Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Analysis of Debt

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Total Debt (Carrying Amount)

Freeport-McMoRan Inc., balance sheet: debt

US$ in millions

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Current portion of debt 41 766 1,037 372 34
Long-term debt, less current portion 8,907 8,656 9,583 9,078 9,677
Total long-term debt, including current portion (carrying amount) 8,948 9,422 10,620 9,450 9,711

Based on: 10-K (reporting date: 2024-12-31), 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).

Debt item Description The company
Total long-term debt, including current portion (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Freeport-McMoRan Inc. total debt decreased from 2022 to 2023 and from 2023 to 2024.

Total Debt (Fair Value)

Microsoft Excel
Dec 31, 2024
Selected Financial Data (US$ in millions)
Total long-term debt, including current portion (fair value) 8,807
Financial Ratio
Debt, fair value to carrying amount ratio 0.98

Based on: 10-K (reporting date: 2024-12-31).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt: 5.23%

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
5.00% 449 22
4.13% 484 20
4.38% 431 19
5.25% 469 25
4.25% 447 19
4.63% 589 27
5.40% 724 39
5.45% 1,688 92
4.76% 747 36
5.32% 1,491 79
6.20% 745 46
7.13% 115 8
9.50% 119 11
6.13% 119 7
Total 8,617 451
5.23%

Based on: 10-K (reporting date: 2024-12-31).

1 US$ in millions

2 Weighted-average interest rate = 100 × 451 ÷ 8,617 = 5.23%


Interest Costs Incurred

Freeport-McMoRan Inc., interest costs incurred

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Interest expense, net 319 515 560 602 598
Capitalized interest 391 267 150 72 147
Interest costs 710 782 710 674 745

Based on: 10-K (reporting date: 2024-12-31), 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).

Debt item Description The company
Interest expense, net Amount of the cost of borrowed funds accounted for as interest expense for debt. Freeport-McMoRan Inc. interest expense, net decreased from 2022 to 2023 and from 2023 to 2024.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Freeport-McMoRan Inc. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs Total interest costs incurred during the period and either capitalized or charged against earnings.

Adjusted Interest Coverage Ratio

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 1,889 1,848 3,468 4,306 599
Add: Net income attributable to noncontrolling interest 2,510 1,903 1,011 1,059 266
Add: Income tax expense 2,523 2,270 2,267 2,299 944
Add: Interest expense, net 319 515 560 602 598
Earnings before interest and tax (EBIT) 7,241 6,536 7,306 8,266 2,407
 
Interest costs 710 782 710 674 745
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 22.70 12.69 13.05 13.73 4.03
Adjusted interest coverage ratio (with capitalized interest)2 10.20 8.36 10.29 12.26 3.23

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net
= 7,241 ÷ 319 = 22.70

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= 7,241 ÷ 710 = 10.20


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Freeport-McMoRan Inc. adjusted interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.