Freeport-McMoRan 2011 Annual Report Download - page 112

Business Segments
Business segments data for the years ended December31 are
presented in the following tables.
North America Copper Mines South America Indonesia Africa Atlantic
Copper Corporate,
Other Cerro Other Tenke Rod & Smelting Other &
Morenci Mines Total Verde Mines Total Grasberg Fungurume Molybdenum Refining & Refining Eliminations FCX Total
Year Ended December 31, 2011
Revenues:
Unaffiliated customers $ 418 $ 180 $ 598 $ 2,115 $ 2,457 $ 4,572 $ 4,504
a
$ 1,282 $ 1,424 $ 5,523 $ 2,969 $ 8 $ 20,880
Intersegment 1,697 3,338 5,035 417 269 686 542 7 — 26 15 (6,311) —
Production and delivery 984 1,645 2,629 827 1,078 1,905 1,902 591 1,036 5,527 2,991 (6,683) 9,898
Depreciation, depletion and amortization 116 163 279 135 123 258 215 140 60 8 40 22 1,022
Selling, general and administrative expenses 2 2 4 4 3 7 124 8 15 — 22 235 415
Exploration and research expenses 7 — 7 — — — — — 3 — — 261 271
Environmental and shutdown expenses 4 (15) (11) — — — — — — 1 — 144 134
Operating income (loss) 1,002 1,723 2,725 1,566 1,522 3,088 2,805 550 310 13 (69) (282) 9,140
Interest expense, net 2 6 8 1 — 1 8 6 — — 15 274 312
Provision for income taxes — — — 553 522 1,075 1,256 120 — — — 636 3,087
Total assets at December 31, 2011 2,006 5,086 7,092 5,110 3,604 8,714 5,349 3,890 2,434 259 1,109 3,223 32,070
Capital expenditures 95 400 495 198 405 603 648 193 461 10 32 92 2,534
Year Ended December 31, 2010
Revenues:
Unaffiliated customers $ 59 $ 52 $ 111 $ 1,957 $ 2,449 $ 4,406 $ 5,230
a
$ 1,106 $ 1,205 $ 4,444 $ 2,473 $ 7 $ 18,982
Intersegment 1,465 2,597 4,062 453 132 585 1,147 — — 26 18 (5,838) —
Production and delivery 691 1,361 2,052 705 973 1,678 1,904 488 784 4,442 2,470 (5,483) 8,335
Depreciation, depletion and amortization 134 139 273 148 102 250 257 128 51 8 38 31 1,036
Selling, general and administrative expenses — — — — — — 117 — 11 — 20 233 381
Exploration and research expenses — — — — — — — — 2 — — 141 143
Environmental and shutdown expenses — — — — — — — — — 1 — 18 19
Operating income (loss) 699 1,149 1,848 1,557 1,506 3,063 4,099 490 357 19 (37) (771) 9,068
Interest expense, net 4 10 14 — — — — 5 — — 10 433 462
Provision for income taxes — — — 516 483 999 1,709 118 — — — 157 2,983
Total assets at December 31, 2010 1,940 4,477 6,417 4,272 3,263 7,535 6,048 3,640 1,897 311 1,317 2,221 29,386
Capital expenditures 47 186 233 106 364 470 436 100 89 7 28 49 1,412
Year Ended December 31, 2009
Revenues:
Unaffiliated customers $ 68 $ 94 $ 162 $ 1,491 $ 1,950 $ 3,441 $ 4,972
a
$ 389 $ 847 $ 3,328 $ 1,892 $ 9 $ 15,040
Intersegment 1,074 2,028 3,102 286 112 398 936 — — 28 — (4,464) —
Production and delivery 623 1,288 1,911 648 915 1,563 1,505 315
b
660 3,336 1,895 (4,179) 7,006
Depreciation, depletion and amortization 142 138 280 153 122 275 275 66 49 8 36 25 1,014
Selling, general and administrative expenses — — — — — — 94 — 11 — 17 199 321
Exploration and research expenses — — — — — — — — 2 — — 88 90
Environmental and shutdown expenses
c
26 27 53 — — — — — (1) (2) — 56 106
Operating income (loss) 351 669 1,020 976 1,025 2,001 4,034 8 126 14 (56) (644) 6,503
Interest expense, net 3 12 15 — 2 2 (3) 10 — — 5 557 586
Provision for (benefit from) income taxes — — — 313 337 650 1,697 (15) — — — (25) 2,307
Total assets at December 31, 2009 1,934 4,207 6,141 3,937 2,515 6,452 4,974 3,386 1,731 291 991 2,030 25,996
Capital expenditures 46 299 345 103 61 164 266 659 82 9 31 31 1,587
a. Includes PT Freeport Indonesia’s sales to PT Smelting totaling $2.3 billion in 2011 and 2010, and $1.9 million in 2009.
b. Includes charges totaling $50 million associated with Tenke Fungurume’s project start-up costs.
c. Includes charges totaling $23 million associated with net restructuring charges, primarily at the Morenci mine.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
110 | FREEPORT-McMoRan COPPER & GOLD INC.