Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 3 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Mar. 31, 2014 | Apr. 30, 2014 | Jun. 28, 2013 |
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 | ' | ' | $28.30 |
Entity Common Stock, Shares Outstanding | ' | 1,038,713,778 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $1,342 | $1,985 | ||
Trade accounts receivable | 1,511 | 1,728 | ||
Other accounts receivable | 866 | 834 | ||
Inventories: | ' | ' | ||
Mill and leach stockpiles | 1,772 | 1,705 | ||
Materials and supplies, net | 1,744 | [1] | 1,730 | [1] |
Product | 1,704 | 1,583 | ||
Other current assets | 491 | 407 | ||
Total current assets | 9,430 | 9,972 | ||
Property, plant, equipment and mining development costs, net | 24,729 | 24,042 | ||
Oil and gas properties - full cost method | ' | ' | ||
Subject to amortization, less accumulated amortization | 12,562 | 12,472 | ||
Not subject to amortization | 10,775 | 10,887 | ||
Long-term mill and leach stockpiles | 2,472 | 2,386 | ||
Goodwill | 1,916 | 1,916 | ||
Other assets | 1,959 | 1,798 | ||
Total assets | 63,843 | 63,473 | ||
Current liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 3,543 | 3,708 | ||
Current portion of debt | 1,091 | 312 | ||
Dividends payable | 333 | 333 | ||
Current portion of environmental and asset retirement obligations | 254 | 236 | ||
Accrued income taxes | 162 | 184 | ||
Total current liabilities | 5,383 | 4,773 | ||
Long-term debt, less current portion | 19,759 | 20,394 | ||
Deferred income taxes | 7,504 | 7,410 | ||
Environmental and asset retirement obligations, less current portion | 3,276 | 3,259 | ||
Other liabilities | 1,695 | 1,690 | ||
Total liabilities | 37,617 | 37,526 | ||
Redeemable noncontrolling interest | 743 | 716 | ||
FCX stockholders’ equity: | ' | ' | ||
Common stock | 117 | 117 | ||
Capital in excess of par value | 22,192 | 22,161 | ||
Retained earnings | 2,926 | 2,742 | ||
Accumulated other comprehensive loss | -402 | -405 | ||
Common stock held in treasury | -3,683 | -3,681 | ||
Total FCX stockholders’ equity | 21,150 | 20,934 | ||
Noncontrolling interests | 4,333 | 4,297 | ||
Total equity | 25,483 | 25,231 | ||
Total liabilities and equity | $63,843 | $63,473 | ||
[1] | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at March 31, 2014, and $24 million at December 31, 2013. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $4,985 | $4,583 |
Cost of sales: | ' | ' |
Production and delivery | 2,737 | 2,719 |
Depreciation, depletion and amortization | 966 | 329 |
Total cost of sales | 3,703 | 3,048 |
Selling, general and administrative expenses | 135 | 113 |
Mining exploration and research expenses | 30 | 52 |
Environmental obligations and shutdown costs | 6 | 15 |
Total costs and expenses | 3,874 | 3,228 |
Operating income | 1,111 | 1,355 |
Interest expense, net | -161 | -57 |
Losses on early extinguishment of debt | 0 | -45 |
Other income (expense), net | 33 | -3 |
Income before income taxes and equity in affiliated companies' net earnings | 983 | 1,250 |
Provision for income taxes | -357 | -428 |
Equity in affiliated companies’ net earnings | 0 | 2 |
Net income | 626 | 824 |
Net income attributable to noncontrolling interests | -106 | -176 |
Preferred dividends attributable to redeemable noncontrolling interest | -10 | 0 |
Net income attributable to FCX common stockholders | $510 | $648 |
Net income per share attributable to FCX common stockholders: | ' | ' |
Basic | $0.49 | $0.68 |
Diluted | $0.49 | $0.68 |
Weighted-average common shares outstanding: | ' | ' |
Basic | 1,038 | 950 |
Diluted | 1,044 | 953 |
Dividends declared per share of common stock | $0.31 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $626 | $824 |
Defined benefit plans: | ' | ' |
Amortization of unrecognized amounts included in net periodic benefit costs | 3 | 7 |
Unrealized losses on securities arising during the period | 0 | -1 |
Other comprehensive income | 3 | 6 |
Total comprehensive income | 629 | 830 |
Total comprehensive income attributable to noncontrolling interests | -106 | -176 |
Preferred dividends attributable to redeemable noncontrolling interest | -10 | 0 |
Total comprehensive income attributable to FCX common stockholders | $513 | $654 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $626 | $824 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 966 | 329 |
Net losses on crude oil and natural gas derivative contracts | 50 | 0 |
Stock-based compensation | 28 | 41 |
Pension plans contributions | -9 | -22 |
Net charges for environmental and asset retirement obligations, including accretion | 46 | 34 |
Payments for environmental and asset retirement obligations | -45 | -36 |
Losses on early extinguishment of debt | 0 | 45 |
Deferred income taxes | 90 | 136 |
Increase in long-term mill and leach stockpiles | -86 | -126 |
Other, net | -52 | 36 |
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisition: | ' | ' |
Accounts receivable | 179 | -113 |
Inventories | -180 | -67 |
Other current assets | -34 | -48 |
Accounts payable and accrued liabilities | -362 | -201 |
Accrued income taxes and other tax payments | -16 | -1 |
Net cash provided by operating activities | 1,201 | 831 |
Capital expenditures: | ' | ' |
North America copper mines | -303 | -257 |
South America | -423 | -226 |
Indonesia | -236 | -191 |
Africa | -31 | -57 |
Molybdenum mines | -19 | -40 |
U.S. oil and gas operations | -579 | 0 |
Other | -21 | -34 |
Acquisition of cobalt chemical business, net of cash acquired | 0 | -321 |
Other, net | 7 | 14 |
Net cash used in investing activities | -1,605 | -1,112 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 1,149 | 6,615 |
Repayments of debt | -987 | -39 |
Cash dividends and distributions paid: | ' | ' |
Common stock | -326 | -297 |
Noncontrolling interests | -77 | -35 |
Contributions from noncontrolling interests | 24 | 0 |
Debt financing costs | -25 | -72 |
Stock-based awards net proceeds (payments), including excess tax benefit | 3 | -1 |
Net cash (used in) provided by financing activities | -239 | 6,171 |
Net (decrease) increase in cash and cash equivalents | -643 | 5,890 |
Cash and cash equivalents at beginning of year | 1,985 | 3,705 |
Cash and cash equivalents at end of period | $1,342 | $9,595 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (Unaudited) (USD $) | Total | Total FCX Stockholders' Equity [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||||
Balance at Dec. 31, 2013 | $25,231 | $20,934 | $117 | $22,161 | $2,742 | ($405) | ($3,681) | $4,297 |
Balance (in shares) at Dec. 31, 2013 | ' | ' | 1,165 | ' | ' | ' | 127 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised and issued stock-based awards | 5 | 5 | 0 | 5 | 0 | 0 | 0 | 0 |
Exercised and issued stock-based awards (in shares) | ' | ' | 1 | ' | ' | ' | 0 | ' |
Stock-based compensation | 26 | 26 | 0 | 26 | 0 | 0 | 0 | 0 |
Tender of shares for stock-based awards | -2 | -2 | 0 | 0 | 0 | 0 | -2 | 0 |
Tender of shares for stock-based awards (in shares) | ' | ' | 0 | ' | ' | ' | 0 | ' |
Dividends on common stock | -326 | -326 | 0 | 0 | -326 | 0 | 0 | 0 |
Dividends to noncontrolling interests | -70 | 0 | 0 | 0 | 0 | 0 | 0 | -70 |
Net income attributable to FCX common stockholders | 510 | 510 | 0 | 0 | 510 | 0 | 0 | 0 |
Net income attributable to noncontrolling interests | 106 | 0 | 0 | 0 | 0 | 0 | 0 | 106 |
Other comprehensive income | 3 | 3 | 0 | 0 | 0 | 3 | 0 | 0 |
Balance at Mar. 31, 2014 | $25,483 | $21,150 | $117 | $22,192 | $2,926 | ($402) | ($3,683) | $4,333 |
Balance (in shares) at Mar. 31, 2014 | ' | ' | 1,166 | ' | ' | ' | 127 | ' |
General_Information_Unaudited
General Information (Unaudited) | 3 Months Ended |
Mar. 31, 2014 | |
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, 2013. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
As further discussed in Note 2, FCX completed its acquisitions of Plains Exploration & Production Company (PXP) on May 31, 2013, and McMoRan Exploration Co. (MMR) on June 3, 2013, collectively known as FCX Oil & Gas Inc. (FM O&G). The results included in these financial statements for the three months ended March 31, 2013, do not include PXP's or MMR's results. |
Acquisitions_Unaudited_Notes
Acquisitions (Unaudited) (Notes) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Acquisitions [Abstract] | ' | |||||
Business Combination Disclosure [Text Block] | ' | |||||
ACQUISITIONS | ||||||
Oil and Gas. The second-quarter 2013 acquisitions of PXP and MMR added a portfolio of oil and gas assets to FCX's global mining business, creating a U.S.-based natural resources company. The acquisitions have been accounted for under the acquisition method, with FCX as the acquirer. As further discussed in Note 6, 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. | ||||||
There were no changes during the first quarter of 2014 to the preliminary purchase price allocations; however, 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 principal remaining items to be valued are tax assets and liabilities, and any related valuation allowances, which will be finalized in the second quarter of 2014 in connection with the filing of related tax returns. | ||||||
For further discussion of the acquisitions, refer to Note 2 in FCX's annual report on Form 10-K for the year ended December 31, 2013. | ||||||
Unaudited Pro Forma Consolidated Financial Information. The following unaudited pro forma financial information has been prepared to reflect the acquisitions of PXP and MMR. The unaudited pro forma financial information combines the historical statements of income of FCX, PXP and MMR (including the pro forma effects of PXP's Deepwater Gulf of Mexico (GOM) acquisition that was completed on November 30, 2012) for the three months ended March 31, 2013, giving effect to the mergers as if they had occurred on January 1, 2012. The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the acquisitions. | ||||||
Three Months | ||||||
Ended | ||||||
March 31, 2013 | ||||||
(in millions, except per share amounts) | ||||||
Revenues | $ | 5,695 | ||||
Operating income | 1,580 | |||||
Income from continuing operations | 913 | |||||
Net income attributable to FCX common stockholders | 728 | |||||
Net income per share attributable to FCX common stockholders: | ||||||
Basic | $ | 0.7 | ||||
Diluted | 0.7 | |||||
The unaudited pro forma consolidated information has been prepared for illustrative purposes only and is not intended to be indicative of the results of operations that actually would have occurred, or the results of operations expected in future periods, had the events reflected herein occurred on the dates indicated. The most significant pro forma adjustment to income from continuing operations for the three months ended March 31, 2013, was to exclude a $77 million gain on the sale of MMR oil and gas properties because of the application 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 from FCX's Africa mining operations. For further discussion of this acquisition, refer to Note 2 in FCX’s annual report on Form 10-K for the year ended December 31, 2013. |
Earnings_Per_Share_Unaudited
Earnings Per Share (Unaudited) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
EARNINGS PER SHARE | |||||||||
FCX uses the two-class method to calculate earnings per share. Under the two-class method, net income is allocated to each class of common stock and participating securities as if all of the earnings for the period had been distributed. FCX’s participating securities consist of vested restricted stock units (RSUs) for which the underlying common shares are not yet issued and entitle holders to non-forfeitable dividends. | |||||||||
FCX’s basic net income per share of common stock was computed by dividing net income attributable to FCX common stockholders by the weighted-average of common stock outstanding during the period. Diluted net income per share of common stock was computed using the most dilutive of (a) the two-class method or (b) the treasury stock method. | |||||||||
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 626 | $ | 824 | |||||
Net income attributable to noncontrolling interests | (106 | ) | (176 | ) | |||||
Preferred dividends on redeemable noncontrolling interest | (10 | ) | — | ||||||
Undistributed earnings allocated to participating securities | (1 | ) | — | ||||||
Net income attributable to FCX common stockholders | $ | 509 | $ | 648 | |||||
Basic weighted-average shares of common stock outstanding | 1,038 | 950 | |||||||
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units | 6 | a | 3 | ||||||
Diluted weighted-average shares of common stock outstanding | 1,044 | 953 | |||||||
Basic net income per share attributable to FCX common stockholders | $ | 0.49 | $ | 0.68 | |||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.49 | $ | 0.68 | |||||
a. | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately two million for first-quarter 2014. | ||||||||
Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled 30 million with a weighted-average exercise price of $41.04 per option for first-quarter 2014 and 29 million with a weighted-average exercise price of $41.35 per option for first-quarter 2013. |
Inventories_Including_LongTerm
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract] | ' | ||||||||
Inventories, Including Long-Term Mill and Leach Stockpiles | ' | ||||||||
INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES | |||||||||
The components of inventories follow (in millions): | |||||||||
March 31, | December 31, 2013 | ||||||||
2014 | |||||||||
Current inventories: | |||||||||
Raw materials (primarily concentrates) | $ | 247 | $ | 238 | |||||
Work-in-processa | 188 | 199 | |||||||
Finished goodsb | 1,269 | 1,146 | |||||||
Total product inventories | $ | 1,704 | $ | 1,583 | |||||
Mill stockpiles | $ | 90 | $ | 91 | |||||
Leach stockpiles | 1,682 | 1,614 | |||||||
Total current mill and leach stockpiles | $ | 1,772 | $ | 1,705 | |||||
Total materials and supplies, netc | $ | 1,744 | $ | 1,730 | |||||
Long-term inventories: | |||||||||
Mill stockpiles | $ | 730 | $ | 698 | |||||
Leach stockpiles | 1,742 | 1,688 | |||||||
Total long-term mill and leach stockpilesd | $ | 2,472 | $ | 2,386 | |||||
a. | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | ||||||||
b. | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | ||||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at March 31, 2014, and $24 million at December 31, 2013. | ||||||||
d. | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited
Income Taxes (Unaudited) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
INCOME TAXES | |||||||||
Geographic sources of FCX's provision for income taxes follow (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
United States operations | $ | 136 | $ | 76 | |||||
International operations | 221 | 352 | |||||||
Total | $ | 357 | $ | 428 | |||||
FCX’s consolidated effective income tax rate was 36 percent for first-quarter 2014 and 34 percent for first-quarter 2013. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate. |
Debt_and_Equity_Transactions_U
Debt and Equity Transactions (Unaudited) | 3 Months Ended |
Mar. 31, 2014 | |
Debt and Equity Transactions [Abstract] | ' |
Debt and Equity Transactions | ' |
DEBT AND EQUITY TRANSACTIONS | |
In March 2014, FCX announced that FM O&G would redeem on April 30, 2014, a total of $210 million of the aggregate principal amount of the outstanding 6.625% Senior Notes due 2021. In accordance with the terms of the senior notes, the redemption was funded with cash contributions to FM O&G by FCX in exchange for additional equity, which is eliminated in the consolidated financial statements. FCX funded its contributions with its revolving credit facility. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest to the redemption date. As a result of the redemption, FCX recorded a gain on early extinguishment of debt of $6 million in the second quarter of 2014. | |
In the first quarter of 2014, FCX borrowed $115 million on its short-term lines of credit. FCX has uncommitted lines of credit with certain financial institutions for up to $450 million. These unsecured lines of credit allow FCX to borrow at a spread over the London Interbank Offered Rate (LIBOR) or the respective financial institution's cost of funds with terms and pricing that are more favorable than FCX's revolving credit facility. The effective interest rate on the lines of credit was 1.19 percent at March 31, 2014. | |
In March 2014, Sociedad Minera Cerro Verde S.A.A. (Cerro Verde, FCX's mining subsidiary in Peru) entered into a five-year, $1.8 billion senior unsecured credit facility that is nonrecourse to FCX and the other shareholders of Cerro Verde. The credit facility allows for term loan borrowings up to the full amount of the facility, less any amounts issued and outstanding under a $500 million letter of credit sublimit. Interest on amounts drawn under the term loan is based on LIBOR plus a spread (currently 1.90 percent) based on Cerro Verde’s total net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio as defined in the agreement. Amounts may be drawn or letters of credit may be issued over a two-year period to fund a portion of Cerro Verde’s expansion project and for Cerro Verde's general corporate purposes. The credit facility amortizes in three installments in amounts necessary for the aggregate borrowings and outstanding letters of credit not to exceed 85 percent of the $1.8 billion commitment on September 30, 2017, 70 percent on March 31, 2018, and 35 percent on September 30, 2018, with the remaining balance due on the maturity date of March 10, 2019. At March 31, 2014, there were no borrowings and no letters of credit issued under Cerro Verde’s credit facility. | |
In February 2013, FCX entered into an agreement for a $4.0 billion unsecured term loan (the Term Loan) in connection with the second-quarter 2013 acquisitions of PXP and MMR. Upon closing the PXP acquisition, FCX borrowed $4.0 billion under the Term Loan, and Freeport-McMoRan Oil & Gas LLC (FM O&G LLC, a wholly owned subsidiary of FM O&G and the successor entity of PXP) joined the Term Loan as a borrower. Interest on the Term Loan (currently LIBOR plus 1.50 percent or the alternate base rate (ABR) plus 0.50 percent) is determined by reference to FCX's credit rating. The effective interest rate on the Term Loan was 1.65 percent at March 31, 2014. | |
In February 2013, FCX and PT Freeport Indonesia (PT-FI) 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, FM O&G LLC joined the revolving credit facility as a borrower. The new revolving credit facility is available until May 31, 2018, with $500 million available to PT-FI. At March 31, 2014, there were 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. | |
In March 2013, in connection with the financing of FCX's second-quarter 2013 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, $1.0 billion of 3.100% Senior Notes due March 2020, $2.0 billion of 3.875% Senior Notes due March 2023 and $2.0 billion of 5.450% Senior Notes due March 2043 for total net proceeds of $6.4 billion. | |
FCX recorded a loss on early extinguishment of debt of $45 million ($40 million to net income attributable to FCX common stockholders) in first-quarter 2013 for financing costs incurred for the terminated $9.5 billion acquisition bridge loan facility, which was entered into in December 2012 to provide interim financing for the second-quarter 2013 acquisitions of PXP and MMR. | |
Consolidated interest expense (excluding capitalized interest) totaled $224 million in first-quarter 2014 and $75 million in first-quarter 2013. Capitalized interest totaled $63 million in first-quarter 2014 ($40 million included in property, plant, equipment and mining development costs, net, and $23 million included in oil and gas properties not subject to amortization) and $18 million in first-quarter 2013 (included in property, plant, equipment and mining development costs, net). | |
On March 26, 2014, FCX's Board of Directors declared a quarterly dividend of $0.3125 per share, which was paid on May 1, 2014, to common shareholders of record at the close of business on April 15, 2014. |
Financial_Instruments_Unaudite
Financial Instruments (Unaudited) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||
FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. | ||||||||||||||||||||
Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. As a result of the acquisition of PXP, FCX assumed a variety of crude oil and natural gas commodity derivatives to hedge the exposure to the volatility of crude oil and natural gas commodity prices. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March 31, 2014 and 2013, FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments – Fair Value Hedges | ||||||||||||||||||||
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX), a division of the New York Mercantile Exchange (NYMEX), average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three-month periods ended March 31, 2014 and 2013, resulting from hedge ineffectiveness. At March 31, 2014, FCX held copper futures and swap contracts that qualified for hedge accounting for 63 million pounds at an average contract price of $3.13 per pound, with maturities through March 2015. | ||||||||||||||||||||
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||
Unrealized (losses) gains: | ||||||||||||||||||||
Derivative financial instruments | $ | (12 | ) | $ | (12 | ) | ||||||||||||||
Hedged item – firm sales commitments | 12 | 12 | ||||||||||||||||||
Realized losses: | ||||||||||||||||||||
Matured derivative financial instruments | (2 | ) | (2 | ) | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||
Embedded Derivatives. As described in Note 1 to FCX's annual report on Form 10-K for the year ended December 31, 2013, under “Revenue Recognition,” certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. Similarly, FCX purchases copper under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative (i.e., the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX copper price or the London gold price as defined in the contract. Mark-to-market price fluctuations recorded through the settlement date are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. | ||||||||||||||||||||
A summary of FCX’s embedded commodity derivatives at March 31, 2014, follows: | ||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||
Per Unit | ||||||||||||||||||||
Contract | Market | |||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 487 | $ | 3.21 | $ | 3.01 | Aug-14 | ||||||||||||||
Gold (thousands of ounces) | 55 | 1,314 | 1,293 | Jun-14 | ||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 66 | 3.15 | 3.02 | Jul-14 | ||||||||||||||||
Crude Oil and Natural Gas Contracts. As a result of the acquisition of PXP, FCX has derivative contracts for 2014 and 2015 that consist of crude oil options and natural gas swaps. These crude oil and natural gas derivatives are not designated as hedging instruments and are recorded at fair value with the mark-to-market gains and losses recorded in revenues. | ||||||||||||||||||||
The crude oil options were entered into by PXP to protect the realized price of a portion of expected future sales in order to limit the effects of crude oil price decreases. At March 31, 2014, these contracts are composed of crude oil put spreads consisting of put options with a floor limit. The premiums associated with put options are deferred until the settlement period. At March 31, 2014, the deferred option premiums and accrued interest associated with the crude oil option contracts totaled $387 million, which was included as a component of the fair value of the crude oil options contracts. At March 31, 2014, the outstanding crude oil option contracts, all of which settle monthly, follow: | ||||||||||||||||||||
Average Strike Price (per barrel)a | ||||||||||||||||||||
Period | Instrument Type | Daily Volumes (thousand barrels) | Floor | Floor Limit | Average Deferred Premium | Index | ||||||||||||||
(per barrel) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Apr - Dec | Put optionsb | 75 | $ | 90 | $ | 70 | $ | 5.74 | Brent | |||||||||||
Apr - Dec | Put optionsb | 30 | 95 | 75 | 6.09 | Brent | ||||||||||||||
Apr - Dec | Put optionsb | 5 | 100 | 80 | 7.11 | Brent | ||||||||||||||
2015 | ||||||||||||||||||||
Jan - Dec | Put optionsb | 84 | 90 | 70 | 6.89 | Brent | ||||||||||||||
a. | The average strike prices do not reflect any premiums to purchase the put options. | |||||||||||||||||||
b. | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | |||||||||||||||||||
In addition, at March 31, 2014, outstanding natural gas swaps with a weighted-average fixed swap price of $4.09 per million British thermal units (MMBtu) cover approximately 28 million MMBtu of natural gas, with maturities through December 2014 (on daily volumes of 100,000 MMBtu). If the Henry Hub index price is less than the fixed price, FCX receives the difference between the fixed price and the Henry Hub index price. FCX pays the difference between the index price and the fixed price if the Henry Hub index price is greater than the fixed price. | ||||||||||||||||||||
Copper Forward Contracts. Atlantic Copper, FCX's wholly owned smelting and refining unit in Spain, enters into forward copper contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2014, Atlantic Copper held net forward copper purchase contracts for 7 million pounds at an average contract price of $3.01 per pound, with maturities through April 2014. | ||||||||||||||||||||
Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales contractsa | $ | (169 | ) | $ | (83 | ) | ||||||||||||||
Crude oil optionsa | (36 | ) | — | |||||||||||||||||
Natural gas swapsa | (14 | ) | — | |||||||||||||||||
Copper forward contractsb | 1 | 3 | ||||||||||||||||||
a. | Amounts recorded in revenues. | |||||||||||||||||||
b. | Amounts recorded in cost of sales as production and delivery costs. | |||||||||||||||||||
Unsettled Derivative Financial Instruments | ||||||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contracts:a | $ | 2 | $ | 6 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 13 | 63 | ||||||||||||||||||
Total derivative assets | $ | 15 | $ | 69 | ||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 8 | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 99 | 16 | ||||||||||||||||||
Crude oil optionsb | 288 | 309 | ||||||||||||||||||
Natural gas swaps | 10 | 4 | ||||||||||||||||||
Copper forward contracts | — | 1 | ||||||||||||||||||
Total derivative liabilities | $ | 405 | $ | 330 | ||||||||||||||||
a. | FCX paid $11 million to brokers at March 31, 2014, and $1 million at December 31, 2013, for margin requirements (recorded in other current assets). | |||||||||||||||||||
b. | Included $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
FCX's commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX's policy to offset balances by counterparty on the balance sheet. FCX's embedded derivatives on provisional sales/purchases are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | $ | 13 | $ | 63 | $ | 99 | $ | 16 | ||||||||||||
Crude oil and natural gas derivatives | — | — | 298 | 313 | ||||||||||||||||
Copper derivatives | 2 | 6 | 8 | 1 | ||||||||||||||||
15 | 69 | 405 | 330 | |||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 2 | 10 | 2 | 10 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | — | — | ||||||||||||||||
Copper derivatives | 2 | — | 2 | — | ||||||||||||||||
4 | 10 | 4 | 10 | |||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 11 | 53 | 97 | 6 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | 298 | 313 | ||||||||||||||||
Copper derivatives | — | 6 | 6 | 1 | ||||||||||||||||
$ | 11 | $ | 59 | $ | 401 | $ | 320 | |||||||||||||
Balance sheet classification: | ||||||||||||||||||||
Trade accounts receivable | $ | 7 | $ | 53 | $ | — | $ | — | ||||||||||||
Other current assets | — | 6 | — | — | ||||||||||||||||
Accounts payable and accrued liabilities | 4 | — | 302 | 205 | ||||||||||||||||
Other liabilities | — | — | 99 | 115 | ||||||||||||||||
$ | 11 | $ | 59 | $ | 401 | $ | 320 | |||||||||||||
Credit Risk. FCX is exposed to credit loss when financial institutions with which FCX has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of March 31, 2014, the maximum amount of credit exposure associated with derivative transactions was $11 million. | ||||||||||||||||||||
Other Financial Instruments. Other financial instruments include cash and cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $39 million at March 31, 2014, and $211 million at December 31, 2013), accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 8 for the fair values of investment securities, legally restricted funds and long-term debt). | ||||||||||||||||||||
In addition, FCX has non-detachable warrants, which are considered to be embedded derivative instruments, associated with FM O&G's Plains Offshore Operations Inc. (Plains Offshore) 8% Convertible Preferred Stock (Preferred Stock) (refer to Note 8 for the fair value of these instruments). |
Fair_Value_Measurement_Unaudit
Fair Value Measurement (Unaudited) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENT | ||||||||||||||||||||
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). FCX recognizes transfers between levels at the end of the reporting period. FCX did not have any significant transfers in or out of Level 1, 2 or 3 for first-quarter 2014. | ||||||||||||||||||||
A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 7), follows (in millions): | ||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 22 | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total | 44 | 44 | 22 | 22 | — | |||||||||||||||
Legally restricted funds (long-term):a,b,c | ||||||||||||||||||||
U.S. core fixed income fund | 49 | 49 | — | 49 | — | |||||||||||||||
Government bonds and notes | 34 | 34 | — | 34 | — | |||||||||||||||
Government mortgage-backed securities | 32 | 32 | — | 32 | — | |||||||||||||||
Corporate bonds | 27 | 27 | — | 27 | — | |||||||||||||||
Money market funds | 26 | 26 | 26 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 184 | 184 | 26 | 158 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 13 | 13 | — | 13 | — | |||||||||||||||
Copper futures and swap contracts | 2 | 2 | 1 | 1 | — | |||||||||||||||
Total | 15 | 15 | 1 | 14 | — | |||||||||||||||
Total assets | $ | 243 | $ | 49 | $ | 194 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 99 | $ | 99 | $ | — | $ | 99 | $ | — | ||||||||||
Crude oil optionsd | 288 | 288 | — | — | 288 | |||||||||||||||
Natural gas swapsd | 10 | 10 | — | 10 | — | |||||||||||||||
Copper futures and swap contractsd | 8 | 8 | 7 | 1 | — | |||||||||||||||
Plains Offshore warrantse | 1 | 1 | — | — | 1 | |||||||||||||||
Total | 406 | 406 | 7 | 110 | 289 | |||||||||||||||
Long-term debt, including current portionf | 20,850 | 20,741 | — | 20,741 | — | |||||||||||||||
Total liabilities | $ | 21,147 | $ | 7 | $ | 20,851 | $ | 289 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 21 | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 5 | 5 | 5 | — | — | |||||||||||||||
Total | 44 | 44 | 23 | 21 | — | |||||||||||||||
Legally restricted funds (long-term):a,b,c | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 34 | 34 | — | 34 | — | |||||||||||||||
Corporate bonds | 28 | 28 | — | 28 | — | |||||||||||||||
Government bonds and notes | 28 | 28 | — | 28 | — | |||||||||||||||
Money market funds | 28 | 28 | 28 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 182 | 182 | 28 | 154 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 63 | 63 | — | 63 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 5 | 1 | — | |||||||||||||||
Total | 69 | 69 | 5 | 64 | — | |||||||||||||||
Total assets | $ | 295 | $ | 56 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 16 | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||||
Crude oil optionsd | 309 | 309 | — | — | 309 | |||||||||||||||
Natural gas swapsd | 4 | 4 | — | 4 | — | |||||||||||||||
Copper forward contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantse | 2 | 2 | — | — | 2 | |||||||||||||||
Total | 332 | 332 | 1 | 20 | 311 | |||||||||||||||
Long-term debt, including current portionf | 20,706 | 20,487 | — | 20,487 | — | |||||||||||||||
Total liabilities | $ | 20,819 | $ | 1 | $ | 20,507 | $ | 311 | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
c. | Legally restricted funds excluded $210 million of time deposits (which approximated fair value) at March 31, 2014, and December 31, 2013, associated with the Cerro Verde royalty dispute. | |||||||||||||||||||
d. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
e. | Included in other liabilities. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. | |||||||||||||||||||
Valuation Techniques | ||||||||||||||||||||
Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. | ||||||||||||||||||||
Fixed income securities (U.S. core fixed income funds, government securities, corporate bonds, asset-backed securities and municipal bonds) are valued using a bid evaluation price or a mid-evaluation price. A bid evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. | ||||||||||||||||||||
FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales have critical inputs of quoted monthly LME or COMEX copper forward prices and the London gold forward price at each reporting date based on the month of maturity; however, FCX's contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
FCX's derivative financial instruments for crude oil options are valued using an option pricing model, which uses various inputs including IntercontinentalExchange, Inc. crude oil prices, volatilities, interest rates and contract terms. FCX's derivative financial instruments for natural gas swaps are valued using a pricing model that has various inputs including NYMEX price quotations, interest rates and contract terms. Valuations are adjusted for credit quality, using the counterparties' credit quality for asset balances and FCX's credit quality for liability balances (which considers the impact of netting agreements on counterparty credit risk, including whether the position with the counterparty is a net asset or net liability). For asset balances, FCX uses the credit default swap value for counterparties when available or the spread between the risk-free interest rate and the yield rate on the counterparties' publicly traded debt for similar instruments. The 2014 natural gas swaps are classified within Level 2 of the fair value hierarchy because the inputs used in the valuation models are directly or indirectly observable for substantially the full term of the instruments. The 2014 and 2015 crude oil options are classified within Level 3 of the fair value hierarchy because the inputs used in the valuation models are not observable for substantially the full term of the instruments. The significant unobservable inputs used in the fair value measurement of the crude oil options are implied volatilities and deferred premiums. Significant increases (decreases) in implied volatilities in isolation would result in a significantly higher (lower) fair value measurement. The implied volatilities ranged from 16 percent to 38 percent, with a weighted average of 21 percent. The deferred premiums ranged from $5.15 per barrel to $7.22 per barrel, with a weighted average of $6.40 per barrel. Refer to Note 7 for further discussion of these derivative financial instruments. | ||||||||||||||||||||
FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 7 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. | ||||||||||||||||||||
The fair value of warrants associated with the Plains Offshore Preferred Stock was determined with an option pricing model that used unobservable inputs. The inputs used in the valuation model are the estimated fair value of the underlying Plains Offshore common stock, expected exercise price, expected term, expected volatility and risk-free interest rate. The assumptions used in the valuation model are highly subjective because the common stock of Plains Offshore is not publicly traded. As a result, these warrants are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Long-term debt, including the current portion, is not actively traded and is valued using prices obtained from a readily available pricing source and, as such, is classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
A summary of the changes in the fair value of FCX's Level 3 instruments follows (in millions): | ||||||||||||||||||||
Crude Oil | Plains Offshore | |||||||||||||||||||
Options | Warrants | |||||||||||||||||||
Fair value at December 31, 2013 | $ | (309 | ) | $ | (2 | ) | ||||||||||||||
Net realized losses | (1 | ) | a | — | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (36 | ) | b | 1 | c | |||||||||||||||
Settlement payments | 58 | — | ||||||||||||||||||
Fair value at March 31, 2014 | $ | (288 | ) | $ | (1 | ) | ||||||||||||||
a. | Recorded in revenues. | |||||||||||||||||||
b. | Included net unrealized losses of $35 million recorded in revenues and $1 million of interest expense associated with the deferred premiums. | |||||||||||||||||||
c. | Recorded in other income (expense), net. | |||||||||||||||||||
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 March 31, 2014. |
Contingencies_and_Commitments_
Contingencies and Commitments (Unaudited) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
CONTINGENCIES AND COMMITMENTS | |
Environmental. On March 31, 2014, the lawsuit titled Municipality of Tierra Amarilla v. Compania Contractual Minera Candelaria, Second Environmental Court, Santiago, Chile, filed December 12, 2013, was withdrawn. Refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013, for further discussion. | |
Litigation. The following information includes a discussion of updates to previously reported legal proceedings included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013. | |
Shareholder Litigation. On March 12, 2014, oral arguments were held in the Delaware Chancery Court on the motion to dismiss filed by FCX and the other defendants on October 10, 2013, in In Re Freeport-McMoRan Copper & Gold, Inc. Derivative Litigation, No. 8145-VCN. On April 4, 2014, the complaint titled Stephen Blau MD Money Purchase Pension Plan Trust v. Moffett et al., No. 8389-VCN filed in the Delaware Court of Chancery on March 5, 2013, was consolidated with In Re Freeport-McMoRan Copper & Gold Inc. Derivative Litigation, No. 8145-VCN. FCX continues to vigorously defend itself in this action. | |
Tax and Other Matters. There were no significant changes to the Cerro Verde royalty dispute and Indonesia tax matters during the first quarter of 2014 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2013, for further discussion of these matters). |
Business_Segments_Unaudited
Business Segments (Unaudited) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FCX has organized its operations into six primary divisions – North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines and U.S. oil and gas operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis for its mining operations. Therefore, FCX concluded that its operating segments include individual mines or operations relative to its mining operations. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Operating segments that meet certain thresholds are reportable segments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment Sales. Intersegment sales between FCX’s mining operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FCX defers recognizing profits on sales from its mining operations to other divisions, including Atlantic Copper and on 25 percent of PT-FI's sales to PT Smelting until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX's net deferred profits and quarterly earnings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocations. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level, whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 23 | $ | 61 | $ | 84 | $ | 280 | $ | 128 | $ | 294 | $ | 702 | $ | 462 | a | $ | 306 | $ | — | $ | 1,146 | $ | 588 | $ | 436 | b | $ | 3,724 | $ | 1,261 | c | $ | — | $ | 4,985 | |||||||||||||||||||||||||||||||
Intersegment | 444 | 758 | 1,202 | 64 | 128 | 4 | 196 | 8 | 21 | 126 | 8 | 5 | (1,566 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 283 | 503 | 786 | 165 | 150 | 161 | 476 | 383 | 152 | 76 | 1,148 | 588 | (1,183 | ) | 2,426 | 311 | — | 2,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 34 | 73 | 107 | 36 | 19 | 32 | 87 | 48 | 51 | 22 | 2 | 10 | 19 | 346 | 616 | 4 | 966 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | 1 | — | 1 | 2 | 21 | 3 | — | — | 4 | 7 | 38 | 57 | 40 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | — | — | — | — | — | — | 28 | 30 | — | — | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 150 | 240 | 390 | 142 | 87 | 104 | 333 | 18 | 121 | 28 | 4 | (9 | ) | (7 | ) | 878 | 277 | (44 | ) | 1,111 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | — | — | — | — | 4 | 18 | 23 | 76 | 62 | 161 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 57 | 36 | 34 | 127 | 18 | 24 | — | — | — | — | 169 | — | 188 | 357 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at March 31, 2014 | 3,412 | 5,827 | 9,239 | 6,757 | 1,591 | 2,468 | 10,816 | 7,466 | 4,904 | 2,101 | 289 | 951 | 1,119 | 36,885 | 26,385 | 573 | 63,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 244 | 59 | 303 | 400 | 10 | 13 | 423 | 236 | 31 | 19 | 1 | 1 | 10 | 1,024 | 579 | 9 | 1,612 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 80 | $ | 45 | $ | 125 | $ | 290 | $ | 253 | $ | 307 | $ | 850 | $ | 864 | a | $ | 438 | $ | — | $ | 1,330 | $ | 633 | $ | 341 | b | $ | 4,581 | $ | — | $ | 2 | $ | 4,583 | ||||||||||||||||||||||||||||||||
Intersegment | 436 | 824 | 1,260 | 109 | 55 | — | 164 | 67 | — | 143 | 7 | 6 | (1,647 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 297 | 502 | 799 | 171 | 167 | 137 | 475 | 563 | 185 | 80 | 1,328 | 628 | (1,342 | ) | 2,716 | — | 3 | 2,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 33 | 69 | 102 | 33 | 9 | 29 | 71 | 55 | 58 | 20 | 3 | 10 | 8 | 327 | — | 2 | 329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | — | 1 | — | 1 | 26 | 3 | — | — | 5 | 9 | 45 | — | 68 | 113 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | — | — | — | — | — | — | — | — | — | — | — | 49 | 49 | — | 3 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (4 | ) | (4 | ) | — | — | — | — | — | — | — | — | — | 19 | 15 | — | — | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 186 | 301 | 487 | 195 | 131 | 141 | 467 | 287 | 192 | 43 | 6 | (4 | ) | (49 | ) | 1,429 | — | (74 | ) | 1,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | 2 | — | — | — | 4 | 20 | 27 | — | 30 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 64 | 44 | 43 | 151 | 120 | 44 | — | — | — | — | 315 | — | 113 | 428 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at March 31, 2013 | 2,589 | 5,783 | 8,372 | 5,968 | 1,852 | 2,507 | 10,327 | 6,862 | 4,894 | 2,033 | 316 | 918 | 1,078 | 34,800 | — | 7,788 | d | 42,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 153 | 104 | 257 | 164 | 40 | 22 | 226 | 191 | 57 | 40 | 1 | 8 | 17 | 797 | — | 8 | 805 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $373 million in first-quarter 2014 and $430 million in first-quarter 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil options and natural gas derivative contracts totaling $50 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included net proceeds of $6.4 billion from the March 2013 sale of senior notes that were used to fund the oil and gas acquisitions (see Note 6). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor_Financial_Statements
Guarantor Financial Statements (Unaudited) (Notes) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Guarantor Financial Statements [Text Block] | ' | |||||||||||||||||||
GUARANTOR FINANCIAL STATEMENTS | ||||||||||||||||||||
As further discussed in Note 6, in March 2013, FCX completed the sale of $6.5 billion of senior notes. These notes, along with FCX's senior notes sold in February 2012, are fully and unconditionally guaranteed on a senior basis jointly and severally by FM O&G LLC, as guarantor, which is a 100 percent owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FCX, including indebtedness under the revolving credit facility. The guarantee ranks senior in right of payment with all future subordinated obligations and is effectively subordinated in right of payment to any debt of FCX's subsidiaries that are not subsidiary guarantors. In the future, FM O&G LLC's guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G Senior Notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolver, the term loan or any other senior debt. | ||||||||||||||||||||
The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at March 31, 2014, and December 31, 2013, and the related condensed consolidating statements of comprehensive income and cash flows for the three months ended March 31, 2014, which should be read in conjunction with FCX's notes to the consolidated financial statements (in millions): | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | 1,340 | $ | — | $ | 1,342 | ||||||||||
Accounts receivable | 22 | 324 | 2,088 | (57 | ) | 2,377 | ||||||||||||||
Other current assets | 102 | 107 | 5,502 | — | 5,711 | |||||||||||||||
Total current assets | 124 | 433 | 8,930 | (57 | ) | 9,430 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 26 | 45 | 24,658 | — | 24,729 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,331 | 6,223 | 8 | 12,562 | |||||||||||||||
Not subject to amortization | — | 2,524 | 8,251 | — | 10,775 | |||||||||||||||
Investments in consolidated subsidiaries | 31,628 | 9,939 | 12,680 | (54,247 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,478 | 4,687 | 4,293 | (12,027 | ) | 4,431 | ||||||||||||||
Total assets | $ | 39,256 | $ | 24,396 | $ | 66,514 | $ | (66,323 | ) | $ | 63,843 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,244 | $ | 879 | $ | 3,317 | $ | (57 | ) | $ | 5,383 | |||||||||
Long-term debt, less current portion | 12,585 | 6,967 | 8,809 | (8,602 | ) | 19,759 | ||||||||||||||
Deferred income taxes | 4,246 | a | — | 3,258 | — | 7,504 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 305 | 2,971 | — | 3,276 | |||||||||||||||
Other liabilities | 31 | 3,409 | 1,680 | (3,425 | ) | 1,695 | ||||||||||||||
Total liabilities | 18,106 | 11,560 | 20,035 | (12,084 | ) | 37,617 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 743 | — | 743 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 21,150 | 12,836 | 41,864 | (54,700 | ) | 21,150 | ||||||||||||||
Noncontrolling interests | — | — | 3,872 | 461 | 4,333 | |||||||||||||||
Total equity | 21,150 | 12,836 | 45,736 | (54,239 | ) | 25,483 | ||||||||||||||
Total liabilities and equity | $ | 39,256 | $ | 24,396 | $ | 66,514 | $ | (66,323 | ) | $ | 63,843 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,985 | $ | — | $ | 1,985 | ||||||||||
Accounts receivable | 855 | 659 | 2,258 | (1,210 | ) | 2,562 | ||||||||||||||
Other current assets | 114 | 38 | 5,273 | — | 5,425 | |||||||||||||||
Total current assets | 969 | 697 | 9,516 | (1,210 | ) | 9,972 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 27 | 43 | 23,972 | — | 24,042 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,207 | 6,265 | — | 12,472 | |||||||||||||||
Not subject to amortization | — | 2,649 | 8,238 | — | 10,887 | |||||||||||||||
Investment in consolidated subsidiaries | 31,162 | 9,712 | 12,468 | (53,342 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,126 | 4,640 | 4,128 | (11,710 | ) | 4,184 | ||||||||||||||
Total assets | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,003 | $ | 758 | $ | 4,222 | $ | (1,210 | ) | $ | 4,773 | |||||||||
Long-term debt, less current portion | 13,184 | 7,199 | 8,056 | (8,045 | ) | 20,394 | ||||||||||||||
Deferred income taxes | 4,137 | a | — | 3,273 | — | 7,410 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 301 | 2,958 | — | 3,259 | |||||||||||||||
Other liabilities | 26 | 3,436 | 1,893 | (3,665 | ) | 1,690 | ||||||||||||||
Total liabilities | 18,350 | 11,694 | 20,402 | (12,920 | ) | 37,526 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 716 | — | 716 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,934 | 12,691 | 41,100 | (53,791 | ) | 20,934 | ||||||||||||||
Noncontrolling interests | — | — | 3,848 | 449 | 4,297 | |||||||||||||||
Total equity | 20,934 | 12,691 | 44,948 | (53,342 | ) | 25,231 | ||||||||||||||
Total liabilities and equity | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 644 | $ | 4,341 | $ | — | $ | 4,985 | ||||||||||
Total costs and expenses | 11 | 526 | 3,339 | (2 | ) | 3,874 | ||||||||||||||
Operating (loss) income | (11 | ) | 118 | 1,002 | 2 | 1,111 | ||||||||||||||
Interest expense, net | (82 | ) | (41 | ) | (58 | ) | 20 | (161 | ) | |||||||||||
Other income (expense), net | 20 | — | 33 | (20 | ) | 33 | ||||||||||||||
Provision for income taxes | (21 | ) | (43 | ) | (292 | ) | (1 | ) | (357 | ) | ||||||||||
Equity in affiliated companies' net earnings (losses) | 604 | 130 | 185 | (919 | ) | — | ||||||||||||||
Net income (loss) | 510 | 164 | 870 | (918 | ) | 626 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (111 | ) | (5 | ) | (116 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 510 | $ | 164 | $ | 759 | $ | (923 | ) | $ | 510 | |||||||||
Other comprehensive income | — | — | 3 | — | 3 | |||||||||||||||
Total comprehensive income (loss) | $ | 510 | $ | 164 | $ | 762 | $ | (923 | ) | $ | 513 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 510 | $ | 164 | $ | 870 | $ | (918 | ) | $ | 626 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 1 | 285 | 682 | (2 | ) | 966 | ||||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 50 | — | — | 50 | |||||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (604 | ) | (130 | ) | (185 | ) | 919 | — | ||||||||||||
Other, net | 134 | (9 | ) | (140 | ) | (13 | ) | (28 | ) | |||||||||||
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisition | (234 | ) | 339 | (518 | ) | — | (413 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (193 | ) | 699 | 709 | (14 | ) | 1,201 | |||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (335 | ) | (1,277 | ) | — | (1,612 | ) | ||||||||||||
Intercompany loans | 190 | (43 | ) | — | (147 | ) | — | |||||||||||||
Investment in consolidated subsidiary | 212 | (96 | ) | (430 | ) | 314 | — | |||||||||||||
Other, net | — | 4 | 3 | — | 7 | |||||||||||||||
Net cash provided by (used in) investing activities | 402 | (470 | ) | (1,704 | ) | 167 | (1,605 | ) | ||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 895 | — | 254 | — | 1,149 | |||||||||||||||
Repayments of debt | (780 | ) | — | (207 | ) | — | (987 | ) | ||||||||||||
Intercompany loans | — | (213 | ) | 66 | 147 | — | ||||||||||||||
Cash dividends and distributions paid | (326 | ) | (14 | ) | 237 | (300 | ) | (403 | ) | |||||||||||
Other, net | 2 | — | — | — | 2 | |||||||||||||||
Net cash (used in) provided by financing activities | (209 | ) | (227 | ) | 350 | (153 | ) | (239 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2 | (645 | ) | — | (643 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1,985 | — | 1,985 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 1,340 | $ | — | $ | 1,342 | ||||||||||
New_Accounting_Standard_Unaudi
New Accounting Standard (Unaudited) | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Standards [Abstract] | ' |
New Accounting Standard | ' |
NEW ACCOUNTING STANDARD | |
In April 2014, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), which revises the guidance for reporting discontinued operations. This ASU amends the definition of a discontinued operation and requires additional disclosures about disposal transactions that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for annual periods beginning on or after December 15, 2014, and interim periods within that year. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. FCX adopted this ASU in the first quarter of 2014. |
Subsequent_Events_Unaudited
Subsequent Events (Unaudited) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On May 7, 2014, FCX announced that FM O&G LLC had entered into a definitive purchase and sale agreement to sell its Eagle Ford shale assets for $3.1 billion to a subsidiary of Encana Corporation. After-tax net proceeds from the transaction are expected to be used to fund the acquisition of additional Deepwater GOM assets (refer to further discussion below), with the balance used to repay outstanding indebtedness. The transaction is expected to close by the end of second-quarter 2014, subject to customary closing conditions and purchase price adjustments from the April 1, 2014, effective date until closing. Under full cost accounting rules, proceeds from the sale or disposition of oil and gas properties are accounted for as an adjustment to capitalized costs, with no gain or loss recognized, unless there is a significant change in proved reserves, which absent other factors is generally described as a 25 percent or greater change and significantly alters the relationship between capitalized costs and proved oil and gas reserves attributable to a cost center. As the Eagle Ford shale assets represent less than 25 percent FCX’s proved oil and natural gas reserves for its U.S. cost center at December 31, 2013, no gain or loss is expected to be recorded on the transaction. | |
On May 8, 2014, FCX announced that FM O&G LLC had entered into a definitive purchase and sale agreement to acquire certain of Apache Corporation’s interests in the Deepwater GOM for $1.4 billion, including interests in the Lucius and Heidelberg development projects and 11 exploration leases. This transaction is expected to be funded with proceeds from the sale of FM O&G LLC’s Eagle Ford shale assets (refer to further discussion above) and is expected to close by the end of second-quarter 2014, subject to preferential rights and other customary closing conditions and purchase price adjustments from the May 1, 2014, effective date until closing. | |
FCX evaluated events after March 31, 2014, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements. |
Acquisitions_Unaudited_Tables
Acquisitions (Unaudited) (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Acquisitions [Abstract] | ' | |||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||
Three Months | ||||||
Ended | ||||||
March 31, 2013 | ||||||
(in millions, except per share amounts) | ||||||
Revenues | $ | 5,695 | ||||
Operating income | 1,580 | |||||
Income from continuing operations | 913 | |||||
Net income attributable to FCX common stockholders | 728 | |||||
Net income per share attributable to FCX common stockholders: | ||||||
Basic | $ | 0.7 | ||||
Diluted | 0.7 | |||||
Earnings_Per_Share_Unaudited_T
Earnings Per Share (Unaudited) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Reconciliation of net income and weighted-average shares of common stock outstanding | ' | ||||||||
The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 626 | $ | 824 | |||||
Net income attributable to noncontrolling interests | (106 | ) | (176 | ) | |||||
Preferred dividends on redeemable noncontrolling interest | (10 | ) | — | ||||||
Undistributed earnings allocated to participating securities | (1 | ) | — | ||||||
Net income attributable to FCX common stockholders | $ | 509 | $ | 648 | |||||
Basic weighted-average shares of common stock outstanding | 1,038 | 950 | |||||||
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units | 6 | a | 3 | ||||||
Diluted weighted-average shares of common stock outstanding | 1,044 | 953 | |||||||
Basic net income per share attributable to FCX common stockholders | $ | 0.49 | $ | 0.68 | |||||
Diluted net income per share attributable to FCX common stockholders | $ | 0.49 | $ | 0.68 | |||||
a. | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately two million for first-quarter 2014. |
Inventories_Including_LongTerm1
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract] | ' | ||||||||
Components of inventories | ' | ||||||||
The components of inventories follow (in millions): | |||||||||
March 31, | December 31, 2013 | ||||||||
2014 | |||||||||
Current inventories: | |||||||||
Raw materials (primarily concentrates) | $ | 247 | $ | 238 | |||||
Work-in-processa | 188 | 199 | |||||||
Finished goodsb | 1,269 | 1,146 | |||||||
Total product inventories | $ | 1,704 | $ | 1,583 | |||||
Mill stockpiles | $ | 90 | $ | 91 | |||||
Leach stockpiles | 1,682 | 1,614 | |||||||
Total current mill and leach stockpiles | $ | 1,772 | $ | 1,705 | |||||
Total materials and supplies, netc | $ | 1,744 | $ | 1,730 | |||||
Long-term inventories: | |||||||||
Mill stockpiles | $ | 730 | $ | 698 | |||||
Leach stockpiles | 1,742 | 1,688 | |||||||
Total long-term mill and leach stockpilesd | $ | 2,472 | $ | 2,386 | |||||
a. | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | ||||||||
b. | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | ||||||||
c. | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at March 31, 2014, and $24 million at December 31, 2013. | ||||||||
d. | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited_Tables
Income Taxes (Unaudited) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Geographic Sources of Provision for Income Taxes | ' | ||||||||
Geographic sources of FCX's provision for income taxes follow (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
United States operations | $ | 136 | $ | 76 | |||||
International operations | 221 | 352 | |||||||
Total | $ | 357 | $ | 428 | |||||
Financial_Instruments_Unaudite1
Financial Instruments (Unaudited) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item | ' | |||||||||||||||||||
A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Copper futures and swap contracts: | ||||||||||||||||||||
Unrealized (losses) gains: | ||||||||||||||||||||
Derivative financial instruments | $ | (12 | ) | $ | (12 | ) | ||||||||||||||
Hedged item – firm sales commitments | 12 | 12 | ||||||||||||||||||
Realized losses: | ||||||||||||||||||||
Matured derivative financial instruments | (2 | ) | (2 | ) | ||||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||||
A summary of FCX’s embedded commodity derivatives at March 31, 2014, follows: | ||||||||||||||||||||
Open Positions | Average Price | Maturities Through | ||||||||||||||||||
Per Unit | ||||||||||||||||||||
Contract | Market | |||||||||||||||||||
Embedded derivatives in provisional sales contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 487 | $ | 3.21 | $ | 3.01 | Aug-14 | ||||||||||||||
Gold (thousands of ounces) | 55 | 1,314 | 1,293 | Jun-14 | ||||||||||||||||
Embedded derivatives in provisional purchase contracts: | ||||||||||||||||||||
Copper (millions of pounds) | 66 | 3.15 | 3.02 | Jul-14 | ||||||||||||||||
At March 31, 2014, the outstanding crude oil option contracts, all of which settle monthly, follow: | ||||||||||||||||||||
Average Strike Price (per barrel)a | ||||||||||||||||||||
Period | Instrument Type | Daily Volumes (thousand barrels) | Floor | Floor Limit | Average Deferred Premium | Index | ||||||||||||||
(per barrel) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Apr - Dec | Put optionsb | 75 | $ | 90 | $ | 70 | $ | 5.74 | Brent | |||||||||||
Apr - Dec | Put optionsb | 30 | 95 | 75 | 6.09 | Brent | ||||||||||||||
Apr - Dec | Put optionsb | 5 | 100 | 80 | 7.11 | Brent | ||||||||||||||
2015 | ||||||||||||||||||||
Jan - Dec | Put optionsb | 84 | 90 | 70 | 6.89 | Brent | ||||||||||||||
a. | The average strike prices do not reflect any premiums to purchase the put options. | |||||||||||||||||||
b. | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | |||||||||||||||||||
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions | ' | |||||||||||||||||||
A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales contractsa | $ | (169 | ) | $ | (83 | ) | ||||||||||||||
Crude oil optionsa | (36 | ) | — | |||||||||||||||||
Natural gas swapsa | (14 | ) | — | |||||||||||||||||
Copper forward contractsb | 1 | 3 | ||||||||||||||||||
a. | Amounts recorded in revenues. | |||||||||||||||||||
b. | Amounts recorded in cost of sales as production and delivery costs. | |||||||||||||||||||
Fair Values of Unsettled Derivative Financial Instruments | ' | |||||||||||||||||||
A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): | ||||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Commodity Derivative Assets: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contracts:a | $ | 2 | $ | 6 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 13 | 63 | ||||||||||||||||||
Total derivative assets | $ | 15 | $ | 69 | ||||||||||||||||
Commodity Derivative Liabilities: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Copper futures and swap contractsa | $ | 8 | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Embedded derivatives in provisional copper and gold | ||||||||||||||||||||
sales/purchase contracts | 99 | 16 | ||||||||||||||||||
Crude oil optionsb | 288 | 309 | ||||||||||||||||||
Natural gas swaps | 10 | 4 | ||||||||||||||||||
Copper forward contracts | — | 1 | ||||||||||||||||||
Total derivative liabilities | $ | 405 | $ | 330 | ||||||||||||||||
a. | FCX paid $11 million to brokers at March 31, 2014, and $1 million at December 31, 2013, for margin requirements (recorded in other current assets). | |||||||||||||||||||
b. | Included $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Gross amounts recognized: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | $ | 13 | $ | 63 | $ | 99 | $ | 16 | ||||||||||||
Crude oil and natural gas derivatives | — | — | 298 | 313 | ||||||||||||||||
Copper derivatives | 2 | 6 | 8 | 1 | ||||||||||||||||
15 | 69 | 405 | 330 | |||||||||||||||||
Less gross amounts of offset: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 2 | 10 | 2 | 10 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | — | — | ||||||||||||||||
Copper derivatives | 2 | — | 2 | — | ||||||||||||||||
4 | 10 | 4 | 10 | |||||||||||||||||
Net amounts presented in balance sheet: | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||
Embedded derivatives on provisional | ||||||||||||||||||||
sales/purchase contracts | 11 | 53 | 97 | 6 | ||||||||||||||||
Crude oil and natural gas derivatives | — | — | 298 | 313 | ||||||||||||||||
Copper derivatives | — | 6 | 6 | 1 | ||||||||||||||||
$ | 11 | $ | 59 | $ | 401 | $ | 320 | |||||||||||||
Balance sheet classification: | ||||||||||||||||||||
Trade accounts receivable | $ | 7 | $ | 53 | $ | — | $ | — | ||||||||||||
Other current assets | — | 6 | — | — | ||||||||||||||||
Accounts payable and accrued liabilities | 4 | — | 302 | 205 | ||||||||||||||||
Other liabilities | — | — | 99 | 115 | ||||||||||||||||
$ | 11 | $ | 59 | $ | 401 | $ | 320 | |||||||||||||
Fair_Value_Measurement_Unaudit1
Fair Value Measurement (Unaudited) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Measurement [Abstract] | ' | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||
A summary of the changes in the fair value of FCX's Level 3 instruments follows (in millions): | ||||||||||||||||||||
Crude Oil | Plains Offshore | |||||||||||||||||||
Options | Warrants | |||||||||||||||||||
Fair value at December 31, 2013 | $ | (309 | ) | $ | (2 | ) | ||||||||||||||
Net realized losses | (1 | ) | a | — | ||||||||||||||||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | (36 | ) | b | 1 | c | |||||||||||||||
Settlement payments | 58 | — | ||||||||||||||||||
Fair value at March 31, 2014 | $ | (288 | ) | $ | (1 | ) | ||||||||||||||
a. | Recorded in revenues. | |||||||||||||||||||
b. | Included net unrealized losses of $35 million recorded in revenues and $1 million of interest expense associated with the deferred premiums. | |||||||||||||||||||
c. | Recorded in other income (expense), net. | |||||||||||||||||||
Carrying Amount and Fair Value of Other Financial Instruments | ' | |||||||||||||||||||
A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 7), follows (in millions): | ||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 22 | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 4 | 4 | 4 | — | — | |||||||||||||||
Total | 44 | 44 | 22 | 22 | — | |||||||||||||||
Legally restricted funds (long-term):a,b,c | ||||||||||||||||||||
U.S. core fixed income fund | 49 | 49 | — | 49 | — | |||||||||||||||
Government bonds and notes | 34 | 34 | — | 34 | — | |||||||||||||||
Government mortgage-backed securities | 32 | 32 | — | 32 | — | |||||||||||||||
Corporate bonds | 27 | 27 | — | 27 | — | |||||||||||||||
Money market funds | 26 | 26 | 26 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 184 | 184 | 26 | 158 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 13 | 13 | — | 13 | — | |||||||||||||||
Copper futures and swap contracts | 2 | 2 | 1 | 1 | — | |||||||||||||||
Total | 15 | 15 | 1 | 14 | — | |||||||||||||||
Total assets | $ | 243 | $ | 49 | $ | 194 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 99 | $ | 99 | $ | — | $ | 99 | $ | — | ||||||||||
Crude oil optionsd | 288 | 288 | — | — | 288 | |||||||||||||||
Natural gas swapsd | 10 | 10 | — | 10 | — | |||||||||||||||
Copper futures and swap contractsd | 8 | 8 | 7 | 1 | — | |||||||||||||||
Plains Offshore warrantse | 1 | 1 | — | — | 1 | |||||||||||||||
Total | 406 | 406 | 7 | 110 | 289 | |||||||||||||||
Long-term debt, including current portionf | 20,850 | 20,741 | — | 20,741 | — | |||||||||||||||
Total liabilities | $ | 21,147 | $ | 7 | $ | 20,851 | $ | 289 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities (current and long-term):a,b | ||||||||||||||||||||
U.S. core fixed income fund | $ | 21 | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||
Money market funds | 18 | 18 | 18 | — | — | |||||||||||||||
Equity securities | 5 | 5 | 5 | — | — | |||||||||||||||
Total | 44 | 44 | 23 | 21 | — | |||||||||||||||
Legally restricted funds (long-term):a,b,c | ||||||||||||||||||||
U.S. core fixed income fund | 48 | 48 | — | 48 | — | |||||||||||||||
Government mortgage-backed securities | 34 | 34 | — | 34 | — | |||||||||||||||
Corporate bonds | 28 | 28 | — | 28 | — | |||||||||||||||
Government bonds and notes | 28 | 28 | — | 28 | — | |||||||||||||||
Money market funds | 28 | 28 | 28 | — | — | |||||||||||||||
Asset-backed securities | 15 | 15 | — | 15 | — | |||||||||||||||
Municipal bonds | 1 | 1 | — | 1 | — | |||||||||||||||
Total | 182 | 182 | 28 | 154 | — | |||||||||||||||
Derivatives:a, d | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross asset position | 63 | 63 | — | 63 | — | |||||||||||||||
Copper futures and swap contracts | 6 | 6 | 5 | 1 | — | |||||||||||||||
Total | 69 | 69 | 5 | 64 | — | |||||||||||||||
Total assets | $ | 295 | $ | 56 | $ | 239 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives:a | ||||||||||||||||||||
Embedded derivatives in provisional sales/purchase | ||||||||||||||||||||
contracts in a gross liability positiond | $ | 16 | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||||
Crude oil optionsd | 309 | 309 | — | — | 309 | |||||||||||||||
Natural gas swapsd | 4 | 4 | — | 4 | — | |||||||||||||||
Copper forward contractsd | 1 | 1 | 1 | — | — | |||||||||||||||
Plains Offshore warrantse | 2 | 2 | — | — | 2 | |||||||||||||||
Total | 332 | 332 | 1 | 20 | 311 | |||||||||||||||
Long-term debt, including current portionf | 20,706 | 20,487 | — | 20,487 | — | |||||||||||||||
Total liabilities | $ | 20,819 | $ | 1 | $ | 20,507 | $ | 311 | ||||||||||||
a. | Recorded at fair value. | |||||||||||||||||||
b. | Current portion included in other current assets and long-term portion included in other assets. | |||||||||||||||||||
c. | Legally restricted funds excluded $210 million of time deposits (which approximated fair value) at March 31, 2014, and December 31, 2013, associated with the Cerro Verde royalty dispute. | |||||||||||||||||||
d. | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||||||||||||||||||
e. | Included in other liabilities. | |||||||||||||||||||
f. | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. |
Business_Segments_Unaudited_Ta
Business Segments (Unaudited) (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information By Segment | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Mining Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America Copper Mines | South America | Indonesia | Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic | Other | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Molyb- | Copper | Mining | U.S. | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Cerro | Candel- | Other | denum | Rod & | Smelting | & Elimi- | Total | Oil & Gas | & Elimi- | FCX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morenci | Mines | Total | Verde | aria | Mines | Total | Grasberg | Tenke | Mines | Refining | & Refining | nations | Mining | Operations | nations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 23 | $ | 61 | $ | 84 | $ | 280 | $ | 128 | $ | 294 | $ | 702 | $ | 462 | a | $ | 306 | $ | — | $ | 1,146 | $ | 588 | $ | 436 | b | $ | 3,724 | $ | 1,261 | c | $ | — | $ | 4,985 | |||||||||||||||||||||||||||||||
Intersegment | 444 | 758 | 1,202 | 64 | 128 | 4 | 196 | 8 | 21 | 126 | 8 | 5 | (1,566 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 283 | 503 | 786 | 165 | 150 | 161 | 476 | 383 | 152 | 76 | 1,148 | 588 | (1,183 | ) | 2,426 | 311 | — | 2,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 34 | 73 | 107 | 36 | 19 | 32 | 87 | 48 | 51 | 22 | 2 | 10 | 19 | 346 | 616 | 4 | 966 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | 1 | — | 1 | 2 | 21 | 3 | — | — | 4 | 7 | 38 | 57 | 40 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | 2 | 2 | — | — | — | — | — | — | — | — | — | 28 | 30 | — | — | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 150 | 240 | 390 | 142 | 87 | 104 | 333 | 18 | 121 | 28 | 4 | (9 | ) | (7 | ) | 878 | 277 | (44 | ) | 1,111 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | — | — | — | — | 4 | 18 | 23 | 76 | 62 | 161 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 57 | 36 | 34 | 127 | 18 | 24 | — | — | — | — | 169 | — | 188 | 357 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at March 31, 2014 | 3,412 | 5,827 | 9,239 | 6,757 | 1,591 | 2,468 | 10,816 | 7,466 | 4,904 | 2,101 | 289 | 951 | 1,119 | 36,885 | 26,385 | 573 | 63,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 244 | 59 | 303 | 400 | 10 | 13 | 423 | 236 | 31 | 19 | 1 | 1 | 10 | 1,024 | 579 | 9 | 1,612 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 80 | $ | 45 | $ | 125 | $ | 290 | $ | 253 | $ | 307 | $ | 850 | $ | 864 | a | $ | 438 | $ | — | $ | 1,330 | $ | 633 | $ | 341 | b | $ | 4,581 | $ | — | $ | 2 | $ | 4,583 | ||||||||||||||||||||||||||||||||
Intersegment | 436 | 824 | 1,260 | 109 | 55 | — | 164 | 67 | — | 143 | 7 | 6 | (1,647 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Production and delivery | 297 | 502 | 799 | 171 | 167 | 137 | 475 | 563 | 185 | 80 | 1,328 | 628 | (1,342 | ) | 2,716 | — | 3 | 2,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 33 | 69 | 102 | 33 | 9 | 29 | 71 | 55 | 58 | 20 | 3 | 10 | 8 | 327 | — | 2 | 329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | 1 | 1 | — | 1 | — | 1 | 26 | 3 | — | — | 5 | 9 | 45 | — | 68 | 113 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mining exploration and research expenses | — | — | — | — | — | — | — | — | — | — | — | — | 49 | 49 | — | 3 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental obligations and shutdown costs | — | (4 | ) | (4 | ) | — | — | — | — | — | — | — | — | — | 19 | 15 | — | — | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 186 | 301 | 487 | 195 | 131 | 141 | 467 | 287 | 192 | 43 | 6 | (4 | ) | (49 | ) | 1,429 | — | (74 | ) | 1,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1 | — | 1 | — | — | — | — | 2 | — | — | — | 4 | 20 | 27 | — | 30 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | 64 | 44 | 43 | 151 | 120 | 44 | — | — | — | — | 315 | — | 113 | 428 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at March 31, 2013 | 2,589 | 5,783 | 8,372 | 5,968 | 1,852 | 2,507 | 10,327 | 6,862 | 4,894 | 2,033 | 316 | 918 | 1,078 | 34,800 | — | 7,788 | d | 42,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 153 | 104 | 257 | 164 | 40 | 22 | 226 | 191 | 57 | 40 | 1 | 8 | 17 | 797 | — | 8 | 805 | |||||||||||||||||||||||||||||||||||||||||||||||||||
a. | Included PT-FI’s sales to PT Smelting totaling $373 million in first-quarter 2014 and $430 million in first-quarter 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
b. | Included revenues from FCX's molybdenum sales company, which included sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
c. | Included net mark-to-market losses associated with crude oil options and natural gas derivative contracts totaling $50 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d. | Included net proceeds of $6.4 billion from the March 2013 sale of senior notes that were used to fund the oil and gas acquisitions (see Note 6). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor_Financial_Statements1
Guarantor Financial Statements (Unaudited) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | 1,340 | $ | — | $ | 1,342 | ||||||||||
Accounts receivable | 22 | 324 | 2,088 | (57 | ) | 2,377 | ||||||||||||||
Other current assets | 102 | 107 | 5,502 | — | 5,711 | |||||||||||||||
Total current assets | 124 | 433 | 8,930 | (57 | ) | 9,430 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 26 | 45 | 24,658 | — | 24,729 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,331 | 6,223 | 8 | 12,562 | |||||||||||||||
Not subject to amortization | — | 2,524 | 8,251 | — | 10,775 | |||||||||||||||
Investments in consolidated subsidiaries | 31,628 | 9,939 | 12,680 | (54,247 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,478 | 4,687 | 4,293 | (12,027 | ) | 4,431 | ||||||||||||||
Total assets | $ | 39,256 | $ | 24,396 | $ | 66,514 | $ | (66,323 | ) | $ | 63,843 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,244 | $ | 879 | $ | 3,317 | $ | (57 | ) | $ | 5,383 | |||||||||
Long-term debt, less current portion | 12,585 | 6,967 | 8,809 | (8,602 | ) | 19,759 | ||||||||||||||
Deferred income taxes | 4,246 | a | — | 3,258 | — | 7,504 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 305 | 2,971 | — | 3,276 | |||||||||||||||
Other liabilities | 31 | 3,409 | 1,680 | (3,425 | ) | 1,695 | ||||||||||||||
Total liabilities | 18,106 | 11,560 | 20,035 | (12,084 | ) | 37,617 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 743 | — | 743 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 21,150 | 12,836 | 41,864 | (54,700 | ) | 21,150 | ||||||||||||||
Noncontrolling interests | — | — | 3,872 | 461 | 4,333 | |||||||||||||||
Total equity | 21,150 | 12,836 | 45,736 | (54,239 | ) | 25,483 | ||||||||||||||
Total liabilities and equity | $ | 39,256 | $ | 24,396 | $ | 66,514 | $ | (66,323 | ) | $ | 63,843 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1,985 | $ | — | $ | 1,985 | ||||||||||
Accounts receivable | 855 | 659 | 2,258 | (1,210 | ) | 2,562 | ||||||||||||||
Other current assets | 114 | 38 | 5,273 | — | 5,425 | |||||||||||||||
Total current assets | 969 | 697 | 9,516 | (1,210 | ) | 9,972 | ||||||||||||||
Property, plant, equipment and mining development costs, net | 27 | 43 | 23,972 | — | 24,042 | |||||||||||||||
Oil and gas properties, net - full cost method: | ||||||||||||||||||||
Subject to amortization, less accumulated amortization | — | 6,207 | 6,265 | — | 12,472 | |||||||||||||||
Not subject to amortization | — | 2,649 | 8,238 | — | 10,887 | |||||||||||||||
Investment in consolidated subsidiaries | 31,162 | 9,712 | 12,468 | (53,342 | ) | — | ||||||||||||||
Goodwill | — | 437 | 1,479 | — | 1,916 | |||||||||||||||
Other assets | 7,126 | 4,640 | 4,128 | (11,710 | ) | 4,184 | ||||||||||||||
Total assets | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | $ | 1,003 | $ | 758 | $ | 4,222 | $ | (1,210 | ) | $ | 4,773 | |||||||||
Long-term debt, less current portion | 13,184 | 7,199 | 8,056 | (8,045 | ) | 20,394 | ||||||||||||||
Deferred income taxes | 4,137 | a | — | 3,273 | — | 7,410 | ||||||||||||||
Environmental and asset retirement obligations, less current portion | — | 301 | 2,958 | — | 3,259 | |||||||||||||||
Other liabilities | 26 | 3,436 | 1,893 | (3,665 | ) | 1,690 | ||||||||||||||
Total liabilities | 18,350 | 11,694 | 20,402 | (12,920 | ) | 37,526 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 716 | — | 716 | |||||||||||||||
Equity: | ||||||||||||||||||||
Stockholders' equity | 20,934 | 12,691 | 41,100 | (53,791 | ) | 20,934 | ||||||||||||||
Noncontrolling interests | — | — | 3,848 | 449 | 4,297 | |||||||||||||||
Total equity | 20,934 | 12,691 | 44,948 | (53,342 | ) | 25,231 | ||||||||||||||
Total liabilities and equity | $ | 39,284 | $ | 24,385 | $ | 66,066 | $ | (66,262 | ) | $ | 63,473 | |||||||||
a. | All U.S. related deferred income taxes are recorded at the parent company. | |||||||||||||||||||
Condensed Consolidating Statements of Income [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Revenues | $ | — | $ | 644 | $ | 4,341 | $ | — | $ | 4,985 | ||||||||||
Total costs and expenses | 11 | 526 | 3,339 | (2 | ) | 3,874 | ||||||||||||||
Operating (loss) income | (11 | ) | 118 | 1,002 | 2 | 1,111 | ||||||||||||||
Interest expense, net | (82 | ) | (41 | ) | (58 | ) | 20 | (161 | ) | |||||||||||
Other income (expense), net | 20 | — | 33 | (20 | ) | 33 | ||||||||||||||
Provision for income taxes | (21 | ) | (43 | ) | (292 | ) | (1 | ) | (357 | ) | ||||||||||
Equity in affiliated companies' net earnings (losses) | 604 | 130 | 185 | (919 | ) | — | ||||||||||||||
Net income (loss) | 510 | 164 | 870 | (918 | ) | 626 | ||||||||||||||
Net income and preferred dividends attributable to noncontrolling interests | — | — | (111 | ) | (5 | ) | (116 | ) | ||||||||||||
Net income (loss) attributable to FCX common stockholders | $ | 510 | $ | 164 | $ | 759 | $ | (923 | ) | $ | 510 | |||||||||
Other comprehensive income | — | — | 3 | — | 3 | |||||||||||||||
Total comprehensive income (loss) | $ | 510 | $ | 164 | $ | 762 | $ | (923 | ) | $ | 513 | |||||||||
Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
FCX | FM O&G LLC | Non-guarantor | Consolidated | |||||||||||||||||
Issuer | Guarantor | Subsidiaries | Eliminations | FCX | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 510 | $ | 164 | $ | 870 | $ | (918 | ) | $ | 626 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | 1 | 285 | 682 | (2 | ) | 966 | ||||||||||||||
Net losses on crude oil and natural gas derivative contracts | — | 50 | — | — | 50 | |||||||||||||||
Equity in (earnings) losses of consolidated subsidiaries | (604 | ) | (130 | ) | (185 | ) | 919 | — | ||||||||||||
Other, net | 134 | (9 | ) | (140 | ) | (13 | ) | (28 | ) | |||||||||||
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisition | (234 | ) | 339 | (518 | ) | — | (413 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (193 | ) | 699 | 709 | (14 | ) | 1,201 | |||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (335 | ) | (1,277 | ) | — | (1,612 | ) | ||||||||||||
Intercompany loans | 190 | (43 | ) | — | (147 | ) | — | |||||||||||||
Investment in consolidated subsidiary | 212 | (96 | ) | (430 | ) | 314 | — | |||||||||||||
Other, net | — | 4 | 3 | — | 7 | |||||||||||||||
Net cash provided by (used in) investing activities | 402 | (470 | ) | (1,704 | ) | 167 | (1,605 | ) | ||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Proceeds from debt | 895 | — | 254 | — | 1,149 | |||||||||||||||
Repayments of debt | (780 | ) | — | (207 | ) | — | (987 | ) | ||||||||||||
Intercompany loans | — | (213 | ) | 66 | 147 | — | ||||||||||||||
Cash dividends and distributions paid | (326 | ) | (14 | ) | 237 | (300 | ) | (403 | ) | |||||||||||
Other, net | 2 | — | — | — | 2 | |||||||||||||||
Net cash (used in) provided by financing activities | (209 | ) | (227 | ) | 350 | (153 | ) | (239 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2 | (645 | ) | — | (643 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1,985 | — | 1,985 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 1,340 | $ | — | $ | 1,342 | ||||||||||
General_Information_Unaudited_
General Information (Unaudited) (Details) | 6 Months Ended |
Jun. 30, 2013 | |
Plains Exploration & Production Company [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 31-May-13 |
McMoRan Exploration Co [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 3-Jun-13 |
Acquisitions_Unaudited_Details
Acquisitions (Unaudited) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 07, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Feb. 14, 2013 | |
Plains Exploration & Production Company [Member] | McMoRan Exploration Co [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] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $6,500,000,000 | $6,500,000,000 | ' | $4,000,000,000 | $4,000,000,000 |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | $6,400,000,000 | ' | ' | ' | ' | ' |
Term of Debt Agreement | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Business Acquisition, Effective Date of Acquisition | 31-May-13 | 3-Jun-13 | 29-Mar-13 | ' | ' | ' | ' | ' | ' |
Acquisitions_Unaudited_Pro_For
Acquisitions (Unaudited) Pro Forma Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Acquisitions [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenues | ' | $5,695,000,000 |
Business Acquisition, Pro Forma Operating Income | ' | 1,580,000,000 |
Business Acquisition, Pro Forma Income from Continuing Operations | ' | 913,000,000 |
Business Acquisition, Pro Forma Net Income | ' | 728,000,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | $0.70 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | $0.70 |
Gain (Loss) on Sale of Oil and Gas Property, Excluded for Full Cost Accounting | $77,000,000 | ' |
Earnings_Per_Share_Unaudited_D
Earnings Per Share (Unaudited) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | |
Net income | $626 | $824 | |
Net income attributable to noncontrolling interests | -106 | -176 | |
Preferred dividends on redeemable noncontrolling interest | -10 | 0 | |
Undistributed earnings allocated to participating securities | -1 | 0 | |
Net income attributable to FCX common stockholders | $509 | $648 | |
Basic weighted-average shares of common stock outstanding | 1,038 | 950 | |
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units | 6 | [1] | 3 |
Diluted weighted-average shares of common stock outstanding | 1,044 | 953 | |
Basic net income per share attributable to FCX common stockholders | $0.49 | $0.68 | |
Diluted net income per share attributable to FCX common stockholders | $0.49 | $0.68 | |
Potential anti-dilutive additional shares of common stock (in shares) | 2 | ' | |
Outstanding stock options with exercise prices greater than average market price of common stock | 30 | 29 | |
Weighted-average exercise price of outstanding stock options not in-the-money | $41.04 | $41.35 | |
[1] | Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately two million for first-quarter 2014. |
Inventories_Including_LongTerm2
Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Components of Inventories [Line Items] | ' | ' | ||
Raw materials (primarily concentrates) | $247 | $238 | ||
Work-in-process | 188 | [1] | 199 | [1] |
Finished goods | 1,269 | [2] | 1,146 | [2] |
Total product inventories | 1,704 | 1,583 | ||
Mill and leach stockpiles | 1,772 | 1,705 | ||
Total materials and supplies, net | 1,744 | [3] | 1,730 | [3] |
Long-term mill and leach stockpiles | 2,472 | 2,386 | ||
Inventory obsolescence reserves | 21 | 24 | ||
Current [Member] | ' | ' | ||
Components of Inventories [Line Items] | ' | ' | ||
Mill stockpiles | 90 | 91 | ||
Leach stockpiles | 1,682 | 1,614 | ||
Mill and leach stockpiles | 1,772 | 1,705 | ||
Long-Term [Member] | ' | ' | ||
Components of Inventories [Line Items] | ' | ' | ||
Mill stockpiles | 730 | 698 | ||
Leach stockpiles | 1,742 | 1,688 | ||
Long-term mill and leach stockpiles | $2,472 | [4] | $2,386 | [4] |
[1] | FCX's mining operations also have work-in-process inventories that are reflected as mill and leach stockpiles. | |||
[2] | Primarily included molybdenum concentrates; copper concentrates, anodes, cathodes and rod; and various cobalt products. | |||
[3] | Materials and supplies inventory was net of obsolescence reserves totaling $21 million at March 31, 2014, and $24 million at December 31, 2013. | |||
[4] | Estimated metals in stockpiles not expected to be recovered within the next 12 months. |
Income_Taxes_Unaudited_Details
Income Taxes (Unaudited) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
United States operations | $136 | $76 |
International operations | 221 | 352 |
Total | $357 | $428 |
Consolidated effective income tax rate (percent) | 36.00% | 34.00% |
Debt_and_Equity_Transactions_U1
Debt and Equity Transactions (Unaudited) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2014 | Feb. 14, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-13 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Line of Credit [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Bank Term Loan [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Bridge Loan [Member] | Option 1 [Member] | Option 2 [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Plains Exploration & Production Company [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | Cerro Verde [Member] | |||
2.375% Senior Notes due March 2018 [Member] | 3.100% Senior Notes due March 2020 [Member] | 3.875% Senior Notes due March 2023 [Member] | 5.450% Senior Notes due March 2043 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Facility [Domain] | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | ||||||||||||
6.625% Senior Notes due 2021 [Member] | 6.625% Senior Notes due 2021 [Member] | Credit Facility [Domain] | Credit Facility [Domain] | Credit Facility [Domain] | |||||||||||||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $210,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 2.38% | 3.10% | 3.88% | 5.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 6,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | -45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,000,000 | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' |
Extinguishment of Debt, Gain (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-18 | 30-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Mar-19 | 30-Sep-17 | 31-Mar-18 | 30-Sep-18 |
Amount of revolving credit facility available to subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-13 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.19% | ' | ' | ' | 1.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Line Of Credit Facility Remaining Borrowing Capacity Available For Letters Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'alternate base rate | ' | ' | ' | 'LIBOR | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | 1.90% | ' | ' | ' |
Term When Funds Are Available to be Drawn on Debt Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 70.00% | 35.00% |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 6,500,000,000 | 6,500,000,000 | 1,500,000,000 | 1,000,000,000 | 2,000,000,000 | 2,000,000,000 | ' | ' | ' | ' | 4,000,000,000 | 4,000,000,000 | 9,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Equity_Transactions_U2
Debt and Equity Transactions (Unaudited) Interest, Dividends and Maturities (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Capitalized Interest [Line Items] | ' | ' |
Interest costs incurred | $224 | $75 |
Interest costs capitalized | 63 | 18 |
Dividends Payable, Date Declared | 26-Mar-14 | ' |
Authorized Quarterly Rate Of Common Stock Dividend | $0.31 | ' |
Dividends Payable, Date to be Paid | 1-May-14 | ' |
Dividends Payable, Date of Record | 15-Apr-14 | ' |
Property, Plant, Equipment and Mining Development Costs, Net [Member] | ' | ' |
Capitalized Interest [Line Items] | ' | ' |
Interest costs capitalized | 40 | ' |
Oil and Gas Properties Not Subject to Amortization [Member] | ' | ' |
Capitalized Interest [Line Items] | ' | ' |
Interest costs capitalized | $23 | ' |
Financial_Instruments_Unaudite2
Financial Instruments (Unaudited) (Details) (Commodity Contract [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Fair Value Hedging [Member] | Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Derivative financial instruments | ($12) | ($12) | ||
Hedged item – firm sales commitments | 12 | 12 | ||
Matured derivative financial instruments | -2 | -2 | ||
Derivatives not designated as hedging instruments [Member] | Embedded derivatives in provisional sales contracts [Member] | Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Realized and unrealized gains (losses) | -169 | [1] | -83 | [1] |
Derivatives not designated as hedging instruments [Member] | Copper forward contracts [Member] | Amounts recorded in Cost of Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Realized and unrealized gains (losses) | 1 | [2] | 3 | [2] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Crude Oil Options [Member] | Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Realized and unrealized gains (losses) | -36 | [1] | 0 | [1] |
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Natural gas swaps [Member] | Sales [Member] | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Realized and unrealized gains (losses) | ($14) | [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) | Mar. 31, 2014 |
lb | |
Embedded derivatives in provisional sales contracts - Copper [Member] | Derivatives not designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 487,000,000 |
Average contract price | 3.21 |
Average market price | 3.01 |
Maturities through | 'August 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) | 55,000 |
Average contract price | 1,314 |
Average market price | 1,293 |
Maturities through | 'June 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) | 66,000,000 |
Average contract price | 3.15 |
Average market price | 3.02 |
Maturities through | 'July 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) | 7,000,000 |
Average contract price | 3.01 |
Maturities through | 'April 2014 |
Copper futures and swap contracts [Member] | Fair Value Hedging [Member] | Derivatives designated as hedging instruments [Member] | ' |
Derivative [Line Items] | ' |
Open positions (in lbs except gold in oz) | 63,000,000 |
Average contract price | 3.13 |
Maturities through | 'March 2015 |
Financial_Instruments_Unaudite4
Financial Instruments (Unaudited) Oil and Gas (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||
In Millions, unless otherwise specified | Derivatives not designated as hedging instruments [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | Deferred Option Premiums and Accrued Interest [Member] | Deferred Option Premiums and Accrued Interest [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||||||
Natural gas swaps [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Crude Oil Options [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2014 Positions [Member] | 2015 Positions [Member] | |||||||||||||
MMBTU | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | 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] | ||||||||||||||
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] | |||||||||||||||
Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | 5 MBbls [Member] | 30 MBbls [Member] | 75 MBbls [Member] | 84 MBbls [Member] | ||||||||||||||||
MBbls | MBbls | MBbls | MBbls | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | ||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Liability | $401 | $320 | ' | ' | ' | ' | ' | ' | $387 | $444 | ' | ' | ' | ' | ' | ||||||||
Daily Volumes (Bbls) | ' | ' | 28,000,000 | 75 | [1] | 30 | [1] | 5 | [1] | 100,000 | 84 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative, Average Floor Price | ' | ' | ' | 90 | [1],[2] | 95 | [1],[2] | 100 | [1],[2] | ' | 90 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative, Average Floor Price Limit | ' | ' | ' | 70 | [1],[2] | 75 | [1],[2] | 80 | [1],[2] | ' | 70 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred Premium Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.4 | 5.74 | [1] | 6.09 | [1] | 7.11 | [1] | 6.89 | [1] | ||||
Derivative, Underlying Basis | ' | ' | ' | 'Brent | [1] | 'Brent | [1] | 'Brent | [1] | ' | 'Brent | [1] | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Latest Maturity Period | ' | ' | ' | ' | ' | ' | 'December 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Maximum Price Limit per Barrel | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative, Swap Type, Fixed Price | ' | ' | ' | ' | ' | ' | 4.09 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received. | ||||||||||||||||||||||
[2] | The average strike prices do not reflect any premiums to purchase the put options. |
Financial_Instruments_Unaudite5
Financial Instruments (Unaudited) Unsettled Derivatives (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Paid to brokers associated with margin requirements | $11 | $1 | ||
Derivative Asset | 11 | 59 | ||
Derivative Liability | 401 | 320 | ||
Trade Accounts Receivable [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 7 | 53 | ||
Derivative Liability | 0 | 0 | ||
Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 6 | ||
Derivative Liability | 0 | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 4 | 0 | ||
Derivative Liability | 302 | 205 | ||
Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 99 | 115 | ||
Commodity Contract [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 15 | 69 | ||
Liability position | 405 | 330 | ||
Derivative Asset, Fair Value, Gross Liability | 4 | 10 | ||
Derivative Liability, Fair Value, Gross Asset | 4 | 10 | ||
Derivative Asset | 11 | 59 | ||
Derivative Liability | 401 | 320 | ||
Commodity Contract [Member] | Copper Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 2 | 6 | ||
Liability position | 8 | 1 | ||
Derivative Asset, Fair Value, Gross Liability | 2 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 2 | 0 | ||
Derivative Asset | 0 | 6 | ||
Derivative Liability | 6 | 1 | ||
Commodity Contract [Member] | Copper futures and swap contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 2 | [1] | 6 | [1] |
Liability position | 8 | [1] | 0 | [1] |
Commodity Contract [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 0 | 1 | ||
Commodity Contract [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 13 | 63 | ||
Liability position | 99 | 16 | ||
Derivative Asset, Fair Value, Gross Liability | 2 | 10 | ||
Derivative Liability, Fair Value, Gross Asset | 2 | 10 | ||
Derivative Asset | 11 | 53 | ||
Derivative Liability | 97 | 6 | ||
Commodity Contract [Member] | Natural gas swaps [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 10 | 4 | ||
Commodity Contract [Member] | Crude Oil and Natural Gas Derivatives [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset position | 0 | 0 | ||
Liability position | 298 | 313 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 298 | 313 | ||
Crude Oil Options [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability position | 288 | [2] | 309 | [2] |
Deferred Option Premiums and Accrued Interest [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | $387 | $444 | ||
[1] | FCX paid $11 million to brokers at March 31, 2014, and $1 million at December 31, 2013, for margin requirements (recorded in other current assets). | |||
[2] | Included $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. |
Financial_Instruments_Unaudite6
Financial Instruments (Unaudited) Other Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Time Deposits [Member] | Time Deposits [Member] | Plains Offshore Operations Inc. [Member] | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | $11 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,342 | $1,985 | $9,595 | $3,705 | $39 | $211 | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | 8.00% |
Fair_Value_Measurement_Unaudit2
Fair Value Measurement (Unaudited) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives: | ' | ' | ||
Derivative assets | $11 | $59 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 401 | 320 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 44 | [1],[2] | 44 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 184 | [1],[2],[3] | 182 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 15 | [2],[4] | 69 | [2],[4] |
Derivatives: | ' | ' | ||
Derivative liabilities | 406 | [2] | 332 | [2] |
Long-term debt, including current portion | 20,850 | [5] | 20,706 | [5] |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 44 | [1],[2] | 44 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 184 | [1],[2],[3] | 182 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 15 | [2],[4] | 69 | [2],[4] |
Total assets | 243 | 295 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 406 | [2] | 332 | [2] |
Long-term debt, including current portion | 20,741 | [5] | 20,487 | [5] |
Total liabilities | 21,147 | 20,819 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 23 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 26 | [1],[2],[3] | 28 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 1 | [2],[4] | 5 | [2],[4] |
Total assets | 49 | 56 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 7 | [2] | 1 | [2] |
Long-term debt, including current portion | 0 | [5] | 0 | [5] |
Total liabilities | 7 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 158 | [1],[2],[3] | 154 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 14 | [2],[4] | 64 | [2],[4] |
Total assets | 194 | 239 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 110 | [2] | 20 | [2] |
Long-term debt, including current portion | 20,741 | [5] | 20,487 | [5] |
Total liabilities | 20,851 | 20,507 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Total assets | 0 | 0 | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 289 | [2] | 311 | [2] |
Long-term debt, including current portion | 0 | [5] | 0 | [5] |
Total liabilities | 289 | 311 | ||
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 99 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 99 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 99 | [2],[4] | 16 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 288 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 288 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 288 | [2],[4] | 309 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 10 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 10 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 10 | [2],[4] | 4 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Natural gas swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 8 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 8 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 7 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[4] | ' | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 1 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | ' | 0 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[6] | 2 | [2],[6] |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[6] | 2 | [2],[6] |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[6] | 0 | [2],[6] |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 0 | [2],[6] | 0 | [2],[6] |
Fair Value, Measurements, Recurring [Member] | Plains Offshore Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | 1 | [2],[6] | 2 | [2],[6] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 49 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 49 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 22 | [1],[2] | 21 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 49 | [1],[2],[3] | 48 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 18 | [1],[2] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 26 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 18 | [1],[2] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 26 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 18 | [1],[2] | 18 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 26 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 4 | [1],[2] | 5 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 0 | [1],[2] | 0 | [1],[2] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 34 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 34 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 34 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 32 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 32 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 32 | [1],[2],[3] | 34 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 27 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 27 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 27 | [1],[2],[3] | 28 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 15 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 15 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 15 | [1],[2],[3] | 15 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 1 | [1],[2],[3] | 1 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Legally restricted funds (long-term): | ' | ' | ||
Legally restricted funds | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 13 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 13 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 13 | [2],[4] | 63 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 2 | [2],[4] | 6 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 2 | [2],[4] | 6 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 1 | [2],[4] | 5 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 1 | [2],[4] | 1 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative assets | 0 | [2],[4] | 0 | [2],[4] |
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member] | ' | ' | ||
Investment securities (current and long-term): | ' | ' | ||
Investment securities | 210 | 210 | ||
Deferred Option Premiums and Accrued Interest [Member] | ' | ' | ||
Derivatives: | ' | ' | ||
Derivative liabilities | $387 | $444 | ||
[1] | Current portion included in other current assets and long-term portion included in other assets. | |||
[2] | Recorded at fair value. | |||
[3] | Legally restricted funds excluded $210 million of time deposits (which approximated fair value) at March 31, 2014, and December 31, 2013, associated with the Cerro Verde royalty dispute. | |||
[4] | Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $387 million at March 31, 2014, and $444 million at December 31, 2013, for deferred premiums and accrued interest. | |||
[5] | Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. | |||
[6] | Included in other liabilities. |
Fair_Value_Measurement_Unaudit3
Fair Value Measurement (Unaudited) Unobservable Inputs (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||
In Millions, unless otherwise specified | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Plains Offshore Warrants [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | Sales [Member] | Interest Expense [Member] | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Crude Oil Options [Member] | Crude Oil Options [Member] | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value Assumptions, Implied Volatilities | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | 38.00% | ' | 21.00% | ' | ' | ||||
Deferred Premium Price | ' | ' | ' | ' | ' | ' | 5.15 | ' | 7.22 | ' | 6.4 | ' | ' | ' | ||||
Derivative Liability | ($401) | ($320) | ($289) | [1] | ($311) | [1] | ($2) | ($309) | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net realized losses | ' | ' | ' | ' | 0 | -1 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net unrealized (losses) gains included in earnings related to assets and liabilities still held at the end of the period | ' | ' | ' | ' | 1 | [3] | -36 | [4] | ' | ' | ' | ' | ' | ' | 35 | 1 | ||
Settlement payments | ' | ' | ' | ' | 0 | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Liability | ($401) | ($320) | ($289) | [1] | ($311) | [1] | ($1) | ($288) | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Recorded at fair value. | |||||||||||||||||
[2] | Recorded in revenues. | |||||||||||||||||
[3] | Recorded in other income (expense), net. | |||||||||||||||||
[4] | Included net unrealized losses of $35 million recorded in revenues and $1 million of interest expense associated with the deferred premiums. |
Business_Segments_Unaudited_De
Business Segments (Unaudited) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | $4,985,000,000 | $4,583,000,000 | ' | ||
Intersegment | 0 | 0 | ' | ||
Production and delivery | 2,737,000,000 | 2,719,000,000 | ' | ||
Depreciation, depletion and amortization | 966,000,000 | 329,000,000 | ' | ||
Selling, general and administrative expenses | 135,000,000 | 113,000,000 | ' | ||
Mining exploration and research expenses | 30,000,000 | 52,000,000 | ' | ||
Environmental obligations and shutdown costs | 6,000,000 | 15,000,000 | ' | ||
Operating income (loss) | 1,111,000,000 | 1,355,000,000 | ' | ||
Interest expense, net | 161,000,000 | 57,000,000 | ' | ||
Provision for income taxes | 357,000,000 | 428,000,000 | ' | ||
Total assets | 63,843,000,000 | 42,588,000,000 | 63,473,000,000 | ||
Capital expenditures | 1,612,000,000 | 805,000,000 | ' | ||
Mining Operations [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 3,724,000,000 | 4,581,000,000 | ' | ||
Intersegment | 0 | 0 | ' | ||
Production and delivery | 2,426,000,000 | 2,716,000,000 | ' | ||
Depreciation, depletion and amortization | 346,000,000 | 327,000,000 | ' | ||
Selling, general and administrative expenses | 38,000,000 | 45,000,000 | ' | ||
Mining exploration and research expenses | 30,000,000 | 49,000,000 | ' | ||
Environmental obligations and shutdown costs | 6,000,000 | 15,000,000 | ' | ||
Operating income (loss) | 878,000,000 | 1,429,000,000 | ' | ||
Interest expense, net | 23,000,000 | 27,000,000 | ' | ||
Provision for income taxes | 169,000,000 | 315,000,000 | ' | ||
Total assets | 36,885,000,000 | 34,800,000,000 | ' | ||
Capital expenditures | 1,024,000,000 | 797,000,000 | ' | ||
North America Copper Mines [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 84,000,000 | 125,000,000 | ' | ||
Intersegment | 1,202,000,000 | 1,260,000,000 | ' | ||
Production and delivery | 786,000,000 | 799,000,000 | ' | ||
Depreciation, depletion and amortization | 107,000,000 | 102,000,000 | ' | ||
Selling, general and administrative expenses | 1,000,000 | 1,000,000 | ' | ||
Mining exploration and research expenses | 2,000,000 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | -4,000,000 | ' | ||
Operating income (loss) | 390,000,000 | 487,000,000 | ' | ||
Interest expense, net | 1,000,000 | 1,000,000 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 9,239,000,000 | 8,372,000,000 | ' | ||
Capital expenditures | 303,000,000 | 257,000,000 | ' | ||
Morenci [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 23,000,000 | 80,000,000 | ' | ||
Intersegment | 444,000,000 | 436,000,000 | ' | ||
Production and delivery | 283,000,000 | 297,000,000 | ' | ||
Depreciation, depletion and amortization | 34,000,000 | 33,000,000 | ' | ||
Selling, general and administrative expenses | 0 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 150,000,000 | 186,000,000 | ' | ||
Interest expense, net | 1,000,000 | 1,000,000 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 3,412,000,000 | 2,589,000,000 | ' | ||
Capital expenditures | 244,000,000 | 153,000,000 | ' | ||
Other North America Copper Mines [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 61,000,000 | 45,000,000 | ' | ||
Intersegment | 758,000,000 | 824,000,000 | ' | ||
Production and delivery | 503,000,000 | 502,000,000 | ' | ||
Depreciation, depletion and amortization | 73,000,000 | 69,000,000 | ' | ||
Selling, general and administrative expenses | 1,000,000 | 1,000,000 | ' | ||
Mining exploration and research expenses | 2,000,000 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | -4,000,000 | ' | ||
Operating income (loss) | 240,000,000 | 301,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 5,827,000,000 | 5,783,000,000 | ' | ||
Capital expenditures | 59,000,000 | 104,000,000 | ' | ||
South America Mines [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 702,000,000 | 850,000,000 | ' | ||
Intersegment | 196,000,000 | 164,000,000 | ' | ||
Production and delivery | 476,000,000 | 475,000,000 | ' | ||
Depreciation, depletion and amortization | 87,000,000 | 71,000,000 | ' | ||
Selling, general and administrative expenses | 2,000,000 | 1,000,000 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 333,000,000 | 467,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 127,000,000 | 151,000,000 | ' | ||
Total assets | 10,816,000,000 | 10,327,000,000 | ' | ||
Capital expenditures | 423,000,000 | 226,000,000 | ' | ||
Cerro Verde [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 280,000,000 | 290,000,000 | ' | ||
Intersegment | 64,000,000 | 109,000,000 | ' | ||
Production and delivery | 165,000,000 | 171,000,000 | ' | ||
Depreciation, depletion and amortization | 36,000,000 | 33,000,000 | ' | ||
Selling, general and administrative expenses | 1,000,000 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 142,000,000 | 195,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 57,000,000 | 64,000,000 | ' | ||
Total assets | 6,757,000,000 | 5,968,000,000 | ' | ||
Capital expenditures | 400,000,000 | 164,000,000 | ' | ||
Candelaria [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 128,000,000 | 253,000,000 | ' | ||
Intersegment | 128,000,000 | 55,000,000 | ' | ||
Production and delivery | 150,000,000 | 167,000,000 | ' | ||
Depreciation, depletion and amortization | 19,000,000 | 9,000,000 | ' | ||
Selling, general and administrative expenses | 0 | 1,000,000 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 87,000,000 | 131,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 36,000,000 | 44,000,000 | ' | ||
Total assets | 1,591,000,000 | 1,852,000,000 | ' | ||
Capital expenditures | 10,000,000 | 40,000,000 | ' | ||
Other South America Mines [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 294,000,000 | 307,000,000 | ' | ||
Intersegment | 4,000,000 | 0 | ' | ||
Production and delivery | 161,000,000 | 137,000,000 | ' | ||
Depreciation, depletion and amortization | 32,000,000 | 29,000,000 | ' | ||
Selling, general and administrative expenses | 1,000,000 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 104,000,000 | 141,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 34,000,000 | 43,000,000 | ' | ||
Total assets | 2,468,000,000 | 2,507,000,000 | ' | ||
Capital expenditures | 13,000,000 | 22,000,000 | ' | ||
Indonesia - Grasberg [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 462,000,000 | [1] | 864,000,000 | [1] | ' |
Intersegment | 8,000,000 | 67,000,000 | ' | ||
Production and delivery | 383,000,000 | 563,000,000 | ' | ||
Depreciation, depletion and amortization | 48,000,000 | 55,000,000 | ' | ||
Selling, general and administrative expenses | 21,000,000 | 26,000,000 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 18,000,000 | 287,000,000 | ' | ||
Interest expense, net | 0 | 2,000,000 | ' | ||
Provision for income taxes | 18,000,000 | 120,000,000 | ' | ||
Total assets | 7,466,000,000 | 6,862,000,000 | ' | ||
Capital expenditures | 236,000,000 | 191,000,000 | ' | ||
Africa - Tenke [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 306,000,000 | 438,000,000 | ' | ||
Intersegment | 21,000,000 | 0 | ' | ||
Production and delivery | 152,000,000 | 185,000,000 | ' | ||
Depreciation, depletion and amortization | 51,000,000 | 58,000,000 | ' | ||
Selling, general and administrative expenses | 3,000,000 | 3,000,000 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 121,000,000 | 192,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 24,000,000 | 44,000,000 | ' | ||
Total assets | 4,904,000,000 | 4,894,000,000 | ' | ||
Capital expenditures | 31,000,000 | 57,000,000 | ' | ||
Molybdenum mines [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 0 | 0 | ' | ||
Intersegment | 126,000,000 | 143,000,000 | ' | ||
Production and delivery | 76,000,000 | 80,000,000 | ' | ||
Depreciation, depletion and amortization | 22,000,000 | 20,000,000 | ' | ||
Selling, general and administrative expenses | 0 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 28,000,000 | 43,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 2,101,000,000 | 2,033,000,000 | ' | ||
Capital expenditures | 19,000,000 | 40,000,000 | ' | ||
Rod & Refining [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 1,146,000,000 | 1,330,000,000 | ' | ||
Intersegment | 8,000,000 | 7,000,000 | ' | ||
Production and delivery | 1,148,000,000 | 1,328,000,000 | ' | ||
Depreciation, depletion and amortization | 2,000,000 | 3,000,000 | ' | ||
Selling, general and administrative expenses | 0 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 4,000,000 | 6,000,000 | ' | ||
Interest expense, net | 0 | 0 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 289,000,000 | 316,000,000 | ' | ||
Capital expenditures | 1,000,000 | 1,000,000 | ' | ||
Atlantic Copper Smelting & Refining [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 588,000,000 | 633,000,000 | ' | ||
Intersegment | 5,000,000 | 6,000,000 | ' | ||
Production and delivery | 588,000,000 | 628,000,000 | ' | ||
Depreciation, depletion and amortization | 10,000,000 | 10,000,000 | ' | ||
Selling, general and administrative expenses | 4,000,000 | 5,000,000 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | -9,000,000 | -4,000,000 | ' | ||
Interest expense, net | 4,000,000 | 4,000,000 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 951,000,000 | 918,000,000 | ' | ||
Capital expenditures | 1,000,000 | 8,000,000 | ' | ||
Other Mining & Eliminations [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 436,000,000 | [2] | 341,000,000 | [2] | ' |
Intersegment | -1,566,000,000 | -1,647,000,000 | ' | ||
Production and delivery | -1,183,000,000 | -1,342,000,000 | ' | ||
Depreciation, depletion and amortization | 19,000,000 | 8,000,000 | ' | ||
Selling, general and administrative expenses | 7,000,000 | 9,000,000 | ' | ||
Mining exploration and research expenses | 28,000,000 | 49,000,000 | ' | ||
Environmental obligations and shutdown costs | 6,000,000 | 19,000,000 | ' | ||
Operating income (loss) | -7,000,000 | -49,000,000 | ' | ||
Interest expense, net | 18,000,000 | 20,000,000 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 1,119,000,000 | 1,078,000,000 | ' | ||
Capital expenditures | 10,000,000 | 17,000,000 | ' | ||
Oil & Gas Operations [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 1,261,000,000 | [3] | 0 | ' | |
Intersegment | 0 | 0 | ' | ||
Production and delivery | 311,000,000 | 0 | ' | ||
Depreciation, depletion and amortization | 616,000,000 | 0 | ' | ||
Selling, general and administrative expenses | 57,000,000 | 0 | ' | ||
Mining exploration and research expenses | 0 | 0 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | 277,000,000 | 0 | ' | ||
Interest expense, net | 76,000,000 | 0 | ' | ||
Provision for income taxes | 0 | 0 | ' | ||
Total assets | 26,385,000,000 | 0 | ' | ||
Capital expenditures | 579,000,000 | 0 | ' | ||
Corporate, Other & Eliminations [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Unaffiliated customers | 0 | 2,000,000 | ' | ||
Intersegment | 0 | 0 | ' | ||
Production and delivery | 0 | 3,000,000 | ' | ||
Depreciation, depletion and amortization | 4,000,000 | 2,000,000 | ' | ||
Selling, general and administrative expenses | 40,000,000 | 68,000,000 | ' | ||
Mining exploration and research expenses | 0 | 3,000,000 | ' | ||
Environmental obligations and shutdown costs | 0 | 0 | ' | ||
Operating income (loss) | -44,000,000 | -74,000,000 | ' | ||
Interest expense, net | 62,000,000 | 30,000,000 | ' | ||
Provision for income taxes | 188,000,000 | 113,000,000 | ' | ||
Total assets | 573,000,000 | 7,788,000,000 | [4] | ' | |
Capital expenditures | 9,000,000 | 8,000,000 | ' | ||
Crude oil and natural gas swaps [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Net mark-to-market losses on derivative contracts | -50,000,000 | ' | ' | ||
Senior Notes [Member] | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Proceeds from Issuance of Long-term Debt | ' | 6,400,000,000 | ' | ||
Pt Smelting [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Deferred Intercompany Profit, Percentage | 25.00% | ' | ' | ||
Revenues: | ' | ' | ' | ||
Revenues | $373,000,000 | $430,000,000 | ' | ||
[1] | Included PT-FI’s sales to PT Smelting totaling $373 million in first-quarter 2014 and $430 million in first-quarter 2013. | ||||
[2] | 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. | ||||
[3] | Included net mark-to-market losses associated with crude oil options and natural gas derivative contracts totaling $50 million. | ||||
[4] | Included net proceeds of $6.4 billion from the March 2013 sale of senior notes that were used to fund the oil and gas acquisitions (see Note 6). |
Guarantor_Financial_Statements2
Guarantor Financial Statements (Unaudited) (Details) (USD $) | Mar. 31, 2014 | Mar. 07, 2013 |
In Millions, unless otherwise specified | ||
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | $6,500 | $6,500 |
FM O&G LLC Guarantor [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ' |
Guarantor_Financial_Statements3
Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $1,342 | $1,985 | $9,595 | $3,705 | ||
Accounts receivable | 2,377 | 2,562 | ' | ' | ||
Other current assets | 5,711 | 5,425 | ' | ' | ||
Total current assets | 9,430 | 9,972 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 24,729 | 24,042 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 12,562 | 12,472 | ' | ' | ||
Not subject to amortization | 10,775 | 10,887 | ' | ' | ||
Investments in consolidated subsidiaries | 0 | 0 | ' | ' | ||
Goodwill | 1,916 | 1,916 | ' | ' | ||
Other assets | 4,431 | 4,184 | ' | ' | ||
Total assets | 63,843 | 63,473 | 42,588 | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 5,383 | 4,773 | ' | ' | ||
Long-term debt, less current portion | 19,759 | 20,394 | ' | ' | ||
Deferred income taxes | 7,504 | 7,410 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 3,276 | 3,259 | ' | ' | ||
Other liabilities | 1,695 | 1,690 | ' | ' | ||
Total liabilities | 37,617 | 37,526 | ' | ' | ||
Redeemable noncontrolling interest | 743 | 716 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 21,150 | 20,934 | ' | ' | ||
Noncontrolling interests | 4,333 | 4,297 | ' | ' | ||
Total equity | 25,483 | 25,231 | ' | ' | ||
Total liabilities and equity | 63,843 | 63,473 | ' | ' | ||
FCX Issuer [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Accounts receivable | 22 | 855 | ' | ' | ||
Other current assets | 102 | 114 | ' | ' | ||
Total current assets | 124 | 969 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 26 | 27 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 0 | 0 | ' | ' | ||
Not subject to amortization | 0 | 0 | ' | ' | ||
Investments in consolidated subsidiaries | 31,628 | 31,162 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | 7,478 | 7,126 | ' | ' | ||
Total assets | 39,256 | 39,284 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 1,244 | 1,003 | ' | ' | ||
Long-term debt, less current portion | 12,585 | 13,184 | ' | ' | ||
Deferred income taxes | 4,246 | [1] | 4,137 | [1] | ' | ' |
Environmental and asset retirement obligations, less current portion | 0 | 0 | ' | ' | ||
Other liabilities | 31 | 26 | ' | ' | ||
Total liabilities | 18,106 | 18,350 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 21,150 | 20,934 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 21,150 | 20,934 | ' | ' | ||
Total liabilities and equity | 39,256 | 39,284 | ' | ' | ||
FM O&G LLC Guarantor [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 2 | 0 | ' | ' | ||
Accounts receivable | 324 | 659 | ' | ' | ||
Other current assets | 107 | 38 | ' | ' | ||
Total current assets | 433 | 697 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 45 | 43 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 6,331 | 6,207 | ' | ' | ||
Not subject to amortization | 2,524 | 2,649 | ' | ' | ||
Investments in consolidated subsidiaries | 9,939 | 9,712 | ' | ' | ||
Goodwill | 437 | 437 | ' | ' | ||
Other assets | 4,687 | 4,640 | ' | ' | ||
Total assets | 24,396 | 24,385 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 879 | 758 | ' | ' | ||
Long-term debt, less current portion | 6,967 | 7,199 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 305 | 301 | ' | ' | ||
Other liabilities | 3,409 | 3,436 | ' | ' | ||
Total liabilities | 11,560 | 11,694 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 12,836 | 12,691 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 12,836 | 12,691 | ' | ' | ||
Total liabilities and equity | 24,396 | 24,385 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,340 | 1,985 | ' | ' | ||
Accounts receivable | 2,088 | 2,258 | ' | ' | ||
Other current assets | 5,502 | 5,273 | ' | ' | ||
Total current assets | 8,930 | 9,516 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 24,658 | 23,972 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 6,223 | 6,265 | ' | ' | ||
Not subject to amortization | 8,251 | 8,238 | ' | ' | ||
Investments in consolidated subsidiaries | 12,680 | 12,468 | ' | ' | ||
Goodwill | 1,479 | 1,479 | ' | ' | ||
Other assets | 4,293 | 4,128 | ' | ' | ||
Total assets | 66,514 | 66,066 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | 3,317 | 4,222 | ' | ' | ||
Long-term debt, less current portion | 8,809 | 8,056 | ' | ' | ||
Deferred income taxes | 3,258 | 3,273 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 2,971 | 2,958 | ' | ' | ||
Other liabilities | 1,680 | 1,893 | ' | ' | ||
Total liabilities | 20,035 | 20,402 | ' | ' | ||
Redeemable noncontrolling interest | 743 | 716 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | 41,864 | 41,100 | ' | ' | ||
Noncontrolling interests | 3,872 | 3,848 | ' | ' | ||
Total equity | 45,736 | 44,948 | ' | ' | ||
Total liabilities and equity | 66,514 | 66,066 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Accounts receivable | -57 | -1,210 | ' | ' | ||
Other current assets | 0 | 0 | ' | ' | ||
Total current assets | -57 | -1,210 | ' | ' | ||
Property, plant, equipment and mining development costs, net | 0 | 0 | ' | ' | ||
Oil and gas properties - full cost method | ' | ' | ' | ' | ||
Subject to amortization, less accumulated amortization | 8 | 0 | ' | ' | ||
Not subject to amortization | 0 | 0 | ' | ' | ||
Investments in consolidated subsidiaries | -54,247 | -53,342 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | -12,027 | -11,710 | ' | ' | ||
Total assets | -66,323 | -66,262 | ' | ' | ||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||
Current liabilities | -57 | -1,210 | ' | ' | ||
Long-term debt, less current portion | -8,602 | -8,045 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Environmental and asset retirement obligations, less current portion | 0 | 0 | ' | ' | ||
Other liabilities | -3,425 | -3,665 | ' | ' | ||
Total liabilities | -12,084 | -12,920 | ' | ' | ||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Stockholders' equity | -54,700 | -53,791 | ' | ' | ||
Noncontrolling interests | 461 | 449 | ' | ' | ||
Total equity | -54,239 | -53,342 | ' | ' | ||
Total liabilities and equity | ($66,323) | ($66,262) | ' | ' | ||
[1] | All U.S. related deferred income taxes are recorded at the parent company. |
Guarantor_Financial_Statements4
Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $4,985 | $4,583 |
Total costs and expenses | 3,874 | 3,228 |
Operating (loss) income | 1,111 | 1,355 |
Interest expense, net | -161 | -57 |
Other income (expense), net | 33 | ' |
Provision for income taxes | -357 | -428 |
Equity in affiliated companies' net earnings (losses) | 0 | 2 |
Net income | 626 | 824 |
Net income and preferred dividends attributable to noncontrolling interests | -116 | ' |
Net income attributable to FCX common stockholders | 510 | 648 |
Other comprehensive income | 3 | ' |
Total comprehensive income (loss) | 513 | 654 |
FCX Issuer [Member] | ' | ' |
Revenues | 0 | ' |
Total costs and expenses | 11 | ' |
Operating (loss) income | -11 | ' |
Interest expense, net | -82 | ' |
Other income (expense), net | 20 | ' |
Provision for income taxes | -21 | ' |
Equity in affiliated companies' net earnings (losses) | 604 | ' |
Net income | 510 | ' |
Net income and preferred dividends attributable to noncontrolling interests | 0 | ' |
Net income attributable to FCX common stockholders | 510 | ' |
Other comprehensive income | 0 | ' |
Total comprehensive income (loss) | 510 | ' |
FM O&G LLC Guarantor [Member] | ' | ' |
Revenues | 644 | ' |
Total costs and expenses | 526 | ' |
Operating (loss) income | 118 | ' |
Interest expense, net | -41 | ' |
Other income (expense), net | 0 | ' |
Provision for income taxes | -43 | ' |
Equity in affiliated companies' net earnings (losses) | 130 | ' |
Net income | 164 | ' |
Net income and preferred dividends attributable to noncontrolling interests | 0 | ' |
Net income attributable to FCX common stockholders | 164 | ' |
Other comprehensive income | 0 | ' |
Total comprehensive income (loss) | 164 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Revenues | 4,341 | ' |
Total costs and expenses | 3,339 | ' |
Operating (loss) income | 1,002 | ' |
Interest expense, net | -58 | ' |
Other income (expense), net | 33 | ' |
Provision for income taxes | -292 | ' |
Equity in affiliated companies' net earnings (losses) | 185 | ' |
Net income | 870 | ' |
Net income and preferred dividends attributable to noncontrolling interests | -111 | ' |
Net income attributable to FCX common stockholders | 759 | ' |
Other comprehensive income | 3 | ' |
Total comprehensive income (loss) | 762 | ' |
Eliminations [Member] | ' | ' |
Revenues | 0 | ' |
Total costs and expenses | -2 | ' |
Operating (loss) income | 2 | ' |
Interest expense, net | 20 | ' |
Other income (expense), net | -20 | ' |
Provision for income taxes | -1 | ' |
Equity in affiliated companies' net earnings (losses) | -919 | ' |
Net income | -918 | ' |
Net income and preferred dividends attributable to noncontrolling interests | -5 | ' |
Net income attributable to FCX common stockholders | -923 | ' |
Other comprehensive income | 0 | ' |
Total comprehensive income (loss) | ($923) | ' |
Guarantor_Financial_Statements5
Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $626 | $824 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 966 | 329 |
Net losses on crude oil and natural gas derivative contracts | 50 | 0 |
Equity in (earnings) losses of consolidated subsidiaries | 0 | ' |
Other, net | -28 | ' |
Increase (Decrease) in Operating Capital | -413 | ' |
Net cash provided by operating activities | 1,201 | 831 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -1,612 | -805 |
Intercompany loans | 0 | ' |
Investment in consolidated subsidiary | 0 | ' |
Other, net | 7 | 14 |
Net cash used in investing activities | -1,605 | -1,112 |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 1,149 | 6,615 |
Repayments of debt | -987 | ' |
Intercompany loans | 0 | ' |
Cash dividends and distributions paid | -403 | ' |
Other, net | 2 | ' |
Net cash (used in) provided by financing activities | -239 | 6,171 |
Net (decrease) increase in cash and cash equivalents | -643 | 5,890 |
Cash and cash equivalents at beginning of year | 1,985 | 3,705 |
Cash and cash equivalents at end of period | 1,342 | 9,595 |
FCX Issuer [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | 510 | ' |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 1 | ' |
Net losses on crude oil and natural gas derivative contracts | 0 | ' |
Equity in (earnings) losses of consolidated subsidiaries | -604 | ' |
Other, net | 134 | ' |
Increase (Decrease) in Operating Capital | -234 | ' |
Net cash provided by operating activities | -193 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | ' |
Intercompany loans | 190 | ' |
Investment in consolidated subsidiary | 212 | ' |
Other, net | 0 | ' |
Net cash used in investing activities | 402 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 895 | ' |
Repayments of debt | -780 | ' |
Intercompany loans | 0 | ' |
Cash dividends and distributions paid | -326 | ' |
Other, net | 2 | ' |
Net cash (used in) provided by financing activities | -209 | ' |
Net (decrease) increase 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 | 164 | ' |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 285 | ' |
Net losses on crude oil and natural gas derivative contracts | 50 | ' |
Equity in (earnings) losses of consolidated subsidiaries | -130 | ' |
Other, net | -9 | ' |
Increase (Decrease) in Operating Capital | 339 | ' |
Net cash provided by operating activities | 699 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -335 | ' |
Intercompany loans | -43 | ' |
Investment in consolidated subsidiary | -96 | ' |
Other, net | 4 | ' |
Net cash used in investing activities | -470 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | ' |
Repayments of debt | 0 | ' |
Intercompany loans | -213 | ' |
Cash dividends and distributions paid | -14 | ' |
Other, net | 0 | ' |
Net cash (used in) provided by financing activities | -227 | ' |
Net (decrease) increase 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 | 870 | ' |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 682 | ' |
Net losses on crude oil and natural gas derivative contracts | 0 | ' |
Equity in (earnings) losses of consolidated subsidiaries | -185 | ' |
Other, net | -140 | ' |
Increase (Decrease) in Operating Capital | -518 | ' |
Net cash provided by operating activities | 709 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -1,277 | ' |
Intercompany loans | 0 | ' |
Investment in consolidated subsidiary | -430 | ' |
Other, net | 3 | ' |
Net cash used in investing activities | -1,704 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 254 | ' |
Repayments of debt | -207 | ' |
Intercompany loans | 66 | ' |
Cash dividends and distributions paid | 237 | ' |
Other, net | 0 | ' |
Net cash (used in) provided by financing activities | 350 | ' |
Net (decrease) increase in cash and cash equivalents | -645 | ' |
Cash and cash equivalents at beginning of year | 1,985 | ' |
Cash and cash equivalents at end of period | 1,340 | ' |
Eliminations [Member] | ' | ' |
Cash flow from operating activities: | ' | ' |
Net income | -918 | ' |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | -2 | ' |
Net losses on crude oil and natural gas derivative contracts | 0 | ' |
Equity in (earnings) losses of consolidated subsidiaries | 919 | ' |
Other, net | -13 | ' |
Increase (Decrease) in Operating Capital | 0 | ' |
Net cash provided by operating activities | -14 | ' |
Cash flow from investing activities: | ' | ' |
Capital expenditures | 0 | ' |
Intercompany loans | -147 | ' |
Investment in consolidated subsidiary | 314 | ' |
Other, net | 0 | ' |
Net cash used in investing activities | 167 | ' |
Cash flow from financing activities: | ' | ' |
Proceeds from debt | 0 | ' |
Repayments of debt | 0 | ' |
Intercompany loans | 147 | ' |
Cash dividends and distributions paid | -300 | ' |
Other, net | 0 | ' |
Net cash (used in) provided by financing activities | -153 | ' |
Net (decrease) increase in cash and cash equivalents | 0 | ' |
Cash and cash equivalents at beginning of year | 0 | ' |
Cash and cash equivalents at end of period | $0 | ' |
Subsequent_Events_Unaudited_De
Subsequent Events (Unaudited) (Details) (Subsequent Event [Member], USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
Encana Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Sale and Purchase Transaction, Announcement Date | 7-May-14 |
Payments for (Proceeds from) Productive Assets | $3.10 |
Disposal and/or Acquisition Date | 1-Apr-14 |
Threshhold for Determining Accounting Treatment for Oil and Gas Dispositions | 25.00% |
Apache Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Sale and Purchase Transaction, Announcement Date | 8-May-14 |
Payments for (Proceeds from) Productive Assets | $1.40 |
Exploration Leases | 11 |
Disposal and/or Acquisition Date | 1-May-14 |
Eagle Ford [Member] | Maximum [Member] | Encana Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Threshhold for Determining Accounting Treatment for Oil and Gas Dispositions | 25.00% |