Analysis of Reportable Segments
Freeport-McMoRan Inc. operates in 6 segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod & Refining; and Atlantic Copper Smelting & Refining.
Segment Profit Margin
Freeport-McMoRan Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 17.19% | 28.63% | 43.63% | 19.52% | 15.53% |
| South America Mining | 24.97% | 26.03% | 42.03% | 18.51% | 17.06% |
| Indonesia Mining | 56.04% | 54.59% | 52.35% | 36.52% | 6.50% |
| Molybdenum Mines | 25.41% | 23.36% | 27.70% | -33.78% | -19.48% |
| Rod & Refining | 0.34% | -0.36% | -0.02% | -0.52% | -0.02% |
| Atlantic Copper Smelting & Refining | 1.28% | -2.50% | 0.71% | 1.23% | 2.37% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America Copper Mines | North America Copper Mines segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| South America Mining | South America Mining segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Indonesia Mining | Indonesia Mining segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Molybdenum Mines | Molybdenum Mines segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Rod & Refining | Rod & Refining segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: North America Copper Mines
Freeport-McMoRan Inc.; North America Copper Mines; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,086) | 1,921) | 2,978) | 852) | 681) |
| Revenues | 6,316) | 6,710) | 6,825) | 4,364) | 4,386) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 17.19% | 28.63% | 43.63% | 19.52% | 15.53% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 1,086 ÷ 6,316 = 17.19%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America Copper Mines | North America Copper Mines segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: South America Mining
Freeport-McMoRan Inc.; South America Mining; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,234) | 1,228) | 2,066) | 547) | 578) |
| Revenues | 4,941) | 4,718) | 4,916) | 2,955) | 3,388) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 24.97% | 26.03% | 42.03% | 18.51% | 17.06% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 1,234 ÷ 4,941 = 24.97%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | South America Mining | South America Mining segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Indonesia Mining
Freeport-McMoRan Inc.; Indonesia Mining; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,728) | 4,600) | 3,938) | 1,320) | 180) |
| Revenues | 8,437) | 8,426) | 7,523) | 3,614) | 2,771) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 56.04% | 54.59% | 52.35% | 36.52% | 6.50% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 4,728 ÷ 8,437 = 56.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Indonesia Mining | Indonesia Mining segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Molybdenum Mines
Freeport-McMoRan Inc.; Molybdenum Mines; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 172) | 132) | 123) | (75) | (67) |
| Revenues | 677) | 565) | 444) | 222) | 344) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 25.41% | 23.36% | 27.70% | -33.78% | -19.48% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 172 ÷ 677 = 25.41%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Molybdenum Mines | Molybdenum Mines segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Profit Margin: Rod & Refining
Freeport-McMoRan Inc.; Rod & Refining; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 20) | (23) | (1) | (25) | (1) |
| Revenues | 5,926) | 6,312) | 6,385) | 4,814) | 4,483) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 0.34% | -0.36% | -0.02% | -0.52% | -0.02% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 20 ÷ 5,926 = 0.34%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Rod & Refining | Rod & Refining segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Atlantic Copper Smelting & Refining
Freeport-McMoRan Inc.; Atlantic Copper Smelting & Refining; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 36) | (61) | 21) | 25) | 49) |
| Revenues | 2,810) | 2,443) | 2,961) | 2,037) | 2,068) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 1.28% | -2.50% | 0.71% | 1.23% | 2.37% |
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 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 36 ÷ 2,810 = 1.28%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Return on Assets (Segment ROA)
Freeport-McMoRan Inc., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 11.82% | 22.33% | 37.62% | 11.01% | 8.52% |
| South America Mining | 12.28% | 11.96% | 19.46% | 5.39% | 5.62% |
| Indonesia Mining | 21.83% | 22.29% | 20.76% | 7.69% | 1.09% |
| Molybdenum Mines | 9.65% | 7.78% | 7.18% | -4.26% | -3.73% |
| Rod & Refining | 11.63% | -12.57% | -0.44% | -11.85% | -0.52% |
| Atlantic Copper Smelting & Refining | 2.71% | -4.83% | 1.59% | 2.85% | 6.44% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America Copper Mines | North America Copper Mines segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
| South America Mining | South America Mining segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Indonesia Mining | Indonesia Mining segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. | |
| Molybdenum Mines | Molybdenum Mines segment ROA improved from 2021 to 2022 and from 2022 to 2023. | |
| Rod & Refining | Rod & Refining segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: North America Copper Mines
Freeport-McMoRan Inc.; North America Copper Mines; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,086) | 1,921) | 2,978) | 852) | 681) |
| Total assets | 9,191) | 8,604) | 7,916) | 7,737) | 7,989) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 11.82% | 22.33% | 37.62% | 11.01% | 8.52% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 1,086 ÷ 9,191 = 11.82%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America Copper Mines | North America Copper Mines segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: South America Mining
Freeport-McMoRan Inc.; South America Mining; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,234) | 1,228) | 2,066) | 547) | 578) |
| Total assets | 10,050) | 10,271) | 10,615) | 10,152) | 10,288) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 12.28% | 11.96% | 19.46% | 5.39% | 5.62% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 1,234 ÷ 10,050 = 12.28%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | South America Mining | South America Mining segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment ROA: Indonesia Mining
Freeport-McMoRan Inc.; Indonesia Mining; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,728) | 4,600) | 3,938) | 1,320) | 180) |
| Total assets | 21,655) | 20,639) | 18,971) | 17,169) | 16,485) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 21.83% | 22.29% | 20.76% | 7.69% | 1.09% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 4,728 ÷ 21,655 = 21.83%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Indonesia Mining | Indonesia Mining segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment ROA: Molybdenum Mines
Freeport-McMoRan Inc.; Molybdenum Mines; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 172) | 132) | 123) | (75) | (67) |
| Total assets | 1,782) | 1,697) | 1,713) | 1,760) | 1,798) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.65% | 7.78% | 7.18% | -4.26% | -3.73% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 172 ÷ 1,782 = 9.65%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Molybdenum Mines | Molybdenum Mines segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Rod & Refining
Freeport-McMoRan Inc.; Rod & Refining; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 20) | (23) | (1) | (25) | (1) |
| Total assets | 172) | 183) | 228) | 211) | 193) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 11.63% | -12.57% | -0.44% | -11.85% | -0.52% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 20 ÷ 172 = 11.63%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Rod & Refining | Rod & Refining segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: Atlantic Copper Smelting & Refining
Freeport-McMoRan Inc.; Atlantic Copper Smelting & Refining; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 36) | (61) | 21) | 25) | 49) |
| Total assets | 1,326) | 1,262) | 1,318) | 877) | 761) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.71% | -4.83% | 1.59% | 2.85% | 6.44% |
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 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 36 ÷ 1,326 = 2.71%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Asset Turnover
Freeport-McMoRan Inc., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 0.69 | 0.78 | 0.86 | 0.56 | 0.55 |
| South America Mining | 0.49 | 0.46 | 0.46 | 0.29 | 0.33 |
| Indonesia Mining | 0.39 | 0.41 | 0.40 | 0.21 | 0.17 |
| Molybdenum Mines | 0.38 | 0.33 | 0.26 | 0.13 | 0.19 |
| Rod & Refining | 34.45 | 34.49 | 28.00 | 22.82 | 23.23 |
| Atlantic Copper Smelting & Refining | 2.12 | 1.94 | 2.25 | 2.32 | 2.72 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America Copper Mines | North America Copper Mines segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| South America Mining | South America Mining segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Indonesia Mining | Indonesia Mining segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Molybdenum Mines | Molybdenum Mines segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Rod & Refining | Rod & Refining segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. | |
| Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: North America Copper Mines
Freeport-McMoRan Inc.; North America Copper Mines; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 6,316) | 6,710) | 6,825) | 4,364) | 4,386) |
| Total assets | 9,191) | 8,604) | 7,916) | 7,737) | 7,989) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.69 | 0.78 | 0.86 | 0.56 | 0.55 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 6,316 ÷ 9,191 = 0.69
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America Copper Mines | North America Copper Mines segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: South America Mining
Freeport-McMoRan Inc.; South America Mining; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 4,941) | 4,718) | 4,916) | 2,955) | 3,388) |
| Total assets | 10,050) | 10,271) | 10,615) | 10,152) | 10,288) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.49 | 0.46 | 0.46 | 0.29 | 0.33 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 4,941 ÷ 10,050 = 0.49
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | South America Mining | South America Mining segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Asset Turnover: Indonesia Mining
Freeport-McMoRan Inc.; Indonesia Mining; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 8,437) | 8,426) | 7,523) | 3,614) | 2,771) |
| Total assets | 21,655) | 20,639) | 18,971) | 17,169) | 16,485) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.39 | 0.41 | 0.40 | 0.21 | 0.17 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 8,437 ÷ 21,655 = 0.39
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Indonesia Mining | Indonesia Mining segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: Molybdenum Mines
Freeport-McMoRan Inc.; Molybdenum Mines; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 677) | 565) | 444) | 222) | 344) |
| Total assets | 1,782) | 1,697) | 1,713) | 1,760) | 1,798) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.38 | 0.33 | 0.26 | 0.13 | 0.19 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 677 ÷ 1,782 = 0.38
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Molybdenum Mines | Molybdenum Mines segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Rod & Refining
Freeport-McMoRan Inc.; Rod & Refining; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 5,926) | 6,312) | 6,385) | 4,814) | 4,483) |
| Total assets | 172) | 183) | 228) | 211) | 193) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 34.45 | 34.49 | 28.00 | 22.82 | 23.23 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 5,926 ÷ 172 = 34.45
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Rod & Refining | Rod & Refining segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Asset Turnover: Atlantic Copper Smelting & Refining
Freeport-McMoRan Inc.; Atlantic Copper Smelting & Refining; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 2,810) | 2,443) | 2,961) | 2,037) | 2,068) |
| Total assets | 1,326) | 1,262) | 1,318) | 877) | 761) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.12 | 1.94 | 2.25 | 2.32 | 2.72 |
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 2023 Calculation
Segment asset turnover = Revenues ÷ Total assets
= 2,810 ÷ 1,326 = 2.12
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation
Freeport-McMoRan Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 1.82 | 1.46 | 0.93 | 1.21 | 2.51 |
| South America Mining | 0.80 | 0.75 | 0.39 | 0.43 | 0.54 |
| Indonesia Mining | 1.65 | 1.54 | 1.24 | 2.18 | 3.37 |
| Molybdenum Mines | 1.27 | 0.45 | 0.09 | 0.33 | 0.31 |
| Rod & Refining | 2.60 | 1.80 | 0.40 | 0.38 | 0.56 |
| Atlantic Copper Smelting & Refining | 2.29 | 2.81 | 1.21 | 1.00 | 1.21 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America Copper Mines | North America Copper Mines segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
| South America Mining | South America Mining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Indonesia Mining | Indonesia Mining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Molybdenum Mines | Molybdenum Mines segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Rod & Refining | Rod & Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: North America Copper Mines
Freeport-McMoRan Inc.; North America Copper Mines; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 761) | 597) | 342) | 428) | 877) |
| Depreciation, depletion and amortization | 418) | 410) | 369) | 355) | 349) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.82 | 1.46 | 0.93 | 1.21 | 2.51 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 761 ÷ 418 = 1.82
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America Copper Mines | North America Copper Mines segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: South America Mining
Freeport-McMoRan Inc.; South America Mining; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 368) | 304) | 162) | 183) | 256) |
| Depreciation, depletion and amortization | 459) | 408) | 413) | 421) | 474) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.80 | 0.75 | 0.39 | 0.43 | 0.54 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 368 ÷ 459 = 0.80
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | South America Mining | South America Mining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Indonesia Mining
Freeport-McMoRan Inc.; Indonesia Mining; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 1,696) | 1,575) | 1,296) | 1,266) | 1,369) |
| Depreciation, depletion and amortization | 1,028) | 1,025) | 1,049) | 580) | 406) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.65 | 1.54 | 1.24 | 2.18 | 3.37 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 1,696 ÷ 1,028 = 1.65
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Indonesia Mining | Indonesia Mining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Molybdenum Mines
Freeport-McMoRan Inc.; Molybdenum Mines; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 84) | 33) | 6) | 19) | 19) |
| Depreciation, depletion and amortization | 66) | 74) | 67) | 57) | 62) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.27 | 0.45 | 0.09 | 0.33 | 0.31 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 84 ÷ 66 = 1.27
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Molybdenum Mines | Molybdenum Mines segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Rod & Refining
Freeport-McMoRan Inc.; Rod & Refining; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 13) | 9) | 2) | 6) | 5) |
| Depreciation, depletion and amortization | 5) | 5) | 5) | 16) | 9) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.60 | 1.80 | 0.40 | 0.38 | 0.56 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 13 ÷ 5 = 2.60
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Rod & Refining | Rod & Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Atlantic Copper Smelting & Refining
Freeport-McMoRan Inc.; Atlantic Copper Smelting & Refining; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 64) | 76) | 34) | 29) | 34) |
| Depreciation, depletion and amortization | 28) | 27) | 28) | 29) | 28) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.29 | 2.81 | 1.21 | 1.00 | 1.21 |
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 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 64 ÷ 28 = 2.29
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Atlantic Copper Smelting & Refining | Atlantic Copper Smelting & Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Revenues
Freeport-McMoRan Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 6,316) | 6,710) | 6,825) | 4,364) | 4,386) |
| South America Mining | 4,941) | 4,718) | 4,916) | 2,955) | 3,388) |
| Indonesia Mining | 8,437) | 8,426) | 7,523) | 3,614) | 2,771) |
| Molybdenum Mines | 677) | 565) | 444) | 222) | 344) |
| Rod & Refining | 5,926) | 6,312) | 6,385) | 4,814) | 4,483) |
| Atlantic Copper Smelting & Refining | 2,810) | 2,443) | 2,961) | 2,037) | 2,068) |
| Corporate, Other & Eliminations | (6,252) | (6,394) | (6,209) | (3,808) | (3,038) |
| FCX Total | 22,855) | 22,780) | 22,845) | 14,198) | 14,402) |
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).
Depreciation, depletion and amortization
Freeport-McMoRan Inc., depreciation, depletion and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 418) | 410) | 369) | 355) | 349) |
| South America Mining | 459) | 408) | 413) | 421) | 474) |
| Indonesia Mining | 1,028) | 1,025) | 1,049) | 580) | 406) |
| Molybdenum Mines | 66) | 74) | 67) | 57) | 62) |
| Rod & Refining | 5) | 5) | 5) | 16) | 9) |
| Atlantic Copper Smelting & Refining | 28) | 27) | 28) | 29) | 28) |
| Corporate, Other & Eliminations | 64) | 70) | 67) | 70) | 84) |
| FCX Total | 2,068) | 2,019) | 1,998) | 1,528) | 1,412) |
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).
Operating income (loss)
Freeport-McMoRan Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 1,086) | 1,921) | 2,978) | 852) | 681) |
| South America Mining | 1,234) | 1,228) | 2,066) | 547) | 578) |
| Indonesia Mining | 4,728) | 4,600) | 3,938) | 1,320) | 180) |
| Molybdenum Mines | 172) | 132) | 123) | (75) | (67) |
| Rod & Refining | 20) | (23) | (1) | (25) | (1) |
| Atlantic Copper Smelting & Refining | 36) | (61) | 21) | 25) | 49) |
| Corporate, Other & Eliminations | (1,051) | (760) | (759) | (207) | (329) |
| FCX Total | 6,225) | 7,037) | 8,366) | 2,437) | 1,091) |
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).
Total assets
Freeport-McMoRan Inc., total assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 9,191) | 8,604) | 7,916) | 7,737) | 7,989) |
| South America Mining | 10,050) | 10,271) | 10,615) | 10,152) | 10,288) |
| Indonesia Mining | 21,655) | 20,639) | 18,971) | 17,169) | 16,485) |
| Molybdenum Mines | 1,782) | 1,697) | 1,713) | 1,760) | 1,798) |
| Rod & Refining | 172) | 183) | 228) | 211) | 193) |
| Atlantic Copper Smelting & Refining | 1,326) | 1,262) | 1,318) | 877) | 761) |
| Corporate, Other & Eliminations | 8,330) | 8,437) | 7,261) | 4,238) | 3,295) |
| FCX Total | 52,506) | 51,093) | 48,022) | 42,144) | 40,809) |
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).
Capital expenditures
Freeport-McMoRan Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America Copper Mines | 761) | 597) | 342) | 428) | 877) |
| South America Mining | 368) | 304) | 162) | 183) | 256) |
| Indonesia Mining | 1,696) | 1,575) | 1,296) | 1,266) | 1,369) |
| Molybdenum Mines | 84) | 33) | 6) | 19) | 19) |
| Rod & Refining | 13) | 9) | 2) | 6) | 5) |
| Atlantic Copper Smelting & Refining | 64) | 76) | 34) | 29) | 34) |
| Corporate, Other & Eliminations | 1,838) | 875) | 273) | 30) | 92) |
| FCX Total | 4,824) | 3,469) | 2,115) | 1,961) | 2,652) |
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).