Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Freeport-McMoRan Inc., consolidated statement of comprehensive income
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).
The financial data reveals several notable trends over the five-year period ending December 31, 2024.
- Net income
- Net income showed significant volatility with a peak in 2021 at 5,365 million US dollars, followed by a decline in 2022 and continuing downward trend until 2023. In 2024, net income partially recovered to 4,399 million US dollars but remained below the 2021 peak.
- Actuarial gains (losses) arising during the period, net of taxes
- Actuarial gains peaked in 2021 at 179 million US dollars then declined sharply in the following years, turning into a net loss of 44 million US dollars by 2024, indicating increasing volatility or deteriorating conditions in actuarial assumptions or liabilities.
- Prior service costs arising during the period
- These costs appeared only in 2022, with a recorded expense of 1 million US dollar, and were absent in other years.
- Amortization of unrecognized amounts included in net periodic benefit costs
- A clear decreasing trend is observed, from 45 million US dollars in 2020 down to 3 million US dollars in 2024, indicating diminishing amounts of unrecognized benefit costs being amortized over time.
- Foreign exchange gains (losses)
- Foreign exchange losses were consistently marginal (-1 million US dollars) across most years, except for 2023 where no amount was recorded, suggesting limited impact of currency fluctuations on earnings.
- Defined benefit plans
- Amounts related to defined benefit plans peaked in 2021 at 196 million US dollars, then steadily decreased and eventually showed a net loss of 42 million US dollars in 2024, mirroring the actuarial gains/losses and reflecting potential increased pension-related liabilities or lower returns.
- Other comprehensive income (loss), net of taxes
- Following the same pattern as defined benefit plans, this line fluctuated and ended with a negative figure of 42 million US dollars in 2024, highlighting a deterioration in comprehensive income components excluding net income.
- Comprehensive income
- Comprehensive income generally tracked net income closely, with a peak in 2021 at 5,561 million US dollars, declining through 2023 and partially recovering in 2024 to 4,357 million US dollars.
- Comprehensive income attributable to noncontrolling interests
- The negative contribution from noncontrolling interests increased substantially over time, from -263 million US dollars in 2020 to -2,508 million US dollars in 2024, suggesting a growing share of losses or reduced income attributable to minority stakeholders.
- Comprehensive income attributable to common stockholders
- For common stockholders, comprehensive income rose sharply in 2021, then decreased notably to 1,894 million US dollars in 2023, and slightly decreased further to 1,849 million US dollars in 2024. This reduction contrasts with the partial recovery seen in net income and overall comprehensive income, indicating that improvements were largely offset by increased losses attributed to noncontrolling interests.