Freeport-McMoRan Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of debt	766)	1,037)	372)	34)	5)
Long-term debt, less current portion	8,656)	9,583)	9,078)	9,677)	9,821)
Total long-term debt, including current portion (carrying amount)	9,422)	10,620)	9,450)	9,711)	9,826)

Download chart

Debt item	Description	The company
Total long-term debt, including current portion (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Freeport-McMoRan Inc. total debt increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Total long-term debt, including current portion (fair value)	9,364)
Financial Ratio
Debt, fair value to carrying amount ratio	0.99

Weighted-average interest rate on debt: 5.18%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.55%	730)	33)
5.00%	448)	22)
4.13%	483)	20)
4.38%	430)	19)
5.25%	468)	25)
4.25%	446)	19)
4.63%	588)	27)
5.40%	723)	39)
5.45%	1,689)	92)
4.76%	746)	36)
5.32%	1,490)	79)
6.20%	744)	46)
7.13%	115)	8)
9.50%	121)	11)
6.13%	118)	7)
Total	9,339)	484)
5.18%

¹ US$ in millions

² Weighted-average interest rate = 100 × 484 ÷ 9,339 = 5.18%

Freeport-McMoRan Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, net	515)	560)	602)	598)	620)
Capitalized interest	267)	150)	72)	147)	149)
Interest costs	782)	710)	674)	745)	769)

Download chart

Debt item	Description	The company
Interest expense, net	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Freeport-McMoRan Inc. interest expense, net decreased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Freeport-McMoRan Inc. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Interest costs	Total interest costs incurred during the period and either capitalized or charged against earnings.	Freeport-McMoRan Inc. interest costs increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)
Add: Net income attributable to noncontrolling interest	1,903)	1,011)	1,059)	266)	50)
Less: Net gain from discontinued operations	—)	—)	—)	—)	3)
Add: Income tax expense	2,270)	2,267)	2,299)	944)	510)
Add: Interest expense, net	515)	560)	602)	598)	620)
Earnings before interest and tax (EBIT)	6,536)	7,306)	8,266)	2,407)	938)

Interest costs	782)	710)	674)	745)	769)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	12.69	13.05	13.73	4.03	1.51
Adjusted interest coverage ratio (with capitalized interest)²	8.36	10.29	12.26	3.23	1.22

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net
= 6,536 ÷ 515 = 12.69

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= 6,536 ÷ 782 = 8.36

Download chart

Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Freeport-McMoRan Inc. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Analysis of Debt