Freeport-McMoRan 2013 Annual Report Download - page 129

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2013 ANNUAL REPORT | 127
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Year Ended December 31, 2013
FCX FM O&G LLC Non-guarantor Consolidated
Issuer Guarantor Subsidiaries Eliminations FCX
Revenues $ — $ 1,177 $ 19,744 $ — $ 20,921
Cost of sales 5 976 13,656 — 14,637
Other operating costs and expenses 129 89 715 — 933
Total costs and expenses 134 1,065 14,371 — 15,570
Operating (loss) income (134) 112 5,373 — 5,351
Interest expense, net (319) (129) (129) 59 (518)
Losses on early extinguishment of debt (45) — 10 — (35)
Gain on investment in MMR 128 — — — 128
Other income (expense), net 61 — (15) (59) (13)
(Loss) income before income taxes and equity in affiliated companies’
net earnings (losses)
(309) (17) 5,239 — 4,913
Benefit from (provision for) income taxes 81 17 (1,573) — (1,475)
Equity in affiliated companies’ net earnings (losses) 2,886 281 268 (3,432) 3
Net income (loss) 2,658 281 3,934 (3,432) 3,441
Net income and preferred dividends attributable to noncontrolling interests — — (706) (77) (783)
Net income (loss) attributable to FCX common stockholders $ 2,658 $ 281 $ 3,228 $ (3,509) $ 2,658
Other comprehensive income — — 101 — 101
Total comprehensive income (loss) $ 2,658 $ 281 $ 3,329 $ (3,509) $ 2,759
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2013
FCX FM O&G LLC Non-guarantor Consolidated
Issuer Guarantor Subsidiaries Eliminations FCX
Cash flow from operating activities:
Net income (loss)
$ 2,658 $ 281 $ 3,934 $ (3,432) $ 3,441
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation, depletion and amortization
4 616 2,177 — 2,797
Net losses on crude oil and natural gas derivative contracts — 334 — — 334
Gain on investment in MMR (128) — — — (128)
Equity in earnings of consolidated subsidiaries (2,886) (281) (265) 3,432 —
Other, net 8 (14) 78 — 72
(Increases) decreases in working capital and changes in other
tax payments, excluding amounts from the acquisitions
272 735 (1,384) — (377)
Net cash (used in) provided by operating activities (72) 1,671 4,540 — 6,139
Cash flow from investing activities:
Capital expenditures
— (894) (4,392) — (5,286)
Acquisitions, net of cash acquired (5,437) — (4) — (5,441)
Intercompany loans 834 — (162) (672) —
Distributions from consolidated subsidiary 629 — — (629) —
Other, net 15 30 (226) — (181)
Net cash used in investing activities (3,959) (864) (4,784) (1,301) (10,908)
Cash flow from financing activities:
Proceeds from debt
11,260 — 241 — 11,501
Repayments of debt and redemption of MMR preferred stock (4,737) (416) (551) — (5,704)
Intercompany loans — (391) (281) 672 —
Cash dividends and distributions paid (2,281) — (885) 629 (2,537)
Other, net (211) — — — (211)
Net cash provided by (used in) financing activities 4,031 (807) (1,476) 1,301 3,049
Net decrease in cash and cash equivalents — — (1,720) — (1,720)
Cash and cash equivalents at beginning of year — — 3,705 — 3,705
Cash and cash equivalents at end of year $ — $ — $ 1,985 $ — $ 1,985