Freeport-McMoRan 2013 Annual Report Download - page 126

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
124 | FREEPORT-McMoRan
Business Segments
Business segments data for the years ended December 31 are
presented in the following tables.
Mining Operations
North America Copper Mines South America Indonesia Africa
Atlantic
Copper Other U.S. Corporate,
Other Cerro Other Molybdenum Rod & Smelting Mining & Total Oil & Gas Other & FCX
Morenci Mines Total Verde Candelaria Mines Total Grasberg Tenke Mines Refining & Refining Eliminations Mining Operations Eliminations Total
Year Ended December 31, 2013
Revenues:
Unaffiliated customers $ 244 $ 326 $ 570 $ 1,473 $ 1,155 $ 1,224 $ 3,852 $ 3,751
a
$ 1,590 $ — $ 4,995 $ 2,027 $ 1,516
b
$ 18,301 $ 2,616
c
$ 4 $ 20,921
Intersegment 1,673 2,940 4,613 360 273 — 633 336 47 522 27 14 (6,192) — — — —
Production and delivery 1,233 2,033 3,266 781 700 588 2,069 2,309 754 317 4,990 2,054 (4,608) 11,151 682 7 11,840
Depreciation, depletion
and amortization 133 269 402 152 69 125 346 247 246 82 9 42 48 1,422 1,364 11 2,797
Selling, general and
administrative expenses 2 3 5 3 2 2 7 110 12 — — 20 29 183 120 354 657
Mining exploration and
research expenses — 5 5 — — — — 1 — — — — 193 199 — 11 210
Environmental obligations
and shutdown costs — (1) (1) — — — — — — — — — 67 66 — — 66
Operating income (loss) 549 957 1,506 897 657 509 2,063 1,420 625 123 23 (75)
d
(405) 5,280 450 (379) 5,351
Interest expense, net 3 1 4 2 — 1 3 12 2 — — 16 80 117 181 220 518
Provision for income taxes — — — 316 236 168 720 603 131 — — — — 1,454 — 21
e
1,475
Total assets at December 31, 2013 3,110 5,810 8,920 6,584 1,545 2,451 10,580 7,437 4,849 2,107 239 1,039 1,003 36,174 26,252 1,047 63,473
Capital expenditures 737 329 1,066 960 110 75 1,145 1,030 205 164 4 67 113 3,794 1,436 56 5,286
Year Ended December 31, 2012
Revenues:
Unaffiliated customers $ 156 $ 46 $ 202 $ 1,767 $ 797 $ 1,346 $ 3,910 $ 3,611
a
$ 1,349 $ — $ 4,989 $ 2,683 $ 1,259
b
$ 18,003 $ — $ 7 $ 18,010
Intersegment 1,846 3,438 5,284 388 430 — 818 310 10 529 27 26 (7,004) — — — —
Production and delivery 1,076 1,857 2,933 813 702 599 2,114 2,349 615 320 4,993 2,640 (5,585) 10,379 — 3 10,382
Depreciation, depletion
and amortization 122 238 360 139 32 116 287 212 176 59 9 42 27 1,172 — 7 1,179
Selling, general and
administrative expenses 2 2 4 3 1 2 6 121 6 — — 19 18 174 — 257 431
Mining exploration and
research expenses 1 — 1 — — — — — — — — — 272 273 — 12 285
Environmental obligations
and shutdown costs (11) (5) (16) — — — — — — — — — (3) (19) — (3) (22)
Gain on insurance settlement — — — — — — — (59) — — — — — (59) — — (59)
Operating income (loss) 812 1,392 2,204 1,200 492 629 2,321 1,298 562 150 14 8 (474) 6,083 — (269) 5,814
Interest expense, net 1 — 1 7 — — 7 5 1 — — 12 81 107 — 79 186
Provision for income taxes — — — 228
f
141 188 557 497 112 — — — — 1,166 — 344 1,510
Total assets at December 31, 2012 2,445 5,703 8,148 5,821 1,853 2,489 10,163 6,591 4,622 2,018 242 992 614 33,390 — 2,050 35,440
Capital expenditures 266 559 825 558 259 114 931 843 539 245 6 16 69 3,474 — 20 3,494
a. Included PT-FI’s sales to PT Smelting totaling $1.7 billion in 2013 and $2.1 billion in 2012.
b. Included revenues from FCX’s molybdenum sales company, which included sales of molybdenum produced by the molybdenum mines and by certain of the North and South America copper mines.
c. Included net charges of $312 million for unrealized and noncash realized losses on crude oil and natural gas derivative contracts that were assumed in connection with FCX’s acquisition of PXP.
d. Included $50 million for shutdown costs associated with Atlantic Copper’s scheduled 68-day maintenance turnaround, which was completed in fourth-quarter 2013.
e. Included $199 million of net benefits resulting from oil and gas acquisitions.
f. Included a credit of $234 million for the reversal of a net deferred tax liability.