Summary
Freeport-McMoRan Inc. (FCX) filed its 10-K for the period ending December 30, 2017, on February 19, 2018. This filing primarily incorporates by reference details from its definitive proxy statement regarding executive compensation, security ownership, and related party transactions. While a comprehensive financial overview is not detailed within the provided excerpts, the filing highlights the company's use of equity compensation plans, including the 2016 Stock Incentive Plan and plans assumed through acquisitions. The report also includes the Schedule II – Valuation and Qualifying Accounts, detailing movements in reserves and allowances. Notably, for the year ended December 31, 2017, there was a significant decrease in the valuation allowance for deferred tax assets, attributed to a reduction in the U.S. federal corporate income tax rate and the reversal of allowances on U.S. federal alternative minimum tax credits. The company also reported reserves for non-income taxes, showing a decrease in the net balance.
Financial Highlights
51 data points| Revenue | $16.40B |
| Cost of Revenue | $11.98B |
| Gross Profit | $4.42B |
| SG&A Expenses | $477.00M |
| Operating Expenses | $12.71B |
| Operating Income | $3.69B |
| Net Income | $1.82B |
| EPS (Basic) | $1.25 |
| EPS (Diluted) | $1.25 |
| Shares Outstanding (Basic) | 1.45B |
| Shares Outstanding (Diluted) | 1.45B |
Key Highlights
- 1Key details on executive and director compensation, security ownership, and related party transactions are incorporated by reference from the company's definitive proxy statement.
- 2Freeport-McMoRan utilizes equity compensation plans, including the 2016 Stock Incentive Plan, and previously assumed plans from acquisitions.
- 3Schedule II – Valuation and Qualifying Accounts provides details on changes in reserves and allowances.
- 4A significant reduction in the valuation allowance for deferred tax assets occurred in 2017, driven by U.S. federal tax rate changes.
- 5The company reported a decrease in reserves for non-income taxes for the year ended December 31, 2017.
- 6The filing is rich in exhibits, detailing numerous agreements, indentures, and corporate plans, underscoring the complexity of FCX's legal and contractual framework.