Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accounts payable	2,789)	2,466)	2,701)	2,035)	1,473)
Salaries, wages and other compensation	361)	343)	329)	334)	312)
Accrued interest	135)	146)	218)	203)	243)
Pension, postretirement, postemployment and other employee benefits	128)	129)	143)	190)	91)
Short-term operating lease liabilities	98)	84)	38)	38)	38)
Deferred revenue	91)	161)	76)	191)	65)
Accrued taxes, other than income taxes	81)	88)	75)	64)	76)
Community development programs	75)	58)	60)	—)	—)
PT-FI administrative fine	59)	55)	—)	—)	—)
PT-FI contingencies	49)	67)	179)	259)	196)
MIND ID indemnification	49)	—)	—)	—)	—)
Litigation accruals	34)	51)	99)	28)	86)
Other	108)	81)	109)	153)	128)
Accounts payable and accrued liabilities	4,057)	3,729)	4,027)	3,495)	2,708)
Accrued income taxes	859)	786)	744)	1,541)	324)
Current portion of environmental and asset retirement obligations	320)	316)	320)	264)	351)
Dividends payable	219)	218)	217)	220)	—)
Current portion of debt	41)	766)	1,037)	372)	34)
Current liabilities	5,496)	5,815)	6,345)	5,892)	3,417)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Environmental and asset retirement obligations, less current portion	5,404)	4,624)	4,463)	4,116)	3,705)
Deferred income taxes	4,376)	4,453)	4,269)	4,234)	4,408)
Long-term operating lease liabilities	692)	347)	294)	281)	190)
Pension, postretirement, postemployment and other employment benefits	689)	704)	775)	845)	1,213)
Litigation accruals	163)	163)	109)	131)	110)
Provision for tax positions	136)	174)	161)	232)	261)
Social investment programs	111)	79)	36)	—)	—)
Indemnification of MIND ID	—)	75)	74)	78)	42)
Cerro Verde royalty dispute	—)	—)	—)	—)	376)
Other	96)	106)	113)	116)	77)
Other liabilities	1,887)	1,648)	1,562)	1,683)	2,269)
Noncurrent liabilities	20,574)	19,381)	19,877)	19,111)	20,059)
Total liabilities	26,070)	25,196)	26,222)	25,003)	23,476)
Common stock, par value $0.10	162)	162)	161)	160)	159)
Capital in excess of par value	23,797)	24,637)	25,322)	25,875)	26,037)
Accumulated deficit	(170)	(2,059)	(3,907)	(7,375)	(11,681)
Accumulated other comprehensive loss	(314)	(274)	(320)	(388)	(583)
Common stock held in treasury, at cost	(5,894)	(5,773)	(5,701)	(4,292)	(3,758)
Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Noncontrolling interests	11,197)	10,617)	9,316)	9,039)	8,494)
Total equity	28,778)	27,310)	24,871)	23,019)	18,668)
Total liabilities and equity	54,848)	52,506)	51,093)	48,022)	42,144)

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 reflects several notable trends and changes across the periods analyzed.

Liabilities

Accounts payable gradually increased from $1,473 million in 2020 to $2,789 million in 2024, indicating a rising obligation toward suppliers or creditors. Similarly, accounts payable and accrued liabilities rose steadily from $2,708 million to $4,057 million over the same period.

Accrued interest decreased from $243 million in 2020 to $135 million in 2024, suggesting a reduction in interest-bearing obligations or improved debt management.

Pension and related employee benefits liabilities showed an irregular pattern with an initial increase in 2021 but a decreasing trend thereafter, from $1,213 million in 2020 to $689 million in 2024, indicating a reduction in long-term employee benefits obligations.

Short-term operating lease liabilities doubled from $38 million to $98 million between 2020 and 2024, while long-term operating lease liabilities saw a substantial increase from $190 million to $692 million, reflecting expansion or revaluation in lease commitments.

Deferred revenue was volatile, peaking at $191 million in 2021, then fluctuating down to $91 million in 2024.

Current liabilities peaked in 2022 at $6,345 million but decreased to $5,496 million by 2024. Conversely, long-term debt, less the current portion, generally declined from $9,677 million in 2020 to $8,907 million in 2024, indicating some repayment or refinancing.

Environmental and asset retirement obligations consistently increased from $3,705 million to $5,404 million, suggesting escalating future remediation responsibilities.

Litigation accruals showed variability, with current litigation accruals decreasing from $86 million in 2020 to $34 million in 2024, but noncurrent litigation accruals increased from $110 million to $163 million, indicating ongoing or emerging legal contingencies.

Other liabilities decreased overall from $2,269 million to $1,887 million, reflecting potential settlements or reclassification.

Total liabilities showed a gradual increase from $23,476 million in 2020 to $26,070 million in 2024.

Equity

Common stock par value remained essentially stable, increasing slightly from $159 million to $162 million.

Capital in excess of par value steadily decreased from $26,037 million to $23,797 million, suggesting possible share buybacks or capital adjustments.

The accumulated deficit significantly reduced from -$11,681 million in 2020 to nearly breakeven at -$170 million in 2024, indicating substantial improvements in retained earnings or profitability.

Accumulated other comprehensive loss improved moderately, moving from -$583 million to -$314 million, reflecting fewer adverse adjustments in other comprehensive income components.

Common stock held in treasury expanded considerably, from -$3,758 million to -$5,894 million, reinforcing the likelihood of ongoing stock repurchases.

Stockholders’ equity increased by over 70%, from $10,174 million to $17,581 million, indicating strengthened net asset positions.

Noncontrolling interests also grew from $8,494 million to $11,197 million, contributing to total equity growth.

Total equity rose from $18,668 million in 2020 to $28,778 million in 2024, a substantial improvement in the company’s capital base.

Other Observations

Accrued income taxes peaked sharply in 2021 at $1,541 million and normalized in subsequent years to a level around $850 million by 2024.

Current portion of debt showed volatility, rising in 2022 to $1,037 million before falling dramatically to $41 million by 2024, suggesting either refinancing or debt restructuring activities moving liabilities from current to long-term classification.

Social investment and community development programs appeared in the data in 2022 and showed increasing allocations, suggesting growing corporate social responsibility initiatives.

Emerging liabilities such as PT-FI administrative fines and contingencies, as well as the indemnification related to MIND ID, became more pronounced from 2023 onward, indicating new or ongoing legal and regulatory exposures.

Total liabilities and equity together increased steadily from $42,144 million in 2020 to $54,848 million in 2024, reflecting overall growth of the balance sheet.

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Freeport-McMoRan Inc. (NYSE:FCX)

Balance Sheet: Liabilities and Stockholders’ Equity