10-Q 1 fcx-20210930.htm 10-Q fcx-20210930
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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                For the transition period from   to
Commission file number: 001-11307-01
fcx-20210930_g1.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(Address of principal executive offices)(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes  ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☑ No 
On October 29, 2021, there were issued and outstanding 1,468,473,516 shares of the registrant’s common stock, par value $0.10 per share.


Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
 Page
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
S-1
  

2
Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,
2021		December 31,
2020
 (In millions)
ASSETS  
Current assets:  
Cash and cash equivalents$7,672 $3,657 
Trade accounts receivable931 892 
Income and other tax receivables591 520 
Inventories: 
Materials and supplies, net1,617 1,594 
Mill and leach stockpiles1,086 1,014 
Product1,417 1,285 
Other current assets477 341 
Total current assets13,791 9,303 
Property, plant, equipment and mine development costs, net30,102 29,818 
Long-term mill and leach stockpiles1,450 1,463 
Other assets1,574 1,560 
Total assets$46,917 $42,144 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$2,949 $2,708 
Accrued income taxes1,237 324 
Current portion of debt897 34 
Current portion of environmental and asset retirement obligations329 351 
Dividends payable111 — 
Total current liabilities5,523 3,417 
Long-term debt, less current portion8,768 9,677 
Deferred income taxes4,500 4,408 
Environmental and asset retirement obligations, less current portion3,688 3,705 
Other liabilities1,907 2,269 
Total liabilities24,386 23,476 
Equity:  
Stockholders’ equity:  
Common stock160 159 
Capital in excess of par value26,023 26,037 
Accumulated deficit(8,481)(11,681)
Accumulated other comprehensive loss(572)(583)
Common stock held in treasury(3,777)(3,758)
Total stockholders’ equity13,353 10,174 
Noncontrolling interests9,178 8,494 
Total equity22,531 18,668 
Total liabilities and equity$46,917 $42,144 

The accompanying notes are an integral part of these consolidated financial statements.
3
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
(In millions, except per share amounts)
Revenues$6,083 $3,851 $16,681 $9,703 
Cost of sales:  
Production and delivery3,009 2,465 8,862 7,404 
Depreciation, depletion and amortization528 394 1,430 1,093 
Metals inventory adjustments14 9 15 92 
Total cost of sales3,551 2,868 10,307 8,589 
Selling, general and administrative expenses102 72 289 273 
Mining exploration and research expenses15 8 36 42 
Environmental obligations and shutdown costs
13 21 51 58 
Net (gain) loss on sales of assets(60)2 (63)13 
Total costs and expenses3,621 2,971 10,620 8,975 
Operating income2,462 880 6,061 728 
Interest expense, net(138)(120)(431)(362)
Net loss on early extinguishment of debt
— (59)— (100)
Other income, net36 22 56 62 
Income before income taxes and equity in affiliated companies’ net (losses) earnings2,360 723 5,686 328 
Provision for income taxes(628)(297)(1,674)(333)
Equity in affiliated companies’ net (losses) earnings(9)6 (5)12 
Net income 1,723 432 4,007 7 
Net income attributable to noncontrolling interests(324)(103)(807)(116)
Net income (loss) attributable to common stockholders$1,399 $329 $3,200 $(109)
Net income (loss) per share attributable to common stockholders:
Basic
$0.95 $0.22 $2.18 $(0.08)
Diluted
$0.94 $0.22 $2.16 $(0.08)
Weighted-average common shares outstanding:
Basic
1,469 1,453 1,466 1,453 
Diluted
1,484 1,461 1,481 1,453 
Dividends declared per share of common stock$0.075 $— $0.225 $— 
 
The accompanying notes are an integral part of these consolidated financial statements.

4
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
(In millions)
Net income $1,723 $432 $4,007 $7 
Other comprehensive income (loss), net of taxes:
Defined benefit plans:
Actuarial losses arising during the period— (89)(1)(89)
Amortization of unrecognized amounts included in net periodic benefit costs4 14 12 38 
Foreign exchange losses— (1)(1)(2)
Other comprehensive income (loss)4 (76)10 (53)
Total comprehensive income (loss)1,727 356 4,017 (46)
Total comprehensive income attributable to noncontrolling interests(324)(103)(806)(115)
Total comprehensive income (loss) attributable to common stockholders
$1,403 $253 $3,211 $(161)

The accompanying notes are an integral part of these consolidated financial statements.



5
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
 20212020
 (In millions)
Cash flow from operating activities:  
Net income$4,007 $7 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,430 1,093 
Metals inventory adjustments15 92 
Net (gain) loss on sales of assets(63)13 
Stock-based compensation79 60 
Net charges for environmental and asset retirement obligations, including accretion131 166 
Payments for environmental and asset retirement obligations(184)(162)
Net charges for defined pension and postretirement plans3 59 
Pension plan contributions(75)(30)
Net loss on early extinguishment of debt— 100 
Deferred income taxes96 119 
Charges for Cerro Verde royalty dispute
11 26 
Payments for Cerro Verde royalty dispute(421)(119)
Other, net39 (53)
Changes in working capital and other:
 
Accounts receivable(218)132 
Inventories(310)59 
Other current assets(77)(17)
Accounts payable and accrued liabilities123 40 
Accrued income taxes and timing of other tax payments849 105 
Net cash provided by operating activities5,435 1,690 
Cash flow from investing activities:  
Capital expenditures:  
North America copper mines(211)(398)
South America(94)(156)
Indonesia mining(904)(865)
Indonesia smelter development(79)(94)
Molybdenum mines(4)(14)
Other(52)(46)
Proceeds from sale of Freeport Cobalt150 — 
Proceeds from sales of other assets21 146 
Acquisition of minority interest in PT Smelting(33)— 
Other, net(25)(6)
Net cash used in investing activities(1,231)(1,433)
Cash flow from financing activities:  
Proceeds from debt633 3,236 
Repayments of debt(672)(3,105)
Cash dividends and distributions paid: 
Common stock(220)(73)
Noncontrolling interests(187)— 
Contributions from noncontrolling interests135 115 
Proceeds from exercised stock options189 3 
Payments for withholding of employee taxes related to stock-based awards(19)(5)
Debt financing costs and other, net(47)(51)
Net cash (used in) provided by financing activities(188)120 
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents4,016 377 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year3,903 2,278 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$7,919 $2,655 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at June 30, 20211,601 $160 $26,084 $(9,880)$(576)133 $(3,777)$12,011 $8,924 $20,935 
Exercised and issued stock-based awards— — 6 — — — — 6 — 6 
Stock-based compensation, including the tender of shares— — 21 — — — — 21 — 21 
Dividends— — (111)— — — — (111)(94)(205)
Contributions from noncontrolling interests— — 23 — — — — 23 24 47 
Net income attributable to common stockholders— — — 1,399 — — — 1,399 — 1,399 
Net income attributable to noncontrolling interests
— — — — — — — — 324 324 
Other comprehensive income — — — — 4 — — 4 — 4 
Balance at September 30, 20211,601 $160 $26,023 $(8,481)$(572)133 $(3,777)$13,353 $9,178 $22,531 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at June 30, 20201,583 $158 $25,905 $(12,718)$(652)131 $(3,739)$8,954 $8,201 $17,155 
Exercised and issued stock-based awards1 — 1 — — — — 1 — 1 
Stock-based compensation, including the tender of shares— — 8 — — — — 8 — 8 
Change in ownership interests— — — — — — — — 1 1 
Contributions from noncontrolling interests— — 20 — — — — 20 21 41 
Net income attributable to common stockholders— — — 329 — — — 329 — 329 
Net income attributable to noncontrolling interests— — — — — — — — 103 103 
Other comprehensive loss— — — — (76)— — (76)— (76)
Balance at September 30, 20201,584 $158 $25,934 $(12,389)$(728)131 $(3,739)$9,236 $8,326 $17,562 

The accompanying notes are an integral part of these consolidated financial statements.







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Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
NINE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at December 31, 20201,590 $159 $26,037 $(11,681)$(583)132 $(3,758)$10,174 $8,494 $18,668 
Exercised and issued stock-based awards11 1 189 — — — — 190 — 190 
Stock-based compensation, including the tender of shares— — 64 — — 1 (19)45 (4)41 
Dividends— — (333)— — — — (333)(187)(520)
Contributions from noncontrolling interests
— — 66 — — — — 66 69 135 
Net income attributable to common stockholders— — — 3,200 — — — 3,200 — 3,200 
Net income attributable to noncontrolling interests
— — — — — — — — 807 807 
Other comprehensive income (loss)— — — — 11 — — 11 (1)10 
Balance at September 30, 20211,601 $160 $26,023 $(8,481)$(572)133 $(3,777)$13,353 $9,178 $22,531 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at December 31, 20191,582 $158 $25,830 $(12,280)$(676)131 $(3,734)$9,298 $8,150 $17,448 
Exercised and issued stock-based awards2 — 2 — — — — 2 — 2 
Stock-based compensation, including the tender of shares— — 46 — — — (5)41 1 42 
Change in ownership interests— — — — — — — — 1 1 
Contributions from noncontrolling interests— — 56 — — — —