Adjustments to Financial Statements
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Adjustments to Total Assets
Freeport-McMoRan Inc., adjusted total assets
US$ in millions
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).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets. See details »
The analyzed data reveals a consistent upward trend in both total assets and adjusted total assets over the five-year period. Starting at 42,144 million US dollars at the end of 2020, total assets have progressively increased each year, reaching 54,848 million US dollars by the end of 2024. This represents a steady growth in asset base, indicating possible expansions, acquisitions, or reinvestments by the company.
Similarly, adjusted total assets closely follow the values of total assets with only minimal differences, suggesting that adjustments made to total assets are insignificant or negligible over the period. Adjusted total assets rose from 42,144 million US dollars in 2020 to 54,840 million US dollars in 2024, mirroring the growth pattern of total assets.
The continuous increase over the years denotes positive asset accumulation, which may contribute to enhanced operational capacity or financial strength. No periods show a decline or stagnation, which reflects consistent asset management and growth strategy during these years.
Adjustments to Current Liabilities
Freeport-McMoRan Inc., adjusted current liabilities
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current liabilities | ||||||
| Adjustments | ||||||
| Less: Current deferred revenue | ||||||
| After Adjustment | ||||||
| Adjusted current liabilities | ||||||
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 financial data over the five-year period reveals several notable trends in the company's current liabilities and adjusted current liabilities.
- Current Liabilities
- There is a significant increase from 2020 to 2021, where the value rises from 3,417 million US dollars to 5,892 million US dollars. Following this, the current liabilities continue to grow but at a slower pace, reaching 6,345 million US dollars in 2022. In the subsequent years, 2023 and 2024, the values decline to 5,815 million and 5,496 million US dollars respectively. This pattern indicates an initial sharp increase in short-term obligations, followed by a gradual reduction.
- Adjusted Current Liabilities
- The adjusted current liabilities follow a trend similar to the unadjusted figures. They increase prominently from 3,352 million US dollars in 2020 to 5,701 million US dollars in 2021, then further to 6,269 million in 2022. After this peak, the adjusted liabilities decrease to 5,654 million in 2023 and slightly further to 5,405 million US dollars by 2024. The adjustment appears to uniformly reduce the figures but does not alter the overall trend observed.
Overall, the data suggests that the company experienced a substantial buildup of current liabilities between 2020 and 2022, possibly reflecting expanded short-term financing or increased obligations. In the following two years, the company began reducing these liabilities, which may indicate improved liquidity management or repayment of short-term debts. The adjusted current liabilities corroborate this analysis, maintaining a consistent relationship with the unadjusted values throughout the period.
Adjustments to Total Liabilities
Freeport-McMoRan Inc., adjusted total liabilities
US$ in millions
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
The financial data displays the trends in total liabilities and adjusted total liabilities over a five-year period from 2020 to 2024. The amounts are presented in millions of US dollars.
- Total liabilities
- The total liabilities exhibit an overall increasing trend from 2020 to 2024. Starting at 23,476 million in 2020, the liabilities rose to 25,003 million in 2021 and further increased to 26,222 million by the end of 2022. There was a slight decline in 2023 to 25,196 million, followed by a rebound to 26,070 million in 2024. This suggests some fluctuations but generally expanding liabilities over the period.
- Adjusted total liabilities
- Adjusted total liabilities show a similar upward trend with some variability. Beginning at 19,003 million in 2020, the figures climbed consistently to 20,578 million in 2021 and 21,877 million in 2022. A decrease is noted in 2023, down to 20,582 million, before increasing again to 21,603 million in 2024. The adjusted figures remain consistently lower than the unadjusted liabilities, indicating adjustments that reduce the reported liability base but maintain a similar trend pattern.
In summary, both total and adjusted liabilities increased over the five years, with peaks in 2022, slight reductions in 2023, and recoveries in 2024. The data reflect some volatility likely tied to business operations or revaluation adjustments, but the overall trajectory indicates growing financial obligations.
Adjustments to Stockholders’ Equity
Freeport-McMoRan Inc., adjusted stockholders’ equity
US$ in millions
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).
1 Net deferred tax assets (liabilities). See details »
The analysis of the equity-related financial data over the five-year period indicates a consistent upward trend in both stockholders’ equity and adjusted total equity.
- Stockholders’ Equity
- The stockholders’ equity has shown a steady increase from US$10,174 million at the end of 2020 to US$17,581 million at the end of 2024. This represents an overall increase of approximately 73%, reflecting the company’s improved net asset position over the period. The growth appears to be gradual and consistent year over year, indicating sustained retention of earnings or capital infusion.
- Adjusted Total Equity
- Adjusted total equity also demonstrates a robust rise from US$23,141 million in 2020 to US$33,237 million in 2024. The increase in adjusted total equity, which is higher than stockholders’ equity throughout the period, suggests the inclusion of other equity adjustments or comprehensive income components not captured in stockholders’ equity alone. The rise of about 44% over the five years indicates the company’s growing economic value on an adjusted basis.
- Comparative Insights
- Though both equity measures are increasing, the adjusted total equity remains significantly higher than the reported stockholders’ equity across all years. This discrepancy highlights the impact of adjustments made to total equity, which may include unrealized gains/losses, other comprehensive income, or revaluations that enhance the equity base.
- Trend Implications
- The consistent and strong upward trends in both metrics reflect positive financial health and resilience, implying improved capacity to withstand liabilities and potential leverage for future investments or debt financing. The stability and growth in equity also strengthen investor confidence, underlying sound management practices regarding capital structure and earnings retention.
Adjustments to Capitalization Table
Freeport-McMoRan Inc., adjusted capitalization table
US$ in millions
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).
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 »
The analysis of the financial data reveals several key trends over the five-year period.
- Total reported debt
- This metric shows a general declining trend from US$9,711 million in 2020 to US$8,948 million in 2024, with a notable peak in 2022 at US$10,620 million. The debt level decreased significantly from 2022 to 2023 and continued to decline, indicating a reduction in leverage or improved debt management.
- Stockholders’ equity
- Stockholders' equity steadily increased throughout the period, rising from US$10,174 million in 2020 to US$17,581 million in 2024. This consistent growth suggests an enhancement in the company’s net assets, likely due to retained earnings and possibly new equity issues.
- Total reported capital
- Total reported capital, being the sum of debt and equity, increased from US$19,885 million in 2020 to US$26,529 million in 2024, reflecting the equity growth and offsetting the debt reduction trends. Notably, there was a slight dip from 2022 to 2023, attributable to the drop in total reported debt.
- Adjusted total debt
- The adjusted total debt aligns closely with the reported debt figures, showing a similar pattern of an initial increase peaking in 2022 at US$10,952 million followed by a decline to US$9,738 million in 2024. This stability suggests consistency in debt reporting and accounting adjustments.
- Adjusted total equity
- Adjusted total equity outpaces the reported stockholders’ equity in magnitude but follows the same upward trend. It increases considerably from US$23,141 million in 2020 to US$33,237 million in 2024, indicating an upward revision or inclusion of additional equity components in the adjustment.
- Adjusted total capital
- Adjusted total capital shows a progressive increase from US$33,080 million in 2020 to US$42,975 million in 2024. This growth is driven by rising adjusted equity, with the adjusted debt portion remaining relatively stable after the peak in 2022. The steady increase underscores an overall strengthening of the capital base.
Overall, the financial data suggest a strategic reduction in debt levels after 2022 combined with increasing equity, contributing to a stronger capital structure. The company appears to be enhancing its financial stability by bolstering equity while managing debt prudently. Adjusted metrics confirm this trend and reveal a potentially more favorable equity position than shown in the reported figures.
Adjustments to Revenues
Freeport-McMoRan Inc., adjusted revenues
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Revenues | ||||||
| Adjustment | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| After Adjustment | ||||||
| Adjusted revenues | ||||||
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 financial data reveals a general upward trend in revenues over the observed period. Revenues increased significantly from 14,198 million US dollars at the end of 2020 to 25,455 million by the end of 2024. This represents a substantial growth overall, though some fluctuations are present within individual years.
Specifically, revenues jumped notably between 2020 and 2021, rising from 14,198 to 22,845 million US dollars, reflecting strong revenue growth of approximately 61%. From 2021 to 2022, revenues remained virtually stable, with a marginal decrease from 22,845 to 22,780 million. The subsequent year saw a slight increase to 22,855 million, indicating a period of stabilization after the sharp initial growth. By the end of 2024, revenues rebounded to 25,455 million, suggesting renewed growth momentum.
Adjusted revenues followed a similar pattern to reported revenues, showing close alignment across all years. Adjusted revenues increased from 14,251 million at the end of 2020 to 25,385 million at the end of 2024. The adjustments appear to have a minimal effect on overall revenue trends, indicating consistent recognition or accounting policies.
Overall, the data depicts a phase of rapid growth in the early years, followed by a period of stabilization and moderate growth, culminating in a strong increase in the final year of the period under review.
- Revenue Growth
- Strong increase from 2020 to 2021, stabilization from 2021 to 2023, followed by renewed growth in 2024.
- Adjusted Revenues
- Closely track reported revenues, supporting consistent financial reporting.
- Trend Insight
- The company exhibits resilience with the ability to sustain and grow revenues after initial rapid expansion.
Adjustments to Reported Income
Freeport-McMoRan Inc., adjusted net income attributable to common stockholders
US$ in millions
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).
1 Deferred income tax expense (benefit). See details »
- Net Income Attributable to Common Stockholders
- The net income attributable to common stockholders demonstrated significant volatility over the five-year period. Beginning at $599 million in 2020, there was a substantial increase to $4,306 million in 2021. However, this peak was followed by a decline to $3,468 million in 2022, and a further decrease to $1,848 million in 2023. The figure marginally recovered to $1,889 million in 2024. Overall, the trend reveals a sharp rise in 2021 followed by a notable downward correction and stabilization at a lower level in the most recent years.
- Adjusted Net Income
- The adjusted net income shows a somewhat parallel but less volatile trend compared to the net income attributable to common stockholders. Starting at $1,303 million in 2020, it more than quadrupled to $5,899 million by 2021. Thereafter, it gradually declined to $4,731 million in 2022 and continued a slowing downward trend to $4,251 million in 2023 and $4,211 million in 2024. Despite the decrease, the adjusted net income remained substantially higher than the 2020 level throughout the latter periods, indicating continued underlying profitability when adjustments are considered.
- Comparative Insights and Trends
- The data indicates that both net income attributable to common stockholders and adjusted net income peaked strongly in 2021, likely reflecting favorable operational or market conditions during that year. The subsequent declines in both metrics suggest challenges affecting profitability after 2021, but the adjusted net income maintained a higher baseline relative to the unadjusted net income, implying that certain non-recurring or accounting adjustments played a role in smoothing profitability trends. The relatively modest rebound in net income in 2024 compared to its 2023 level suggests stabilization rather than a return to peak profitability.