months ended September 30, 2012. |
Inventories_Including_LongTerm2
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Components of Inventories [Line Items] | ' | ' | ||
Raw materials (primarily concentrates) | $154 | $237 | ||
Work-in-process | 80 | [1] | 252 | [1] |
Finished goods | 1,113 | [2] | 911 | [2] |
Total product inventories | 1,347 | 1,400 | ||
Total materials and supplies, net | 1,762 | [3] | 1,504 | [3] |
Inventory obsolescence reserves | $30 | $27 | ||
[1] | FCX's mining operations also have work-in-process inventories that are included in mill and leach stockpiles. | |||
[2] | Primarily included molybdenum concentrates and copper concentrates, anodes, cathodes and rod. | |||
[3] | Materials and supplies inventory was net of obsolescence reserves totaling $30 million at September 30, 2013, and $27 million at December 31, 2012. |
Inventories_Including_LongTerm3
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) Mill and Leach Stockpiles (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Mill and Leach Stockpiles [Line Items] | ' | ' | ||
Total current mill and leach stockpiles | $1,744 | $1,672 | ||
Total long-term mill and leach stockpiles | 2,304 | 1,955 | ||
Current [Member] | ' | ' | ||
Mill and Leach Stockpiles [Line Items] | ' | ' | ||
Mill stockpiles | 85 | 104 | ||
Leach stockpiles | 1,659 | 1,568 | ||
Total current mill and leach stockpiles | 1,744 | 1,672 | ||
Long-Term [Member] | ' | ' | ||
Mill and Leach Stockpiles [Line Items] | ' | ' | ||
Mill stockpiles | 672 | [1] | 615 | [1] |
Leach stockpiles | 1,632 | [1] | 1,340 | [1] |
Total long-term mill and leach stockpiles | $2,304 | [1] | $1,955 | [1] |
[1] | 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 | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | |||
United States operations | $99 | $98 | $76 | [1] | $291 | ||
International operations | 400 | 117 | [2] | 891 | 837 | [2] | |
Total | 499 | 215 | 967 | 1,128 | |||
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances | ' | ' | -183 | ' | |||
Change in Deferred Tax Assets Valuation Allowance | ' | ' | -190 | ' | |||
Income Tax Benefit, Adjustment of Deferred Tax Liability Associated with Acquisition | ' | ' | -69 | ' | |||
Income Tax Expense, Adjustment of Deferred Tax Asset | ' | ' | 76 | ' | |||
Deferred Foreign Income Tax Expense (Benefit) Associated with Foreign Reinvested Profits | ' | ($234) | ' | ($234) | |||
Consolidated effective income tax rate (percent) | ' | ' | 33.00% | ' | |||
[1] | 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. | ||||||
[2] | Included a net tax benefit of $234 million associated with an adjustment to Cerro Verde's deferred income tax liability. |
Debt_and_Equity_Transactions_U2
Debt and Equity Transactions (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 03, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jun. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 14, 2013 | Feb. 28, 2012 | Mar. 31, 2013 | Mar. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 07, 2013 | Feb. 28, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
4% Convertible Senior Notes due 2017 [Member] | 4% Convertible Senior Notes due 2017 [Member] | 5.25% Convertible Senior Notes due 2013 [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Bank Term Loan [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] | 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] | Senior Notes [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Line of Credit [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Option 1 [Member] | Option 1 [Member] | Option 2 [Member] | Option 2 [Member] | Option 2 [Member] | Option 2 [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [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] | 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] | |||||||
2.375% Senior Notes due March 2018 [Member] | 2.375% Senior Notes due March 2018 [Member] | 2.375% Senior Notes due March 2018 [Member] | 3.100% Senior Notes due March 2020 [Member] | 3.100% Senior Notes due March 2020 [Member] | 3.100% Senior Notes due March 2020 [Member] | 3.875% Senior Notes due March 2023 [Member] | 3.875% Senior Notes due March 2023 [Member] | 3.875% Senior Notes due March 2023 [Member] | 5.450% Senior Notes due March 2043 [Member] | 5.450% Senior Notes due March 2043 [Member] | 5.450% Senior Notes due March 2043 [Member] | 1.40% Senior Notes due 2015 [Member] | 2.15% Senior Notes due 2017 [Member] | 3.55% Senior Notes Due 2022 [Member] | 8.375% Senior Notes due 2017 [Member] | 8.375% Senior Notes due 2017 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Bank Term Loan [Member] | Credit Facility [Domain] | Bank Term Loan [Member] | Bank Term Loan [Member] | 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] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Credit Facility [Domain] | Credit Facility [Domain] | |||||||||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 11.875% Senior Notes due 2014 [Member] | 4% Convertible Senior Notes due 2017 [Member] | 5.25% Convertible Senior Notes due 2013 [Member] | 7.625% Senior Notes due 2018 [Member] | 6.125% Senior Notes due 2019 [Member] | 8.625% Senior Notes due 2019 [Member] | 7.625% Senior Notes due 2020 [Member] | 6.5% Senior Notes due 2020 [Member] | 6.625% Senior Notes due 2021 [Member] | 6.75% Senior Notes due 2022 [Member] | 6.875% Senior Notes due 2023 [Member] | Revolving Credit Facility [Member] | Five-year term Loan due 2017 [Member] | Seven-Year Term Loan due 2019 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Expiration or Due Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-16 | 15-Oct-14 | 1-Apr-15 | 15-Nov-15 | 1-May-16 | 1-Feb-17 | 15-Feb-18 | ' | ' | ' | ' |
Long-term Debt, Gross | $21,123,000,000 | ' | $21,123,000,000 | ' | ' | $3,527,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Acquisition Financing | 10,500,000,000 | ' | 10,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Assumed Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209,000,000 | ' | ' | ' | ' | ' | 415,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,865,000,000 | ' | ' | ' |
Repayments of Other Debt | ' | ' | 127,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Agreement Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Feb-13 | ' | ' | 7-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'five years from the date of the first borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'ABR | ' | 'ABR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.50% | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | 6,500,000,000 | ' | ' | 1,500,000,000 | ' | ' | 1,000,000,000 | ' | ' | 2,000,000,000 | ' | ' | 2,000,000,000 | 500,000,000 | 500,000,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | 9,500,000,000 | ' | ' | ' | ' | ' | ' | ' | 558,000,000 | ' | ' | ' | ' | 9,900,000,000 | ' | 6,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '5 years | ' | ' | '7 years | ' | ' | '10 years | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of revolving credit facility available to subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Remaining Borrowing Capacity Available For Letters Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | 2.38% | 2.38% | ' | 3.10% | 3.10% | ' | 3.88% | 3.88% | ' | 5.45% | 5.45% | 1.40% | 2.15% | 3.55% | ' | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.88% | 4.00% | 5.25% | ' | ' | ' | ' | 7.63% | 6.13% | 8.63% | 7.63% | 6.50% | 6.63% | 6.75% | 6.88% | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | 2,970,000,000 | 6,400,000,000 | ' | ' | 1,500,000,000 | ' | ' | 1,000,000,000 | ' | ' | 1,999,000,000 | ' | ' | 1,991,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314,000,000 | 237,000,000 | 69,000,000 | ' | ' | ' | ' | 415,000,000 | 823,000,000 | 451,000,000 | 339,000,000 | 1,658,000,000 | 663,000,000 | 1,118,000,000 | 1,695,000,000 | ' | 1,469,000,000 | 750,000,000 | 1,250,000,000 |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000,000 | ' | ' | ' |
Proceeds from Other Debt | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt, Debt Assumed and Other Borrowings | ' | ' | 25,939,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'March 15 and September 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses on early extinguishment of debt | 0 | 0 | -45,000,000 | -168,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -168,000,000 | ' | ' | ' | -45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses on early extinguishment of debt, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -149,000,000 | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Mar-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of debt | 70,000,000 | ' | 70,000,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current portion | 21,053,000,000 | ' | 21,053,000,000 | ' | ' | 3,525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Trust Units Issued, Conversion of Debt or Equity Instrument | ' | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Trust Units, Fair Value Disclosure | ' | ' | ' | ' | 31,000,000 | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Adjustment | 683,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000,000 | ' | ' | ' | ' | 762,000,000 | ' | 716,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption to Principal Amount, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage to principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt, Fair Value Disclosures | ' | ' | ' | ' | ' | ' | ' | 237,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Preferred Stock and Preference Stock | ' | ' | $227,000,000 | $0 | ' | ' | ($209,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Equity_Transactions_U3
Debt and Equity Transactions (Unaudited) Interest, Dividends and Maturities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Remainder of 2013 | $67,000,000 | ' | $67,000,000 | ' |
2014 | 614,000,000 | ' | 614,000,000 | ' |
2015 | 1,100,000,000 | ' | 1,100,000,000 | ' |
2016 | 750,000,000 | ' | 750,000,000 | ' |
2017 | 700,000,000 | ' | 700,000,000 | ' |
Thereafter | 17,900,000,000 | ' | 17,900,000,000 | ' |
Interest costs incurred | 223,000,000 | 56,000,000 | 465,000,000 | 210,000,000 |
Interest costs capitalized | $61,000,000 | $14,000,000 | $114,000,000 | $62,000,000 |
Contingencies_and_Commitments_2
Contingencies and Commitments (Unaudited) (Details) | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member] | PT Freeport Indonesia [Member] | Freeport-McMoRan Oil & Gas [Member] | Minimum [Member] | Maximum [Member] | Other Assets [Member] | Ultra-deepwater Drillship Contracts [Member] | Deferred Option Premiums and Accrued Interest [Member] |
Relating to the Period October 2006 through December 2008 [Member] | Relating to the Period October 2006 through December 2008 [Member] | Relating to the Period October 2006 through December 2008 [Member] | Relating to the Period October 2006 through December 2009 [Member] | Relating to the Period October 2006 through December 2009 [Member] | USD ($) | USD ($) | Relating To 2008 [Member] | Relating To 2008 [Member] | Relating To 2011 [Member] | Relating To 2005 and 2007 [Member] | USD ($) | Cerro Verde [Member] | Cerro Verde [Member] | PT Freeport Indonesia [Member] | Freeport-McMoRan Oil & Gas [Member] | Freeport-McMoRan Oil & Gas [Member] | |
USD ($) | PEN | Interest Assessment [Member] | USD ($) | PEN | Tax Assessment [Member] | Interest Assessment [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reasonably Possible Interest Penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 18.00% | ' | ' | ' |
Foreign government assessment in connection with alleged obligations (in Peruvian nuevo soles) | ' | 492 | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign government assessment in connection with alleged obligations | 176 | ' | 104 | 72 | ' | ' | ' | 59 | 55 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Overpayment, Amount Agreed to by Tax Authority | ' | ' | ' | ' | ' | ' | 291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Overpayment | ' | ' | ' | ' | ' | ' | 320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disputed tax assessments paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 126 | ' | ' | ' | 284 | ' | ' |
Proceeds from Income Tax Refunds | ' | ' | ' | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconditional Purchase Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300 | ' | ' | ' | 1,500 | 472 |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340 | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 704 | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 565 | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 493 | ' | ' | ' | ' | ' |
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $166 | ' | ' | ' | ' | ' |
Contingencies_and_Commitments_3
Contingencies and Commitments (Unaudited) Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Asset Retirement Obligations Rollforward [Line Items] | ' | |
Balance at December 31, 2012 | $1,146,000,000 | |
Liabilities assumed in the acquisitions of PXP and MMR | 1,024,000,000 | [1] |
Liabilities incurred | 15,000,000 | |
Settlements and revisions to cash flow estimates, net | -3,000,000 | |
Accretion expense | 66,000,000 | |
Spending | -62,000,000 | |
Other | -3,000,000 | |
Balance at September 30, 2013 | 2,183,000,000 | |
Less: current portion | 125,000,000 | |
Long-term portion | 2,058,000,000 | |
Fair Value Assumptions, Inflation Rate | 2.50% | |
Plains Exploration & Production Company [Member] | ' | |
Asset Retirement Obligations Rollforward [Line Items] | ' | |
Liabilities assumed in the acquisitions of PXP and MMR | 741,000,000 | |
McMoRan Exploration Co [Member] | ' | |
Asset Retirement Obligations Rollforward [Line Items] | ' | |
Liabilities assumed in the acquisitions of PXP and MMR | $283,000,000 | |
Minimum [Member] | ' | |
Asset Retirement Obligations Rollforward [Line Items] | ' | |
Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |
Maximum [Member] | ' | |
Asset Retirement Obligations Rollforward [Line Items] | ' | |
Fair Value Assumptions, Risk Free Interest Rate | 6.30% | |
[1] | The fair value of AROs assumed in the acquisitions of PXP and MMR ($741 million and $283 million, respectively) were estimated based on projected cash flows, an estimated long-term annual inflation rate of 2.5 percent, and discount rates based on FCX's estimated credit-adjusted, risk-free interest rates ranging from 1.3 percent to 6.3 percent. |
Financial_Instruments_Unaudite2
Financial Instruments (Unaudited) (Details) (Commodity Contract [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value Hedging [Member] | Amounts recorded in Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative financial instruments | $16 | $13 | ($2) | $20 | ||||
Hedged item | -16 | -13 | 2 | -20 | ||||
Matured derivative financial instruments | -3 | 1 | -17 | -3 | ||||
Derivatives not designated as hedging instruments [Member] | Atlantic Copper [Member] | Embedded derivatives in provisional sales contracts [Member] | Amounts recorded in Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | 141 | [1] | 164 | [1] | -147 | [1] | 188 | [1] |
Derivatives not designated as hedging instruments [Member] | Atlantic Copper [Member] | Copper forward contracts [Member] | Amounts recorded in Cost of Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | 0 | [2] | 5 | [2] | 3 | [2] | 17 | [2] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Crude oil options and swaps [Member] | Amounts recorded in Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | -173 | [1] | 0 | [1] | -227 | [1] | 0 | [1] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Natural gas swaps [Member] | Amounts recorded in Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Realized and unrealized gains (losses) | $3 | [1] | $0 | [1] | $22 | [1] | $0 | [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) | Sep. 30, 2013 |
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) | 555,000,000 |
Average contract price | 3.22 |
Average market price | 3.31 |
Maturities through | 'February 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) | 161,000 |
Average contract price | 1,356 |
Average market price | 1,332 |
Maturities through | 'January 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) | 52,000,000 |
Average contract price | 3.17 |
Average market price | 3.31 |
Maturities through | 'January 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) | 14,000,000 |
Average contract price | 3.25 |
Maturities through | 'November 2013 |
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) | 41,000,000 |
Average contract price | 3.28 |
Maturities through | 'November 2014 |
Financial_Instruments_Unaudite4
Financial Instruments (Unaudited) Oil and Gas (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||
In Millions, unless otherwise specified | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | 2013 Positions [Member] | 2013 Positions [Member] | 2013 Positions [Member] | 2013 Positions [Member] | 2013 Positions [Member] | 2013 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | Deferred Option Premiums and Accrued Interest [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||||||||||||||||
Crude Oil Swaps [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] | 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] | 2013 Positions [Member] | 2013 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | |||||||||||||||||||||
MMBbls | MMBTU | Crude Oil Swaps [Member] | 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] | Crude Oil Options [Member] | Natural gas swaps [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] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | ||||||||||||||||||||||
MBbls | 13 MBbls [Member] | 25 MBbls [Member] | 5 MBbls [Member] | 17 MBbls [Member] | MMBTU | 5 MBbls [Member] | 30 MBbls [Member] | 75 MBbls [Member] | MMBTU | 84 MBbls [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] | ||||||||||||||||||||||||
Put Option [Member] | Three-way Collars [Member] | Three-way Collars [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | 13 MBbls [Member] | 17 MBbls [Member] | 5 MBbls [Member] | 30 MBbls [Member] | 75 MBbls [Member] | 84 MBbls [Member] | |||||||||||||||||||||||||||
MBbls | MBbls | MBbls | MBbls | MBbls | MBbls | MBbls | MBbls | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | |||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Derivative Liability | $208 | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $461 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Daily Volumes (Bbls) | ' | ' | 4 | 47 | 40 | [1] | 17 | [2] | 5 | [3] | 25 | [3] | 13 | [2] | 110,000 | [1] | 75 | [2] | 30 | [2] | 5 | [2] | 100,000 | [1] | 84 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative, Average Cap Price | ' | ' | ' | ' | ' | ' | 126.08 | [3],[4] | 124.29 | [3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Derivative, Average Floor Price | ' | ' | ' | ' | ' | 90 | [2],[4] | 90 | [3],[4] | 100 | [3],[4] | 100 | [2],[4] | ' | 90 | [2],[4] | 95 | [2],[4] | 100 | [2],[4] | ' | 90 | [2],[4] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Derivative, Average Floor Price Limit | ' | ' | ' | ' | ' | 70 | [2],[4] | 70 | [3],[4] | 80 | [3],[4] | 80 | [2],[4] | ' | 70 | [2],[4] | 75 | [2],[4] | 80 | [2],[4] | ' | 70 | [2],[4] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Deferred Premium Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.35 | 6.25 | [2] | 6.8 | [2] | 5.74 | [2] | 6.09 | [2] | 7.11 | [2] | 6.89 | [2] | |||||||||||
Derivative, Underlying Basis | ' | ' | ' | ' | 'Brent | [1] | 'Brent | [2] | 'Brent | [3] | 'Brent | [3] | 'Brent | [2] | 'Henry Hub | [1] | 'Brent | [2] | 'Brent | [2] | 'Brent | [2] | 'Henry Hub | [1] | 'Brent | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative Latest Maturity Period | ' | ' | ' | ' | 'December 2013 | [1] | ' | ' | ' | ' | 'December 2013 | [1] | ' | ' | ' | 'December 2014 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Maximum Price Limit per Barrel | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Derivative, Swap Type, Fixed Price | ' | ' | 109.23 | 4.13 | 109.23 | [1] | ' | ' | ' | ' | 4.27 | [1] | ' | ' | ' | 4.09 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
[1] | If the index price is less than the fixed price, FCX receives the difference between the fixed price and the index price. FCX pays the difference between the index price and the fixed price if the index price is greater than the fixed price. | |||||||||||||||||||||||||||||||||||||||
[2] | 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. FCX pays the difference between the index price and the per barrel ceiling if the index price is greater than the per barrel ceiling. If the index price is at or above the per barrel floor and at or below the per barrel ceiling, no cash settlement is required. | |||||||||||||||||||||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||||||||||||||||||||
[4] | The average strike prices do not reflect any premiums to purchase the put options. |
Financial_Instruments_Unaudite5
Financial Instruments (Unaudited) Unsettled Derivatives (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Paid to brokers associated with margin requirements | $3 | $7 | ||
Derivative Asset | 53 | 33 | ||
Derivative Liability | 208 | 20 | ||
Trade Accounts Receivable [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 46 | 24 | ||
Derivative Liability | 1 | 9 | ||
Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 6 | 5 | ||
Derivative Liability | 0 | 0 | ||
Other Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 1 | 4 | ||
Derivative Liability | 116 | 11 | ||
Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 91 | 0 | ||
Commodity Contract [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 78 | 41 | ||
Liability position | 233 | 28 | ||
Derivative Asset, Fair Value, Gross Liability | 25 | 8 | ||
Derivative Liability, Fair Value, Gross Asset | 25 | 8 | ||
Derivative Asset | 53 | 33 | ||
Derivative Liability | 208 | 20 | ||
Commodity Contract [Member] | Copper Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 3 | 5 | ||
Liability position | 2 | 1 | ||
Derivative Asset, Fair Value, Gross Liability | 1 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 1 | 0 | ||
Derivative Asset | 2 | 5 | ||
Derivative Liability | 1 | 1 | ||
Commodity Contract [Member] | Copper futures and swap contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 3 | [1] | 5 | [1] |
Liability position | 1 | [1] | 1 | [1] |
Commodity Contract [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 1 | 0 | ||
Commodity Contract [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 51 | 36 | ||
Liability position | 13 | 27 | ||
Derivative Asset, Fair Value, Gross Liability | 4 | 8 | ||
Derivative Liability, Fair Value, Gross Asset | 4 | 8 | ||
Derivative Asset | 47 | 28 | ||
Derivative Liability | 9 | 19 | ||
Commodity Contract [Member] | Crude Oil and Natural Gas Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 24 | 0 | ||
Liability position | 218 | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 20 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 20 | 0 | ||
Derivative Asset | 4 | 0 | ||
Derivative Liability | 198 | 0 | ||
Commodity Contract [Member] | Crude Oil and Natural Gas Swaps [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 24 | 0 | ||
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 | 218 | 0 | ||
Deferred Option Premiums and Accrued Interest [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | $461 | ' | ||
[1] | FCX paid $3 million to brokers at September 30, 2013, and $7 million at December 31, 2012, for margin requirements (recorded in other current assets). |
Financial_Instruments_Unaudite6
Financial Instruments (Unaudited) Other Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | $50 | ' | ' | ' |
Cash and cash equivalents | 2,219 | 3,705 | 3,727 | 4,822 |
Time Deposits [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $239 | $514 | ' | ' |
Fair_Value_Measurement_Unaudit2
Fair Value Measurement (Unaudited) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, 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, Measurements, Recurring [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | Deferred Option Premiums and Accrued Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper forward contracts [Member] | Copper forward contracts [Member] | Copper forward contracts [Member] | Copper forward contracts [Member] | Copper forward contracts [Member] | Plains Offshore Warrants [Member] | Plains Offshore Warrants [Member] | Plains Offshore Warrants [Member] | Plains Offshore Warrants [Member] | Plains Offshore Warrants [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | U.S. core fixed income fund [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Government mortgage-backed securities [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Government bonds and notes [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Asset-backed securities [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Municipal bonds [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Crude oil and natural gas swaps [Member] | Crude oil and natural gas swaps [Member] | Crude oil and natural gas swaps [Member] | Crude oil and natural gas swaps [Member] | Crude oil and natural gas swaps [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Copper futures and swap contracts [Member] | Time Deposits [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] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Amount, Fair Value Disclosure [Member] | Cost-method investments [Member] | Cost-method investments [Member] | Cost-method investments [Member] | Cost-method investments [Member] | Cost-method investments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount, Fair Value Disclosure [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (current and long-term): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | ' | ' | $107 | [1],[2],[3] | $492 | $107 | [1],[2],[3] | $585 | $86 | [1],[2],[3] | $24 | $21 | [1],[2],[3] | $561 | $0 | [1],[2],[3] | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $82 | [1],[2],[3] | $16 | [1],[2] | $82 | [1],[2],[3] | $16 | [1],[2] | $82 | [1],[2],[3] | $16 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | $21 | [1],[2],[3] | $22 | [1],[2] | $21 | [1],[2],[3] | $22 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | $21 | [1],[2],[3] | $22 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | $4 | [1],[2],[3] | $8 | [1],[2] | $4 | [1],[2],[3] | $8 | [1],[2] | $4 | [1],[2],[3] | $8 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | $0 | [1],[2],[3] | $0 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | [1],[4] | ' | $446 | [5] | $539 | [5] | $0 | [5] | $539 | [5] | $0 | [5] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust assets (long-term): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust assets | ' | ' | 158 | [1],[2] | 163 | [1],[2] | 158 | [1],[2] | 163 | [1],[2] | 7 | [1],[2] | 7 | [1],[2] | 151 | [1],[2] | 156 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | [1],[2] | 7 | [1],[2] | 7 | [1],[2] | 7 | [1],[2] | 7 | [1],[2] | 7 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 48 | [1],[2] | 50 | [1],[2] | 48 | [1],[2] | 50 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 48 | [1],[2] | 50 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | [1],[2] | 36 | [1],[2] | 37 | [1],[2] | 36 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 37 | [1],[2] | 36 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 26 | [1],[2] | 30 | [1],[2] | 26 | [1],[2] | 30 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 26 | [1],[2] | 30 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 24 | [1],[2] | 24 | [1],[2] | 24 | [1],[2] | 24 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 24 | [1],[2] | 24 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 15 | [1],[2] | 15 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[2] | 1 | [1],[2] | 1 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | 53 | 33 | 78 | [1],[4] | 41 | [1],[4] | 78 | [1],[4] | 41 | [1],[4] | 3 | [1],[4] | 5 | [1],[4] | 75 | [1],[4] | 36 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | [1],[4] | 36 | [1],[4] | 51 | [1],[4] | 36 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 51 | [1],[4] | 36 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 24 | [1],[4] | 24 | [1],[4] | 0 | [1],[4] | 24 | [1],[4] | 0 | [1],[4] | 3 | [1],[4] | 5 | [1],[4] | 3 | [1],[4] | 5 | [1],[4] | 3 | [1],[4] | 5 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | ' | ' | ' | ' | 343 | 789 | 96 | 36 | 247 | 753 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 208 | 20 | 244 | [1] | 28 | [1],[4] | 244 | [1] | 28 | [1],[4] | 2 | [1] | 1 | [1],[4] | 13 | [1] | 27 | [1],[4] | 229 | [1] | 0 | [1],[4] | 13 | [1],[4] | 27 | [1],[4] | 13 | [1],[4] | 27 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 13 | [1],[4] | 27 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 218 | [1],[4] | 218 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 218 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 1 | [1],[4] | 0 | [1],[4] | 0 | [1],[4] | 11 | [1],[6] | 11 | [1],[6] | 0 | [1],[6] | 0 | [1],[6] | 11 | [1],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | ' | ' | 21,123 | [7] | 3,527 | [7] | 20,411 | [7] | 3,589 | [7] | 0 | [7] | 0 | [7] | 20,411 | [7] | 3,589 | [7] | 0 | [7] | 0 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | ' | ' | ' | ' | $20,655 | $3,617 | $2 | $1 | $20,424 | $3,616 | $229 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Recorded at fair value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Investment securities excluded $30 million of time deposits at September 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Crude oil options are net of $461 million for deferred premiums and accrued interest at September 30, 2013. Refer to Note 9 for further discussion and balance sheet classifications. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Recorded at cost and included in other assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Included in other liabilities. Refer to Note 2 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Recorded at cost except for debt assumed in the PXP, MMR and Freeport-McMoRan Corporation acquisitions, which were recorded at fair value at the respective acquisition dates. |
Fair_Value_Measurement_Unaudit3
Fair Value Measurement (Unaudited) Unobservable Inputs (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Derivative Liability | ($208) | ($20) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Derivative Liability | -229 | [1] | 0 | [1],[2] |
Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Derivative Liability | -11 | 0 | ||
Derivative financial instruments assumed in the PXP acquisition | -12 | ' | ||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | 1 | [3] | ' | |
Plains Offshore Warrants [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 20.00% | ' | ||
Plains Offshore Warrants [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 54.00% | ' | ||
Plains Offshore Warrants [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | ' | ||
Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Derivative Liability | -218 | 0 | ||
Derivative financial instruments assumed in the PXP acquisition | -83 | ' | ||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | ($135) | [4] | ' | |
Crude Oil Options [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Deferred Premium Price | 5.15 | ' | ||
Crude Oil Options [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 18.00% | ' | ||
Crude Oil Options [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Deferred Premium Price | 7.22 | ' | ||
Crude Oil Options [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 46.00% | ' | ||
Crude Oil Options [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Deferred Premium Price | 6.35 | ' | ||
Crude Oil Options [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 25.00% | ' | ||
[1] | Recorded at fair value. | |||
[2] | Crude oil options are net of $461 million for deferred premiums and accrued interest at September 30, 2013. Refer to Note 9 for further discussion and balance sheet classifications. | |||
[3] | Realized and unrealized (losses) gains are recorded in other income. There were no realized gains for the first nine months of 2013. | |||
[4] | Realized and unrealized (losses) gains are recorded in revenue. There were no realized gains for the first nine months of 2013. |
Subsequent_Events_Unaudited_De
Subsequent Events (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 03, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 |
Subsequent Event [Member] | 5.25% Convertible Senior Notes due 2013 [Member] | 5.25% Convertible Senior Notes due 2013 [Member] | Pura Vida Energy [Member] | Freeport-McMoRan Oil & Gas [Member] | Freeport-McMoRan Oil & Gas [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||
acre | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | McMoRan Exploration Co [Member] | |||||||||
11.875% Senior Notes due 2014 [Member] | 11.875% Senior Notes due 2014 [Member] | 11.875% Senior Notes due 2014 [Member] | 5.25% Convertible Senior Notes due 2013 [Member] | |||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt, Fair Value Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | $67 | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Preferred Stock and Preference Stock | ' | ' | 227 | 0 | ' | ' | ' | ' | -59 | ' | ' | ' | ' | ' | ' | ' |
Royalty Trust Units Issued, Conversion of Debt or Equity Instrument | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' |
Royalty Trust Units, Fair Value Disclosure | ' | ' | ' | ' | 31 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 21,123 | ' | 21,123 | ' | ' | 3,527 | ' | ' | ' | ' | ' | ' | ' | ' | 299 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | 11.88% | ' | 11.88% | 5.25% |
Debt Instrument, Redemption Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Nov-13 | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | -45 | -168 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 8 | ' | ' |
Farm In Drilling Completion Costs | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Interest in Oil and Gas Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | 52.00% | ' | ' | ' | ' |
Percentage Of Agreed Upon Exploration Costs Shared By Joint Venture Partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Exploratory Wells Drilled Commitment | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gas and Oil Area, Undeveloped, Gross Acres | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil And Gas Exploration Working Interest Agreement Fixed Fee Remaining | ' | ' | ' | ' | ' | ' | $215 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segments_Unaudited_De
Business Segments (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | $6,165 | $4,417 | $15,036 | $13,497 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 3,332 | 2,592 | 8,904 | 7,642 | ' | ||||
Depreciation, depletion and amortization | 919 | 298 | 1,778 | 856 | ' | ||||
Selling, general and administrative expenses | 158 | 110 | 457 | 311 | ' | ||||
Mining exploration and research expenses | 57 | 79 | 173 | 214 | ' | ||||
Environmental obligations and shutdown costs | -8 | -73 | 23 | 18 | ' | ||||
Operating income (loss) | 1,707 | 1,411 | 3,701 | 4,456 | ' | ||||
Interest expense, net | 162 | 42 | 351 | 148 | ' | ||||
Provision for income taxes | 499 | 215 | 967 | 1,128 | ' | ||||
Capital expenditures | 1,645 | 971 | 3,623 | 2,518 | ' | ||||
Total assets | 62,598 | 34,517 | 62,598 | 34,517 | 35,440 | ||||
Sales from PT Freeport Indonesia to PT Smelting | 458 | 520 | 1,200 | 1,500 | ' | ||||
Deferred Foreign Income Tax Expense (Benefit) Associated with Foreign Reinvested Profits | ' | -234 | ' | -234 | ' | ||||
Net income tax benefit resulting from oil and gas acquisitions | ' | ' | -183 | ' | ' | ||||
Mining Operations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 4,989 | 4,416 | 13,521 | 13,492 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 3,042 | 2,590 | 8,517 | 7,640 | ' | ||||
Depreciation, depletion and amortization | 353 | 296 | 1,038 | 850 | ' | ||||
Selling, general and administrative expenses | 45 | 44 | 137 | 130 | ' | ||||
Mining exploration and research expenses | 55 | 79 | 165 | 214 | ' | ||||
Environmental obligations and shutdown costs | -8 | -69 | 23 | 22 | ' | ||||
Operating income (loss) | 1,502 | 1,476 | 3,641 | 4,636 | ' | ||||
Interest expense, net | 24 | 25 | 92 | 81 | ' | ||||
Provision for income taxes | 400 | 123 | 860 | 841 | ' | ||||
Capital expenditures | 895 | 969 | 2,665 | 2,525 | ' | ||||
Total assets | 35,800 | 32,739 | 35,800 | 32,739 | ' | ||||
North America Copper Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 245 | 48 | 484 | 177 | ' | ||||
Intersegment | 1,056 | 1,267 | 3,511 | 4,020 | ' | ||||
Production and delivery | 807 | 743 | 2,459 | 2,190 | ' | ||||
Depreciation, depletion and amortization | 102 | 88 | 312 | 274 | ' | ||||
Selling, general and administrative expenses | 1 | 1 | 4 | 3 | ' | ||||
Mining exploration and research expenses | 2 | 1 | 3 | 1 | ' | ||||
Environmental obligations and shutdown costs | 5 | 0 | -1 | 0 | ' | ||||
Operating income (loss) | 384 | 482 | 1,218 | 1,729 | ' | ||||
Interest expense, net | 0 | 1 | 4 | 1 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 252 | 272 | 795 | 568 | ' | ||||
Total assets | 8,649 | 7,700 | 8,649 | 7,700 | ' | ||||
Morenci [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 100 | 39 | 218 | 157 | ' | ||||
Intersegment | 375 | 456 | 1,255 | 1,374 | ' | ||||
Production and delivery | 287 | 268 | 885 | 803 | ' | ||||
Depreciation, depletion and amortization | 35 | 31 | 105 | 95 | ' | ||||
Selling, general and administrative expenses | 0 | 0 | 1 | 1 | ' | ||||
Mining exploration and research expenses | 0 | 1 | 0 | 1 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 153 | 195 | 482 | 631 | ' | ||||
Interest expense, net | 0 | 1 | 3 | 1 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 172 | 108 | 529 | 204 | ' | ||||
Total assets | 2,915 | 2,297 | 2,915 | 2,297 | ' | ||||
Other North America Copper Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 145 | 9 | 266 | 20 | ' | ||||
Intersegment | 681 | 811 | 2,256 | 2,646 | ' | ||||
Production and delivery | 520 | 475 | 1,574 | 1,387 | ' | ||||
Depreciation, depletion and amortization | 67 | 57 | 207 | 179 | ' | ||||
Selling, general and administrative expenses | 1 | 1 | 3 | 2 | ' | ||||
Mining exploration and research expenses | 2 | 0 | 3 | 0 | ' | ||||
Environmental obligations and shutdown costs | 5 | 0 | -1 | 0 | ' | ||||
Operating income (loss) | 231 | 287 | 736 | 1,098 | ' | ||||
Interest expense, net | 0 | 0 | 1 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 80 | 164 | 266 | 364 | ' | ||||
Total assets | 5,734 | 5,403 | 5,734 | 5,403 | ' | ||||
South America Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,052 | 995 | 2,666 | 2,848 | ' | ||||
Intersegment | 87 | 197 | 438 | 614 | ' | ||||
Production and delivery | 494 | 530 | 1,485 | 1,483 | ' | ||||
Depreciation, depletion and amortization | 85 | 74 | 242 | 208 | ' | ||||
Selling, general and administrative expenses | 2 | 2 | 5 | 5 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 558 | 586 | 1,372 | 1,766 | ' | ||||
Interest expense, net | 0 | 0 | 2 | 5 | ' | ||||
Provision for income taxes | 194 | -16 | 472 | 375 | ' | ||||
Capital expenditures | 264 | 267 | 734 | 659 | ' | ||||
Total assets | 10,530 | 9,936 | 10,530 | 9,936 | ' | ||||
Cerro Verde [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 434 | 504 | 1,035 | 1,285 | ' | ||||
Intersegment | 27 | 71 | 222 | 349 | ' | ||||
Production and delivery | 175 | 197 | 535 | 575 | ' | ||||
Depreciation, depletion and amortization | 35 | 39 | 105 | 102 | ' | ||||
Selling, general and administrative expenses | 0 | 1 | 2 | 2 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 251 | 338 | 615 | 955 | ' | ||||
Interest expense, net | 0 | 0 | 2 | 5 | ' | ||||
Provision for income taxes | 92 | -88 | [1] | 215 | 131 | [1] | ' | ||
Capital expenditures | 224 | 180 | 596 | 365 | ' | ||||
Total assets | 6,440 | 5,704 | 6,440 | 5,704 | ' | ||||
Other South America Mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 618 | 491 | 1,631 | 1,563 | ' | ||||
Intersegment | 60 | 126 | 216 | 265 | ' | ||||
Production and delivery | 319 | 333 | 950 | 908 | ' | ||||
Depreciation, depletion and amortization | 50 | 35 | 137 | 106 | ' | ||||
Selling, general and administrative expenses | 2 | 1 | 3 | 3 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 307 | 248 | 757 | 811 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 102 | 72 | 257 | 244 | ' | ||||
Capital expenditures | 40 | 87 | 138 | 294 | ' | ||||
Total assets | 4,090 | 4,232 | 4,090 | 4,232 | ' | ||||
Indonesia - Grasberg [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,108 | [2] | 845 | [2] | 2,443 | [3] | 2,673 | [3] | ' |
Intersegment | 3 | 146 | 190 | 224 | ' | ||||
Production and delivery | 617 | 603 | 1,743 | 1,704 | ' | ||||
Depreciation, depletion and amortization | 60 | 54 | 173 | 153 | ' | ||||
Selling, general and administrative expenses | 29 | 31 | 82 | 91 | ' | ||||
Mining exploration and research expenses | 1 | 0 | 1 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 404 | 303 | 634 | 949 | ' | ||||
Interest expense, net | 0 | 0 | 12 | 3 | ' | ||||
Provision for income taxes | 173 | 111 | 289 | 387 | ' | ||||
Capital expenditures | 209 | 237 | 720 | 624 | ' | ||||
Total assets | 7,399 | 6,393 | 7,399 | 6,393 | ' | ||||
Africa - Tenke [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 406 | 365 | 1,199 | 985 | ' | ||||
Intersegment | 14 | 2 | 24 | 9 | ' | ||||
Production and delivery | 190 | 172 | 560 | 456 | ' | ||||
Depreciation, depletion and amortization | 64 | 42 | 179 | 114 | ' | ||||
Selling, general and administrative expenses | 3 | 2 | 9 | 5 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 163 | 151 | 475 | 419 | ' | ||||
Interest expense, net | 0 | 0 | 2 | 0 | ' | ||||
Provision for income taxes | 33 | 28 | 99 | 79 | ' | ||||
Capital expenditures | 52 | 131 | 155 | 428 | ' | ||||
Total assets | 4,862 | 4,490 | 4,862 | 4,490 | ' | ||||
Molybdenum mines [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 0 | 0 | 0 | 0 | ' | ||||
Intersegment | 121 | 129 | 408 | 389 | ' | ||||
Production and delivery | 82 | 88 | 240 | 237 | ' | ||||
Depreciation, depletion and amortization | 21 | 15 | 62 | 38 | ' | ||||
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) | 18 | 26 | 106 | 114 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 46 | 41 | 128 | 189 | ' | ||||
Total assets | 2,094 | 1,979 | 2,094 | 1,979 | ' | ||||
Rod & Refining [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,247 | 1,221 | 3,842 | 3,802 | ' | ||||
Intersegment | 6 | 7 | 20 | 20 | ' | ||||
Production and delivery | 1,245 | 1,222 | 3,835 | 3,800 | ' | ||||
Depreciation, depletion and amortization | 2 | 2 | 7 | 7 | ' | ||||
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 | 4 | 20 | 15 | ' | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 1 | 2 | 3 | 5 | ' | ||||
Total assets | 308 | 330 | 308 | 330 | ' | ||||
Atlantic Copper Smelting & Refining [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 514 | 633 | 1,730 | 2,023 | ' | ||||
Intersegment | 2 | 5 | 12 | 22 | ' | ||||
Production and delivery | 523 | 624 | 1,726 | 1,988 | ' | ||||
Depreciation, depletion and amortization | 10 | 11 | 32 | 31 | ' | ||||
Selling, general and administrative expenses | 5 | 4 | 14 | 14 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | -22 | -1 | -30 | 12 | ' | ||||
Interest expense, net | 4 | 3 | 12 | 9 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 20 | 4 | 39 | 11 | ' | ||||
Total assets | 691 | 1,192 | 691 | 1,192 | ' | ||||
Other Mining & Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 417 | [4] | 309 | [4] | 1,157 | [4] | 984 | [4] | ' |
Intersegment | -1,289 | -1,753 | -4,603 | -5,298 | ' | ||||
Production and delivery | -916 | -1,392 | -3,531 | -4,218 | ' | ||||
Depreciation, depletion and amortization | 9 | 10 | 31 | 25 | ' | ||||
Selling, general and administrative expenses | 5 | 4 | 23 | 12 | ' | ||||
Mining exploration and research expenses | 52 | 78 | 161 | 213 | ' | ||||
Environmental obligations and shutdown costs | -13 | -69 | 24 | 22 | ' | ||||
Operating income (loss) | -9 | -75 | -154 | -368 | ' | ||||
Interest expense, net | 20 | 21 | 60 | 63 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 51 | 15 | 91 | 41 | ' | ||||
Total assets | 1,267 | 719 | 1,267 | 719 | ' | ||||
Oil & Gas Operations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 1,176 | [5] | 0 | 1,512 | [5],[6] | 0 | ' | ||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 288 | 0 | 377 | 0 | ' | ||||
Depreciation, depletion and amortization | 563 | 0 | 732 | 0 | ' | ||||
Selling, general and administrative expenses | 51 | 0 | 65 | 0 | ' | ||||
Mining exploration and research expenses | 0 | 0 | 0 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | 0 | 0 | ' | ' | ||||
Operating income (loss) | 274 | 0 | 338 | 0 | ' | ||||
Interest expense, net | 74 | 0 | 100 | 0 | ' | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | 738 | 0 | 928 | 0 | ' | ||||
Total assets | 26,347 | 0 | 26,347 | 0 | ' | ||||
Corporate, Other & Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unaffiliated customers | 0 | 1 | 3 | 5 | ' | ||||
Intersegment | 0 | 0 | 0 | 0 | ' | ||||
Production and delivery | 2 | 2 | 10 | 2 | ' | ||||
Depreciation, depletion and amortization | 3 | 2 | 8 | 6 | ' | ||||
Selling, general and administrative expenses | 62 | 66 | 255 | 181 | ' | ||||
Mining exploration and research expenses | 2 | 0 | 8 | 0 | ' | ||||
Environmental obligations and shutdown costs | 0 | -4 | 0 | -4 | ' | ||||
Operating income (loss) | -69 | -65 | -278 | -180 | ' | ||||
Interest expense, net | 64 | 17 | 159 | 67 | ' | ||||
Provision for income taxes | 99 | [1] | 92 | 107 | [1] | 287 | ' | ||
Capital expenditures | 12 | 2 | 30 | -7 | ' | ||||
Total assets | 451 | 1,778 | 451 | 1,778 | ' | ||||
PT Smelting [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Deferred Intercompany Profit, Percentage | ' | ' | 25.00% | ' | ' | ||||
Crude Oil and Natural Gas Swaps [Member] | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ||||
Unfavorable adjustments to derivative instruments | ($158) | ' | ($194) | ' | ' | ||||
[1] | Included a credit of $234 million for the reversal of a net deferred tax liability. For further discussion, refer to Note 6. | ||||||||
[2] | Included PT Freeport Indonesia’s sales to PT Smelting totaling $458 million in third-quarter 2013 and $520 million in third-quarter 2012. | ||||||||
[3] | Included PT Freeport Indonesia’s sales to PT Smelting totaling $1.2 billion for the first nine months of 2013 and $1.5 billion for the first nine months of 2012. | ||||||||
[4] | 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. | ||||||||
[5] | Included net charges of $158 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. | ||||||||
[6] | Included net charges of $194 million for unrealized losses on oil and gas derivative contracts that were assumed in connection with FCX's acquisition of PXP. For further discussion, refer to Note 9. |
Guarantor_Financial_Statements2
Guarantor Financial Statements (Unaudited) (Details) (USD $) | Mar. 07, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Senior Notes [Member] | FM O&G LLC Guarantor [Member] |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | $6,500 | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 100.00% |
Guarantor_Financial_Statements3
Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) (USD $) | Sep. 30, 2013 | Jun. 03, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | ||||||
Cash and cash equivalents | $2,219 | ' | $3,705 | $3,727 | $4,822 | |
Accounts receivable | 2,229 | ' | ' | ' | ' | |
Inventories | 4,853 | ' | ' | ' | ' | |
Other current assets | 305 | ' | 387 | ' | ' | |
Total current assets | 9,606 | ' | 10,297 | ' | ' | |
Property, plant, equipment and development costs, net | 46,647 | ' | 20,999 | ' | ' | |
Investments in consolidated subsidiaries | 0 | ' | ' | ' | ' | |
Goodwill | 1,932 | 1,932 | 0 | ' | ' | |
Other assets | 4,413 | ' | ' | ' | ' | |
Total assets | 62,598 | ' | 35,440 | 34,517 | ' | |
Current liabilities | 4,498 | ' | 3,343 | ' | ' | |
Long-term debt, less current portion | 21,053 | ' | 3,525 | ' | ' | |
Deferred income taxes | 6,922 | [1] | ' | 3,490 | ' | ' |
Reclamation and environmental obligations, less current portion | 3,077 | ' | 2,127 | ' | ' | |
Other liabilities | 1,774 | ' | 1,644 | ' | ' | |
Total liabilities | 37,324 | ' | 14,129 | ' | ' | |
Redeemable noncontrolling interest | 720 | ' | 0 | ' | ' | |
Stockholders' equity | 20,405 | ' | 17,543 | ' | ' | |
Noncontrolling interests | 4,149 | ' | 3,768 | ' | ' | |
Total equity | 24,554 | ' | 21,311 | ' | ' | |
Total liabilities and equity | 62,598 | ' | 35,440 | ' | ' | |
FCX Issuer [Member] | ' | ' | ' | ' | ' | |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | |
Accounts receivable | 706 | ' | ' | ' | ' | |
Inventories | 0 | ' | ' | ' | ' | |
Other current assets | 49 | ' | ' | ' | ' | |
Total current assets | 755 | ' | ' | ' | ' | |
Property, plant, equipment and development costs, net | 28 | ' | ' | ' | ' | |
Investments in consolidated subsidiaries | 30,314 | ' | ' | ' | ' | |
Goodwill | 0 | ' | ' | ' | ' | |
Other assets | 7,448 | ' | ' | ' | ' | |
Total assets | 38,545 | ' | ' | ' | ' | |
Current liabilities | 911 | ' | ' | ' | ' | |
Long-term debt, less current portion | 13,484 | ' | ' | ' | ' | |
Deferred income taxes | 3,718 | [1] | ' | ' | ' | ' |
Reclamation and environmental obligations, less current portion | 0 | ' | ' | ' | ' | |
Other liabilities | 27 | ' | ' | ' | ' | |
Total liabilities | 18,140 | ' | ' | ' | ' | |
Redeemable noncontrolling interest | 0 | ' | ' | ' | ' | |
Stockholders' equity | 20,405 | ' | ' | ' | ' | |
Noncontrolling interests | 0 | ' | ' | ' | ' | |
Total equity | 20,405 | ' | ' | ' | ' | |
Total liabilities and equity | 38,545 | ' | ' | ' | ' | |
FM O&G LLC Guarantor [Member] | ' | ' | ' | ' | ' | |
Cash and cash equivalents | 2 | ' | 0 | ' | ' | |
Accounts receivable | 964 | ' | ' | ' | ' | |
Inventories | 18 | ' | ' | ' | ' | |
Other current assets | 31 | ' | ' | ' | ' | |
Total current assets | 1,015 | ' | ' | ' | ' | |
Property, plant, equipment and development costs, net | 8,865 | ' | ' | ' | ' | |
Investments in consolidated subsidiaries | 9,596 | ' | ' | ' | ' | |
Goodwill | 455 | ' | ' | ' | ' | |
Other assets | 4,219 | ' | ' | ' | ' | |
Total assets | 24,150 | ' | ' | ' | ' | |
Current liabilities | 726 | ' | ' | ' | ' | |
Long-term debt, less current portion | 10,049 | ' | ' | ' | ' | |
Deferred income taxes | 0 | [1] | ' | ' | ' | ' |
Reclamation and environmental obligations, less current portion | 281 | ' | ' | ' | ' | |
Other liabilities | 3,447 | ' | ' | ' | ' | |
Total liabilities | 14,503 | ' | ' | ' | ' | |
Redeemable noncontrolling interest | 0 | ' | ' | ' | ' | |
Stockholders' equity | 9,647 | ' | ' | ' | ' | |
Noncontrolling interests | 0 | ' | ' | ' | ' | |
Total equity | 9,647 | ' | ' | ' | ' | |
Total liabilities and equity | 24,150 | ' | ' | ' | ' | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | |
Cash and cash equivalents | 2,217 | ' | 3,705 | ' | ' | |
Accounts receivable | 1,966 | ' | ' | ' | ' | |
Inventories | 4,835 | ' | ' | ' | ' | |
Other current assets | 225 | ' | ' | ' | ' | |
Total current assets | 9,243 | ' | ' | ' | ' | |
Property, plant, equipment and development costs, net | 37,754 | ' | ' | ' | ' | |
Investments in consolidated subsidiaries | 0 | ' | ' | ' | ' | |
Goodwill | 1,477 | ' | ' | ' | ' | |
Other assets | 4,401 | ' | ' | ' | ' | |
Total assets | 52,875 | ' | ' | ' | ' | |
Current liabilities | 4,268 | ' | ' | ' | ' | |
Long-term debt, less current portion | 5,421 | ' | ' | ' | ' | |
Deferred income taxes | 3,204 | [1] | ' | ' | ' | ' |
Reclamation and environmental obligations, less current portion | 2,796 | ' | ' | ' | ' | |
Other liabilities | 2,054 | ' | ' | ' | ' | |
Total liabilities | 17,743 | ' | ' | ' | ' | |
Redeemable noncontrolling interest | 720 | ' | ' | ' | ' | |
Stockholders' equity | 30,684 | ' | ' | ' | ' | |
Noncontrolling interests | 3,728 | ' | ' | ' | ' | |
Total equity | 34,412 | ' | ' | ' | ' | |
Total liabilities and equity | 52,875 | ' | ' | ' | ' | |
Eliminations [Member] | ' | ' | ' | ' | ' | |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | |
Accounts receivable | -1,407 | ' | ' | ' | ' | |
Inventories | 0 | ' | ' | ' | ' | |
Other current assets | 0 | ' | ' | ' | ' | |
Total current assets | -1,407 | ' | ' | ' | ' | |
Property, plant, equipment and development costs, net | 0 | ' | ' | ' | ' | |
Investments in consolidated subsidiaries | -39,910 | ' | ' | ' | ' | |
Goodwill | 0 | ' | ' | ' | ' | |
Other assets | -11,655 | ' | ' | ' | ' | |
Total assets | -52,972 | ' | ' | ' | ' | |
Current liabilities | -1,407 | ' | ' | ' | ' | |
Long-term debt, less current portion | -7,901 | ' | ' | ' | ' | |
Deferred income taxes | 0 | [1] | ' | ' | ' | ' |
Reclamation and environmental obligations, less current portion | 0 | ' | ' | ' | ' | |
Other liabilities | -3,754 | ' | ' | ' | ' | |
Total liabilities | -13,062 | ' | ' | ' | ' | |
Redeemable noncontrolling interest | 0 | ' | ' | ' | ' | |
Stockholders' equity | -40,331 | ' | ' | ' | ' | |
Noncontrolling interests | 421 | ' | ' | ' | ' | |
Total equity | -39,910 | ' | ' | ' | ' | |
Total liabilities and equity | ($52,972) | ' | ' | ' | ' | |
[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 | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $6,165 | $4,417 | $15,036 | $13,497 |
Cost of sales | 4,251 | 2,890 | 10,682 | 8,498 |
Other operating costs and expenses | 207 | ' | 653 | ' |
Total costs and expenses | 4,458 | 3,006 | 11,335 | 9,041 |
Operating (loss) income | 1,707 | 1,411 | 3,701 | 4,456 |
Interest expense, net | -162 | -42 | -351 | -148 |
Losses on early extinguishment of debt | 0 | 0 | -45 | -168 |
Gain on investment in McMoRan Exploration Co. | 0 | 0 | 128 | 0 |
Other income (expense), net | 3 | ' | 13 | ' |
Income before income taxes and equity in affiliated companies' net earnings (losses) | 1,548 | 1,354 | 3,446 | 4,163 |
Provision for income taxes | -499 | -215 | -967 | -1,128 |
Equity in affiliated companies’ net earnings (losses) | -1 | 1 | 3 | 0 |
Net income | 1,048 | 1,140 | 2,482 | 3,035 |
Net income and preferred dividends attributable to noncontrolling interests | -227 | -316 | -531 | -737 |
Net income attributable to FCX common stockholders | 821 | 824 | 1,951 | 2,298 |
FM O&G LLC Guarantor [Member] | ' | ' | ' | ' |
Revenues | 512 | ' | 674 | ' |
Cost of sales | 415 | ' | 541 | ' |
Other operating costs and expenses | 37 | ' | 46 | ' |
Total costs and expenses | 452 | ' | 587 | ' |
Operating (loss) income | 60 | ' | 87 | ' |
Interest expense, net | -51 | ' | -63 | ' |
Losses on early extinguishment of debt | ' | ' | 0 | ' |
Gain on investment in McMoRan Exploration Co. | ' | ' | 0 | ' |
Other income (expense), net | 0 | ' | 0 | ' |
Income before income taxes and equity in affiliated companies' net earnings (losses) | 9 | ' | 24 | ' |
Provision for income taxes | -5 | ' | -10 | ' |
Equity in affiliated companies’ net earnings (losses) | 187 | ' | 207 | ' |
Net income | 191 | ' | 221 | ' |
Net income and preferred dividends attributable to noncontrolling interests | 0 | ' | 0 | ' |
Net income attributable to FCX common stockholders | 191 | ' | 221 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 5,653 | ' | 14,362 | ' |
Cost of sales | 3,835 | ' | 10,139 | ' |
Other operating costs and expenses | 160 | ' | 503 | ' |
Total costs and expenses | 3,995 | ' | 10,642 | ' |
Operating (loss) income | 1,658 | ' | 3,720 | ' |
Interest expense, net | -40 | ' | -104 | ' |
Losses on early extinguishment of debt | ' | ' | 0 | ' |
Gain on investment in McMoRan Exploration Co. | ' | ' | 0 | ' |
Other income (expense), net | 2 | ' | 12 | ' |
Income before income taxes and equity in affiliated companies' net earnings (losses) | 1,620 | ' | 3,628 | ' |
Provision for income taxes | -529 | ' | -1,018 | ' |
Equity in affiliated companies’ net earnings (losses) | 47 | ' | 1 | ' |
Net income | 1,138 | ' | 2,611 | ' |
Net income and preferred dividends attributable to noncontrolling interests | -202 | ' | -494 | ' |
Net income attributable to FCX common stockholders | 936 | ' | 2,117 | ' |
Eliminations [Member] | ' | ' | ' | ' |
Revenues | 0 | ' | 0 | ' |
Cost of sales | 0 | ' | 0 | ' |
Other operating costs and expenses | 0 | ' | 0 | ' |
Total costs and expenses | 0 | ' | 0 | ' |
Operating (loss) income | 0 | ' | 0 | ' |
Interest expense, net | 23 | ' | 38 | ' |
Losses on early extinguishment of debt | ' | ' | 0 | ' |
Gain on investment in McMoRan Exploration Co. | ' | ' | 0 | ' |
Other income (expense), net | -23 | ' | -38 | ' |
Income before income taxes and equity in affiliated companies' net earnings (losses) | 0 | ' | 0 | ' |
Provision for income taxes | 0 | ' | 0 | ' |
Equity in affiliated companies’ net earnings (losses) | -1,102 | ' | -2,301 | ' |
Net income | -1,102 | ' | -2,301 | ' |
Net income and preferred dividends attributable to noncontrolling interests | -25 | ' | -37 | ' |
Net income attributable to FCX common stockholders | -1,127 | ' | -2,338 | ' |
FCX Issuer [Member] | ' | ' | ' | ' |
Revenues | 0 | ' | 0 | ' |
Cost of sales | 1 | ' | 2 | ' |
Other operating costs and expenses | 10 | ' | 104 | ' |
Total costs and expenses | 11 | ' | 106 | ' |
Operating (loss) income | -11 | ' | -106 | ' |
Interest expense, net | -94 | ' | -222 | ' |
Losses on early extinguishment of debt | ' | ' | -45 | ' |
Gain on investment in McMoRan Exploration Co. | ' | ' | 128 | ' |
Other income (expense), net | 24 | ' | 39 | ' |
Income before income taxes and equity in affiliated companies' net earnings (losses) | -81 | ' | -206 | ' |
Provision for income taxes | 35 | ' | 61 | ' |
Equity in affiliated companies’ net earnings (losses) | 867 | ' | 2,096 | ' |
Net income | 821 | ' | 1,951 | ' |
Net income and preferred dividends attributable to noncontrolling interests | 0 | ' | 0 | ' |
Net income attributable to FCX common stockholders | $821 | ' | $1,951 | ' |
Guarantor_Financial_Statements5
Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $2,482 | $3,035 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,778 | 856 |
Net losses on oil and gas derivative contracts | 205 | 0 |
Losses on early extinguishment of debt | 45 | 168 |
Gain on investment in McMoRan Exploration Co. | -128 | 0 |
Equity in earnings of consolidated subsidiaries | 0 | ' |
Other, net | -150 | ' |
Accounts receivable, inventories and other current assets | 147 | ' |
Accounts payable, accrued liabilities and accrued and other tax payments | -636 | ' |
Net cash provided by operating activities | 3,743 | 2,509 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -3,623 | -2,518 |
Acquisitions, net of cash acquired | -5,441 | ' |
Intercompany loans | 0 | ' |
Dividends from consolidated subsidiary | 0 | ' |
Other, net | -24 | -19 |
Net cash used in investing activities | -9,088 | -2,537 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 11,229 | 3,023 |
Repayments of debt and redemption of MMR preferred stock | -5,043 | ' |
Intercompany loans | 0 | ' |
Cash dividends and distributions paid: | ' | ' |
Common stock | -1,957 | -832 |
Noncontrolling interests | -157 | -76 |
Other, net | -213 | ' |
Net cash provided by (used in) financing activities | 3,859 | -1,067 |
Net decrease in cash and cash equivalents | -1,486 | -1,095 |
Cash and cash equivalents at beginning of year | 3,705 | 4,822 |
Cash and cash equivalents at end of period | 2,219 | 3,727 |
FCX Issuer [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 1,951 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 3 | ' |
Net losses on oil and gas derivative contracts | 0 | ' |
Losses on early extinguishment of debt | 45 | ' |
Gain on investment in McMoRan Exploration Co. | -128 | ' |
Equity in earnings of consolidated subsidiaries | -2,096 | ' |
Other, net | 8 | ' |
Accounts receivable, inventories and other current assets | 89 | ' |
Accounts payable, accrued liabilities and accrued and other tax payments | 23 | ' |
Net cash provided by operating activities | -105 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | ' |
Acquisitions, net of cash acquired | -5,437 | ' |
Intercompany loans | 793 | ' |
Dividends from consolidated subsidiary | 321 | ' |
Other, net | 14 | ' |
Net cash used in investing activities | -4,309 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 11,085 | ' |
Repayments of debt and redemption of MMR preferred stock | -4,501 | ' |
Intercompany loans | 0 | ' |
Cash dividends and distributions paid: | ' | ' |
Common stock | -1,957 | ' |
Noncontrolling interests | 0 | ' |
Other, net | -213 | ' |
Net cash provided by (used in) financing activities | 4,414 | ' |
Net decrease in cash and cash equivalents | 0 | ' |
Cash and cash equivalents at beginning of year | 0 | ' |
Cash and cash equivalents at end of period | 0 | ' |
FM O&G LLC Guarantor [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 221 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 341 | ' |
Net losses on oil and gas derivative contracts | 205 | ' |
Losses on early extinguishment of debt | 0 | ' |
Gain on investment in McMoRan Exploration Co. | 0 | ' |
Equity in earnings of consolidated subsidiaries | -207 | ' |
Other, net | -15 | ' |
Accounts receivable, inventories and other current assets | 30 | ' |
Accounts payable, accrued liabilities and accrued and other tax payments | 488 | ' |
Net cash provided by operating activities | 1,063 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -621 | ' |
Acquisitions, net of cash acquired | 0 | ' |
Intercompany loans | 0 | ' |
Dividends from consolidated subsidiary | 0 | ' |
Other, net | 32 | ' |
Net cash used in investing activities | -589 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | ' |
Repayments of debt and redemption of MMR preferred stock | -416 | ' |
Intercompany loans | -56 | ' |
Cash dividends and distributions paid: | ' | ' |
Common stock | 0 | ' |
Noncontrolling interests | 0 | ' |
Other, net | 0 | ' |
Net cash provided by (used in) financing activities | -472 | ' |
Net decrease in cash and cash equivalents | 2 | ' |
Cash and cash equivalents at beginning of year | 0 | ' |
Cash and cash equivalents at end of period | 2 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 2,611 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,434 | ' |
Net losses on oil and gas derivative contracts | 0 | ' |
Losses on early extinguishment of debt | 0 | ' |
Gain on investment in McMoRan Exploration Co. | 0 | ' |
Equity in earnings of consolidated subsidiaries | 2 | ' |
Other, net | -143 | ' |
Accounts receivable, inventories and other current assets | 28 | ' |
Accounts payable, accrued liabilities and accrued and other tax payments | -1,147 | ' |
Net cash provided by operating activities | 2,785 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -3,002 | ' |
Acquisitions, net of cash acquired | -4 | ' |
Intercompany loans | -1,095 | ' |
Dividends from consolidated subsidiary | 0 | ' |
Other, net | -70 | ' |
Net cash used in investing activities | -4,171 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 144 | ' |
Repayments of debt and redemption of MMR preferred stock | -126 | ' |
Intercompany loans | 358 | ' |
Cash dividends and distributions paid: | ' | ' |
Common stock | -321 | ' |
Noncontrolling interests | -157 | ' |
Other, net | 0 | ' |
Net cash provided by (used in) financing activities | -102 | ' |
Net decrease in cash and cash equivalents | -1,488 | ' |
Cash and cash equivalents at beginning of year | 3,705 | ' |
Cash and cash equivalents at end of period | 2,217 | ' |
Eliminations [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | -2,301 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 0 | ' |
Net losses on oil and gas derivative contracts | 0 | ' |
Losses on early extinguishment of debt | 0 | ' |
Gain on investment in McMoRan Exploration Co. | 0 | ' |
Equity in earnings of consolidated subsidiaries | 2,301 | ' |
Other, net | 0 | ' |
Accounts receivable, inventories and other current assets | 0 | ' |
Accounts payable, accrued liabilities and accrued and other tax payments | 0 | ' |
Net cash provided by operating activities | 0 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | ' |
Acquisitions, net of cash acquired | 0 | ' |
Intercompany loans | 302 | ' |
Dividends from consolidated subsidiary | -321 | ' |
Other, net | 0 | ' |
Net cash used in investing activities | -19 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | ' |
Repayments of debt and redemption of MMR preferred stock | 0 | ' |
Intercompany loans | -302 | ' |
Cash dividends and distributions paid: | ' | ' |
Common stock | 321 | ' |
Noncontrolling interests | 0 | ' |
Other, net | 0 | ' |
Net cash provided by (used in) financing activities | 19 | ' |
Net decrease in cash and cash equivalents | 0 | ' |
Cash and cash equivalents at beginning of year | 0 | ' |
Cash and cash equivalents at end of period | $0 | ' |