Summary
This 10-K/A filing from Freeport-McMoRan Inc. (FCX) primarily serves as an amendment to its previously filed annual report, containing detailed exhibits and financial statement schedules. While the core financial data is referenced from the original 10-K, this filing specifically presents Schedule II, which details the valuation and qualifying accounts for deferred tax assets and reserves for non-income taxes for the years ended December 31, 2021, 2020, and 2019. Investors should note the changes in the valuation allowance for deferred tax assets, reflecting utilization of net operating losses and changes in foreign tax credits. The extensive exhibit list provides a comprehensive overview of the company's material agreements, debt instruments, and compensation plans, offering transparency into its operational and financial structure.
Financial Highlights
52 data points| Revenue | $22.84B |
| Cost of Revenue | $14.03B |
| Gross Profit | $8.81B |
| SG&A Expenses | $383.00M |
| Operating Expenses | $14.48B |
| Operating Income | $8.37B |
| Net Income | $4.31B |
| EPS (Basic) | $2.93 |
| EPS (Diluted) | $2.90 |
| Shares Outstanding (Basic) | 1.47B |
| Shares Outstanding (Diluted) | 1.48B |
Key Highlights
- 1Schedule II details changes in the valuation allowance for deferred tax assets, showing a significant decrease in 2021 due to utilized net operating losses and other adjustments.
- 2Reserves for non-income taxes have also seen adjustments, with a decrease in 2021 reflecting payments and revised estimates.
- 3The filing includes an extensive list of exhibits, encompassing material agreements such as merger and purchase agreements, debt indentures, and various stock and executive compensation plans.
- 4Key operational agreements, including the Concentrate Purchase and Sales Agreement with PT Freeport Indonesia and the PT-FI Divestment Agreement, are listed, providing insight into significant contractual relationships.
- 5The filing references the consent of Ernst & Young LLP as the independent registered public accounting firm, attesting to the fair presentation of the financial statement schedule.
- 6Technical Report Summaries for key mining operations (Cerro Verde, Grasberg Minerals District, Morenci Mine) effective as of December 31, 2021, are included as exhibits, providing valuable information on mineral reserves and resources.
- 7Detailed executive and director compensation plans, including stock incentive plans and change in control severance plans, are listed, offering transparency into executive remuneration.