Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Total Assets

Freeport-McMoRan Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets 52,506 51,093 48,022 42,144 40,809
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Less: Deferred tax assets2 7 2 2 4
After Adjustment
Adjusted total assets 52,499 51,091 48,020 42,144 40,805

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

Freeport-McMoRan Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current liabilities 5,815 6,345 5,892 3,417 3,209
Adjustments
Less: Current deferred revenue 161 76 191 65 12
After Adjustment
Adjusted current liabilities 5,654 6,269 5,701 3,352 3,197

Based on: 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), 10-K (reporting date: 2019-12-31).


Adjustments to Total Liabilities

Freeport-McMoRan Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities 25,196 26,222 25,003 23,476 23,361
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2 4,453 4,269 4,234 4,408 4,210
Less: Deferred revenue 161 76 191 65 12
After Adjustment
Adjusted total liabilities 20,582 21,877 20,578 19,003 19,139

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Freeport-McMoRan Inc., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Stockholders’ equity 16,693 15,555 13,980 10,174 9,298
Adjustments
Less: Net deferred tax assets (liabilities)1 (4,446) (4,267) (4,232) (4,408) (4,206)
Add: Deferred revenue 161 76 191 65 12
Add: Noncontrolling interests 10,617 9,316 9,039 8,494 8,150
After Adjustment
Adjusted total equity 31,917 29,214 27,442 23,141 21,666

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Freeport-McMoRan Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
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 reported debt 9,422 10,620 9,450 9,711 9,826
Stockholders’ equity 16,693 15,555 13,980 10,174 9,298
Total reported capital 26,115 26,175 23,430 19,885 19,124
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Short-term operating lease liabilities2 84 38 38 38 44
Add: Long-term operating lease liabilities3 347 294 281 190 204
Adjusted total debt 9,853 10,952 9,769 9,939 10,074
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 (4,446) (4,267) (4,232) (4,408) (4,206)
Add: Deferred revenue 161 76 191 65 12
Add: Noncontrolling interests 10,617 9,316 9,039 8,494 8,150
Adjusted total equity 31,917 29,214 27,442 23,141 21,666
After Adjustment
Adjusted total capital 41,770 40,166 37,211 33,080 31,740

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Short-term operating lease liabilities. See details »

3 Long-term operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Freeport-McMoRan Inc., adjusted revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Revenues 22,855 22,780 22,845 14,198 14,402
Adjustment
Add: Increase (decrease) in deferred revenue 85 (115) 126 53 (23)
After Adjustment
Adjusted revenues 22,940 22,665 22,971 14,251 14,379

Based on: 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), 10-K (reporting date: 2019-12-31).


Adjustments to Reported Income

Freeport-McMoRan Inc., adjusted net income (loss) attributable to common stockholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income (loss) attributable to common stockholders 1,848 3,468 4,306 599 (239)
Adjustments
Add: Deferred income tax expense (benefit)1 373 299 211 298 45
Add: Increase (decrease) in deferred revenue 85 (115) 126 53 (23)
Less: Net gain from discontinued operations 3
Add: Other comprehensive income (loss), net of taxes 44 68 196 90 (68)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 1,901 1,011 1,060 263 53
After Adjustment
Adjusted net income (loss) 4,251 4,731 5,899 1,303 (235)

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Deferred income tax expense (benefit). See details »