Summary
Freeport-McMoRan Inc. (FCX) filed an 8-K/A amendment on February 6, 2019, to revise its previously issued fourth-quarter and full-year 2018 financial results. The amendment addresses an accounting adjustment related to deferred tax liabilities stemming from changes in PT-FI's statutory tax rates following the granting of its special mining license on December 21, 2018. This adjustment, primarily impacting deferred taxes, increased fourth-quarter net income by $345 million, leading to a revised net income attributable to common stock of $485 million ($0.33 per share) for the quarter, and $2.6 billion ($1.78 per share) for the full year 2018. Importantly, the adjustment did not affect the company's net operating cash flows or its reported adjusted net income. Revised supplemental financial schedules and presentation slides reflecting these changes have been furnished.
Key Highlights
- 1FCX filed an 8-K/A amendment to correct previously reported Q4 and full-year 2018 financial results.
- 2The revision is due to an accounting adjustment for deferred tax liabilities at PT-FI related to new statutory tax rates.
- 3The adjustment increased Q4 2018 net income by $345 million.
- 4Revised Q4 2018 net income attributable to common stock is $485 million ($0.33 per share).
- 5Revised full-year 2018 net income attributable to common stock is $2.6 billion ($1.78 per share).
- 6The adjustment did not impact net operating cash flows or adjusted net income for Q4 2018.
- 7Revised financial schedules and presentation slides are included as exhibits.