Freeport-McMoRan Inc. (NYSE:FCX)

The analysis of the annual financial data reveals several notable trends in asset composition and changes over the observed periods.

Cash and cash equivalents

There was a significant increase in cash and cash equivalents from 2020 to 2021, rising from approximately 3.7 billion US dollars to over 8 billion, followed by a stable level in 2022. However, a marked decline occurred in 2023 and 2024, with balances decreasing to around 3.9 billion by the end of 2024.

Restricted cash and cash equivalents

Data for restricted cash began to appear in 2022, initially at 111 million, then rising sharply to 1.2 billion in 2023 before declining to 888 million in 2024. This suggests an increased allocation to restricted cash within this timeframe, followed by a partial retraction.

Trade accounts receivable

Trade receivables increased steadily from 892 million in 2020 to peak at 1.3 billion in 2022, after which there was a significant decline to 578 million by 2024. This fluctuation indicates variability in customer credit extension or collection efficiency over the period.

Value added and other tax receivables

These receivables stayed relatively stable, fluctuating mildly around the 450 to 570 million range, ending slightly higher at 564 million in 2024 compared to 520 million in 2020, suggesting consistent tax-related claims or recoverables.

Inventories

Inventories demonstrated a continuous upward trend, growing from nearly 3.9 billion in 2020 to approximately 6.8 billion by 2024. This indicates accumulation of stock, which may reflect increased production, raw materials acquisition, or slower turnover.

Other current assets

Valued between 341 million and 535 million, other current assets showed some variability but ended higher in 2024, suggesting modest growth in miscellaneous current asset categories.

Current assets

Aggregate current assets rose significantly from 9.3 billion in 2020 to a peak above 15.6 billion in 2022, followed by declines to about 13.3 billion in 2024. This reflects the combined movements of the components, particularly cash and receivables.

Property, plant, equipment, and mine development costs

There was a steady increase each year, from 29.6 billion in 2020 up to 37.7 billion in 2024, reflecting ongoing capital investment or expansion in property and development assets.

Operating lease right-of-use assets

These assets showed consistent growth, more than quadrupling from 207 million in 2020 to 853 million in 2024, indicating increased adoption or recognition of leased assets.

Long-term mill and leach stockpiles

This category exhibited a slight downward trend, declining from 1.5 billion in 2020 to approximately 1.2 billion in 2024, which might indicate depletion or usage exceeding replenishment.

Intangible assets

Intangibles displayed marginal growth, increasing steadily from 401 million to 428 million, suggesting modest additions or revaluations.

Legally restricted trust assets

Values remained relatively stable between 182 million and 217 million through the years, showing limited changes in trust-related asset pools.

Disputed tax assessments

There was a gradual decline from 333 million in 2020 to about 285 million in 2024, possibly reflecting resolution or write-offs of certain disputes.

Investments

Investment assets showed fluctuation but increased notably in 2024 to 556 million, more than doubling from earlier years, which may point to new strategic investments or valuation gains.

Cloud computing arrangements

This asset category emerged in 2023 at 76 million and increased to 151 million in 2024, reflecting new technology-related capitalizations.

Long-term receivable for taxes and employee receivables

Long-term tax receivables steadily decreased from 106 million to 43 million, while employee receivables showed a slight increase, remaining in the 19 to 26 million band, indicating stable but minor changes in these receivables.

Other assets (including prepaid rent, deposits, loans, contingent considerations)

Other asset components varied, with loans to PT Smelting increasing from 36 million in 2021 to 233 million in 2023 before disappearing from the 2024 data. Contingent considerations declined steadily and ceased to appear by 2024, while prepaid rent and deposits fluctuated and declined by 2024. Overall, these suggest varying non-operational asset adjustments.

Other assets total

Other noncurrent assets were generally stable, hovering around 1.5 to 1.8 billion across the years, indicating a consistent valuation of miscellaneous assets.

Noncurrent assets and total assets

Noncurrent assets exhibited a continuous increase, growing from about 32.8 billion in 2020 to 41.6 billion in 2024. Total assets similarly rose from 42.1 billion to 54.8 billion, indicating overall asset base expansion driven primarily by long-term asset growth.

In summary, the data indicates a significant expansion in the asset base over the period, driven by growth in property, plant, and equipment, as well as some emerging technological and investment assets. Current assets peaked around 2022 followed by moderation, reflecting changes in cash, receivables, and inventory management. Restricted and leased assets increased notably in recent years, suggesting strategic resource allocation and leasing activity. Minor declines in some asset categories such as long-term stockpiles and disputed tax assessments imply operational and tax resolution dynamics. Overall, the company’s asset portfolio shows growth and diversification with some volatility in liquidity-related components.