Stock Analysis on Net
Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Freeport-McMoRan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 5.08 4.70 5.29 4.24 3.50
Salaries, wages and other compensation 0.66 0.65 0.64 0.70 0.74
Accrued interest 0.25 0.28 0.43 0.42 0.58
Pension, postretirement, postemployment and other employee benefits 0.23 0.25 0.28 0.40 0.22
Short-term operating lease liabilities 0.18 0.16 0.07 0.08 0.09
Deferred revenue 0.17 0.31 0.15 0.40 0.15
Accrued taxes, other than income taxes 0.15 0.17 0.15 0.13 0.18
Community development programs 0.14 0.11 0.12 0.00 0.00
PT-FI administrative fine 0.11 0.10 0.00 0.00 0.00
PT-FI contingencies 0.09 0.13 0.35 0.54 0.47
MIND ID indemnification 0.09 0.00 0.00 0.00 0.00
Litigation accruals 0.06 0.10 0.19 0.06 0.20
Other 0.20 0.15 0.21 0.32 0.30
Accounts payable and accrued liabilities 7.40% 7.10% 7.88% 7.28% 6.43%
Accrued income taxes 1.57 1.50 1.46 3.21 0.77
Current portion of environmental and asset retirement obligations 0.58 0.60 0.63 0.55 0.83
Dividends payable 0.40 0.42 0.42 0.46 0.00
Current portion of debt 0.07 1.46 2.03 0.77 0.08
Current liabilities 10.02% 11.07% 12.42% 12.27% 8.11%
Long-term debt, less current portion 16.24 16.49 18.76 18.90 22.96
Environmental and asset retirement obligations, less current portion 9.85 8.81 8.74 8.57 8.79
Deferred income taxes 7.98 8.48 8.36 8.82 10.46
Long-term operating lease liabilities 1.26 0.66 0.58 0.59 0.45
Pension, postretirement, postemployment and other employment benefits 1.26 1.34 1.52 1.76 2.88
Litigation accruals 0.30 0.31 0.21 0.27 0.26
Provision for tax positions 0.25 0.33 0.32 0.48 0.62
Social investment programs 0.20 0.15 0.07 0.00 0.00
Indemnification of MIND ID 0.00 0.14 0.14 0.16 0.10
Cerro Verde royalty dispute 0.00 0.00 0.00 0.00 0.89
Other 0.18 0.20 0.22 0.24 0.18
Other liabilities 3.44% 3.14% 3.06% 3.50% 5.38%
Noncurrent liabilities 37.51% 36.91% 38.90% 39.80% 47.60%
Total liabilities 47.53% 47.99% 51.32% 52.07% 55.70%
Common stock, par value $0.10 0.30 0.31 0.32 0.33 0.38
Capital in excess of par value 43.39 46.92 49.56 53.88 61.78
Accumulated deficit -0.31 -3.92 -7.65 -15.36 -27.72
Accumulated other comprehensive loss -0.57 -0.52 -0.63 -0.81 -1.38
Common stock held in treasury, at cost -10.75 -10.99 -11.16 -8.94 -8.92
Stockholders’ equity 32.05% 31.79% 30.44% 29.11% 24.14%
Noncontrolling interests 20.41 20.22 18.23 18.82 20.15
Total equity 52.47% 52.01% 48.68% 47.93% 44.30%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The analysis of the financial data reveals several significant trends in the composition and structure of liabilities and equity over the reported periods.

Accounts payable and related accrued liabilities
This category showed an overall upward trend from 6.43% in 2020 to 7.4% in 2024, indicating a gradual increase in short-term obligations relative to total liabilities and equity. Individual components such as accounts payable increased from 3.5% to 5.08%, while salaries, wages, and other compensation remained relatively stable around the mid-0.6% range.
Accrued interest and pension liabilities
Accrued interest steadily decreased from 0.58% in 2020 to 0.25% in 2024, suggesting a reduction in interest expenses or related liabilities. Pension and other employee benefits liabilities peaked in 2021 at 0.4% but subsequently declined to 0.23% by 2024, reflecting improved management or funding of employee benefit obligations.
Lease liabilities
Short-term operating lease liabilities exhibited a more than doubling from 0.09% in 2020 to 0.18% in 2024, and long-term operating lease liabilities showed a substantial increase from 0.45% to 1.26% over the same period. This reflects a growing obligation related to leased assets.
Deferred revenue and taxes
Deferred revenue fluctuated, with a notable spike to 0.4% in 2021 but then reduced to 0.17% in 2024. Accrued income taxes peaked sharply at 3.21% in 2021 before declining to stabilize around 1.5% in later years, indicating volatility in tax liabilities. Provision for tax positions decreased from 0.62% to 0.25%, suggesting more favorable or settled tax circumstances.
Current liabilities and debt
Current liabilities increased markedly from 8.11% to a peak of 12.42% in 2022 before declining to 10.02% in 2024. The current portion of debt expanded significantly in 2022 to 2.03% but subsequently decreased to 0.07% by 2024, signaling debt repayment or refinancing trends.
Long-term debt and other noncurrent obligations
Long-term debt less the current portion shrank steadily from 22.96% in 2020 to 16.24% in 2024, reflecting a reduction in long-term leverage. Environmental and asset retirement obligations slightly increased from 8.79% to 9.85%, implying growth in contingent liabilities. Deferred income taxes also decreased from 10.46% to 7.98%, suggesting changes in tax timing differences.
Pension and litigation accruals
Pension and other employment benefits reduced consistently from 2.88% to 1.26%. Litigation accruals fluctuated slightly but remained low overall, around 0.3%, indicating stable contingency reserves.
Other liabilities and total liabilities
Other liabilities declined from 5.38% in 2020 to 3.44% in 2024. Noncurrent liabilities as a group decreased from 47.6% to 37.51%, and total liabilities followed a downward trajectory from 55.7% to 47.53%, evidencing a general reduction in the company's overall leverage and obligations as a percentage of total capital.
Stockholders’ equity and related components
Stockholders' equity increased steadily from 24.14% to 32.05%, indicating strengthening equity position. Common stock and capital in excess of par value declined in proportion, notably capital in excess of par value dropped from 61.78% to 43.39%, possibly due to share repurchases or equity restructuring. Accumulated deficit showed significant improvement, moving from a negative 27.72% toward near neutrality at -0.31%, signaling a reduction in retained losses. Treasury stock held remained stable with minor fluctuations.
Noncontrolling interests and total equity
Noncontrolling interests slightly fluctuated but ended higher at 20.41%. Total equity increased from 44.3% to 52.47%, surpassing total liabilities by the end of the period, highlighting improved capitalization and financial stability.

Overall, the data reflect a trend towards reducing leverage and strengthening equity, with a managed approach to liabilities and increased commitments in lease-related obligations. The improvement in accumulated deficit and equity proportions suggests enhanced profitability or capital infusion. Areas such as environmental obligations and lease liabilities warrant monitoring due to their upward movement.